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Borrowings | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Borrowings | # Note 5. Borrowings ## KeyBank Credit Facility On October 27, 2021, TCF, a wholly owned subsidiary of the Company, as borrower, and the Company, as servicer, entered into a credit agreement (as amended, the “KeyBank Credit Agreement”) with the lenders from time-to-time party thereto, KeyBank, as administrative agent and syndication agent, and Wells Fargo, National Association, as collateral custodian and paying agent. The KeyBank Credit Facility includes a commitment of $600.0 million from KeyBank and other banks and allows the Company, through TCF, to borrow up to $690.0 million. Borrowings under the KeyBank Credit Agreement generally bear interest at a rate equal to Adjusted Term SOFR plus 2.85% to 3.25%, subject to the number of eligible loans in the collateral pool. The KeyBank Credit Facility provides for a variable advance rate of up to 62% on eligible first lien loans and up to 47% on eligible second lien loans. The KeyBank Credit Facility includes a three-year revolving period and a two-year amortization period and matures on July 27, 2029, unless extended. Such credit facility is collateralized by all investment assets held by TCF. The KeyBank Credit Agreement contains representations and warranties and affirmative and negative covenants customary for secured financings of this type, including certain financial covenants such as a consolidated tangible net worth requirement and a required asset coverage ratio. The KeyBank Credit Agreement also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; inaccuracy of representations or warranties in any material respect; voluntary or involuntary bankruptcy proceedings; and change of control of the borrower without the prior written consent of KeyBank. During the three months ended June 30, 2025, the Company borrowed $329.2 million and made repayments of $238.2 million under the KeyBank Credit Facility. During the six months ended June 30, 2025, the Company borrowed $727.2 million and made repayments of $357.2 million under the KeyBank Credit Facility. The Company incurred approximately $9.0 million of initial and additional financing costs in connection with the KeyBank Credit Facility that were capitalized and deferred using the straight-line method over the life of the facility. As of June 30, 2025 and December 31, 2024, unamortized deferred financing costs related to the KeyBank Credit Facility were $5.9 million and $6.6 million, respectively. As of June 30, 2025 and December 31, 2024, the Company had a borrowing availability of approximately $117.0 million and $487.0 million, respectively. The summary information regarding the KeyBank Credit Facility is as follows (dollars in thousands):
|  |  | Three Months Ended |  |  |  |  | Three Months Ended |  |  |  |  | Six Months Ended |  |  |  |  | Six Months Ended |  |
|  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |  |  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |
Stated interest expense |  | $ |  | 7,472 |  |  |  | $ |  | 4,508 |  |  |  | $ |  | 13,600 |  |  |  | $ |  | 9,351 |  |
Amortization of deferred financing costs |  |  |  | 384 |  |  |  |  |  | 215 |  |  |  |  |  | 770 |  |  |  |  |  | 420 |  |
Total interest and amortization of deferred financing costs |  | $ |  | 7,856 |  |  |  | $ |  | 4,723 |  |  |  | $ |  | 14,370 |  |  |  | $ |  | 9,771 |  |
Weighted average effective interest rate |  |  |  | 7.8 |  | % |  |  |  | 9.4 |  | % |  |  |  | 8.1 |  | % |  |  |  | 9.3 |  | %
Weighted average outstanding balance |  | $ |  | 402,755 |  |  |  | $ |  | 200,452 |  |  |  | $ |  | 354,294 |  |  |  | $ |  | 210,769 |  |
# Unsecured Notes As of June 30, 2025 and December 31, 2024, the Company had the following outstanding Unsecured Notes (dollars in thousands):
|  | June 30, 2025 |  |  |  | December 31, 2024 |
Series A Notes, net of $1,409 and $1,650, respectively, of unamortized deferred financing costs |  | $ |  | 141,091 |  |  |  | $ |  | 140,850 |
August 2026 Notes, net of $661 and $950, respectively, of unamortized deferred financing costs |  |  |  | 124,339 |  |  |  |  |  | 124,050 |
September 2029 Notes, net of $3,221 and $3,433, respectively, of unamortized deferred financing costs |  |  |  | 115,973 |  |  |  |  |  | 111,567 |
March 2029 Notes, net of $2,690 and $2,879, respectively, of unamortized deferred financing costs |  |  |  | 113,947 |  |  |  |  |  | 112,121 |
