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Trinity Capital - A Solid BDC, But The Price Is Too High ...
Rubicon Associates · 2026-06-19 · via All Articles on Seeking Alpha

Summary

  • Trinity Capital is a well-managed, internally managed BDC with a differentiated equipment financing focus and strong portfolio discipline.
  • TRIN's fundamentals are robust, but recent non-accruals have re-accelerated, highlighting some credit risk beneath the surface.
  • Shares trade at a historically rich premium (1.28x NAV, >8x NII), making the current valuation stretched relative to the sector and history.
  • I rate TRIN a HOLD, preferring an entry near $15.50—about 8% below current levels—given the premium and current yield dynamics.
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fengdr/iStock via Getty Images

Let me apologize in advance for the length of this article. I realize Trinity Capital is popular, and many folks are very familiar with this BDC. That said, it is the first time I have published on the company, and my process is a deep

Analyst’s Disclosure: I/we have a beneficial long position in the shares of ARCC, BXSL, GBDC, HTGC, TSLX, MSDL, RWAYI, SLRC either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

The content of this article reflects my personal views and is provided for informational and educational purposes only. It does not constitute investment advice, financial advice, or a recommendation to buy or sell any securities or financial instruments. While I strive for accuracy, the information presented may contain errors or omissions, or be based on sources believed to be reliable but not independently verified. I make no representations or warranties as to the completeness, accuracy, or timeliness of any information presented. This article is not intended to provide, and should not be relied upon for, investment, legal, tax, or accounting advice. The securities and strategies discussed may not be suitable for all investors. Past performance is not indicative of future results. All investments involve risk, including the potential loss of principal. I may hold, or have held, positions in the securities mentioned. I do not receive compensation for writing this article, nor do I intend to influence the price or trading volume of any security discussed. All opinions are subject to change without notice. This content is written strictly in a personal capacity and does not reflect the views of any employer, organization, or associated entity. Readers are strongly encouraged to conduct their own independent research and to consult with a licensed financial advisor before making any investment

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