0000950170-24-118600 | 10-Q | XBRL Viewer

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

Note 4. Fair Value of Financial Instruments

ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value, and provides disclosure requirements for fair value measurements. The Company accounts for its investments at fair value in accordance with ASC 820. As of September 30, 2024 and December 31, 2023, the Company’s portfolio investments consisted primarily of investments in secured loans and equipment financings. The fair value amounts have been measured as of the reporting date and have not been reevaluated or updated for purposes of these financial statements subsequent to that date. As such, the fair values of these financial instruments subsequent to the reporting date may be different than amounts reported.

In accordance with ASC 820, the Company has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3). See “Note 2 – Summary of Significant Accounting Policies.”

As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

The fair value determination of each portfolio investment categorized as Level 3 requires one or more of the following unobservable inputs:

•

Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;

•

Current and projected financial condition of the portfolio company;

•

Current and projected ability of the portfolio company to service its debt obligations;

•

Type and amount of collateral, if any, underlying the investment;

•

Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;

•

Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);

•

Pending debt or capital restructuring of the portfolio company;

•

Projected operating results of the portfolio company;

•

Current information regarding any offers to purchase the investment;

•

Current ability of the portfolio company to raise any additional financing as needed;

•

Changes in the economic environment, which may have a material impact on the operating results of the portfolio company;

•

Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;

•

Qualitative assessment of key management;

•

Contractual rights, obligations or restrictions associated with the investment; and

•

Time to exit.

The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of the Company’s investments, are (i) earnings before interest, tax, depreciation, and amortization (“EBITDA”) and revenue multiples (both projected and historic), and (ii) volatility assumptions. Significant increases (decreases) in EBITDA and revenue multiple inputs in isolation would result in a significantly higher (lower) fair value measurement. Similarly, significant increases (decreases) in volatility inputs in isolation would result in a significantly higher (lower) fair value assessment. Conversely, significant increases (decreases) in weighted average cost of capital inputs in isolation would result in a significantly lower (higher) fair value measurement. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third-party appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.

The Company’s assets measured at fair value by investment type on a recurring basis as of September 30, 2024 were as follows (in thousands):


	Fair Value Measurements at Reporting Date Using
	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs		Measured at
Assets	(Level 1)		(Level 2)		(Level 3)		Net Asset Value(1)		Total
Secured Loans	$	—	$	—	$	1,269,662	$	—	$	1,269,662
Equipment Financings		—		—		305,052		—		305,052
Warrants		—		3,218		47,266		—		50,484
Equity		632		—		50,876		10,156		61,664
Total Investments at fair value		632		3,218		1,672,856		10,156		1,686,862
Cash and cash equivalents		8,535		—		—		—		8,535
Total	$	9,167	$	3,218	$	1,672,856	$	10,156	$	1,695,397

(1)

In accordance with ASC 820, the Company's equity investments in Senior Credit Corp 2022 LLC and EPT 16 LLC are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.

The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2023 were as follows (in thousands):


	Fair Value Measurements at Reporting Date Using
	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs		Measured at
Assets	(Level 1)		(Level 2)		(Level 3)		Net Asset Value(1)		Total
Secured Loans	$	—	$	—	$	885,299	$	—	$	885,299
Equipment Financings		—		—		336,778		—		336,778
Warrants		—		2,326		31,201		—		33,527
Equity		795		—		15,150		3,631		19,576
Total Investments at fair value		795		2,326		1,268,428		3,631		1,275,180
Escrow Receivables (2)		—		—		2,441		—		2,441
Cash and cash equivalents		4,761		—		—		—		4,761
Total	$	5,556	$	2,326	$	1,270,869	$	3,631	$	1,282,382

(1)

In accordance with ASC 820, the Company's equity investment in Senior Credit Corp 2022 LLC is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.

(2)

Escrow receivables is included in other assets on the Consolidated Statements of Assets and Liabilities.

The methodology for determining the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The significant unobservable input used in the fair value measurement of the Company’s escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable. The following table provides a summary of the significant unobservable inputs used to measure the fair value of the Level 3 portfolio investments as of September 30, 2024.

         
        Fair Value as of

         
        September 30, 2024

        Valuation Techniques/

        Unobservable

        Weighted

        Investment Type

        (in thousands)

        Methodologies

        Inputs (1)

        Range

        Average (2)

Debt investments

1,046,479

Discounted Cash Flows

Hypothetical Market Yield

7.5% - 56.8%

16.8

%

469,834

Cost approximates fair value (6)

n/a

n/a

n/a

23,315

Transaction Precedent (7)

Transaction Price

n/a

n/a

22,201

Scenario Analysis

Probability Weighting of Alternative Outcomes

1.0% - 100.0%

n/a

Debt investment in the JV

12,885

Enterprise Value (8)

n/a

n/a

n/a

Equity investments

50,876

Market Approach

Revenue Multiple (3)

0.5x - 14.6x

3.8

x

Volatility (5)

42.4% - 99.8%

59.0

%

Risk-Free Interest Rate

3.6% - 3.9%

3.6

%

Estimated Time to Exit (in years)

1.3 - 4.7

3.1

Warrants

47,266

Market Approach

Revenue Multiple (3)

0.6x - 14.6x

4.1

x

         
        Company Specific Adjustment (4)

        n/a

        n/a

Volatility (5)

33.9% - 114.4%

66.4

%

Risk-Free Interest Rate

3.6% - 4.2%

3.7

%

Estimated Time to Exit (in years)

0.8 - 4.1

2.2

Total Level 3 Investments

1,672,856

(1)

The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The significant unobservable inputs used in the fair value measurement of the Company’s equity and warrant securities are revenue multiples and portfolio company specific adjustment factors. Additional inputs used in the option pricing model (“OPM”) include industry volatility, risk free interest rate and estimated time to exit. Significant increases (decreases) in the inputs in isolation would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing, merger or acquisition events near the measurement date.

(2)

Weighted averages are calculated based on the fair value of each investment.

(3)

Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.

(4)

Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.

(5)

Represents the range of industry volatility used by market participants when pricing the investment.

(6)

Includes debt investments originated within the past three months, for which cost approximates fair value, unless events have occurred during the period that would indicate a different valuation is warranted.

(7)

Represents investments where there is an observable transaction or pending event for the investment.

(8)

Under the enterprise value technique, the significant unobservable inputs used in the fair value measurement of the Company's investment in debt or equity securities are: (i) EBITDA, (ii) revenue or (iii) asset multiple; as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.

The following table provides a summary of the significant unobservable inputs used to fair value the Level 3 portfolio investments as of December 31, 2023.

         
        Fair Value as of

         
        December 31, 2023

        Valuation Techniques/

        Unobservable

        Weighted

        Investment Type

        (in thousands)

        Methodologies

        Inputs (1)

        Range

        Average (2)

Debt investments

$

858,870

Discounted Cash Flows

Hypothetical Market Yield

11.6% - 34.6%

17.3

%

253,250

Cost approximates fair value (6)

n/a

n/a

n/a

4,680

Transaction Precedent (7)

Transaction Price

n/a

n/a

97,573

Scenario Analysis

Probability Weighting of Alternative Outcomes

5.0% - 100.0%

n/a

Debt investment in the JV

7,704

Enterprise Value (8)

n/a

n/a

n/a

Equity investments

15,150

Market Approach

Revenue Multiple (3)

0.4x - 15.0x

3.7

x

Volatility (5)

44.2% - 131.3%

62.5

%

Risk-Free Interest Rate

3.0% - 4.8%

4.0

%

Estimated Time to Exit (in years)

1.0 - 4.0

1.7

Warrants

31,201

Market Approach

Revenue Multiple (3)

0.4x - 15.0x

2.7

x

         
        Company Specific Adjustment (4)

        n/a

        n/a

Volatility (5)

33.3% - 131.3%

68.8

%

Risk-Free Interest Rate

2.9% - 4.8%

4.3

%

Estimated Time to Exit (in years)

1.0 - 4.8

2.2

Total Level 3 Investments

1,268,428

(1)

(2)

Weighted averages are calculated based on the fair value of each investment.

(3)

Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.

(4)

Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.

(5)

Represents the range of industry volatility used by market participants when pricing the investment.

(6)

(7)

Represents investments where there is an observable transaction or pending event for the investment.

(8)

The following table provides a summary of changes in the fair value of the Company’s Level 3 debt, including loans and equipment financings (collectively “Debt”), equity, warrant and escrow receivables portfolio investments for the nine months ended September 30, 2024 (in thousands):


	Type of Investment
	Debt			Equity			Warrants			Escrow Receivables			Total
Fair Value as of December 31, 2023	$	1,222,077		$	15,150		$	31,201		$	2,441		$	1,270,869
Purchases, net of deferred fees		896,573			4,709			17,256			—			918,538
Non-cash conversions (1)		(25,675	)		29,829			(4,154	)		—			—
Transfers into/(out of) Level 3 (2)		(28,315	)		—			—			—			(28,315	)
Proceeds from sales and paydowns		(496,496	)		(254	)		(1,427	)		(2,441	)		(500,618	)
Accretion of OID, EOT, and PIK payments		25,716			—			—			—			25,716
Net realized gain/(loss)		(17,317	)		(1,123	)		(1,065	)		—			(19,505	)
Net change in unrealized appreciation/(depreciation)		(1,849	)		2,565			5,455			—			6,171
Fair Value as of September 30, 2024	$	1,574,714		$	50,876		$	47,266		$	—		$	1,672,856

Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of September 30, 2024	$	(21,874	)	$	623		$	(9	)	$	—		$	(21,260	)

(1)

The non-cash conversion includes an exercise of a warrant to an equity position and debt to an equity position during the period.

(2)

Transfers out of Level 3 during the nine months ended September 30, 2024 were related to the conversion of debt to equity in one publicly-traded portfolio company. During the nine months ended September 30, 2024, there were no transfers into Level 3.

The following table provides a summary of changes in the fair value of the Company’s Level 3 Debt, equity, warrant and escrow receivables portfolio investments for the year ended December 31, 2023 (in thousands):


	Type of Investment
	Debt			Equity			Warrants			Escrow Receivables		Total
Fair Value as of December 31, 2022	$	1,048,829		$	13,245		$	30,989		$	2,441	$	1,095,504
Purchases, net of deferred fees		613,853			4,676			8,670			—		627,199
Non-cash conversion (1)		(500	)		538			(17	)		—		21
Transfers into/(out of) of Level 3 (2)		—			—			(7	)		—		(7	)
Proceeds from sales and paydowns		(468,760	)		(461	)		(2,705	)		—		(471,926	)
Accretion of OID and EOT payments		32,953			—			—			—		32,953
Net realized gain/(loss)		(15,292	)		(13,546	)		767			—		(28,071	)
Net change in unrealized appreciation/(depreciation)		10,994			10,698			(6,496	)		—		15,196
Fair Value as of December 31, 2023	$	1,222,077		$	15,150		$	31,201		$	2,441	$	1,270,869

Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of December 31, 2023	$	(8,420	)	$	(2,501	)	$	(6,987	)	$	—	$	(17,908	)

(1)

The non-cash conversion includes restructuring of a convertible note position to preferred equity and an exercise of a warrant to an equity position during the period.

(2)

During the year ended December 31, 2023, there were no transfers into Level 3.