December 2026 Notes, net of $542 and $729, respectively, of unamortized deferred financing costs |  |  |  | 74,458 |  |  |  |  |  | 74,271 |
2025 Notes, net of $0 and $81, respectively, of unamortized deferred financing costs |  |  |  | — |  |  |  |  |  | 152,419 |
Convertible Notes, net of $0 and $605, respectively, of unamortized deferred financing costs and discount |  |  |  | — |  |  |  |  |  | 49,395 |
Total Unsecured Notes, net of $8,523 and $10,327, respectively, of unamortized deferred financing costs |  | $ |  | 569,808 |  |  |  | $ |  | 764,673 |
## 2025 Notes Concurrent with the completion of the Private Common Stock Offering, on January 16, 2020, the Company completed its offering of $105.0 million in aggregate principal amount of the unsecured 2025 Notes in reliance upon the available exemptions from the registration requirements of the Securities Act (the “144A Note Offering”). Keefe, Bruyette & Woods, Inc. (“KBW”), as the initial purchaser, exercised in full its option to purchase or place additional 2025 Notes and on January 29, 2020, the Company issued and sold an additional $20.0 million in aggregate principal amount of the 2025 Notes. As a result, the Company issued and sold a total of $125.0 million in aggregate principal amount of the 2025 Notes pursuant to the 144A Note Offering. Concurrent with the closing of the 144A Note Offering, on January 16, 2020, the Company entered into a registration rights agreement for the benefit of the purchasers of the 2025 Notes in the 144A Note Offering. Pursuant to the terms of this registration rights agreement, the Company filed with the SEC a registration statement, which was initially declared effective on October 20, 2020, registering the public resale of the 2025 Notes by the holders thereof that elected to include their 2025 Notes in such registration statement. The 2025 Notes were issued pursuant to an Indenture dated as of January 16, 2020 (the “Base Indenture”), between the Company and U.S. Bank National Association, as trustee (together with its successor in interest, U.S. Bank Trust Company, National Association, the “Trustee”), and a First Supplemental Indenture, dated as of January 16, 2020 (the “First Supplemental Indenture” and together with the Base Indenture, the “2025 Notes Indenture”), between the Company and the Trustee. On July 22, 2022, the Company issued $50.0 million in aggregate principal amount of the 2025 Notes in an additional issuance of such 2025 Notes. On July 27, 2022, the underwriters exercised, in full, their option to purchase from the Company an additional $7.5 million in aggregate principal amount of the 2025 Notes solely to cover over-allotments in accordance with the Underwriting Agreement. The 2025 Notes issued pursuant to July 2022 offering were treated as a single series with the then-existing 2025 Notes under the 2025 Notes Indenture (the “Then-Existing 2025 Notes”) and had the same terms as the Then-Existing 2025 Notes (other than issue date and issue price). The 2025 Notes had the same CUSIP number and were fungible and ranked equally. In connection with the additional issuance of the 2025 Notes, the 2025 Notes began trading on the Nasdaq Global Select Market under the symbol “TRINL” on July 29, 2022. The 2025 Notes bore interest at a fixed rate of 7.00% per year that was payable quarterly on March 15, June 15, September 15, and December 15 of each year, commencing on March 15, 2020. The 2025 Notes were the direct, general unsecured obligations of the Company and ranked pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that were not so subordinated. On May 17, 2024, the Company redeemed $30.0 million in aggregate principal amount of the $182.5 million in aggregate principal amount of then outstanding 2025 Notes. On January 16, 2025, the 2025 Notes matured pursuant to their terms and were repaid in full. The 2025 Notes are no longer outstanding or listed on Nasdaq Global Select Market. Aggregate offering costs in connection with the 2025 Notes issuance, including the underwriters' discount and commissions, were approximately $7.8 million, which were capitalized and deferred. As of June 30, 2025, there were no unamortized deferred financing costs related to the 2025 Notes. As of December 31, 2024, unamortized deferred financing costs related to the 2025 Notes was $0.1 million. The components of interest expense and related fees for the 2025 Notes are as follows (in thousands):
|  |  | Three Months Ended |  |  |  |  | Three Months Ended |  |  |  |  | Six Months Ended |  |  |  |  | Six Months Ended |  |
