Q2 2026 Trinity Capital Inc Earnings Call

August 5, 2026

Speaker #1: Good morning. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's second quarter 2026 earnings conference call, which is being held on August 5, 2026.

Operator: Good morning. My name is Angela, I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's Q2 2026 earnings conference call, which is being held on 5 August 2026. All participants have been placed in a listen-only mode, the floor will be open for questions following the presentation. If you would like to ask a question at that time, please press star one on your keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star two. It is now my pleasure to turn the call over to Ben Malcolmson, Trinity Capital's Head of Investor Relations.

Speaker #1: All participants have been placed in a listen-only mode, and the floor will be open for questions following the presentation. If you would like to ask a question at that time, please press star, one, on your keypad.

Speaker #1: If at any point your question has been answered, you may remove yourself from the queue by pressing star, two. It is now my pleasure to turn the call over to Ben Malcolmson, Trinity Capital's Head of Investor Relations.

Speaker #2: Thank you, and welcome to Trinity Capital's second quarter 2026 earnings conference call. Speaking on today's call are Kyle Brown, Chief Executive Officer; Sarah Stanton, General Counsel and Chief Compliance Officer; Michael Testa, Chief Financial Officer; and Gerry Harder, Chief Operating Officer.

Ben Malcolmson: Thank you, welcome to Trinity Capital's Q2 2026 earnings conference call. Speaking on today's call are Kyle Brown, Chief Executive Officer, Sarah Stanton, General Counsel and Chief Compliance Officer, Michael Testa, Chief Financial Officer, and Gerry Harder, Chief Operating Officer. Also joining us for the Q&A portion of the call is Ron Kundich, Chief Credit Officer. Earlier today, we released our financial results, which are available on our website at ir.trinitycapital.com. As a reminder, certain statements on this call may be considered forward-looking under federal securities laws. For a full discussion of the risks and uncertainties related to these statements, please refer to our most recent SEC filings. With that, please allow me to turn the call over to Trinity Capital CEO, Kyle Brown.

Speaker #2: Also, joining us for the Q&A portion of the call is Ron Kundich, Chief Credit Officer. Earlier today, we released our financial results, which are available on our website at ir dot trinitycapital dot com.

Speaker #2: As a reminder, certain statements on this call may be considered forward-looking under federal securities laws. For a full discussion of the risks and uncertainties related to these statements, please refer to our most recent SEC filings.

Speaker #2: With that, please allow me to turn the call over to Trinity Capital CEO, Kyle Brown.

Speaker #3: Thanks, Ben. And thank you to everyone joining today. Trinity Capital leads the BDC space in year-to-date shareholder return as we continue to build a differentiated platform.

Kyle Brown: Thanks, Ben, thank you to everyone joining today. Trinity Capital leads the BDC space in year-to-date shareholder return as we continue to build a differentiated platform fueled by a diversified 5 vertical lending enterprise, a managed funds business generating income in addition to our portfolio returns, and an internally managed structure that keeps our interests aligned with shareholders. We believe these unique advantages are driving our consistent outperformance. To start off, I'd like to spotlight some shareholder-friendly news from Q2. As of 30 June, TRIN's total shareholder return is the best in the BDC space over the last 1, 3, and 5 years. From our IPO in 2021 to the end of Q2, TRIN stock has delivered a total return of 174%, far outpacing the S&P 500's 114% and the BDC index's 58% over that same time period.

Speaker #3: Fueled by a diversified five-vertical lending enterprise, a managed funds business generating income in addition to our portfolio returns, and an internally managed structure that keeps our interests aligned with shareholders.

Speaker #3: We believe these unique advantages are driving our consistent outperformance. To start off, I'd like to spotlight some shareholder-friendly news from Q2. As of June 30, Trin's total shareholder return is the best in the BDC space over the last one, three, and five years.

Speaker #3: From our IPO in 2021 to the end of Q2, Trin's stock has delivered a total return of 174%, far outpacing the S&P 500's 114% and the BDC Index's 58% over that same time period.

Speaker #3: We are paying a $0.17 monthly dividend through the end of Q3, and Trin shareholders have been the recipients of a consistent distribution for approaching seven consecutive years now.

Kyle Brown: We are paying a $0.17 monthly dividend through the end of Q3. Trin shareholders have been the recipients of a consistent distribution for approaching seven consecutive years now. Our managed funds platform continues to grow at a healthy pace. Income generated from the platform contributed 6% of our net investment income in Q2. Looking forward, we have 202 warrant positions and 129 portfolio companies, which have the potential to provide incremental upside to our shareholders. Here are some highlights from Trin's performance during Q2. Our net asset value grew 9% quarter-over-quarter and 37% year-over-year to a record $1.3 billion. Also, NAV per share increased from $13.27 to $13.47 quarter-over-quarter. Platform AUM increased to $3.2 billion, up 36% year-over-year.

Speaker #3: Our managed funds platform continues to grow at a healthy pace, and income generated from the platform contributed 6% of our net investment income in Q2.

Speaker #3: And looking forward, we have 202 warrant positions and 129 portfolio companies, which have the potential to provide incremental upside to our shareholders. Here are some highlights from Trin's performance during the second quarter.

Speaker #3: Our net asset value grew 9% quarter over quarter, and 37% year over year, to a record $1.3 billion. Also, NAV per share increased from $1,327 to $1,347 quarter over quarter, platform AUM increased to $3.2 billion, up 36% year over year.

Speaker #3: Our originations engine is as strong as ever, achieving a record $619 million of fundings in Q2, along with $709 million of commitments.

Kyle Brown: Our originations engine is as strong as ever, achieving a record $619 million of fundings in Q2, along with $709 million of commitments. We maintain strong credit, with non-accruals improving to less than 1% of the portfolio at fair value. Net investment income per share of $0.51 covered our dividend and reflects the strong earnings power of the portfolio. It was a quarter defined by outperformance across NAV, originations, and credit quality. We remain confident in our earnings trajectory and dividend stability heading into H2 2026. We continue to grow strategically. Q2 fundings were up 69% year-over-year. Our pipeline is thriving, with $700 million in accepted term sheets and $1.2 billion in total unfunded commitments as of 30 June 2024.

Speaker #3: And we maintain strong credit, with non-accruals improving to less than 1% of the portfolio at fair value. Net investment income per share of $0.51 covered our dividend and reflects the strong earnings power of the portfolio.