Fair Value of Financial Instruments Carried at Cost

As of September 30, 2024 and December 31, 2023, the carrying value of the KeyBank Credit Facility was approximately $290.0 million and $213.0 million, respectively. The carrying value of the KeyBank Credit Facility as of September 30, 2024 and December 31, 2023 approximates the fair value, which was estimated using a relative market yield approach with Level 3 inputs.

As of September 30, 2024 and December 31, 2023, the carrying value of the 2025 Notes was approximately $151.9 million and $180.5 million, respectively, net of unamortized deferred financing costs of $0.6 million and $2.0 million, respectively. The 2025 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the 2025 Notes as of September 30, 2024 and December 31, 2023 was approximately $153.1 million and $183.4 million, respectively, based on the market closing price of the 2025 Notes, which trade on the Nasdaq Global Select Market under the symbol “TRINL”.

As of September 30, 2024 and December 31, 2023, the carrying value of the Convertible Notes was approximately $49.2 million and $48.8 million, respectively, net of unamortized deferred financing costs and discount of $0.8 million and $1.2 million, respectively. The Convertible Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company’s Convertible Notes as of September 30, 2024 and December 31, 2023 was approximately $50.4 million and $50.6 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

As of September 30, 2024 and December 31, 2023, the carrying value of the 4.375% Notes due 2026 (the “August 2026 Notes”) was approximately $123.9 million and $123.5 million, respectively, net of unamortized deferred financing costs and discount of $1.1 million and $1.5 million, respectively. The August 2026 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company’s August 2026 Notes as of September 30, 2024, and December 31, 2023, was approximately $114.5 million and $111.5 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

As of September 30, 2024, and December 31, 2023, the carrying value of the Company’s 4.25% Notes due 2026 (the “December 2026 Notes”) was approximately $74.2 million, and $73.9 million, respectively, net of unamortized deferred financing fees of $0.8 million and $1.1 million, respectively. The December 2026 Notes have

a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company’s December 2026 Notes as of September 30, 2024 and December 31, 2023 was approximately $68.8 million and $66.8 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

As of September 30, 2024, the carrying value of the Company's 7.875% Notes due March 2029 (the “March 2029 Notes”) was approximately $112.0 million, net of unamortized deferred financing fees of $3.0 million. The March 2029 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company's March 2029 Notes as of September 30, 2024 was approximately $116.5 million, based on the market closing price of the March 2029 Notes, which trade on the Nasdaq Global Select Market under the symbol “TRINZ”. The March 2029 Notes began trading on April 1, 2024 and there was no fair value as of December 31, 2023.

As of September 30, 2024, the carrying value of the Company's 7.875% Notes due September 2029 (the “September 2029 Notes”) was approximately $111.4 million, net of unamortized deferred financing fees of $3.6 million. The September 2029 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company's September 2029 Notes as of September 30, 2024 was approximately $116.7 million, based on the market closing price of the September 2029 Notes, which trade on the Nasdaq Global Select Market under the symbol “TRINI”. The September 2029 Notes began trading on July 22, 2024 and there was no fair value as of December 31, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Recent Accounting Pronouncements	9 Months Ended
Sep. 30, 2024
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	Note 13. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance with respect to the consolidated financial statements and disclosures.

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2024

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

Recent Accounting Pronouncements

Note 13. Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements. The amendments are effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, and

early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance with respect to the consolidated financial statements and disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Paragraph 1
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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+ Details

Equity Incentive Plans - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Apr. 23, 2024	Apr. 22, 2024
2019 Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for issuance increased			5,800,000
Shares available for issuance			9,400,000	3,600,000
Common stock authorized for issuance	9,400,000
2019 Long Term Incentive Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs	$ 21.6	$ 17.1
Unrecognized compensation costs, weighted average period	2 years 9 months 18 days	2 years 6 months
2019 Restricted Stock Plan \| Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for issuance increased			60,000
Shares available for issuance			120,000	60,000
Common stock authorized for issuance	120,000
2019 Restricted Stock Plan \| Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs	$ 0.1	$ 0.1
Unrecognized compensation costs, weighted average period	9 months	6 months

Financial Highlights - Summary of Financial Highlights (Parenthetical) (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Abstract]
Outstanding debt	$ 922.5	$ 532.5

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows provided by/(used in) operating activities:
Net increase/(decrease) in net assets resulting from operations	$ 69,738	$ 59,189
Adjustments to reconcile net increase/(decrease) in net assets resulting from operation to net cash provided by/(used in) operating activities:
Purchase of investments, net of deferred fees	(924,758)	(366,872)
Proceeds from sales and paydowns of investments	527,269	362,983
Net change in unrealized (appreciation)/depreciation from investments	(7,493)	(23,199)
Net realized (gain)/loss from investments	19,016	28,844
Accretion of original issue discounts and end of term payments on investments	(25,716)	(23,901)
Amortization of deferred financing costs	3,757	3,212
Stock-based compensation	8,178	6,418
Change in operating assets and liabilities
(Increase)/Decrease in interest receivable	(5,741)	(970)
(Increase)/Decrease in other assets	1,497	(3,104)
Increase/(Decrease) in security deposits	(2,894)	(636)
Increase/(Decrease) in accounts payable, accrued expenses and other liabilities	1,832	(1,859)
Net cash provided by/(used in) operating activities	(335,315)	40,105
Cash flows provided by/(used in) investing activities:
Disposal/(Acquisition) of fixed assets	(284)	(2,219)
Net cash provided by/(used in) investing activities	(284)	(2,219)
Cash flows provided by/(used in) financing activities
Issuance of common stock, net of issuance costs	150,558	105,275
Stock repurchase and cancellation of shares, net of costs		(1,003)
Retirement of employee shares	(3,179)	(2,184)
Cash distributions paid	(73,422)	(55,856)
Issuance of debt, net of issuance costs	218,416
Repayment of debt	(30,000)
Borrowings under Credit Facilities	670,400	215,000
Repayments under Credit Facilities	(593,400)	(302,500)
Net cash provided by/(used in) financing activities	339,373	(41,268)
Net increase/(decrease) in cash, cash equivalents and restricted cash	3,774	(3,382)
Cash, cash equivalents and restricted cash at beginning of period	4,761	10,612
Cash, cash equivalents and restricted cash at end of period	8,535	7,230
Supplemental and non-cash investing and financing activities:
Cash paid for interest	22,996	30,737
Income tax, including excise tax, paid	2,599	2,304
Non-cash settlement of investments		21
Accrued but unpaid distributions	29,397	23,353
Distributions reinvested	$ 991	$ 1,789

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 10. Income Taxes

The Company has elected to be treated, currently qualifies, and intends to continue to qualify annually as, a RIC under Subchapter M of the Code for U.S. federal tax purposes. In order to maintain its treatment as a RIC, the Company is generally required to distribute at least annually to its stockholders at least the sum of 90% of its investment company taxable income (which generally includes its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its net tax-exempt income (if any). The Company generally will not be subject to U.S. federal income tax on these distributed amounts, but will pay U.S. federal income tax at corporate rates on any retained amounts.

The amount of taxable income to be paid out as a distribution is determined by the Board each quarter and is generally based upon the annual earnings estimated by management of the Company. Net capital gains, if any, are distributed at least annually, although the Company may decide to retain all or some of those capital gains for investment and pay U.S. federal income tax at corporate rates on those retained amounts. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to stockholders. In the event the Company’s taxable income (including any net capital gains) for a fiscal year falls below the amount of distributions declared and paid with respect to that year, however, a portion of the total amount of those distributions may be deemed a return of capital for tax purposes to the Company’s stockholders.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

For the three and nine months ended September 30, 2024, $0.6 million and $1.9 million, respectively, was recorded for U.S. federal excise tax. For the three and nine months ended September 30, 2023, $0.6 million and $1.9 million, respectively, was recorded for U.S. federal excise tax.

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments for federal income tax purposes as of September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024		December 31, 2023
Tax Cost of Investments (1)	$	1,732,266	$	1,325,006


	September 30, 2024			December 31, 2023
Unrealized appreciation	$	47,412		$	36,468
Unrealized depreciation		(84,280	)		(81,534	)
Net change in unrealized appreciation/(depreciation) from investments	$	(36,868	)	$	(45,066	)

(1)

Includes cost of short-term investments, including cash and cash equivalents.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 21
-Publisher FASB
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-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Equity Incentive Plans - Summary of Issuances, Vesting and Retirement of Shares under Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
2019 Long Term Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, Beginning balance	1,326,891	1,041,721
Shares Granted	856,407	812,527
Shares Vested and Forfeited	(575,887)	(425,542)
Unvested, Ending balance	1,607,411	1,428,706
Fair Value of Granted Stock	$ 12,590	$ 10,498
Compensation Cost Recognized	$ 8,027	$ 6,263
Weighted Average Grant Date Fair Value, Unvested beginning balance	$ 14.56	$ 16.98
Weighted Average Grant Date Fair Value, Shares Granted	14.7	12.92
Weighted Average Grant Date Fair Value, Shares Vested and Forfeited	14.77	16.86
Weighted Average Grant Date Fair Value, Unvested ending balance	$ 14.56	$ 14.71
2019 Restricted Stock Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested, Beginning balance	15,196	13,540
Shares Granted	13,340	15,196
Shares Vested and Forfeited	(15,196)	(13,540)
Unvested, Ending balance	13,340	15,196
Fair Value of Granted Stock	$ 200	$ 200
Compensation Cost Recognized	$ 151	$ 150
Weighted Average Grant Date Fair Value, Unvested beginning balance	$ 13.16	$ 14.77
Weighted Average Grant Date Fair Value, Shares Granted	14.99	13.16
Weighted Average Grant Date Fair Value, Shares Vested and Forfeited	13.16	14.77
Weighted Average Grant Date Fair Value, Unvested ending balance	$ 14.99	$ 13.16

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Summary of Tax Cost Basis and Estimated Aggregate Gross Unrealized Appreciation and Depreciation From Investments for Federal Income Tax Purposes


	September 30, 2024		December 31, 2023
Tax Cost of Investments (1)	$	1,732,266	$	1,325,006


	September 30, 2024			December 31, 2023
Unrealized appreciation	$	47,412		$	36,468
Unrealized depreciation		(84,280	)		(81,534	)
Net change in unrealized appreciation/(depreciation) from investments	$	(36,868	)	$	(45,066	)

(1)

Includes cost of short-term investments, including cash and cash equivalents.

Related Party Transactions - Trinity Capital Adviser LLC - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Dividend distributions	$ 500,000	$ 100,000	$ 1,000,000	$ 100,000
Total net expenses	31,787,000	22,407,000	83,701,000	67,311,000
Trinity Capital Adviser LLC \| Adviser Sub
Related Party Transaction [Line Items]
Dividend distributions	0	$ 0	0	$ 0
Total net expenses	100,000		100,000
Receivables from related party	$ 100,000		$ 100,000

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders Equity Note [Abstract]

Stockholders' Equity

Note 7. Stockholders' Equity

The Company authorized 200,000,000 shares of its common stock with a par value of $0.001 per share. On September 27, 2019, the Company was initially capitalized by the issuance of 10 shares of its common stock for an aggregate purchase price of $150 to its sole stockholder.