|  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |  |  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |
Stated interest expense |  | $ |  | — |  |  |  | $ |  | 2,937 |  |  |  | $ |  | 445 |  |  |  | $ |  | 6,131 |  |
Amortization of deferred financing costs |  |  |  | — |  |  |  |  |  | 483 |  |  |  |  |  | 81 |  |  |  |  |  | 982 |  |
Total interest and amortization of deferred financing costs |  | $ |  | — |  |  |  | $ |  | 3,420 |  |  |  | $ |  | 526 |  |  |  | $ |  | 7,113 |  |
Weighted average effective interest rate |  |  |  | — |  | % |  |  |  | 8.2 |  | % |  |  |  | 8.3 |  | % |  |  |  | 8.1 |  | %
Weighted average outstanding balance |  | $ |  | — |  |  |  | $ |  | 167,665 |  |  |  | $ |  | 12,638 |  |  |  | $ |  | 175,082 |  |
## 6.00% Convertible Notes due 2025 On December 11, 2020, the Company completed a private offering (the “Private Convertible Note Offering”) of $50.0 million in aggregate principal amount of its unsecured Convertible Notes in reliance upon the available exemptions from the registration requirements of the Securities Act. KBW acted as the initial purchaser and placement agent in connection with the Private Convertible Note Offering pursuant to a purchase/placement agreement dated December 4, 2020, by and between the Company and KBW. The Convertible Notes were issued pursuant to the Base Indenture and a Second Supplemental Indenture, dated as of December 11, 2020 (the “Second Supplemental Indenture” and together with the Base Indenture, the “Convertible Notes Indenture”), between the Company and the Trustee. Concurrent with the closing of the Convertible Note Offering, on December 11, 2020, the Company entered into a registration rights agreement for the benefit of the holders of the Convertible Notes and the shares of common stock issuable upon conversion thereof. Aggregate offering costs in connection with the Convertible Note Offering, including the initial purchaser and placement agent discount and commissions, were approximately $1.9 million, which were capitalized and deferred. The Convertible Notes bore interest at a fixed rate of 6.00% per year, subject to additional interest upon certain events, payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2021. Had an investment grade rating not been maintained with respect to the Convertible Notes, additional interest of 0.75% per annum would have accrued on the Convertible Notes until such time as the Convertible Notes received an investment grade rating of “BBB-” (or its equivalent) or better. The Convertible Notes rating remained at investment grade through the conversion date. The Convertible Notes would have matured on December 11, 2025. On February 20, 2025, the holders of the Convertible Notes exercised their right to convert all of the outstanding principal amount of the Convertible Notes, pursuant to the terms of conditions of the Convertible Notes. At its election, the Company paid $66.2 million in cash to satisfy in full its obligation to pay the principal amount of the Convertible Notes and any accrued interest, such settlement amount being determined based on the then existing conversion rate of 81.6439 per $1,000 principal amount of the Convertible Notes. The net amount of the carrying value of the Convertible Notes and cash paid of $15.8 million was recorded in Paid-In Capital in Excess of Par Value on the Consolidated Statements of Assets and Liabilities, and as such, no realized gain/loss was recorded. As of June 30, 2025, the Convertible Notes are no longer outstanding. The Convertible Notes were direct unsecured obligations of the Company and ranked pari passu, or equal in right of payment, with all of the Company’s then-existing and future unsecured indebtedness or other obligations that were not so subordinated, and senior in right of payment to all of the Company’s future indebtedness or other obligations that were expressly subordinated, or junior, in right of payment to the Convertible Notes. The Convertible Notes were accounted for in accordance with ASC 470-20, Debt Instruments with Conversion and Other Options. In accounting for the Convertible Notes, the Company estimated at the time of issuance that the values of the debt and the embedded conversion feature of the Convertible Notes were approximately 99.1% and 0.9%, respectively. The original issue discount of 0.9%, or approximately $0.5 million, attributable to the conversion feature of the Convertible Notes was recorded in “capital in excess of par value” in the Consolidated Statements of Assets and Liabilities as of December 31, 2020. The components of the carrying value of the Convertible Notes were as follows (in thousands):
| June 30, 2025 |  |  |  | December 31, 2024 |