Speaker #3: It was a quarter defined by outperformance across NAV, originations, and credit quality. We remain confident in our earnings trajectory and dividend stability heading into the second half of 2026.

Speaker #3: We continue to grow strategically. Q2 fundings were up 69% year over year, and our pipeline is thriving. With 700 million in accepted term sheets and 1.2 billion dollars in total unfunded commitments as of June 30th, of those unfunded commitments, 91% remain subject to ongoing diligence and investment committee approval, with just 9% unconditional, a structure that preserves underwriting discipline for future deployments.

Kyle Brown: Of those unfunded commitments, 91% remain subject to ongoing diligence and investment committee approval, with just 9% unconditional, a structure that preserves underwriting discipline for future deployments. Our originations activity reflects consistent performance across Trinity's five lending verticals, driven by an experienced team and a proprietary pipeline. As a direct lender, we do not rely on syndicated deals and also have immaterial overlap with other BDCs, giving our investors access to a genuinely diversified and differentiated portfolio. During Q2, we announced the acquisition of Equipment Leasing Services, a middle-market equipment financing firm that remains a standalone portfolio company and adds another income generator to the Trin platform. Our joint venture with Capital Southwest is a co-investment vehicle focusing on first-out senior secured loans in the lower middle market.

Speaker #3: Our originations activity reflects consistent performance across Trinity's five lending verticals, driven by an experienced team and a proprietary pipeline. As a direct lender, we do not rely on syndicated deals and also have immaterial overlap with other BDCs.

Speaker #3: Giving our investors access to a genuinely diversified and differentiated portfolio. During Q2, we announced the acquisition of Equipment Leasing Services, a middle-market equipment financing firm that remains a standalone portfolio company and adds another income generator to the Trin platform.

Speaker #3: Our joint venture with Capital Southwest was a co-investment vehicle focusing on first-out senior secured loans in the lower middle market. This strategic partnership, which features joint decision-making and now includes a scaling portfolio, allows us to diversify and do complementary segments of the lower middle market with a proven partner, while minimizing risk and providing stable income for our investors.

Kyle Brown: This strategic partnership, which features joint decision making and now includes a scaling portfolio, allows us to diversify into a complementary segment of the lower middle market with a proven partner while minimizing risk and providing stable income for our investors. Subsequent to quarter end, we transitioned our listing to the New York Stock Exchange, a milestone we're proud of and one we believe better positions us in the financial sector and provides improved daily liquidity within our stock. Our goal since day one hasn't changed. Out earn the dividend, grow the business, and do it the right way. That means originating our own deals, underwriting them to our own standards, and making decisions as one aligned team. That alignment starts with structure. As an internally managed BDC, there is no external manager collecting fees. Our employees, management, and board own the same shares as our shareholders.

Speaker #3: Subsequent to quarter end, we transitioned our listing to the New York Stock Exchange, a milestone we're proud of and one we believe better positions us in the financial sector and provides improved daily liquidity within our stock.

Speaker #3: Our goal since day one hasn't changed. Out-earn the dividend, grow the business, and do it the right way. That means originating our own deals, underwriting them to our own standards, and making decisions as one aligned team.

Speaker #3: That alignment starts with structure. As an internally managed BDC, there is no external manager collecting fees. Our employees, management, and Board own the same shares as our shareholders.

Speaker #3: So our commitment to consistent dividends and long-term value creation isn't a talking point. It's a financial reality. We operate like shareholders because we are shareholders.

Kyle Brown: Our commitment to consistent dividends and long-term value creation isn't a talking point. It's a financial reality. We operate like shareholders because we are shareholders. The fees generated through our managed funds flow back to the BDC, creating incremental income that benefits shareholders directly rather than flowing to a third party. Our five lending verticals provide meaningful diversification while keeping us directly within our core competencies. Each vertical is staffed by dedicated originators, underwriters, and portfolio managers, creating a scalable model that drives results without sacrificing focus. The people executing that model are why it works, and Trinity's unique culture enables us to attract and retain a world-class team of originators and underwriters. What we've built and continue to build is a platform with real breadth, growing scale, and a managed funds business that's delivering meaningful incremental income. None of it is accidental.

Speaker #3: And the fees generated through our fund managed funds flow back to the BDC, creating incremental income that benefits shareholders directly, rather than flowing to a third party.

Speaker #3: Our five lending verticals provide meaningful diversification while keeping us directly within our core competencies. Each vertical is staffed by a dedicated originators, underwriters, and portfolio managers, creating a scalable model that drives results without sacrificing focus.

Speaker #3: The people executing that model are why it works, and Trinity's unique culture enables us to attract and retain a world-class team of originators and underwriters.

Speaker #3: What we've built and continue to build is a platform with real breadth, growing scale, and a managed funds business that's delivering meaningful incremental income.

Speaker #3: None of it is accidental. It's a product of deliberate decisions made the same way, quarter after quarter, year after year. The pipeline is active, underwriting discipline is intact, and our capitalization strategy has been constructed to grow earnings power over time.

Kyle Brown: It's a product of deliberate decisions made the same way quarter after quarter, year after year. The pipeline is active, underwriting discipline is intact, and our capitalization strategy has been constructed to grow earnings power over time. Trinity is built different, built for this moment, and built to last. From here, General Counsel Sarah Stanton, who leads our corporate development efforts, will walk through our updates on the managed funds platform. Sarah?

Speaker #3: Trinity is built different. Built for this moment and built to last. From here, general counsel Sarah Stanton, who leads our corporate development efforts, will walk through our updates on the managed funds platform.

Speaker #3: Sarah.

Speaker #2: Thank you, Kyle. Our managed funds and joint ventures continue to scale meaningfully. With more than $800 million of capacity across these strategies, the managed funds platform contributed 3 cents per share to our 51-cent NII in Q2, enhancing returns for Trin beyond the income generated by our BDC portfolio.

Sarah Stanton: Thank you, Kyle. Our managed funds and joint ventures continue to scale meaningfully with more than $800 million of capacity across these strategies. The managed funds platform contributed $0.03 per share to our $0.51 NII in Q2, enhancing returns for TRIN beyond the income generated by our BDC portfolio. Two recent additions are poised to drive further growth. Our SBIC funds now adding significant low-cost liquidity, and our Capital Southwest joint venture extending our reach into the lower middle market. Our SBIC fund has now closed more than $75 million in equity commitments and is already being deployed.

Speaker #2: And two recent additions are poised to drive further growth. Our SBIC fund, now adding significant low-cost liquidity, and our Capital Southwest joint venture, extending our reach into the lower middle market.