Private Common Stock Offerings

On January 16, 2020, the Company completed the Private Common Stock Offering in reliance upon the available exemptions from the registration requirements of the Securities Act. As a result, the Company issued and sold a total of 7,000,000 shares of its common stock for aggregate net proceeds of approximately $105.0 million. The related over-allotment option was exercised in full on January 29, 2020, pursuant to which the Company issued and sold an additional 1,333,333 shares of its common stock for gross proceeds of approximately $20.0 million. As a result, the Company issued and sold a total of 8,333,333 shares of its common stock pursuant to the Private

Common Stock Offering for aggregate net proceeds of approximately $114.4 million, net of offering costs of approximately $10.6 million.

Concurrent with the closing of the Private Common Stock Offering, on January 16, 2020, the Company entered into a registration rights agreement for the benefit of the purchasers of shares of its common stock in such offering and the certain of the investors in the Legacy Funds (the “Legacy Investors”) that received shares of its common stock in connection with the Formation Transactions that were not the Company’s directors, officers and affiliates. Pursuant to the terms of this registration rights agreement, the Company no longer has any registration obligations with respect to such shares because (i) such shares may be sold by any such stockholder in a single transaction without registration pursuant to Rule 144 under the Securities Act, (ii) the Company has been subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, for a period of at least 90 days and is current in the filing of all such required reports and (iii) such shares have been listed for trading on the Nasdaq Global Select Market.

Formation Transactions

On January 16, 2020, immediately following the initial closings of the Private Offerings, the Company used the proceeds from the Private Offerings to complete the Formation Transactions, pursuant to which the Company acquired the Legacy Funds and Trinity Capital Holdings. As consideration for the Legacy Funds, the Company issued 9,183,185 shares of common stock at $15.00 per share for a total value of approximately $137.7 million and paid approximately $108.7 million in cash to certain of the Legacy Investors. As consideration for all of the equity interests in Trinity Capital Holdings, the Company issued 533,332 shares of its common stock at $15.00 per share for a total value of approximately $8.0 million and paid approximately $2.0 million in cash.

Initial Public Offering

On February 2, 2021, the Company completed its initial public offering of 8,006,291 shares of common stock at a price of $14.00 per share, inclusive of the underwriters’ option to purchase additional shares, which was exercised in full. The Company’s common stock began trading on the Nasdaq Global Select Market on January 29, 2021, under the symbol “TRIN.” Proceeds from this offering were primarily used to pay down a portion of the Company's existing indebtedness outstanding under the Credit Suisse Credit Facility.

ATM Program

On November 9, 2021, the Company established an at-the-market equity program (the “ATM Program”), pursuant to which the Company can issue and sell, from time to time, up to $50.0 million in aggregate offering price of shares of its common stock by any method permitted by law and deemed to be part of an “at-the-market” offering (as defined in Rule 415 under the Securities Act). On December 1, 2023, the Company entered into new equity distribution agreements to (i) increase the maximum aggregate offering price of shares of its common stock to be sold through the ATM Program to $145.7 million and (ii) add one additional sales agent to the ATM Program. On August 23, 2024, the Company entered into new equity distribution agreements to (i) increase the maximum aggregate offering price of shares of its common stock to be sold through the ATM Program to $250.0 million and (ii) add one additional sales agent to the ATM Program.

The Company generally uses net proceeds from the ATM Program to make investments in accordance with its investment objective and investment strategy and for general corporate purposes.

During the three months ended September 30, 2024, the Company issued and sold 5,723,189 shares of its common stock at a weighted-average price of $14.07 per share and raised $79.4 million of net proceeds after deducting deferred offering costs and commissions to the sales agents on shares sold under the ATM Program. During the nine months ended September 30, 2024, the Company issued and sold 10,600,529 shares of its common stock at a weighted-average price of $14.41 per share and raised $150.6 million of net proceeds after deducting deferred offering costs and commissions to the sales agents on shares sold under the ATM Program.

During the year ended December 31, 2023, the Company issued and sold 4,976,061 shares of its common stock at a weighted-average price of $14.53 per share and raised $70.8 million of net proceeds after deducting deferred offering costs and commissions to the sales agent on shares sold under the ATM Program.

For additional information regarding the ATM Program, see “Note 14 – Subsequent Events.”

Stock Repurchase Program

On November 14, 2022, the Company and its Board authorized a program for the purpose of repurchasing up to $25.0 million of the Company's common stock (the “Repurchase Program”). Under the Repurchase Program, the Company may, but is not obligated to, repurchase its outstanding common stock in the open market from time to time, provided that the Company complies with the prohibitions under its Rule 38a-1 Compliance Manual and Rule 17j-1 Code of Ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended, including certain price, market, volume, and timing constraints. In addition, any repurchases will be conducted in accordance with the 1940 Act, as amended. The Repurchase Program was not renewed by the Board and expired on November 11, 2023.

The Company did not repurchase shares of its outstanding common stock during the three and nine months ended September 30, 2024. During the year ended December 31, 2023, the Company repurchased 91,691 shares of its outstanding common stock at a weighted average price of $10.91. The repurchased shares were immediately canceled and thus the Company holds no treasury stock.

Equity Offerings

On April 7, 2022, the Company issued 2,754,840 shares of the Company’s common stock, par value $0.001 per share, at a public offering price of $18.15 per share, resulting in net proceeds to the Company of approximately $47.9 million, after deducting discounts and commissions and offering expenses. In addition, the underwriters exercised their option to purchase an additional 413,226 shares of common stock, resulting in additional net proceeds to the Company of $7.2 million, after deducting discounts, commissions and offering expenses.

On August 18, 2022, the Company issued 3,587,736 shares of the Company’s common stock, par value $0.001 per share, at a public offering price of $15.33 per share, resulting in net proceeds to the Company of approximately $53.3 million, after deducting discounts and commissions and offering expenses. In addition, the underwriters exercised their option in part to purchase an additional 132,168 shares of common stock, resulting in additional net proceeds to the Company of $2.0 million, after deducting discounts, commissions and offering expenses.

On August 8, 2023, the Company issued 5,190,312 shares of the Company’s common stock, par value $0.001 per share, at a public offering price of $14.45 per share, resulting in net proceeds to the Company of approximately $72.5 million, after deducting discounts and commissions and offering expenses. In addition, the underwriters exercised their option in part to purchase an additional 500,000 shares of common stock, resulting in additional net proceeds to the Company of $6.9 million, after deducting discounts, commissions and offering expenses.

Distribution Reinvestment Plan

The Company’s amended and restated distribution reinvestment plan (“DRIP”) provides for the reinvestment of distributions in the form of common stock on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if the Company declares a cash distribution, its stockholders who have not “opted out” of the DRIP by the opt out date will have their cash distribution automatically reinvested into additional shares of the Company’s common stock. The share requirements of the DRIP may be satisfied through the issuance of common shares or through open market purchases of common shares by the DRIP plan administrator. Newly issued shares will be valued based upon the final closing price of the Company’s common stock on the valuation date determined for each distribution by the Board.

The Company’s DRIP is administered by its transfer agent on behalf of the Company’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the Company’s DRIP but may provide a similar distribution reinvestment plan for their clients. During the three months ended September 30, 2024, the Company issued 23,559 shares of common stock for a total of approximately $0.3 million under the DRIP. During the nine months ended September 30, 2024, the Company issued 69,593 shares of common stock for a total of approximately $1.0 million under the DRIP.

During the year ended December 31, 2023, the Company issued 165,962 shares of common stock for a total of approximately $2.2 million under the DRIP.

Distributions

The following table summarizes distributions declared and/or paid by the Company since inception:


Declaration Date	Type	Record Date	Payment Date	Per Share Amount
May 7, 2020	Quarterly	May 29, 2020	June 5, 2020	$	0.22
August 10, 2020	Quarterly	August 21, 2020	September 4, 2020		0.27
November 9, 2020	Quarterly	November 20, 2020	December 4, 2020		0.27
December 22, 2020	Quarterly	December 30, 2020	January 15, 2021		0.27
March 23, 2021	Quarterly	March 31, 2021	April 16, 2021		0.28
June 15, 2021	Quarterly	June 30, 2021	July 15, 2021		0.29
September 13, 2021	Quarterly	September 30, 2021	October 15, 2021		0.33
December 16, 2021	Quarterly	December 31, 2021	January 14, 2022		0.36
March 15, 2022	Quarterly	March 31, 2022	April 15, 2022		0.40
March 15, 2022	Supplemental	March 31, 2022	April 15, 2022		0.15
June 15, 2022	Quarterly	June 30, 2022	July 15, 2022		0.42
June 15, 2022	Supplemental	June 30, 2022	July 15, 2022		0.15
September 15, 2022	Quarterly	September 30, 2022	October 14, 2022		0.45
September 15, 2022	Supplemental	September 30, 2022	October 14, 2022		0.15
December 15, 2022	Quarterly	December 30, 2022	January 13, 2023		0.46
December 15, 2022	Supplemental	December 30, 2022	January 13, 2023		0.15
March 14, 2023	Quarterly	March 31, 2023	April 14, 2023		0.47
June 14, 2023	Quarterly	June 30, 2023	July 14, 2023		0.48
June 14, 2023	Supplemental	June 30, 2023	July 14, 2023		0.05
September 13, 2023	Quarterly	September 30, 2023	October 13, 2023		0.49
September 13, 2023	Supplemental	September 30, 2023	October 13, 2023		0.05
December 14, 2023	Quarterly	December 29, 2023	January 12, 2024		0.50
March 14, 2024	Quarterly	March 28, 2024	April 15, 2024		0.51
June 13, 2024	Quarterly	June 28, 2024	July 15, 2024		0.51
September 18, 2024	Quarterly	September 30, 2024	October 15, 2024		0.51
			Total	$	8.19

- Definition

The entire disclosure for equity.

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+ Details

Investments - Schedule of Portfolio Investments by Investment Type at Cost and Fair Value and as Percentage of Total Portfolio (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Schedule Of Investments [Line Items]
Cost	$ 1,723,506	$ 1,319,316
Cost, Percentage	100.00%	100.00%
Fair Value	$ 1,686,862	$ 1,275,180
Fair Value, Percentage	100.00%	100.00%
Secured Loans
Schedule Of Investments [Line Items]
Cost	$ 1,303,332	$ 918,836
Cost, Percentage	75.60%	69.70%
Fair Value	$ 1,269,662	$ 885,299
Fair Value, Percentage	75.20%	69.50%
Equipment Financings
Schedule Of Investments [Line Items]
Cost	$ 306,925	$ 336,934
Cost, Percentage	17.80%	25.50%
Fair Value	$ 305,052	$ 336,778
Fair Value, Percentage	18.10%	26.40%
Equity
Schedule Of Investments [Line Items]
Cost	$ 72,676	$ 33,302
Cost, Percentage	4.20%	2.50%
Fair Value	$ 61,664	$ 19,576
Fair Value, Percentage	3.70%	1.50%
Warrants
Schedule Of Investments [Line Items]
Cost	$ 40,573	$ 30,244
Cost, Percentage	2.40%	2.30%
Fair Value	$ 50,484	$ 33,527
Fair Value, Percentage	3.00%	2.60%

- Definition

Cost of the investment.