Principal amount of debt | $ |  | — |  |  |  | $ |  | 50,000 |
Unamortized debt financing cost |  |  | — |  |  |  |  |  | (356 | )
Original issue discount, net of accretion |  |  | — |  |  |  |  |  | (249 | )
Carrying value of Convertible Notes | $ |  | — |  |  |  | $ |  | 49,395 |
The components of interest expense and related fees for the Convertible Notes were as follows (in thousands):
|  |  | Three Months Ended |  |  |  |  | Three Months Ended |  |  |  |  | Six Months Ended |  |  |  |  | Six Months Ended |  |
|  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |  |  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |
Stated interest expense |  | $ |  | — |  |  |  | $ |  | 750 |  |  |  | $ |  | 417 |  |  |  | $ |  | 1,500 |  |
Amortization of deferred financing costs and original issue discount |  |  |  | — |  |  |  |  |  | 160 |  |  |  |  |  | 89 |  |  |  |  |  | 325 |  |
Total interest and amortization of deferred financing costs and original issue discount |  | $ |  | — |  |  |  | $ |  | 910 |  |  |  | $ |  | 506 |  |  |  | $ |  | 1,825 |  |
Weighted average effective interest rate |  |  |  | — |  | % |  |  |  | 7.3 |  | % |  |  |  | 7.2 |  | % |  |  |  | 7.3 |  | %
Weighted average outstanding balance |  | $ |  | — |  |  |  | $ |  | 50,000 |  |  |  | $ |  | 14,088 |  |  |  | $ |  | 50,000 |  |
## August 2026 Notes On August 24, 2021, the Company issued and sold $125.0 million in aggregate principal amount of its unsecured August 2026 Notes under its shelf Registration Statement on Form N-2. The August 2026 Notes were issued pursuant to the Base Indenture and a Third Supplemental Indenture, dated as of August 24, 2021 (together with the Base Indenture, the “August 2026 Notes Indenture”), between the Company and the Trustee. The August 2026 Notes mature on August 24, 2026, unless repurchased or redeemed in accordance with their terms prior to such date. The August 2026 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company’s option, at a redemption price equal to the greater of (1) 100% of the principal amount of the August 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the August 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable treasury rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any August 2026 Notes on or after July 24, 2026, the redemption price for the August 2026 Notes will be equal to 100% of the principal amount of the August 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, if a change of control repurchase event (as defined in the August 2026 Notes Indenture) occurs prior to the maturity date of the August 2026 Notes or the Company’s redemption of all outstanding August 2026 Notes, the Company will be required, subject to certain conditions, to make an offer to the holders thereof to repurchase for cash some or all of the August 2026 Notes at a repurchase price equal to 100% of the principal amount of the August 2026 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase. The August 2026 Notes bear interest at a fixed rate of 4.375% per year payable semiannually on February 15 and August 15 of each year, commencing on February 15, 2022. The August 2026 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated. Aggregate offering costs in connection with the August 2026 Notes issuance, including the underwriters’ discount and commissions, were approximately $2.9 million, which were capitalized and deferred. As of June 30, 2025 and December 31, 2024, unamortized deferred financing costs related to the August 2026 Notes were $0.7 million and $1.0 million, respectively. The components of interest expense and related fees for the 2026 Notes are as follows (in thousands):
|  |  | Three Months Ended |  |  |  |  | Three Months Ended |  |  |  |  | Six Months Ended |  |  |  |  | Six Months Ended |  |
|  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |  |  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |
Stated interest expense |  | $ |  | 1,367 |  |  |  | $ |  | 1,367 |  |  |  | $ |  | 2,734 |  |  |  | $ |  | 2,734 |  |
Amortization of deferred financing costs |  |  |  | 144 |  |  |  |  |  | 144 |  |  |  |  |  | 288 |  |  |  |  |  | 288 |  |