Speaker #2: Our SBIC fund has now closed more than $75 million in equity commitments, and is already being deployed. At a 2-to-1 debt-to-equity ratio, with low-cost leverage from the federal government, the SBIC fund is expected to create more than $250 million of incremental platform capacity at full scale.

Sarah Stanton: At a 2:1 debt to equity ratio with low cost leverage from the federal government, the SBIC fund is expected to create more than $250 million of incremental platform capacity at full scale, with a potential to upsize beyond that based on new SBA guidelines. Meanwhile, our joint venture with Capital Southwest has given us an efficient entry into the lower middle market, a complementary segment we can now access with strong credit discipline alongside a highly respected partner. With this JV, we now co-manage several vehicles that diversify our capitalization sources, expand our originations power, and broaden our capital base without diluting shareholders. The managed funds platform is doing exactly what it was designed to do, generate incremental returns beyond our interest income, increase our investment capacity, and widen our pool of available capital.

Speaker #2: With a potential to upsize beyond that, based on new SBA guidelines. Meanwhile, our joint venture with Capital Southwest has given us an efficient entry into the lower middle market.

Speaker #2: A complementary segment we can now access with strong credit discipline alongside a highly respected partner. With this JV, we now co-manage several vehicles that diversify our capitalization sources, expand our originations power, and broaden our capital base, without diluting shareholders.

Speaker #2: The managed funds platform is doing exactly what it was designed to do: generate incremental returns beyond our interest income, increase our investment capacity, and widen our pool of available capital.

Speaker #2: The foundation is in place, and we expect this platform to become an increasingly meaningful contributor to earnings over time. With that, I'll hand it to CFO Michael Testa for a closer look at our financial results.

Sarah Stanton: The foundation is in place. We expect this platform to become an increasingly meaningful contributor to earnings over time. With that, I will hand it to CFO Michael Testa for a closer look at our financial results. Michael?

Speaker #2: Michael.

Speaker #4: Thank you, Sarah. Our financial performance remains strong in Q2. We generated 87 million dollars in total investment income, a 25 percent year-over-year increase, and a 41.6 million dollars in net investment income, or 51 cents per share, representing 100 percent of our quarterly distribution.

Michael Testa: Thank you, Sarah. Our financial performance remains strong in Q2. We generated $87 million in total investment income, a 25% year-over-year increase, $41.6 million in net investment income, or $0.51 per share, representing 100% of our quarterly distribution. Our quarter-over-quarter decrease in net investment income per share primarily reflects lower dividend income compared to Q1, which included a non-recurring dividend from one of our equity investments. Q2 origination activity was back end weighted, meaning the full income benefit of our record fundings will be more fully reflected in Q3. Our net assets grew 9% to a record $1.3 billion, up 37% year-over-year. NAV per share increased $0.20 to $13.47, up 1.6% quarter-over-quarter, driven primarily by accretive ATM issuances.

Speaker #4: Our quarter-over-quarter decrease in net investment income per share primarily reflects lower dividend income compared to Q1, which included a non-reoccurring dividend from one of our equity investments.

Speaker #4: Additionally, Q2 origination activity was back-end weighted, meaning the full income benefit of our record fundings will be more fully reflected in Q3. Our net assets grew 9 percent to a record 1.3 billion dollars, up 37 percent year-over-year.

Speaker #4: Net per share increased 20 cents to 13 dollars and 47 cents, up 1.6 percent quarter-over-quarter, driven primarily by accretive ATM issuances. This accretion more than offset the modest net unrealized and realized depreciation.

Kyle Brown: This accretion more than offset the modest net unrealized and realized appreciation. On the capitalization front, Q2 was an active quarter. In May, we closed our inaugural investment grade public bond offering of $300 million 5-year senior unsecured notes, which adds long-dated fixed rate debt to our liability stack and extends our maturity profile.

Speaker #4: On the capitalization front, Q2 was an active quarter. In May, we closed our inaugural investment-grade public bond offering of 300 million dollars, five-year senior unsecured notes, which adds long-dated fixed-rate debt to our liability stack and extends our maturity profile.

Speaker #4: We raised 100 million dollars through our equity ATM program and averaged 24 percent premium to NAV, which is directly accretive to our existing shareholders.

Michael Testa: We raised $100 million through our equity ATM program, averaged 24% premium to NAV, which is directly accretive to our existing shareholders. Net leverage was 1.18x at quarter end, consistent with our target range. Total platform liquidity increased to $939 million, driven in large part by the close of our SBIC fund. Lastly, a few other metrics worth highlighting. Estimated undistributed taxable income stands at approximately $66 million or $0.71 per share, equivalent to more than 4 months of distributions. We continue reinvesting this spillover for shareholders while maintaining consistent and meaningful dividends. Our 15.2% return on average equity and 15% effective portfolio yield are among the highest in the BDC sector, and PIC remains immaterial at 1% of income. Now our COO, Gerry Harder, will walk you through portfolio performance from here. Gerry?

Speaker #4: Net leverage was 1.18 times at quarter-end, consistent with our target range, and total platform liquidity increased to $939 million, driven in large part by the close of our SBIC fund.

Speaker #4: And lastly, a few other metrics worth highlighting. Estimated undistributed taxable income stands at approximately $66 million, or $0.71 per share, equivalent to more than four months of distributions.

Speaker #4: We continue reinvesting this spillover for shareholders while maintaining consistent and meaningful dividends. Our 15.2% return on average equity and 15% effective portfolio yield are among the highest in the BDC sector.

Speaker #4: And PIC remains immaterial at 1 percent of income. And now our COO, Gerry Harder, will walk you through a portfolio performance from here. Gerry.

Speaker #5: Thank you, Michael. Our portfolio continues to perform well and remains highly diversified. Across 22 industries, no single borrower exceeds 4 percent of total exposure, and our largest sector concentration, finance and insurance, is 14 percent at cost, and spread across 17 companies.

Gerry Harder: Thank you, Michael. Our portfolio continues to perform well and remains highly diversified. Across 22 industries, no single borrower exceeds 4% of total exposure, and our largest sector concentration, finance and insurance, is 14% at cost and spread across 17 companies. We believe diversification and strong underwriting are excellent risk mitigators. Portfolio quality held steady quarter-over-quarter. 99% of debt investments at fair value are performing, and our average internal credit rating remained consistent at 3.0 on our 1 to 5 scale, reflecting broad-based strength across the book. Q2 included minimal net realized losses and net unrealized depreciation. As a reminder, asset valuations are conducted each quarter with independent third-party valuation firms, reviewed by our independent auditor, and approved by our board, a multi-layered process designed to give investors confidence in the marks on our balance sheet.