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+ Details

- Definition

Fair value of investment in security owned.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Related Party Transactions - EPT 16 LLC - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jun. 28, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Realized gain		$ (13,880,000)	$ (1,868,000)	$ (19,016,000)	$ (28,844,000)
EPT 16 LLC
Related Party Transaction [Line Items]
Capital commitments	$ 10,000,000			$ 4,000,000
Joint venture ownership percentage		16.70%		16.70%
Unfunded capital commitment				$ 6,000,000
Investments sold		$ 800,000		24,800,000
Realized gain		0		500,000
Total Investments at fair value		$ 22,700,000		$ 22,700,000
EPT 16 LLC \| Class A
Related Party Transaction [Line Items]
Capital commitments	$ 50,000,000
Joint venture ownership percentage		83.30%		83.30%

Investments

9 Months Ended

Sep. 30, 2024

Investment Company [Abstract]

Investments

Note 3. Investments

The Company provides debt, including loans and equipment financings, to growth-stage companies, including venture capital-backed companies and companies with institutional equity investors, primarily in the United States. The Company’s investment strategy includes making investments consisting primarily of term loans and equipment financings, and, to a lesser extent, working capital loans, equity, and equity-related investments. In addition, the Company may obtain warrants or contingent exit fees at funding from many of its portfolio companies.

Debt Securities

The Company’s debt securities primarily consist of direct investments in interest-bearing secured loans and equipment financings to privately held companies based in the United States. Secured loans are generally secured by a blanket first lien or a blanket second lien on the assets of the portfolio company. Equipment financings typically include a specific asset lien on mission-critical assets as well as a second lien on the assets of the portfolio company. These debt securities typically have a term of between three and five years from the original investment date. Certain of the debt securities are “covenant-lite” loans, which generally are loans that do not have a complete set of financial maintenance covenants and have covenants that are incurrence-based, meaning they are only tested and can only be breached following an affirmative action of the borrower rather than by a deterioration in the borrower’s financial condition. The equipment financings in the investment portfolio generally have fixed interest rates. The secured loans in the investment portfolio generally have floating interest rates subject to interest rate floors. Both equipment financings and secured loans generally include an EOT payment.

The specific terms of each debt security vary depending on the creditworthiness of the portfolio company and the projected value of the financed assets. Companies with stronger creditworthiness may receive an initial period of lower financing factor, which is analogous to an interest-only period on a traditional term loan. Equipment financings may include upfront interim payments and security deposits. Equipment financing arrangements have various structural protections, including customary default penalties, information and reporting rights, material adverse change or investor abandonment provisions, consent rights for any additions or changes to senior debt, and, as needed, intercreditor agreements with cross-default provisions to protect the Company’s second lien positions.

Warrant Investments

In connection with the Company’s debt investments, the Company may receive warrants in the portfolio company. Warrants received in connection with a debt investment typically include a potentially discounted contract price to exercise, and thus, as a portfolio company appreciates in value, the Company may achieve additional investment return from this equity interest. The warrants typically contain provisions that protect the Company as a minority-interest holder, as well as secured or unsecured put rights, or rights to sell such securities back to the portfolio company, upon the occurrence of specified events. In certain cases, the Company may also obtain follow-up rights in connection with these equity interests, which allow the Company to participate in future financing rounds.

Equity Investments

In specific circumstances, the Company may seek to make direct equity investments in situations where it is appropriate to align the interests of the Company with key management and stockholders of the portfolio company, and to allow for participation in the appreciation in the equity values of the portfolio company. These equity investments are generally made in connection with debt investments. The Company seeks to maintain fully diluted equity positions in its portfolio companies of 5% to 50% and may have controlling equity interests in some instances.

Portfolio Composition

The Company’s portfolio investments are in companies conducting business in a variety of industries. Industry classifications have been updated to a preferred presentation and the prior year has been amended to conform with the new preferred presentation. The following table summarizes the composition of the Company’s portfolio investments by industry at cost and fair value and as a percentage of the total portfolio as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024										December 31, 2023
	Cost					Fair Value					Cost					Fair Value
Industry	Amount		%			Amount		%			Amount		%			Amount		%
Finance and Insurance	$	312,241		18.1	%	$	315,856		18.7	%	$	139,399		10.6	%	$	133,344		10.5	%
Medical Devices		196,097		11.4	%		196,938		11.7	%		68,717		5.2	%		70,320		5.5	%
Space Technology		169,094		9.8	%		171,175		10.1	%		185,384		14.1	%		186,335		14.6	%
Green Technology		145,497		8.4	%		150,335		8.9	%		138,510		10.5	%		143,279		11.2	%
Other Healthcare Services		113,466		6.6	%		113,207		6.7	%		—		—			—		—
Real Estate Technology		100,958		5.9	%		92,620		5.5	%		94,878		7.2	%		91,344		7.2	%
Artificial Intelligence & Automation		89,218		5.2	%		89,795		5.3	%		34,732		2.6	%		34,435		2.7	%
Healthcare Technology		86,153		5.0	%		81,252		4.8	%		89,038		6.8	%		84,917		6.6	%
Food and Agriculture Technologies		71,482		4.1	%		62,464		3.7	%		90,967		6.9	%		88,707		7.0	%
Consumer Products & Services		59,256		3.4	%		58,722		3.5	%		85,683		6.5	%		83,722		6.6	%
Biotechnology		56,287		3.3	%		57,093		3.4	%		56,173		4.3	%		55,810		4.4	%
SaaS		52,955		3.1	%		53,738		3.2	%		34,257		2.6	%		34,440		2.7	%
Marketing, Media, and Entertainment		42,308		2.5	%		41,939		2.5	%		49,145		3.7	%		47,526		3.7	%
Connectivity		41,090		2.4	%		40,015		2.4	%		36,191		2.7	%		34,219		2.7	%
Education Technology		33,177		1.9	%		29,560		1.8	%		18,975		1.4	%		15,285		1.2	%
Human Resource Technology		32,511		1.9	%		28,075		1.7	%		31,142		2.4	%		30,595		2.4	%
Supply Chain Technology		28,121		1.6	%		27,957		1.7	%		30,414		2.3	%		24,556		1.9	%
Transportation Technology		42,505		2.5	%		27,736		1.6	%		45,024		3.4	%		39,532		3.1	%
Multi-Sector Holdings (1)		22,408		1.3	%		26,092		1.5	%		11,006		0.8	%		11,335		0.9	%
Industrials		13,920		0.8	%		12,137		0.7	%		21,995		1.7	%		23,113		1.8	%
Digital Assets Technology and Services		5,318		0.3	%		5,263		0.3	%		33,545		2.5	%		35,553		2.8	%
Construction Technology		9,444		0.5	%		4,893		0.3	%		24,141		1.8	%		6,813		0.5	%
Total	$	1,723,506		100.0	%	$	1,686,862		100.0	%	$	1,319,316		100.0	%	$	1,275,180		100.0	%

(1)

Multi-Sector Holdings consist of the Company's investments in Senior Credit Corp 2022 LLC, Trinity Capital Adviser LLC and EPT 16 LLC. These entities invest or manage investments in secured loans and equipment financings to growth-stage companies that have been originated by the Company. The portfolio companies held by the Multi-Sector Holdings represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See “Note 12 – Related Party Transactions” for further discussion.

The geographic composition of the Company's investment portfolio is determined by the location of the corporate headquarters of the portfolio company. The following table summarizes the composition of the Company’s portfolio investments by geographic region of the United States and other countries at cost and fair value and as a percentage of the total portfolio as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024										December 31, 2023
	Cost					Fair Value					Cost					Fair Value
Geographic Region	Amount		%			Amount		%			Amount		%			Amount		%
United States:
West	$	554,506		32.1	%	$	549,358		32.7	%	$	468,917		35.5	%	$	464,909		36.5	%
Northeast		489,938		28.4	%		473,110		28.0	%		392,739		29.8	%		383,008		29.9	%
Mountain		201,237		11.7	%		189,648		11.2	%		118,126		9.0	%		110,681		8.7	%
Southeast		183,495		10.6	%		180,255		10.7	%		43,878		3.3	%		42,129		3.3	%
South		169,935		9.9	%		173,677		10.3	%		169,014		12.8	%		172,746		13.5	%
Midwest		75,310		4.4	%		68,245		4.0	%		64,535		4.9	%		56,945		4.5	%
Multi-Sector Holdings (1)		22,408		1.3	%		26,092		1.5	%		11,006		0.8	%		11,335		0.9	%
International:
Western Europe		15,220		0.9	%		14,960		0.9	%		22,235		1.7	%		22,400		1.8	%
Canada		11,457		0.7	%		11,517		0.7	%		28,866		2.2	%		11,027		0.9	%
Total	$	1,723,506		100.0	%	$	1,686,862		100.0	%	$	1,319,316		100.0	%	$	1,275,180		100.0	%

(1)

Multi-Sector Holdings consist of the Company's investments in Senior Credit Corp 2022 LLC, Trinity Capital Adviser LLC and EPT 16 LLC. These entities invest or manage investments in secured loans and equipment financings to growth-stage companies that have been originated by the Company. The portfolio companies held by the Multi-Sector Holdings represent a diverse set of geographical classifications, which are similar to those in which the Company invests directly. See “Note 12 – Related Party Transactions” for further discussion.

The following table summarizes the composition of the Company’s portfolio investments by investment type at cost and fair value and as a percentage of the total portfolio as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024										December 31, 2023
	Cost					Fair Value					Cost					Fair Value
Investment	Amount		%			Amount		%			Amount		%			Amount		%
Secured Loans	$	1,303,332		75.6	%	$	1,269,662		75.2	%	$	918,836		69.7	%	$	885,299		69.5	%
Equipment Financings		306,925		17.8	%		305,052		18.1	%		336,934		25.5	%		336,778		26.4	%
Equity		72,676		4.2	%		61,664		3.7	%		33,302		2.5	%		19,576		1.5	%
Warrants		40,573		2.4	%		50,484		3.0	%		30,244		2.3	%		33,527		2.6	%
Total	$	1,723,506		100.0	%	$	1,686,862		100.0	%	$	1,319,316		100.0	%	$	1,275,180		100.0	%

Certain Risk Factors

In the ordinary course of business, the Company manages a variety of risks, including market risk, credit risk and liquidity risk. The Company identifies, measures and monitors risk through various control mechanisms, including investment limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.

The Company’s investments are generally comprised of securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

The Company’s investments consist of growth-stage companies, many of which have relatively limited operating histories and may experience variation in operating results. Many of these companies conduct business in regulated industries and could be affected by changes in government regulations. Most of the Company’s borrowers will need additional capital to satisfy their continuing working capital needs and other requirements, and in many instances, to service the interest and principal payments on the debt.