Total interest and amortization of deferred financing costs |  | $ |  | 1,511 |  |  |  | $ |  | 1,511 |  |  |  | $ |  | 3,022 |  |  |  | $ |  | 3,022 |  |
Weighted average effective interest rate |  |  |  | 4.8 |  | % |  |  |  | 4.8 |  | % |  |  |  | 4.8 |  | % |  |  |  | 4.8 |  | %
Weighted average outstanding balance |  | $ |  | 125,000 |  |  |  | $ |  | 125,000 |  |  |  | $ |  | 125,000 |  |  |  | $ |  | 125,000 |  |
## December 2026 Notes On December 15, 2021, the Company issued and sold $75.0 million in aggregate principal amount of its unsecured December 2026 Notes under its shelf Registration Statement on Form N-2. The December 2026 Notes were issued pursuant to the Base Indenture and a Fourth Supplemental Indenture, dated as of December 15, 2021 (together with the Base Indenture, the “December 2026 Notes Indenture”), between the Company and the Trustee. The December 2026 Notes mature on December 15, 2026, unless repurchased or redeemed in accordance with their terms prior to such date. The December 2026 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company’s option, at a redemption price equal to the greater of (1) 100% of the principal amount of the December 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the December 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable treasury rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any December 2026 Notes on or after November 15, 2026, the redemption price for the December 2026 Notes will be equal to 100% of the principal amount of the December 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, if a change of control repurchase event (as defined in the December 2026 Notes Indenture) occurs prior to the maturity date of the December 2026 Notes or the Company’s redemption of all outstanding December 2026 Notes, the Company will be required, subject to certain conditions, to make an offer to the holders thereof to repurchase for cash some or all of the December 2026 Notes at a repurchase price equal to 100% of the principal amount of the December 2026 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase. The December 2026 Notes bear interest at a fixed rate of 4.25% per year payable semiannually on June 15 and December 15 of each year, commencing on June 15, 2022. The December 2026 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated. Aggregate offering costs in connection with the December 2026 Notes issuance, including the underwriters’ discount and commissions, were approximately $1.9 million, which were capitalized and deferred. As of June 30, 2025 and December 31, 2024, unamortized deferred financing costs related to the December 2026 Notes were $0.5 million and $0.7 million, respectively. The components of interest expense and related fees for the December 2026 Notes are as follows (in thousands):
|  |  | Three Months Ended |  |  |  |  | Three Months Ended |  |  |  |  | Six Months Ended |  |  |  |  | Six Months Ended |  |
|  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |  |  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |
Stated interest expense |  | $ |  | 797 |  |  |  | $ |  | 797 |  |  |  | $ |  | 1,594 |  |  |  | $ |  | 1,594 |  |
Amortization of deferred financing costs |  |  |  | 99 |  |  |  |  |  | 93 |  |  |  |  |  | 192 |  |  |  |  |  | 192 |  |
Total interest and amortization of deferred financing costs |  | $ |  | 896 |  |  |  | $ |  | 890 |  |  |  | $ |  | 1,786 |  |  |  | $ |  | 1,786 |  |
Weighted average effective interest rate |  |  |  | 4.8 |  | % |  |  |  | 4.7 |  | % |  |  |  | 4.8 |  | % |  |  |  | 4.8 |  | %
Weighted average outstanding balance |  | $ |  | 75,000 |  |  |  | $ |  | 75,000 |  |  |  | $ |  | 75,000 |  |  |  | $ |  | 75,000 |  |
## March 2029 Notes On March 28, 2024, the Company issued and sold $115.0 million in aggregate principal amount of its unsecured March 2029 Notes under its shelf Registration Statement on Form N-2, which amount includes the underwriters' exercise, in full, of their option to purchase an additional $15.0 million in aggregate principal amount of the March 2029 Notes. The March 2029 Notes were issued pursuant to the Base Indenture and a Fifth Supplemental Indenture, dated as of March 28, 2024 (together with the Base Indenture, the “March 2029 Notes Indenture”), between the Company and the Trustee. The March 2029 Notes mature on March 30, 2029, unless repurchased or redeemed in accordance with their terms prior to such date. The March 2029 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company's option on or after March 30, 2026 