Speaker #5: We believe diversification and strong underwriting are excellent risk mitigators. Portfolio quality held steady quarter-over-quarter. 99% of debt investments at fair value are performing, and our average internal credit rating remained consistent at 3.0 on our 1 to 5 scale, reflecting broad-based strength across the book.

Speaker #5: Q2 included minimal net realized losses and net unrealized depreciation. As a reminder, asset valuations are conducted each quarter with independent third-party valuation firms, reviewed by our independent auditor, and approved by our board.

Speaker #5: A multi-layered process designed to give investors confidence in the marks on our balance sheet. The number of companies on non-accrual remained at 5, with no changes to the non-accrual list from Q1.

Gerry Harder: The number of companies on non-accrual remained at 5, with no changes to the non-accrual list from Q1. As of 30 June, non-accruals represented less than 1% of the total debt portfolio, a level we continue to manage actively. Net of refinancings, early repayments totaled approximately $108 million in Q2, which continues to be elevated relative to historical averages. Early repayments are inherently difficult to predict but often reflect portfolio company strength. Borrowers reaching a point where they can access the broader capital markets on their own terms by achieving key milestones or completing equity raises. The timing lag between repayments and redeployment of capital into new earning assets can create a near-term drag on interest income, though this is partially mitigated by prepayment penalties and the acceleration of fees and OID at payoff.

Speaker #5: As of June 30, non-accruals represented less than 1 percent of the total debt portfolio, a level we continue to manage actively. Net of refinancings, early repayments totaled approximately $108 million in Q2, which continues to be elevated relative to historical averages.

Speaker #5: Early repayments are inherently difficult to predict, but often reflect portfolio company strength. Borrowers reach a point where they can access the broader capital markets on their own terms by achieving key milestones or completing equity raises.

Speaker #5: The timing lag between repayments and redeployment of capital into new earning assets can create a near-term drag on interest income, though this is partially mitigated by prepayment penalties and the acceleration of fees and OID at payoff.

Speaker #5: Overall, we are encouraged by our portfolio churn, as our loan book continues to refresh in a beneficial way. Seventy percent of the portfolio at cost has been originated since the start of 2025, with pre-2024 vintages now below 8 percent.

Gerry Harder: Overall, we are encouraged by our portfolio churn as our loan book continues to refresh in a beneficial way. 70% of the portfolio at cost has been originated since the start of 2025, with pre-2024 vintages now below 8%. The average duration of realized loans currently stands at 30 months. In our eyes, portfolio turnover signals portfolio health as new deals typically imply longer cash runways and fresher equity support. First lien coverage remains strong at 89% of total principal, secured by first position liens on enterprise value, equipment, or both. For enterprise value-backed loans, weighted average LTV was 24%. Net of refinancings, Q2 fundings broke down across our 5 verticals as follows: 37% to sponsor finance, 26% to equipment finance, 18% to tech lending, 10% to asset-based lending, and 5% to healthcare and life sciences, with the remaining 4% syndicated to off-balance sheet entities.

Speaker #5: And the average duration of realized loans currently stands at 30 months. In our eyes, portfolio turnover signals portfolio health, as new deals typically imply longer cash runways and fresher equity support.

Speaker #5: Firstly, in coverage remains strong at 89% of total principal, secured by first position liens on enterprise value, equipment, or both. For enterprise value-backed loans, the weighted average LTV was 24%.

Speaker #5: Net of refinancings, Q2 fundings broke down across our five verticals as follows: 37 percent to sponsor finance, 26 percent to equipment finance, 18 percent to tech lending, 10 percent to asset-based lending, and 5 percent to healthcare and life sciences.

Speaker #5: With the remaining 4 percent syndicated to off-balance sheet entities. Our portfolio remains defensively positioned. Firstly in bias, low LTVs, and discipline underwriting built for consistency across cycles.

Gerry Harder: Our portfolio remains defensively positioned. First lien bias, low LTVs, and disciplined underwriting built for consistency across cycles. That foundation is what allows us to keep delivering on what matters most, reliable dividends, NAV stability, and long-term value creation. With that, we will open the line for questions. Operator, please go ahead.

Speaker #5: That foundation is what allows us to keep delivering on what matters most: reliable dividends, NAV stability, and long-term value creation. With that, we'll open the line for questions.

Speaker #5: Operator, please go ahead.

Speaker #1: Thank you. If you'd like to ask a question, press star 1 on your keypad. To leave the queue at any time, press star 2.

Operator: Thank you. If you'd like to ask a question, press star one on your keypad. To leave the queue at any time, press star two. Once again, that is star one to ask a question. Our first question today comes from Finian O'Shea with Wells Fargo. Your line is now open.

Speaker #1: Once again, that is star 1 to ask a question. Our first question today comes from Finian O'Shea with Wells Fargo. Your line is now open.

Speaker #6: Hey, everyone. Good morning. I want to start out on the JV sort of a two-parter. The senior credit corps to start, it looks like the investment period was extended there, seeing if that's something normal or should we expect it to sort of sunset raise another one kind of thing.

Finian O'Shea: Hey, everyone. Good morning. I want to start out on the JVs, sort of a two-parter. The Senior Credit Corp to start. It looks like the investment period was extended there. Seeing if that's something normal or should we expect it to sort of sunset, raise another one kind of thing? Separately, the SBIC, it looks like you've got that started in the ground. Any guide on what the top line fee contribution might be on that vehicle? Thanks.

Speaker #6: And then separately, the SBIC—it looks like you've got that started in the ground. Any guide on what the top-line fee contribution might be on that vehicle?

Speaker #6: Thanks.

Speaker #7: Hi, Finn. It's Sarah. I'll hit your JV question first. So, you are correct that we did extend the investment period of Senior Credit Corp 2022 through the end of this year, based on mutual agreement with our JV partner.

Sarah Stanton: Hi Finn, it's Sarah. I'll hit your JV question first. You are correct that we did extend the investment period of Senior Credit Corp 2022 through the end of this year, based on mutual agreement with our JV partner. We're exploring various options for that vehicle in order to continue it. It remains to be seen exactly what will happen there, but it is functioning well. It's been a successful partnership for us, we do intend to continue to syndicate deals to that vehicle through the end of this year.