Stockholders' Equity - Summary of Distributions Declared and/or Paid (Details) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020
Dividends Payable [Line Items]
Per Share Amount	$ 8.19
May 7, 2020
Dividends Payable [Line Items]
Declaration Date																			May 7, 2020
Type																			Quarterly
Record Date																			May 29, 2020
Payment Date																			Jun. 05, 2020
Per Share Amount																			$ 0.22
August 10, 2020
Dividends Payable [Line Items]
Declaration Date																		August 10, 2020
Type																		Quarterly
Record Date																		Aug. 21, 2020
Payment Date																		Sep. 04, 2020
Per Share Amount																		$ 0.27
November 9, 2020
Dividends Payable [Line Items]
Declaration Date																	November 9, 2020
Type																	Quarterly
Record Date																	Nov. 20, 2020
Payment Date																	Dec. 04, 2020
Per Share Amount																	$ 0.27
December 22, 2020
Dividends Payable [Line Items]
Declaration Date																December 22, 2020
Type																Quarterly
Record Date																Dec. 30, 2020
Payment Date																Jan. 15, 2021
Per Share Amount																$ 0.27
March 23, 2021
Dividends Payable [Line Items]
Declaration Date															March 23, 2021
Type															Quarterly
Record Date															Mar. 31, 2021
Payment Date															Apr. 16, 2021
Per Share Amount															$ 0.28
June 15, 2021
Dividends Payable [Line Items]
Declaration Date														June 15, 2021
Type														Quarterly
Record Date														Jun. 30, 2021
Payment Date														Jul. 15, 2021
Per Share Amount														$ 0.29
September 13, 2021
Dividends Payable [Line Items]
Declaration Date													September 13, 2021
Type													Quarterly
Record Date													Sep. 30, 2021
Payment Date													Oct. 15, 2021
Per Share Amount													$ 0.33
December 16, 2021
Dividends Payable [Line Items]
Declaration Date												December 16, 2021
Type												Quarterly
Record Date												Dec. 31, 2021
Payment Date												Jan. 14, 2022
Per Share Amount												$ 0.36
March 15, 2022
Dividends Payable [Line Items]
Declaration Date											March 15, 2022
Type											Quarterly
Record Date											Mar. 31, 2022
Payment Date											Apr. 15, 2022
Per Share Amount											$ 0.4
March 15, 2022
Dividends Payable [Line Items]
Declaration Date											March 15, 2022
Type											Supplemental
Record Date											Mar. 31, 2022
Payment Date											Apr. 15, 2022
Per Share Amount											$ 0.15
June 15, 2022
Dividends Payable [Line Items]
Declaration Date										June 15, 2022
Type										Quarterly
Record Date										Jun. 30, 2022
Payment Date										Jul. 15, 2022
Per Share Amount										$ 0.42
June 15, 2022
Dividends Payable [Line Items]
Declaration Date										June 15, 2022
Type										Supplemental
Record Date										Jun. 30, 2022
Payment Date										Jul. 15, 2022
Per Share Amount										$ 0.15
September 15, 2022
Dividends Payable [Line Items]
Declaration Date									September 15, 2022
Type									Quarterly
Record Date									Sep. 30, 2022
Payment Date									Oct. 14, 2022
Per Share Amount									$ 0.45
September 15, 2022
Dividends Payable [Line Items]
Declaration Date									September 15, 2022
Type									Supplemental
Record Date									Sep. 30, 2022
Payment Date									Oct. 14, 2022
Per Share Amount									$ 0.15
December 15, 2022
Dividends Payable [Line Items]
Declaration Date								December 15, 2022
Type								Quarterly
Record Date								Dec. 30, 2022
Payment Date								Jan. 13, 2023
Per Share Amount								$ 0.46
December 15, 2022
Dividends Payable [Line Items]
Declaration Date								December 15, 2022
Type								Supplemental
Record Date								Dec. 30, 2022
Payment Date								Jan. 13, 2023
Per Share Amount								$ 0.15
March 14, 2023
Dividends Payable [Line Items]
Declaration Date							March 14, 2023
Type							Quarterly
Record Date							Mar. 31, 2023
Payment Date							Apr. 14, 2023
Per Share Amount							$ 0.47
June 14, 2023
Dividends Payable [Line Items]
Declaration Date						June 14, 2023
Type						Quarterly
Record Date						Jun. 30, 2023
Payment Date						Jul. 14, 2023
Per Share Amount						$ 0.48
June 14, 2023
Dividends Payable [Line Items]
Declaration Date						June 14, 2023
Type						Supplemental
Record Date						Jun. 30, 2023
Payment Date						Jul. 14, 2023
Per Share Amount						$ 0.05
September 13, 2023
Dividends Payable [Line Items]
Declaration Date					September 13, 2023
Type					Quarterly
Record Date					Sep. 30, 2023
Payment Date					Oct. 13, 2023
Per Share Amount					$ 0.49
September 13, 2023
Dividends Payable [Line Items]
Declaration Date					September 13, 2023
Type					Supplemental
Record Date					Sep. 30, 2023
Payment Date					Oct. 13, 2023
Per Share Amount					$ 0.05
December 14, 2023
Dividends Payable [Line Items]
Declaration Date				December 14, 2023
Type				Quarterly
Record Date				Dec. 29, 2023
Payment Date				Jan. 12, 2024
Per Share Amount				$ 0.5
March 14, 2024
Dividends Payable [Line Items]
Declaration Date			March 14, 2024
Type			Quarterly
Record Date			Mar. 28, 2024
Payment Date			Apr. 15, 2024
Per Share Amount			$ 0.51
June 13, 2024
Dividends Payable [Line Items]
Declaration Date		June 13, 2024
Type		Quarterly
Record Date		Jun. 28, 2024
Payment Date		Jul. 15, 2024
Per Share Amount		$ 0.51
September 18, 2024
Dividends Payable [Line Items]
Declaration Date	September 18, 2024
Type	Quarterly
Record Date	Sep. 30, 2024
Payment Date	Oct. 15, 2024
Per Share Amount	$ 0.51

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Commitments And Contingencies Disclosure [Abstract]

Summary of Future Minimum Payments under Operating Leases

The following table shows future minimum payments under the Company’s operating leases as of September 30, 2024 (in thousands):


For the Years Ended December 31,	Total
2024	$	328
2025		1,314
2026		1,008
2027		1,021
2028		1,051
Thereafter		2,645
Total	$	7,367

Investments (Tables)

9 Months Ended

Sep. 30, 2024

Investment Company [Abstract]

Summary of Composition of Portfolio Investments by Industry

The following table summarizes the composition of the Company’s portfolio investments by industry at cost and fair value and as a percentage of the total portfolio as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024										December 31, 2023
	Cost					Fair Value					Cost					Fair Value
Industry	Amount		%			Amount		%			Amount		%			Amount		%
Finance and Insurance	$	312,241		18.1	%	$	315,856		18.7	%	$	139,399		10.6	%	$	133,344		10.5	%
Medical Devices		196,097		11.4	%		196,938		11.7	%		68,717		5.2	%		70,320		5.5	%
Space Technology		169,094		9.8	%		171,175		10.1	%		185,384		14.1	%		186,335		14.6	%
Green Technology		145,497		8.4	%		150,335		8.9	%		138,510		10.5	%		143,279		11.2	%
Other Healthcare Services		113,466		6.6	%		113,207		6.7	%		—		—			—		—
Real Estate Technology		100,958		5.9	%		92,620		5.5	%		94,878		7.2	%		91,344		7.2	%
Artificial Intelligence & Automation		89,218		5.2	%		89,795		5.3	%		34,732		2.6	%		34,435		2.7	%
Healthcare Technology		86,153		5.0	%		81,252		4.8	%		89,038		6.8	%		84,917		6.6	%
Food and Agriculture Technologies		71,482		4.1	%		62,464		3.7	%		90,967		6.9	%		88,707		7.0	%
Consumer Products & Services		59,256		3.4	%		58,722		3.5	%		85,683		6.5	%		83,722		6.6	%
Biotechnology		56,287		3.3	%		57,093		3.4	%		56,173		4.3	%		55,810		4.4	%
SaaS		52,955		3.1	%		53,738		3.2	%		34,257		2.6	%		34,440		2.7	%
Marketing, Media, and Entertainment		42,308		2.5	%		41,939		2.5	%		49,145		3.7	%		47,526		3.7	%
Connectivity		41,090		2.4	%		40,015		2.4	%		36,191		2.7	%		34,219		2.7	%
Education Technology		33,177		1.9	%		29,560		1.8	%		18,975		1.4	%		15,285		1.2	%
Human Resource Technology		32,511		1.9	%		28,075		1.7	%		31,142		2.4	%		30,595		2.4	%
Supply Chain Technology		28,121		1.6	%		27,957		1.7	%		30,414		2.3	%		24,556		1.9	%
Transportation Technology		42,505		2.5	%		27,736		1.6	%		45,024		3.4	%		39,532		3.1	%
Multi-Sector Holdings (1)		22,408		1.3	%		26,092		1.5	%		11,006		0.8	%		11,335		0.9	%
Industrials		13,920		0.8	%		12,137		0.7	%		21,995		1.7	%		23,113		1.8	%
Digital Assets Technology and Services		5,318		0.3	%		5,263		0.3	%		33,545		2.5	%		35,553		2.8	%
Construction Technology		9,444		0.5	%		4,893		0.3	%		24,141		1.8	%		6,813		0.5	%
Total	$	1,723,506		100.0	%	$	1,686,862		100.0	%	$	1,319,316		100.0	%	$	1,275,180		100.0	%

(1)

Schedule of Composition of Portfolio Investments by Geographic Region

The following table summarizes the composition of the Company’s portfolio investments by geographic region of the United States and other countries at cost and fair value and as a percentage of the total portfolio as of September 30, 2024 and December 31, 2023 (dollars in thousands):


	September 30, 2024										December 31, 2023
	Cost					Fair Value					Cost					Fair Value
Geographic Region	Amount		%			Amount		%			Amount		%			Amount		%
United States:
West	$	554,506		32.1	%	$	549,358		32.7	%	$	468,917		35.5	%	$	464,909		36.5	%
Northeast		489,938		28.4	%		473,110		28.0	%		392,739		29.8	%		383,008		29.9	%
Mountain		201,237		11.7	%		189,648		11.2	%		118,126		9.0	%		110,681		8.7	%
Southeast		183,495		10.6	%		180,255		10.7	%		43,878		3.3	%		42,129		3.3	%
South		169,935		9.9	%		173,677		10.3	%		169,014		12.8	%		172,746		13.5	%
Midwest		75,310		4.4	%		68,245		4.0	%		64,535		4.9	%		56,945		4.5	%
Multi-Sector Holdings (1)		22,408		1.3	%		26,092		1.5	%		11,006		0.8	%		11,335		0.9	%
International:
Western Europe		15,220		0.9	%		14,960		0.9	%		22,235		1.7	%		22,400		1.8	%
Canada		11,457		0.7	%		11,517		0.7	%		28,866		2.2	%		11,027		0.9	%
Total	$	1,723,506		100.0	%	$	1,686,862		100.0	%	$	1,319,316		100.0	%	$	1,275,180		100.0	%

(1)

Multi-Sector Holdings consist of the Company's investments in Senior Credit Corp 2022 LLC, Trinity Capital Adviser LLC and EPT 16 LLC. These entities invest or manage investments in secured loans and equipment financings to growth-stage companies that have been originated by the Company. The portfolio companies held by the Multi-Sector Holdings represent a diverse set of geographical classifications, which are similar to those in which the Company invests directly. See “Note 12 – Related Party Transactions” for further discussion.