upon not less than 30 days’ nor more than 60 days’ written notice prior to the date fixed for redemption thereof, at a redemption price equal to 100% of the outstanding principal amount of the March 2029 Notes, plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption. In addition, if a change of control repurchase event (as defined in the March 2029 Notes Indenture) occurs prior to the maturity date of the March 2029 Notes, unless the Company has exercised its right to redeem the March 2029 Notes in full, holders will have the right, at their option, to require the Company to repurchase for cash some or all of the March 2029 Notes at a repurchase price equal to 100% of the principal amount of the March 2029 Notes being repurchased, plus accrued and unpaid interest, if any, to, but not including, the repurchase date. The March 2029 Notes bear interest at a fixed rate of 7.875% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year, commencing on June 30, 2024. The March 2029 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated. The March 2029 Notes began trading on the Nasdaq Global Select Market under the symbol “TRINZ” on April 1, 2024. O n February 10, 2025, the Company entered into an open market sale agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Sales Agent”), as sales agent and/or principal thereunder. Under the Sales Agreement, the Company may, but has no obligation to, issue and sell, from time to time, up to $100,000,000 aggregate principal amount of the March 2029 Notes (the “ATM March 2029 Notes”) through the Sales Agent or to the Sale Agent, as principal for its own account. The ATM March 2029 Notes are treated as a single series with the existing March 2029 Notes and have the same terms as the existing March 2029 Notes (other than the issue date and issue price). The March 2029 Notes have the same CUSIP number and are fungible and ranked equally. Any ATM March 2029 Notes issued in the future will be issued pursuant to the March 2029 Notes Indenture. During the three months ended June 30, 2025, the Company issued and sold $1.4 million in aggregate principal amount of its ATM March 2029 Notes and raised $1.4 million of net proceeds after deducting deferred offering costs and commissions to the Sales Agent on notes sold under the Sales Agreement. During the six months ended June 30, 2025, the Company issued and sold $1.6 million in aggregate principal amount of its ATM March 2029 Notes and raised $1.6 million of net proceeds after deducting deferred offering costs and commissions to the Sales Agent on notes sold under the Sales Agreement. The com ponents of the carrying value of the March 2029 Notes were as follows (in thousands):
| June 30, 2025 |  |  |  | December 31, 2024 |
Principal amount of debt | $ |  | 116,637 |  |  |  | $ |  | 115,000 |
Unamortized deferred financing cost |  |  | (2,704 | ) |  |  |  |  | (2,879 | )
Issuance premium and/or (discount), net of accretion |  |  | 14 |  |  |  |  |  | — |
Carrying value of March 2029 Notes | $ |  | 113,947 |  |  |  | $ |  | 112,121 |
Aggregate offering costs in connection with the March 2029 Notes issuance, including the underwriters’ discount and commissions, were approximately $3.6 million, which were capitalized and deferred. The components of interest expense and related fees for the March 2029 Notes are as follows (in thousands):
|  |  | Three Months Ended |  |  |  |  | Three Months Ended |  |  |  |  | Six Months Ended |  |  |  |  | Six Months Ended |  |
|  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |  |  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |
Stated interest expense |  | $ |  | 2,271 |  |  |  | $ |  | 2,264 |  |  |  | $ |  | 4,535 |  |  |  | $ |  | 2,340 |  |
Amortization of deferred financing costs |  |  |  | 179 |  |  |  |  |  | 167 |  |  |  |  |  | 352 |  |  |  |  |  | 172 |  |
Total interest and amortization of deferred financing costs |  | $ |  | 2,450 |  |  |  | $ |  | 2,431 |  |  |  | $ |  | 4,887 |  |  |  | $ |  | 2,512 |  |
Weighted average effective interest rate |  |  |  | 8.4 |  | % |  |  |  | 8.5 |  | % |  |  |  | 8.5 |  | % |  |  |  | 8.5 |  | %
Weighted average outstanding balance |  | $ |  | 115,987 |  |  |  | $ |  | 115,000 |  |  |  | $ |  | 115,508 |  |  |  | $ |  | 59,396 |  |
