Trinity Capital is a business development company (BDC) that provides debt financing to growth-stage, venture capital- and private equity-backed companies in the U.S. These are typically private, revenue-generating companies that are not yet profitable enough to qualify for traditional bank financing. Trinity's core products are term loans, equipment financings, and asset-based lending against B2B receivables, with deal sizes typically ranging from $5M to $50M. In addition to interest income, Trinity often receives warrants and contingent exit fees, providing equity-linked upside alongside debt returns. Trinity operates across five verticals: Tech Lending, Equipment Finance, Life Sciences, Sponsor Finance, and ABL. All loans are directly originated — Trinity does not buy syndicated loans — through relationships with VC firms, PE firms, and technology banks built over nearly two decades. Trinity is internally managed, meaning it pays no external management fees, and management owns shares alongside outside investors. A notable feature of Trinity's floating-rate loans is that most include interest rate floors near original closing rates, limiting income sensitivity to rate cuts. Alongside the BDC, Trinity operates a registered investment adviser (RIA) subsidiary that manages roughly $409M in third-party assets across co-investment vehicles, a private non-traded BDC, separately managed accounts, and SBIC funds. These vehicles generate management and incentive fees that flow to BDC shareholders. Trinity's growth strategy centers on scaling its five lending verticals — including a new London office — and expanding the asset management platform to grow fee income without proportional equity issuance.