Schedule of Portfolio Investments by Investment Type


	September 30, 2024										December 31, 2023
	Cost					Fair Value					Cost					Fair Value
Investment	Amount		%			Amount		%			Amount		%			Amount		%
Secured Loans	$	1,303,332		75.6	%	$	1,269,662		75.2	%	$	918,836		69.7	%	$	885,299		69.5	%
Equipment Financings		306,925		17.8	%		305,052		18.1	%		336,934		25.5	%		336,778		26.4	%
Equity		72,676		4.2	%		61,664		3.7	%		33,302		2.5	%		19,576		1.5	%
Warrants		40,573		2.4	%		50,484		3.0	%		30,244		2.3	%		33,527		2.6	%
Total	$	1,723,506		100.0	%	$	1,686,862		100.0	%	$	1,319,316		100.0	%	$	1,275,180		100.0	%

Consolidated Schedule of Investments - Summary of Control or Affiliated Investments (Parenthetical) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Fair Value of Financial Instruments - Summary of Changes In Fair Value of Company's Level 3 Debt (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, Beginning balance	$ 1,270,869	$ 1,095,504
Purchases, net of deferred fees	918,538	627,199
Non-cash conversions		21
Transfers into/(out of) of Level 3	(28,315)	(7)
Proceeds from sales and paydowns	(500,618)	(471,926)
Accretion of OID, EOT, and PIK payments	25,716	32,953
Net realized gain/(loss)	$ (19,505)	$ (28,071)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Realized gain	Realized gain
Net change in unrealized appreciation/(depreciation)	$ 6,171	$ 15,196
Fair Value, Ending balance	1,672,856	1,270,869
Net change in unrealized appreciation/(depreciation) on Level 3 investments still held	(21,260)	(17,908)
Debt
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, Beginning balance	1,222,077	1,048,829
Purchases, net of deferred fees	896,573	613,853
Non-cash conversions	(25,675)	(500)
Transfers into/(out of) of Level 3	(28,315)
Proceeds from sales and paydowns	(496,496)	(468,760)
Accretion of OID, EOT, and PIK payments	25,716	32,953
Net realized gain/(loss)	(17,317)	(15,292)
Net change in unrealized appreciation/(depreciation)	(1,849)	10,994
Fair Value, Ending balance	1,574,714	1,222,077
Net change in unrealized appreciation/(depreciation) on Level 3 investments still held	(21,874)	(8,420)
Equity
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, Beginning balance	15,150	13,245
Purchases, net of deferred fees	4,709	4,676
Non-cash conversions	29,829	538
Proceeds from sales and paydowns	(254)	(461)
Net realized gain/(loss)	(1,123)	(13,546)
Net change in unrealized appreciation/(depreciation)	2,565	10,698
Fair Value, Ending balance	50,876	15,150
Net change in unrealized appreciation/(depreciation) on Level 3 investments still held	623	(2,501)
Warrants
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, Beginning balance	31,201	30,989
Purchases, net of deferred fees	17,256	8,670
Non-cash conversions	(4,154)	(17)
Transfers into/(out of) of Level 3		(7)
Proceeds from sales and paydowns	(1,427)	(2,705)
Net realized gain/(loss)	(1,065)	767
Net change in unrealized appreciation/(depreciation)	5,455	(6,496)
Fair Value, Ending balance	47,266	31,201
Net change in unrealized appreciation/(depreciation) on Level 3 investments still held	(9)	(6,987)
Escrow Receivables
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair Value, Beginning balance	2,441	2,441
Proceeds from sales and paydowns	$ (2,441)
Fair Value, Ending balance		$ 2,441

Fair Value of Financial Instruments - Summary of Company's Assets Measured at Fair Value by Investment Type on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	$ 1,672,856	$ 1,268,428
Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	1,686,862	1,275,180
Escrow Receivables		2,441
Cash and cash equivalents	8,535	4,761
Total	1,695,397	1,282,382
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	632	795
Cash and cash equivalents	8,535	4,761
Total	9,167	5,556
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	3,218	2,326
Total	3,218	2,326
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	1,672,856	1,268,428
Escrow Receivables		2,441
Total	1,672,856	1,270,869
Fair Value, Recurring \| Measured at Net Asset Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	10,156	3,631
Total	10,156	3,631
Fair Value, Recurring \| Secured Loans
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	1,269,662	885,299
Fair Value, Recurring \| Secured Loans \| Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	1,269,662	885,299
Fair Value, Recurring \| Equipment Financing
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	305,052	336,778
Fair Value, Recurring \| Equipment Financing \| Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	305,052	336,778
Fair Value, Recurring \| Warrants
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	50,484	33,527
Fair Value, Recurring \| Warrants \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	3,218	2,326
Fair Value, Recurring \| Warrants \| Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	47,266	31,201
Fair Value, Recurring \| Equity
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	61,664	19,576
Fair Value, Recurring \| Equity \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	632	795
Fair Value, Recurring \| Equity \| Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	50,876	15,150
Fair Value, Recurring \| Equity \| Measured at Net Asset Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total Investments at fair value	$ 10,156	$ 3,631

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cost of investment	$ 1,723,506	$ 1,319,316
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	200,000,000	200,000,000
Common stock, issued	57,642,040	46,323,712
Common stock, outstanding	57,642,040	46,323,712
2025 Notes
Unamortized deferred financing costs	$ 565	$ 2,015
August 2026 Notes
Unamortized deferred financing costs	1,094	1,526
March 2029 Notes
Unamortized deferred financing costs	3,048	0
September 2029 Notes
Unamortized deferred financing costs	3,621	0
December 2026 Notes
Unamortized deferred financing costs	822	1,102
Convertible Notes
Unamortized deferred financing costs	764	1,243
Control Investments
Cost of investment	82,841	43,807
Affiliate Investments
Cost of investment	29,082	11,006
Non-Control / Non-Affiliate Investments
Cost of investment	$ 1,611,583	$ 1,264,503

Commitments and Contingencies - Summary of Future Minimum Payments under Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Operating Lease Liabilities Payments Due [Abstract]
2024	$ 328
2025	1,314
2026	1,008
2027	1,021
2028	1,051
Thereafter	2,645
Total	$ 7,367

Borrowings - Additional Information (Details)									3 Months Ended	9 Months Ended
Borrowings - Additional Information (Details)	Aug. 02, 2024	Jul. 19, 2024 USD ($)	Mar. 28, 2024 USD ($)	Dec. 15, 2021 USD ($)	Oct. 27, 2021 USD ($)	Aug. 24, 2021 USD ($)	Dec. 11, 2020 USD ($) TradingDay $ / shares	Jan. 16, 2020 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	May 17, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 27, 2022 USD ($)	Jul. 22, 2022 USD ($)	Jan. 29, 2020 USD ($)
Debt Instrument [Line Items]
Borrowings under Credit Facilities										$ 670,400,000	$ 215,000,000
Repayments of lines of credit										593,400,000	302,500,000
Line of credit facility, borrowing availability									$ 220,000,000	220,000,000			$ 137,000,000
Outstanding aggregate principal amount									$ 922,500,000	$ 922,500,000	$ 532,500,000
Interest rate									6.00%	6.00%
Debt instrument, conversion of principal amount									$ 49,236,000	$ 49,236,000			48,757,000
2025 Notes
Debt Instrument [Line Items]
Unamortized deferred financing costs, net									600,000	600,000			2,000,000
Unamortized deferred finance costs									600,000	600,000			2,000,000
Aggregate principal amount of unsecured notes												$ 182,500,000		$ 7,500,000	$ 50,000,000
Aggregate principal amount redeemed												$ 30,000,000
Outstanding aggregate principal amount									152,500,000	$ 152,500,000
Debt instrument, maturity date								Jan. 16, 2025
Debt instrument, redemption, description										The 2025 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company’s option, on or after January 16, 2023 at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of redemption.
Debt instrument, redemption price, percentage of principal amount redeemed								100.00%
Interest rate								7.00%
Debt instrument, interest rate terms										The 2025 Notes bear interest at a fixed rate of 7.00% per year payable quarterly on March 15, June 15, September 15, and December 15 of each year, commencing on March 15, 2020.
Financing costs capitalized and deferred									7,800,000	$ 7,800,000
2025 Notes \| Unsecured Notes
Debt Instrument [Line Items]
Aggregate principal amount of unsecured notes								$ 105,000,000	125,000,000	125,000,000						$ 20,000,000
6.00% Convertible Notes due 2025
Debt Instrument [Line Items]
Unamortized deferred finance costs									450,000	450,000			733,000
Aggregate principal amount of unsecured notes									50,000,000	$ 50,000,000			50,000,000
Debt instrument, maturity date							Dec. 11, 2025
Interest rate							6.00%
Debt instrument, interest rate terms										The Convertible Notes bear 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. If an investment grade rating is not maintained with respect to the Convertible Notes, additional interest of 0.75% per annum will accrue on the Convertible Notes until such time as the Convertible Notes have received an investment grade rating of “BBB-” (or its equivalent) or better. The rating remained at investment grade as of September 30, 2024
Financing costs capitalized and deferred							$ 1,900,000
Additional rate of interest							0.75%
Debt instrument, conversion of principal amount							$ 1,000,000		49,236,000	$ 49,236,000			48,757,000
Debt instrument, convertible, threshold consecutive trading days \| TradingDay							30
Debt instrument, convertible, threshold percentage							120.00%
Percentage of repurchase price equal to principal amount of convertible notes to be repurchased							100.00%
Percentage of estimated at time of issuance that values of debt							99.10%
Percentage of embedded conversion feature of convertible notes							0.90%
6.00% Convertible Notes due 2025 \| Capital in Excess of Par Value
Debt Instrument [Line Items]
Percentage of original issue discount							0.90%
Debt conversion, original issue discount of debt							$ 500,000
6.00% Convertible Notes due 2025 \| Common Stock
Debt Instrument [Line Items]
Conversion notes conversion rate							66.6667			80.4623
Debt instrument, conversion of principal amount							$ 1,000,000		$ 1,000,000	$ 1,000,000
Debt instrument, initial conversion price per share \| $ / shares							$ 15		$ 12.43	$ 12.43
6.00% Convertible Notes due 2025 \| Private Convertible Note Offering
Debt Instrument [Line Items]
Aggregate principal amount of unsecured notes							$ 50,000,000
August 2026 Notes
Debt Instrument [Line Items]
Unamortized deferred financing costs, net									$ 1,100,000	$ 1,100,000			1,500,000
Unamortized deferred finance costs									$ 1,100,000	$ 1,100,000			$ 1,500,000
Debt instrument, maturity date						Aug. 24, 2026
Debt instrument, redemption, description										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.
Debt instrument, redemption price, percentage of principal amount redeemed						100.00%
Interest rate						4.375%			4.375%	4.375%			4.375%
Debt instrument, interest rate terms										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.
Financing costs capitalized and deferred									$ 2,900,000	$ 2,900,000
August 2026 Notes \| Unsecured Notes
Debt Instrument [Line Items]
Aggregate principal amount of unsecured notes						$ 125,000,000
December 2026 Notes
Debt Instrument [Line Items]
Unamortized deferred financing costs, net									$ 800,000	$ 800,000			$ 1,100,000
Unamortized deferred finance costs				$ 1,900,000
Debt instrument, maturity date				Dec. 15, 2026
Debt instrument, redemption, description										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.
Debt instrument, redemption price, percentage of principal amount redeemed				100.00%
Interest rate				4.25%					4.25%	4.25%			4.25%
Debt instrument, interest rate terms										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.
December 2026 Notes \| Unsecured Notes
Debt Instrument [Line Items]
Aggregate principal amount of unsecured notes				$ 75,000,000
March 2029 Notes
Debt Instrument [Line Items]
Unamortized deferred financing costs, net									$ 3,000,000	$ 3,000,000			$ 0
Unamortized deferred finance costs									$ 3,000,000	$ 3,000,000			0
Debt instrument, maturity date			Mar. 30, 2029
Debt instrument, redemption, description										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.
Debt instrument, redemption price, percentage of principal amount redeemed			100.00%
Interest rate			7.875%						7.875%	7.875%
Debt instrument, interest rate terms										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.
Financing costs capitalized and deferred									$ 3,400,000	$ 3,400,000
March 2029 Notes \| Unsecured Notes
Debt Instrument [Line Items]
Aggregate principal amount of unsecured notes			$ 115,000,000
March 2029 Notes \| Unsecured Notes \| Underwriters [Member]
Debt Instrument [Line Items]
Aggregate principal amount of unsecured notes			$ 15,000,000
September 2029 Notes
Debt Instrument [Line Items]
Unamortized deferred financing costs, net									3,600,000	3,600,000			0
Unamortized deferred finance costs									$ 3,600,000	$ 3,600,000			0
Debt instrument, maturity date		Sep. 30, 2029
Debt instrument, redemption, description		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
Debt instrument, redemption price, percentage of principal amount redeemed		100.00%
Interest rate		7.875%							7.875%	7.875%
Debt instrument, interest rate terms		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.
Financing costs capitalized and deferred									$ 3,800,000	$ 3,800,000
September 2029 Notes \| Unsecured Notes
Debt Instrument [Line Items]
Aggregate principal amount of unsecured notes		$ 115,000,000
September 2029 Notes \| Unsecured Notes \| Underwriters [Member]
Debt Instrument [Line Items]
Aggregate principal amount of unsecured notes		$ 15,000,000
KeyBank Credit Facility
Debt Instrument [Line Items]
Credit facility					$ 510,000,000				290,000,000	290,000,000			213,000,000
Maximum borrowing capacity					$ 690,000,000
Variable advance rate on eligible first lien loans					62.00%
Variable advance rate on eligible second lien loans					47.00%
Line of credit facility revolving period					3 years
Line of credit facility amortization period					2 years
Line of credit facility expiration date	Jul. 27, 2029
Borrowings under Credit Facilities									330,400,000	670,400,000
Repayments of lines of credit									295,100,000	593,400,000
Unamortized deferred financing costs, net									8,000,000	8,000,000
Unamortized deferred finance costs									$ 5,900,000	$ 5,900,000			$ 2,100,000
Minimum \| KeyBank Credit Facility \| SOFR
Debt Instrument [Line Items]
Variable interest rate					2.85%
Maximum \| KeyBank Credit Facility \| SOFR
Debt Instrument [Line Items]
Variable interest rate					3.25%