## September 2029 Notes On July 19, 2024, the Company issued and sold $115.0 million in aggregate principal amount of the September 2029 Notes under its shelf Registration Statement on Form N-2, which amount includes the underwriters' exercise, in full, of their option to purchase an additional $15.0 million in aggregate principal amount of additional September 2029 Notes. The September 2029 Notes were issued pursuant to the Base Indenture and a Sixth Supplemental Indenture, dated as of July 19, 2024, between the Company and the Trustee (together with the Base Indenture, the "September 2029 Notes Indenture"). The September 2029 Notes mature on September 30, 2029, unless repurchased or redeemed in accordance with their terms prior to such date. The September 2029 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company's option on or after September 30, 2026 upon not less than 30 days’ nor more than 60 days’ written notice prior to the date fixed for redemption thereof, at a redemption price equal to 100% of the outstanding principal amount of the September 2029 Notes, plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption. In addition, if a change of control repurchase event (as defined in the September 2029 Notes Indenture) occurs prior to maturity date of the September 2029 Notes, unless the Company has exercised its right to redeem the September 2029 Notes in full, holders will have the right, at their option, to require the Company to repurchase for cash some or all of the September 2029 Notes at a repurchase price equal to 100% of the principal amount of the September 2029 Notes being repurchased, plus accrued and unpaid interest, if any, to, but not including, the repurchase date. The September 2029 Notes bear interest at a fixed rate of 7.875% per year payable quarterly on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2024. The September 2029 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated. The September 2029 Notes began trading on the Nasdaq Global Select Market under the symbol “TRINI” on July 22, 2024. O n February 10, 2025, the Company entered into the Sales Agreement with the Sales Agent. Under the Sales Agreement, the Company may, but has no obligation to, issue and sell, from time to time, up to $100,000,000 aggregate principal amount of the September 2029 Notes (the “ATM September 2029 Notes”) through the Sales Agent or to the Sale Agent, as principal for its own account. The ATM September 2029 Notes are treated as a single series with the existing September 2029 Notes and have the same terms as the existing September 2029 Notes (other than the issue date and issue price). The September 2029 Notes have the same CUSIP number and are fungible and ranked equally. Any ATM September 2029 Notes issued in the future will be issued pursuant to the September 2029 Notes Indenture. During the three months ended June 30, 2025, the Company issued and sold $0.8 million in aggregate principal amount of its ATM March 2029 Notes and raised $0.8 million of net proceeds after deducting deferred offering costs and commissions to the Sales Agent on notes sold under the Sales Agreement. During the six months ended June 30, 2025, the Company issued and sold $4.2 million in aggregate principal amount of its ATM September 2029 Notes and raised $4.2 million of net proceeds after deducting deferred offering costs and commissions to the Sales Agent on notes sold under the Sales Agreement. The com ponents of the carrying value of the September 2029 Notes were as follows (in thousands):
| June 30, 2025 |  |  |  | December 31, 2024 |
Principal amount of debt | $ |  | 119,194 |  |  |  | $ |  | 115,000 |
Unamortized deferred financing cost |  |  | (3,257 | ) |  |  |  |  | (3,433 | )
Issuance premium and/or (discount), net of accretion |  |  | 36 |  |  |  |  |  | — |
Carrying value of September 2029 Notes | $ |  | 115,973 |  |  |  | $ |  | 111,567 |
Aggregate offering costs in connection with the September 2029 Notes issuance, including the underwriters’ discount and commissions, were approximately $4.0 million, which were capitalized and deferred. The components of interest expense and related fees for the September 2029 Notes are as follows (in thousands):
|  |  | Three Months Ended |  |  |  |  | Three Months Ended |  |  |  |  | Six Months Ended |  |  |  |  | Six Months Ended |  |
|  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |  |  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |
Stated interest expense |  | $ |  | 2,321 |  |  |  | $ |  | — |  |  |  | $ |  | 4,586 |  |  |  | $ |  | — |  |
Amortization of deferred financing costs |  |  |  | 189 |  |  |  |  |  | — |  |  |  |  |  | 373 |  |  |  |  |  | — |  |