Sarah Stanton: Hi Finian, it's Sarah. I'll hit your JV question first. You are correct that we did extend the investment period of Senior Credit Corp 2022 through the end of this year, based on mutual agreement with our JV partner. We're exploring various options for that vehicle in order to continue it. It remains to be seen exactly what will happen there, but it is functioning well. It's been a successful partnership for us, we do intend to continue to syndicate deals to that vehicle through the end of this year.

Speaker #7: We're exploring various options for that vehicle in order to continue it, so it remains to be seen exactly what will happen there, but it is functioning well.

Speaker #7: That's it's been a successful partnership for us, and so we do intend to continue to syndicate deals to that vehicle through the end of this year.

Speaker #6: And then, hey Finn, the second question on the SBIC fund—you know, that was, we did something unique there. We raised all third-party capital, primarily from banks, for that.

Kyle Brown: Hey, Finn, the second question on the SBIC fund. We did something unique there. We raised all third-party capital, primarily from banks for that. We've just closed on it, and we need to go out and deploy it so that we can generate the management fees and incentive fees, which are market, like a two and 20 type split. We'll provide some pretty significant incremental upside via the RIA over time. We got to get that money out the door now that we've closed on it.

Kyle Brown: Hey, Finian, the second question on the SBIC fund. We did something unique there. We raised all third-party capital, primarily from banks for that. We've just closed on it, and we need to go out and deploy it so that we can generate the management fees and incentive fees, which are market, like a two and 20 type split. We'll provide some pretty significant incremental upside via the RIA over time. We got to get that money out the door now that we've closed on it.

Speaker #6: And, you know, we just we've just closed on it, and we need to go out and deploy it so that we can generate the management fees and incentive fees, which are which are market.

Speaker #6: I mean, like a 2-and-20 type split. And we'll provide some incremental, you know, pretty significant incremental upside via the RIA over time, but we've got to get that money out the door now that we've closed on it.

Speaker #6: Well, appreciate that. Then just top line, the activity sort of sort of held up at, you know, good levels, a little bit different geography in the other fee income.

Finian O'Shea: Cool. Appreciate that. Just top line, the activity sort of held up at good levels, a little bit different geography in the other fee income. Any context on the nature of activity there? Is it normal prepays or sort of other types of amendment fees?

Speaker #6: Any any context on the nature of activity there? Is it normal prepays or sort of other types of amendment fees?

Speaker #5: Yeah. I mean, this quarter, you saw prepayment fee income slightly down compared to the prior quarter. A lot of that is due to, you know, the seasoning of those deals that do pay off.

Gerry Harder: Yeah. This quarter, you saw prepayment fee income slightly down compared to the prior quarter. A lot of that is due to the seasoning of those deals that do pay off. Also from a funding perspective, a lot of our record fundings this quarter was back-end weighted during the quarter. You'll see the benefit of that portfolio growth fully realized in the next quarter.

Speaker #5: And also, from a funding perspective, a lot of our, you know, our record fundings this quarter were back-end weighted during the quarter. So you'll see the benefit of that portfolio growth fully realized in the next quarter.

Speaker #6: Yeah. Typically, when we see, you know, strong to kind of overperforming payoffs, that ends up adding incremental income, you know, because we're pulling through fees and prepayment fees.

Kyle Brown: Yeah, typically when we see strong to kind of over-performing payoffs, that ends up adding incremental income, because we're pulling through fees and prepayment fees. We just happen to have some older loans pay off where we didn't get that same benefit, and they happened at the very beginning of the quarter, and we couldn't put that money to work until the end of the quarter. We had a little bit of a timing issue and missed out on some interest income.

Speaker #6: We just happened to have some older loans pay off where we didn't get that same benefit, and they happened at the very beginning of the quarter.

Speaker #6: And we couldn't put that money to work until the end of the quarter, so we had a little bit of a timing issue and missed out on some interest income.

Speaker #6: Okay. Helpful. And if I could backtrack, I forgot to throw one in on the JVs. The cap Southwest partners also in the ground, is that the the payout or interest or dividend rate to you is that the expected rate, or was it sort of a late funding?

Finian O'Shea: Okay. It's helpful. If I could backtrack, I forgot to throw one in on the JVs. The Cap Southwest partner is also in the ground. Is that the payout or interest or dividend rate to you, is that the expected rate or was it sort of a late funding, and what sort of yield should we expect next quarter otherwise?

Speaker #6: And what sort of yield should we expect next quarter otherwise?

Speaker #5: Yeah. I mean, it's still ramping. It's not fully leveraged. But our return for that JV should be very similar to the rest of our core yields.

Gerry Harder: It's still ramping. It's not fully leveraged. Our return for that JV should be very similar to the rest of our core yields, 13% to 15%.

Speaker #5: You know, 13 to 15 percent.

Speaker #6: Great. Okay. Thank you.

Finian O'Shea: Great. Okay. Thank you.

Speaker #5: Makes sense.

Gerry Harder: Thanks, Finn.

Gerry Harder: Thanks, Finian.

Speaker #1: Thank you. Our next question comes from Eric Quick with Lucid Capital. Your line is now open.

Operator: Thank you. Our next question comes from Erik Zwick with Lucid Capital. Your line is now open.

Speaker #4: Thanks. Hi. First one, just taking a look at the investment risk rating table in your press release, looks like there was a pretty nice increase in in those loans kind of in those top two categories, the 3 to 5 rated.

Erik Zwick: Thanks. Hi. First one, just taking a look at the investment risk rating table in your press release, looks like there was a pretty nice increase in those loans kind of in those top two categories, the 3 to 5 rated. I'm curious if there was any kind of larger loans that were re-rated or if it was more broadly across the board. If so, what were some of the contributing factors to the improvement there?

Speaker #4: I'm curious if there was any kind of larger loans that were rerated or if it was, you know, more broadly across the board. And if so, you know, what were some of the contributing factors to the the improvement there?

Speaker #5: Hey, thanks for your question. This is Jerry in perhaps Ron can chime in. It was actually a pretty quiet quarter. From a risk standpoint, so you know, I think in the performing and strong performing, I think that's reflective of onboarding, new credits, and, you know, we're we're very pleased with the with the quality of those investments you know, as we noted, the you know, the lower part of the risk table has been very steady.