Related Party Transactions - Additional Information (Details) $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 05, 2022 USD ($) BusinessDays	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Debt instrument percentage		6.00%		6.00%
Percentage of capital contribution invested in joint venture debt notes	70.00%
Percentage of capital contribution invested in joint venture common equity	30.00%
Percentage of Secured loan and equipment financing advance offered to purchase	40.00%
Percentage of principal amount of loan or equipment financing advance	100
Percentage of fee for loan and advance	50.00%
Loan or advance fee payable number of days \| BusinessDays	2
Remaining percentage of fee for loan or advance	50.00%
Percentage of daily average aggregate value of outstanding loans and equipment financings	75
Net proceeds for the sale of investments		$ 37.8		$ 132.2		$ 146.2
Dividend distributions		$ 0.5	$ 0.1	$ 1.0	$ 0.1
Maximum
Related Party Transaction [Line Items]
Percentage of Secured loan and equipment financing advance offered to purchase	25.00%
8.5% Notes
Related Party Transaction [Line Items]
Debt instrument percentage	8.50%
i 40 LLC
Related Party Transaction [Line Items]
Initally contributed capital	$ 21.4
JV Partner
Related Party Transaction [Line Items]
Initally contributed capital	$ 150.0
Joint venture ownership percentage		87.50%		87.50%
Senior Credit Corp 2022 LLC
Related Party Transaction [Line Items]
Joint venture ownership percentage		12.50%		12.50%
Trinity Investor J V I L L C
Related Party Transaction [Line Items]
Initally contributed capital		$ 18.4		$ 18.4		11.0
Total Investments at fair value		247.9		247.9		151.6
Unfunded capital commitment				3.0		10.4
Trinity Investor J V I L L C \| Debt
Related Party Transaction [Line Items]
Total Investments at fair value		12.9		12.9		7.7
Trinity Investor J V I L L C \| Equity
Related Party Transaction [Line Items]
Total Investments at fair value		5.5		5.5		3.3
Corporate Joint Venture \| Other assets
Related Party Transaction [Line Items]
Other receivables		1.2		1.2		$ 0.8
Corporate Joint Venture \| Fee Income
Related Party Transaction [Line Items]
Origination and administrative agent fees		$ 0.8	$ 0.5	$ 2.5	$ 1.7

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Loan Equipment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) Loan Equipment	Dec. 31, 2022 USD ($)
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Fair value of companies investment percentage	99.20%		99.20%
Market index of investment securities			$ 0
Maturity period description			original maturity of three months or less
Cash and cash equivalents	$ 8,535,000		$ 8,535,000		$ 4,761,000
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	8,535,000	$ 7,230,000	8,535,000	$ 7,230,000	4,761,000	$ 10,612,000
Restricted cash	0		$ 0		0
Escrow Distribution period			1 year
Escrow receivables balance			$ 0		$ 2,400,000
Interest income	1,600,000	2,100,000	7,400,000	5,400,000
Dividend income	500,000	$ 100,000	$ 1,000,000	$ 100,000
Debt security payment due			90 days
Number of portfolio companies loans \| Loan			3		3
Number of portfolio companies equipment financing \| Equipment			2		2
Non accrual cost			$ 47,200,000		$ 60,800,000
Fair value	$ 22,200,000		$ 22,200,000		$ 43,200,000
Fair value of debt investment portfolio			1.40%		3.50%
Debt instrument percentage	6.00%		6.00%
Investment percentage			16.30%	17.70%
Percentage of net tax- exempt income			90.00%
Uncertain tax position			$ 0		$ 0
Nondeductible federal excise tax			4.00%
Ordinary income percentage			98.00%
Capital gain net income percentage			98.20%
Excise tax			4.00%
Goldman Sachs Financial Square Government Institutional Fund
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 900,000		$ 900,000		$ 3,100,000
Minimum
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents interest rate			3.00%
Investment percentage			90.00%
Maximum
Disclosure Of Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents interest rate			6.00%

Commitments and Contingencies - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) Equipment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Commitments And Contingencies [Line Items]
Outstanding refunded commitments	$ 25.0		$ 25.0
Number of portfolio companies unfunded commitments \| Equipment			1
Total lease expense	0.4	$ 0.2	$ 1.0	$ 0.5
Right of use asset	$ 5.6		$ 5.6		$ 5.3
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets		Other Assets		Other Assets
Lease liability	$ 6.0		$ 6.0		$ 5.4
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable And Other Accrued Liabilities		Accounts Payable And Other Accrued Liabilities		Accounts Payable And Other Accrued Liabilities
EPT 16 LLC
Commitments And Contingencies [Line Items]
Outstanding refunded commitments	$ 6.0		$ 6.0
Unfunded capital commitment			6.0
JV Partner
Commitments And Contingencies [Line Items]
Outstanding refunded commitments	$ 3.0		$ 3.0		$ 10.4
San Diego Office
Commitments And Contingencies [Line Items]
Lease commencement period			Mar. 10, 2023
Lease expiration period			Jan. 31, 2026
Second lease commencement period			Jun. 01, 2024
Second lease expiration period			Nov. 14, 2025
Remaining lease term	6 years 3 months 18 days		6 years 3 months 18 days
Discount rates	8.53%		8.53%		8.60%
Phoenix Office
Commitments And Contingencies [Line Items]
Lease commencement period			Jul. 10, 2021
Lease extension date			May 31, 2031
Lease expiration period			Sep. 17, 2024

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Oct. 28, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Entity File Number	001-39958
Entity Registrant Name	TRINITY CAPITAL INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	35-2670395
Entity Address, State or Province	AZ
Entity Address, Address Line One	1 N. 1st Street
Entity Address, Address Line Two	Suite 302
Entity Address, City or Town	Phoenix
Entity Address, Postal Zip Code	85004
City Area Code	480
Local Phone Number	374‑5350
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,905,813
Entity Central Index Key	0001786108
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Interactive Data Current	Yes
Common Stock, par value $0.001 per share [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	TRIN
Security Exchange Name	NASDAQ
Notes Due 2025 [Member]
Document Information [Line Items]
Title of 12(b) Security	7.00% Notes Due 2025
Trading Symbol	TRINL
Security Exchange Name	NASDAQ
Notes Due 2029 [Member]
Document Information [Line Items]
Title of 12(b) Security	7.875% Notes Due 2029
Trading Symbol	TRINZ
Security Exchange Name	NASDAQ
Notes Due 2029 Two [Member]
Document Information [Line Items]
Title of 12(b) Security	7.875% Notes Due 2029
Trading Symbol	TRINI
Security Exchange Name	NASDAQ

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	9 Months Ended		12 Months Ended
	Jul. 19, 2024	Jan. 16, 2020	Oct. 29, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 114,400			$ 150,558	$ 105,275
Interest rate				6.00%	6.00%
Series A Notes
Subsequent Event [Line Items]
Debt instrument, redemption, description					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.
Debt instrument, interest rate terms					Interest on the Series A Notes will be due semiannually in April and October of each year, beginning in April 2025
ATM Program
Subsequent Event [Line Items]
Common stock shares issued and sold				5,723,189	10,600,529		4,976,061
Proceeds from issuance of common stock				$ 79,400	$ 150,600		$ 70,800
September 2029 Notes
Subsequent Event [Line Items]
Interest rate	7.875%			7.875%	7.875%
Debt instrument, redemption, description	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
Debt instrument, interest rate terms	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.
September 2029 Notes \| Unsecured Notes
Subsequent Event [Line Items]
Aggregate principal amount of unsecured notes	$ 115,000
September 2029 Notes \| Underwriters \| Unsecured Notes
Subsequent Event [Line Items]
Aggregate principal amount of unsecured notes	$ 15,000
Subsequent Event \| Series A 2027
Subsequent Event [Line Items]
Interest rate			7.54%
Subsequent Event \| Series A 2028
Subsequent Event [Line Items]
Interest rate			7.60%
Subsequent Event \| Series A 2029
Subsequent Event [Line Items]
Interest rate			7.66%
Subsequent Event \| Tranche A \| Series A Notes
Subsequent Event [Line Items]
Aggregate principal amount of unsecured notes			$ 55,500
Subsequent Event \| Tranche B \| Series A Notes
Subsequent Event [Line Items]
Aggregate principal amount of unsecured notes			73,000
Subsequent Event \| Tranche C \| Series A Notes
Subsequent Event [Line Items]
Aggregate principal amount of unsecured notes			$ 14,000
Subsequent Event \| ATM Program
Subsequent Event [Line Items]
Common stock shares issued and sold			1,243,121
Weighted-average price per share of common stock			$ 13.77
Proceeds from issuance of common stock			$ 16,800