Total interest and amortization of deferred financing costs |  | $ |  | 2,510 |  |  |  | $ |  | — |  |  |  | $ |  | 4,959 |  |  |  | $ |  | — |  |
Weighted average effective interest rate |  |  |  | 8.4 |  | % |  |  |  | — |  | % |  |  |  | 8.5 |  | % |  |  |  | — |  | %
Weighted average outstanding balance |  | $ |  | 119,010 |  |  |  | $ |  | — |  |  |  | $ |  | 117,140 |  |  |  | $ |  | — |  |
Series A Notes On October 29, 2024, the Company entered into a note purchase agreement (the “Note Purchase Agreement”) governing the issuance of (i) $55.5 million in aggregate principal amount of Series A Senior Notes, Tranche A, due October 29, 2027 (the “Series A 2027 Notes”), (ii) $73.0 million in aggregate principal amount of Series A Senior Notes, Tranche B, due October 29, 2028 (the “Series A 2028 Notes”) and (iii) $14.0 million in aggregate principal amount of Series A Senior Notes, Tranche C, due October 29, 2029 (the “Series A 2029 Notes” and, together with the Series A 2027 Notes and Series A 2028 Notes, collectively, the “Series A Notes”) to certain qualified institutional investors in a private placement. The Series A Notes were delivered and paid for on October 29, 2024, subject to certain customary closing conditions. The Series A 2027 Notes have a fixed interest rate of 7.54% per year, the Series A 2028 Notes have a fixed interest rate of 7.60% per year and the Series A 2029 Notes have a fixed interest rate of 7.66% per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the Note Purchase Agreement) or a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs. The Series A 2027 Notes will mature on October 29, 2027, the Series A 2028 Notes will mature on October 29, 2028 and the Series A 2029 Notes will mature on October 29, 2029, unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the Note Purchase Agreement. Interest on the Series A Notes will be due semiannually in April and October of each year, beginning in April 2025. In addition, the Company is obligated to offer to repay the Series A Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the Note Purchase Agreement, the Company may redeem the Series A Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if the Series A 2027 Notes are redeemed on or before August 31, 2027, the Series A 2028 Notes are redeemed on or before August 31, 2028 or the Series A 2029 Notes are redeemed on or before August 1, 2029, a make-whole premium. The Series A Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The Series A Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable. Aggregate offering costs in connection with the Series A Notes issuance, including the underwriters’ discount and commissions, were approximately $1.7 million, which were capitalized and deferred. As of June 30, 2025 and December 31, 2024, unamortized deferred financing costs related to the Series A Notes were $1.4 million and $1.7 million, respectively. The components of interest expense and related fees for the Series A Notes are as follows (in thousands):
|  |  | Three Months Ended |  |  |  |  | Three Months Ended |  |  |  |  | Six Months Ended |  |  |  |  | Six Months Ended |  |
|  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |  |  |  | June 30, 2025 |  |  |  |  | June 30, 2024 |  |
Stated interest expense |  | $ |  | 2,701 |  |  |  | $ |  | — |  |  |  | $ |  | 5,403 |  |  |  | $ |  | — |  |
Amortization of deferred financing costs |  |  |  | 120 |  |  |  |  |  | — |  |  |  |  |  | 241 |  |  |  |  |  | — |  |
Total interest and amortization of deferred financing costs |  | $ |  | 2,821 |  |  |  | $ |  | — |  |  |  | $ |  | 5,644 |  |  |  | $ |  | — |  |
Weighted average effective interest rate |  |  |  | 7.9 |  | % |  |  |  | — |  | % |  |  |  | 7.9 |  | % |  |  |  | — |  | %
Weighted average outstanding balance |  | $ |  | 142,500 |  |  |  | $ |  | — |  |  |  | $ |  | 142,500 |  |  |  | $ |  | — |  |
As of June 30, 2025, the Company was in compliance with the terms of the KeyBank Credit Agreement, the August 2026 Notes Indenture, the December 2026 Notes Indenture, the March 2029 Notes Indenture, the September 2029 Notes Indenture and the Note Purchase Agreement. As of December 31, 2024, the Company was in compliance with the terms of the KeyBank Credit Agreement, the 2025 Notes Indenture, the Convertible Notes Indenture, the August 2026 Notes Indenture, the December 2026 Notes Indenture, the March 2029 Notes Indenture, the September 2029 Notes Indenture and the Note Purchase Agreement.

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