Gerry Harder: Hey, thanks for your question. This is Gerry, and perhaps Ron can chime in. It was actually a pretty quiet quarter from a risk standpoint. I think in the performing and strong performing, I think that's reflective of onboarding new credits. We're very pleased with the quality of those investments. As we noted, the lower part of the risk table's been very steady and improving. We think credit's in a very good place right now.

Speaker #5: And improving. So, we think credit is in a very good place right now.

Speaker #8: Yeah. This is Ron. I'll add just a little bit to that. They're there were a few credits that you you see in that performing category get upgraded to strong performing.

Ron Kundich: Yeah, this is Ron. I'll add just a little bit to that. There were a few credits that you see in that performing category get upgraded to strong performing. It's kind of nice along with our strategy on the vertical side. One was an equipment deal, one was funds for the uns, and one was tech lending out of the UK. Diversified improvement within the portfolio as well.

Speaker #8: It's kind of nice, along with our strategy on the vertical side. One was an equipment deal, one was sponsored finance, and one was tech lending out of the UK.

Speaker #8: So diversified improvement within the portfolio as well.

Speaker #4: Thanks for that. The color there, and as you mentioned, nice to see that the kind of lower risk ratings you know, continue to be stable.

Sarah Stanton: Thanks for the color there. As you mentioned, nice to see that the kind of lower risk ratings continue to be stable. I guess that's consistent, non-accruals, same number of, I think, five credits there. Any potential progress towards resolutions of any of those credits in the near term, over the next couple of quarters? Could see any changes, anything rolling off?

Erik Zwick: Thanks for the color there. As you mentioned, nice to see that the kind of lower risk ratings continue to be stable. I guess that's consistent, non-accruals, same number of, I think, five credits there. Any potential progress towards resolutions of any of those credits in the near term, over the next couple of quarters? Could see any changes, anything rolling off?

Speaker #4: I guess that's consistent non-accruals. Same number of, I think, 5 credits there. Any potential progress towards resolutions of of any of those credits in in the near term over the next couple of quarters?

Speaker #4: Could you see any changes, anything rolling off?

Speaker #8: This is Ron again. We're actively working all five credits, as you would imagine. The quick answer is, hopefully over the next few quarters, you'll see some activity.

Ron Kundich: This is Ron again. We're actively working all five credits, as you would imagine. The quick answer is, hopefully over the next few quarters, you'll see some activity we'll be able to share with you. Nothing too tangible to report today, but working them all.

Speaker #8: We'll we'll be able to share with you. But, you know, nothing too tangible to report today. But working them all.

Speaker #4: Good to hear. Thanks for taking my questions.

Sarah Stanton: Good to hear. Thanks for taking my questions.

Erik Zwick: Good to hear. Thanks for taking my questions.

Speaker #6: Thanks, Eric.

Gerry Harder: Thanks, Erik.

Speaker #1: Thank you. Our next question comes from Jason Stewart with Compass Point. Your line is now open.

Operator: Thank you. Our next question comes from Jason Stewart with Compass Point. Your line is now open.

Speaker #7: Hi. Thanks. On the equity warrant positions, you know, these are largely non-yielding, and they're, I guess, becoming increasingly large at a at 12 percent of the portfolio.

Jason Stewart: Thanks. On the equity warrant positions, these are largely non-yielding and they're, I guess, becoming increasingly large at 12% of the portfolio. What level are you comfortable with this part of the portfolio becoming, and are there any methods or strategies that you're contemplating to work that percentage lower?

Speaker #7: What level are you comfortable with this part of the portfolio becoming? And are there any methods or strategies that you're contemplating to to work that percentage lower?

Speaker #8: So nearly 50 percent of those are actually earning right now. And so the other 50 percent are going to be either small, diversified positions we've taken into companies we're invested in where we get a right to invest.

Kyle Brown: Nearly 50% of those are actually earning right now. The other 50% are going to be either small diversified positions we've taken into companies we're invested in, where we get a right to invest. We've seen that over time be a great strategy for us. Then warrants, right? The value of these going up is really reflective of some solid companies that are mature, late-stage, heading towards an M&A or IPO, and they're gaining value. They're getting investment. These assets yielding, that's great for us, and the others continue to build value. They're backed by the strongest PE groups and VC groups in the country. We think when the market turns towards more IPOs and M&A activity, we'll continue to see that those provide incremental upsides to either cover losses for Trin or provide incremental income to Trin shareholders.

Speaker #8: And we've seen that, over time, be a great strategy for us. And then, warrants, right? The value of these going up is really reflective of some solid companies that are mature, late stage, heading towards an M&A or IPO, and they're gaining value.

Speaker #8: They're getting investment. And so, you know, these assets yielding—that's great for us. And the others continue to build value. They're backed by the strongest PE groups and VC groups in the country.

Speaker #8: And we think when the market turns towards more IPOs and M&A activity, we'll continue to see that those provide incremental upsides to either cover losses for Trent or provide incremental income to Trent shareholders.

Speaker #7: Okay. All right. That's good color there. Question on the expenses. I mean, it looks like pretty good operating leverage and and a good expense number in in Q2.

Jason Stewart: Okay. All right. Let's call it there. Question on the expenses. It looks like pretty good operating leverage and a good expense number in 2Q. Can you just give us some context on how to think about that going forward, given the growth in originations? Record originations and sequentially lower comp is pretty impressive. How should we pull all that together for the rest of the year?

Speaker #7: Can you just give us some context on how to think about that going forward, given the growth and originations? I mean, record originations and sequentially lower comp is pretty impressive.

Speaker #7: How should we pull all that together for the rest of the year?

Speaker #5: Yeah. I mean, I think think that Q2 numbers are probably good number to start with going for the second half of of the year.

Michael Testa: Yeah, I think the Q2 numbers are probably a good number to start with going for H2. We built this platform to scale, so we've been investing in advance with hiring originators, PMs in the credit team, and investing in the platform to the infrastructure.

Speaker #5: I mean, we built this this platform to scale. So we've been investing in advance with hiring, you know, originators, PMs, and and the credit team and investing in in the platform through the infrastructure.

Speaker #7: Okay. Thank you.

Jason Stewart: Okay. Thank you.

Speaker #6: Thanks, Jason.

Kyle Brown: Thanks, Jason.

Speaker #1: Thank you. And as a reminder, if you would like to ask a question, please press star and 1 on your keypad now. We'll move next to Christopher Nolan with Lattenberg Thalman.

Operator: Thank you. As a reminder, if you would like to ask a question, please press star and one on your keypad now. We'll move next to Christopher Nolan with Ladenburg Thalmann. Your line is now open.

Speaker #1: Your line is now open.

Speaker #8: Hey guys, with the acquisition of ESL, are you going to increase the portfolio exposure to equipment financing?

Christopher Nolan: Hey, guys. With the acquisition of ELS, are you going to increase the portfolio exposure to equipment financing?

Speaker #5: So interesting enough, that's a that business originates, you know, middle market equipment leases. That does not require much or anything from our balance sheet.

Kyle Brown: Interesting enough, that business originates middle market equipment leases. That does not require much or anything from our balance sheet. We have lines of credits with banks where we're able to make a margin or spread or arbitrage, if you will. It's really a syndicate desk, so it generates a lot of fee income. We do intend to grow that business significantly over time across the country, and that's going to be incremental upside as those fees are primarily generating origination fees, and then those leases are offloaded to a syndicate of banks that they have in place. It doesn't require much balance sheet, and it can create a lot of income for us over time.

Speaker #5: We have lines of credit with banks. We're able to make a margin, or spread, or arbitrage, if you will. And then it's really a syndicate desk.

Speaker #5: So, it generates a lot of fee income. We do intend to grow that business significantly over time, across the country. And that's going to be incremental upside, as those fees are primarily generating origination fees, and then those leases are offloaded to a syndicate of banks that they have in place.

Speaker #5: And so it doesn't require much balance sheet, and it can create a lot of income for us over time.

Speaker #8: Good stuff. You’ve got a lot of balls in the air, strategically, in terms of all these funds and so forth. How should we look at the expense run rate going forward?

Christopher Nolan: Good stuff. You got a lot of balls in the air strategically in terms of all these funds and so forth like that. How should we look at the expense run rate going forward?

Speaker #5: I mean, Mike touched on it a little bit right there. We and we've said this before, we're always about a year in advance. And with regards to hiring, you know, we have a 1-year, 3-year, 5-year plan that we're executing on right now.

Kyle Brown: Mike touched on it a little bit right there. We've said this before, we're always about a year in advance with regards to hiring. We have a one-year, three-year, five-year plan that we're executing on right now. We've built the team, we've invested in the systems so that we can make sure we have the originations and direct pipeline that we can then downstream into our fund management business, which we're building slowly and yet over time, and that will provide incremental income for investors. But we're more strategic, like an asset manager. Obviously not your typical BDC. This is an operating company. We're thinking about growth in advance and hiring and making sure we have the team in place to execute on that plan.

Speaker #5: We've built the team. We've invested in the systems so that we can make sure we have the originations and direct pipeline that we can then downstream into our fund management business, which we're building, you know, slowly and yet over time.

Speaker #5: And that will provide incremental income for investors. But as you know, we're more strategic, like an asset manager—obviously, not your typical BDC.

Speaker #5: This is an operating company. We're thinking about growth in advance and hiring, making sure we have the team in place to execute on that plan.

Speaker #8: Finally, any plans to do any special distros to lower that spillover income?

Christopher Nolan: Finally, any plans to do any special distros to lower that spillover income?

Speaker #5: I think that if we are successful continuing to build the pipeline, if we're successful continuing to build our fund management business, which can generate new NAV and income, I would love the problem with being forced to give our shareholders and everyone sitting around this table right now more money.

Kyle Brown: I think that if we are successful continuing to build the pipeline, if we're successful continuing to build our fund management business, which can generate new NAV and income, I would love the problem with being forced to give our shareholders and everyone sitting around this table right now more money.

Speaker #8: Great. Thanks, Kyle.

Christopher Nolan: Great. Thanks, Kyle.

Speaker #5: Yep.

Kyle Brown: Yep.

Speaker #1: Thank you. Our next question comes from Chris Muller with Citizens Capital Markets. Your line is now open.

Operator: Thank you. Our next question comes from Crispin Love with Citizens Capital Markets. Your line is now open.

Operator: Thank you. Our next question comes from Chris Muller with Citizens Capital Markets. Your line is now open.

Speaker #8: Hey, guys. Thanks for taking the questions today. And nice to be on with you this afternoon. So I guess looking at effective yields, they dropped 80 basis points in the quarter, which was the same as core yield.

Crispin Love: Hey, guys. Thanks for taking the questions today, and nice to be on with you this afternoon. I guess looking at effective yields, they dropped 80 basis points in the quarter, which was the same as core yield. It doesn't seem like a fee impact played into that. Can you just talk me through that dynamic that's pushing overall yields lower? Is it just the timing mismatch that you guys talked about?

Chris Muller: Hey, guys. Thanks for taking the questions today, and nice to be on with you this afternoon. I guess looking at effective yields, they dropped 80 basis points in the quarter, which was the same as core yield. It doesn't seem like a fee impact played into that. Can you just talk me through that dynamic that's pushing overall yields lower? Is it just the timing mismatch that you guys talked about?

Speaker #8: So it doesn't seem like fee impact played into that. Can you walk me through the dynamic that's pushing overall yields lower?

Speaker #8: Is it just the timing mismatch that you guys talked about?

Speaker #5: Yeah. You know, it's a combination of a number of things. I mean, the the product mix, you know, on on this quarter, very noted.

Michael Testa: It's a combination of a number of things. The product mix on this quarter, Gerry noted, this is a strong sponsor finance quarter deployment. The prior quarter, you had a lot of healthcare and life sciences. That's impacting some of those sponsor finance deals or our quality lower spreads. Some of that was one-time, non-recurring fees in the prior periods, prepayment income is flowing through in our effective yield, and dividend income as well. Income from the RIA should offset that long term. We feel really optimistic about our strong industry-leading effective yield.

Speaker #5: You know, this is a strong sponsor finance quarter deployment. The prior quarter, you had a lot of life sciences, so that's impacting some of those sponsor finance deals, or higher quality.

Speaker #5: Lower spreads. And you know, yeah, some of that was one time non-recurring fees in the prior periods. You know, prepayment income. Oh, it's flowing through in our in our effective yield and and dividend income.

Speaker #5: As well. So income from you know, the the RIA should offset that long term. So we feel we feel really optimistic about you know, our strong you know, industry-leading effective yield.

Speaker #8: Yeah. And some of that even with you know, with regards to some of those stronger deals, Mike's talking about, that's going to be our PE back lower middle market business.

Kyle Brown: Some of that, even with regards to some of those stronger deals Mike's talking about, that's going to be our PE backed lower middle market business that can drag down overall yields. Our goal and our strategy has always been to build these verticals and then align the right type of capitalization with each of these vehicles. We are and have been working on making sure that we're aligning our leverage and cost of capital with the type of risk we're taking. Over time, as each of those verticals scale, we'll see margins at appropriate levels that help us make sure we're not having a drag on earnings.

Speaker #8: That can drag down kind of overall yields. But you know, our goal and our strategy has always been to build these verticals and then align the right type of capitalization with each of these vehicles.

Speaker #8: And so we are, and have been, working on making sure that we're aligning our leverage and cost of capital with the type of risk we're taking. Over time, as each of those verticals scale, we'll see margins at appropriate levels that help us make sure we're not having a drag on earnings.

Speaker #8: Got it. That context is very helpful. And then, I guess looking at NII, it's just covering the base dividend now. But we have two rate hikes priced in through mid-year 2027.

Jason Stewart: Got it. That context is very helpful. Then, I guess looking at NII, it's just covering the base dividend now, but we have two rate hikes priced in through mid-year 2027, and it sounds like the portfolio growth in Q2 is not fully reflected yet. Are there any one-timers that impacted Q2 there that we should be aware of, and how are you thinking about the trajectory of NII in the back half of the year?

Chris Muller: Got it. That context is very helpful. Then, I guess looking at NII, it's just covering the base dividend now, but we have two rate hikes priced in through mid-year 2027, and it sounds like the portfolio growth in Q2 is not fully reflected yet. Are there any one-timers that impacted Q2 there that we should be aware of, and how are you thinking about the trajectory of NII in the back half of the year?

Speaker #8: And it sounds like the portfolio growth in Q2 is not fully reflected yet. So are there any one-timers that impacted Q2 there that we should be aware of?

Speaker #8: And how are you thinking about the trajectory of NII in the back half of the year?

Speaker #5: Yeah, I mean, I think Kyle mentioned it. We're going to continue to grow that investment income, continue to cover the dividend. There wasn't a whole lot of non-recurring income in Q2.

Michael Testa: I think Kyle mentioned we're going to continue to grow management income, continue to cover the dividend. There wasn't a whole lot of non-reoccurring income in Q2. Prepayments, we do expect to continue to be elevated in the current market. Depending when we could redeploy that and depending on the type of deal or seasoned vintage of those deals prepaying in that quarter, you'll see that flow through.

Speaker #5: Prepayments, we do expect to be continue to be elevated in the current market. And depending when we could redeploy that and depending on the the you know, the type of deal or seasoned you know, vintage of those deals prepaid paying in that quarter, you'll see that flow through.

Speaker #8: Yeah. I think I mentioned it earlier on with Finn's question. But you know, we did have significant payoffs. They happened real early in the quarter.

Kyle Brown: Yeah, I think I mentioned it earlier on with Finn's question. We did have significant payoffs. They happened real early in the quarter. They did not provide us with the pull-through kind of back-end fees and prepayment fees that we typically see because they were older, more mature loans. We funded a record quarter. A lot of it happened late in the quarter. We just saw less income coming in. There was just a bit of a gap in timing that threw that off a little bit. Just to repeat, our main lever on increasing earnings per share over time is going to be our fund management business and the management fees and incentive fees.

Kyle Brown: Yeah, I think I mentioned it earlier on with Finian's question. We did have significant payoffs. They happened real early in the quarter. They did not provide us with the pull-through kind of back-end fees and prepayment fees that we typically see because they were older, more mature loans. We funded a record quarter. A lot of it happened late in the quarter. We just saw less income coming in. There was just a bit of a gap in timing that threw that off a little bit. Just to repeat, our main lever on increasing earnings per share over time is going to be our fund management business and the management fees and incentive fees.

Speaker #8: They did not provide us with the pull-through kind of back-end fees and prepayment fees that we typically see because they were older, more mature loans.

Speaker #8: And then we funded we had record quarter, but it happened a lot a lot of it happened in late in the quarter. So we just saw less income coming in.

Speaker #8: So we had there's just a bit of a gap in timing that threw that off a little bit. And then you know, just to repeat, like you know, our our main lever on increasing earnings per share over time is going to be our fund management business.

Speaker #8: And the management fees and incentive fees. And so you know, we we growth is really important because it gives us the ability to go out and raise capital.

Kyle Brown: Growth is really important because it gives us the ability to go out and raise capital and third-party capital that we can manage and generate new fee income as we downstream those assets. We're not going to see, like other BDCs, the cost of debt. It's going up. We already have a relatively high cost of debt. We disclose how the impacts of rate increases or decreases affect us. It just doesn't affect us like everyone else in the same way. I don't see that being something that's going to be detrimental, regardless of which way rates go for us. There might be some benefits there with certain moves.

Speaker #8: And third-party capital that we can manage and generate new fee income as we downstream those assets. And so you know, I I don't see you know, we're we're not going to see like other BDCs, you know, the cost of debt it's going up.

Speaker #8: We already have a relatively high cost of debt. And you know, we we we disclose how the impacts of rate increases or decreases affect us.

Speaker #8: And you know, it just doesn't affect us like everyone else, in the same way. And so, I don't see that being something that's going to be detrimental, regardless of which way rates go for us.

Speaker #8: And there might be some benefits there with certain moves. So, got it. That's all very helpful. I appreciate you guys taking the questions today.

Jason Stewart: Got it. That's all very helpful. I appreciate you guys taking the questions today.

Chris Muller: Got it. That's all very helpful. I appreciate you guys taking the questions today.

Speaker #5: You bet.

Michael Testa: You bet.

Speaker #1: Thank you. This concludes today's question and answer session. I will now turn it back to CEO, Kyle Brown, for closing remarks.

Operator: Thank you. This concludes today's question and answer session. I will now turn it back to CEO, Kyle Brown, for closing remarks.

Speaker #5: Well, on behalf of the Trinity Capital team, thank you for joining us today. This has been a strong quarter by nearly every measure. And we're excited about where we're headed.

Kyle Brown: On behalf of the Trinity Capital team, thank you for joining us today. This has been a strong quarter by nearly every measure, and we're excited about where we're headed. We continue to work hard for our shareholders. We look forward to updating you on Q3 results on 4 November. Have a great day. Thanks.

Speaker #5: We continue to work hard for our shareholders. We look forward to updating you on Q3 results on November 4th. Have a great day. Thanks.

Operator: Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

Q2 2026 Trinity Capital Inc Earnings Call

Request DemoDemo

Trinity Capital

Earnings