Borrowings - Summary of Carrying Value of Convertible Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Dec. 11, 2020
Debt Instrument [Line Items]
Carrying value of Convertible Notes	$ 49,236	$ 48,757
6.00% Convertible Notes due 2025
Debt Instrument [Line Items]
Principal amount of debt	50,000	50,000
Unamortized debt financing cost	(450)	(733)
Original issue discount, net of accretion	(314)	(510)
Carrying value of Convertible Notes	$ 49,236	$ 48,757	$ 1,000

Organization and Basis of Presentation - Additional Information (Details) - USD ($)				3 Months Ended		9 Months Ended
	Jan. 29, 2020	Jan. 16, 2020	Sep. 27, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 05, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Issuance of common stock, net of issuance costs, shares			10
Issuance of common stock, net of issuance costs			$ 150	$ 79,384,000	$ 91,688,000	$ 150,558,000	$ 105,275,000
Debt instrument percentage				6.00%		6.00%
Common stock, shares issued		8,333,333		57,642,040		57,642,040		46,323,712
Proceeds from issuance of common stock		$ 114,400,000				$ 150,558,000	$ 105,275,000
Overallotment Option
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Common stock, shares issued	1,333,333	8,333,333
Proceeds from issuance of common stock	$ 20,000,000	$ 125,000,000
Trinity Capital Holdings
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of equity interests acquired				100.00%		100.00%
8.5% Notes
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Debt instrument percentage									8.50%
7.00% Notes due 2025
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Debt instrument percentage		7.00%
7.00% Notes due 2025 \| Private Offerings
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from issuance of common stock		$ 125,000,000

Consolidated Statements of Assets and Liabilities - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
ASSETS
Total investments	$ 1,686,862	$ 1,275,180
Cash and cash equivalents	8,535	4,761
Interest receivable	16,947	11,206
Deferred credit facility costs	5,941	2,144
Other assets	16,478	17,691
Total assets	1,734,763	1,310,982
LIABILITIES
Convertible Notes, net of $764 and $1,243, respectively, of unamortized deferred financing costs and discount	49,236	48,757
Distribution payable	29,397	23,162
Security deposits	9,393	12,287
Accounts payable, accrued expenses and other liabilities	26,592	24,760
Total liabilities	977,968	699,823
Commitments and contingencies
NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 57,642,040 and 46,323,712 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively)	58	46
Paid-in capital in excess of par	790,276	633,740
Distributable earnings/(accumulated deficit)	(33,539)	(22,627)
Total net assets	756,795	611,159
Total liabilities and net assets	$ 1,734,763	$ 1,310,982
NET ASSET VALUE PER SHARE	$ 13.13	$ 13.19
Control Investments
ASSETS
Total investments	$ 78,109	$ 32,861
Affiliate Investments
ASSETS
Total investments	32,853	11,335
Non-Control / Non-Affiliate Investments
ASSETS
Total investments	1,575,900	1,230,984
KeyBank Credit Facility
LIABILITIES
Credit facility	290,000	213,000
2025 Notes
LIABILITIES
Notes	151,935	180,485
August 2026 Notes
LIABILITIES
Notes	123,906	123,474
March 2029 Notes
LIABILITIES
Notes	111,952
September 2029 Notes
LIABILITIES
Notes	111,379
December 2026 Notes
LIABILITIES
Notes	$ 74,178	$ 73,898

Fair Value of Financial Instruments - Summary of Significant Unobservable Inputs Used to Measure The Fair Value Of The Level 3 Portfolio Investments (Details) - Significant Unobservable Inputs (Level 3) $ in Thousands	Sep. 30, 2024 USD ($) yr	Dec. 31, 2023 USD ($) yr
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Level 3 Investments	$ 1,672,856	$ 1,268,428
Debt investments \| Discounted Cash Flows \| Hypothetical Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Level 3 Investments	$ 1,046,479	$ 858,870
Debt investments \| Discounted Cash Flows \| Minimum \| Hypothetical Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.075	0.116
Debt investments \| Discounted Cash Flows \| Maximum \| Hypothetical Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.568	0.346
Debt investments \| Discounted Cash Flows \| Weighted Average \| Hypothetical Market Yield
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.168	0.173
Debt investments \| Cost approximates fair value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Level 3 Investments	$ 469,834	$ 253,250
Debt investments \| Transactions Precedent \| Transaction Price
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Level 3 Investments	23,315	4,680
Debt investments \| Scenario Analysis \| Probability Weighting of Alternative Outcomes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Level 3 Investments	$ 22,201	$ 97,573
Debt investments \| Scenario Analysis \| Minimum \| Probability Weighting of Alternative Outcomes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.01	0.05
Debt investments \| Scenario Analysis \| Maximum \| Probability Weighting of Alternative Outcomes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	1	1
Debt investments \| Enterprise Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Level 3 Investments	$ 12,885	$ 7,704
Equity investments \| Market Approach \| Revenue Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Level 3 Investments	$ 50,876	$ 15,150
Equity investments \| Market Approach \| Minimum \| Revenue Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.005	0.004
Equity investments \| Market Approach \| Minimum \| Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.424	0.442
Equity investments \| Market Approach \| Minimum \| Risk-Free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	3.6	3
Equity investments \| Market Approach \| Minimum \| Estimated Time to Exit (in years)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range \| yr	1.3	1
Equity investments \| Market Approach \| Maximum \| Revenue Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.146	0.15
Equity investments \| Market Approach \| Maximum \| Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.998	1.313
Equity investments \| Market Approach \| Maximum \| Risk-Free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	4.2	4.8
Equity investments \| Market Approach \| Maximum \| Estimated Time to Exit (in years)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range \| yr	4.7	4
Equity investments \| Market Approach \| Weighted Average \| Revenue Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.038	0.037
Equity investments \| Market Approach \| Weighted Average \| Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.59	0.625
Equity investments \| Market Approach \| Weighted Average \| Risk-Free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	3.7	4
Equity investments \| Market Approach \| Weighted Average \| Estimated Time to Exit (in years)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range \| yr	3.1	1.7
Warrants \| Market Approach \| Revenue Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Level 3 Investments	$ 47,266	$ 31,201
Warrants \| Market Approach \| Minimum \| Revenue Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.006	0.004
Warrants \| Market Approach \| Minimum \| Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.339	0.333
Warrants \| Market Approach \| Minimum \| Risk-Free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.036	0.029
Warrants \| Market Approach \| Minimum \| Estimated Time to Exit (in years)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range \| yr	0.8	1
Warrants \| Market Approach \| Maximum \| Revenue Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.146	0.15
Warrants \| Market Approach \| Maximum \| Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	1.144	1.313
Warrants \| Market Approach \| Maximum \| Risk-Free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.039	0.048
Warrants \| Market Approach \| Maximum \| Estimated Time to Exit (in years)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range \| yr	4.1	4.8
Warrants \| Market Approach \| Weighted Average \| Revenue Multiple
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.041	0.027
Warrants \| Market Approach \| Weighted Average \| Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.664	0.688
Warrants \| Market Approach \| Weighted Average \| Risk-Free Interest Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range	0.036	0.043
Warrants \| Market Approach \| Weighted Average \| Estimated Time to Exit (in years)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range \| yr	2.2	2.2

Investments - Additional Information (Details)	9 Months Ended
Investments - Additional Information (Details)	Sep. 30, 2024
Minimum
Schedule Of Investments [Line Items]
Debt securities, term	3 years
Percentage of fully diluted equity positions in portfolio companies	5.00%
Maximum
Schedule Of Investments [Line Items]
Debt securities, term	5 years
Percentage of fully diluted equity positions in portfolio companies	50.00%

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	Sep. 30, 2024	Jul. 19, 2024	Mar. 28, 2024	Dec. 31, 2023	Dec. 15, 2021	Aug. 24, 2021	Jan. 16, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate	6.00%
7.00% Notes due 2025
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Interest rate							7.00%
2025 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value	$ 151,900,000			$ 180,500,000
Interest rate							7.00%
Unamortized deferred financing costs, net	600,000			2,000,000
Fair value	153,100,000			183,400,000
Convertible Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value	49,200,000			48,800,000
Unamortized deferred financing costs, net	800,000			1,200,000
Fair value	50,400,000			50,600,000
August 2026 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value	$ 123,900,000			$ 123,500,000
Interest rate	4.375%			4.375%		4.375%
Unamortized deferred financing costs, net	$ 1,100,000			$ 1,500,000
Fair value	114,500,000			111,500,000
December 2026 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value	$ 74,200,000			$ 73,900,000
Interest rate	4.25%			4.25%	4.25%
Unamortized deferred financing costs, net	$ 800,000			$ 1,100,000
Fair value	68,800,000			66,800,000
March 2029 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value	$ 112,000,000
Interest rate	7.875%		7.875%
Unamortized deferred financing costs, net	$ 3,000,000			0
Fair value	116,500,000
September 2029 Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value	$ 111,400,000
Interest rate	7.875%	7.875%
Unamortized deferred financing costs, net	$ 3,600,000			0
Fair value	116,700,000
KeyBank Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value	290,000,000			$ 213,000,000
Unamortized deferred financing costs, net	$ 8,000,000

Stockholders' Equity - Additional Information (Details) - USD ($)								3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 08, 2023	Aug. 18, 2022	Apr. 07, 2022	Nov. 09, 2021	Jan. 29, 2020	Jan. 16, 2020	Sep. 27, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Aug. 23, 2024	Dec. 01, 2023	Nov. 14, 2022	Feb. 02, 2021
Class Of Stock [Line Items]
Common stock, authorized								200,000,000		200,000,000		200,000,000
Common stock, par value								$ 0.001		$ 0.001		$ 0.001
Issuance of common stock in initial public offering, net of issuance costs, shares							10
Common stock issuance, aggregate purchase price							$ 150	$ 79,384,000	$ 91,688,000	$ 150,558,000	$ 105,275,000
Common stock, shares issued						8,333,333		57,642,040		57,642,040		46,323,712
Proceeds from issuance of common stock						$ 114,400,000				$ 150,558,000	105,275,000
Offering costs of common stock						$ 10,600,000
Common stock, value								$ 58,000		58,000		$ 46,000
Issuance of common stock pursuant to distribution reinvestment plan								$ 333,000	$ 573,000	$ 991,000	$ 1,789,000
Common Stock
Class Of Stock [Line Items]
Issuance of common stock in initial public offering, net of issuance costs, shares								5,723,189	6,554,282	10,600,529	7,576,591
Common stock issuance, aggregate purchase price								$ 6,000	$ 6,000	$ 11,000	$ 7,000
Issuance of common stock pursuant to distribution reinvestment plan, shares								23,559	38,887	69,593	136,727
Stock Repurchase and cancellation of shares, shares											91,691
Stock Repurchase Program
Class Of Stock [Line Items]
Weighted-average price per share of common stock												$ 10.91
Stock repurchase program, Expiration date										Nov. 11, 2023
Shares repurchased								0		0		91,691
Stock Repurchase and cancellation of shares, shares												0
Stock Repurchase Program \| Maximum \| Common Stock
Class Of Stock [Line Items]
Stock repurchase program, Authorized amount															$ 25,000,000
Private Common Stock Offering
Class Of Stock [Line Items]
Common stock, shares issued						7,000,000
Proceeds from issuance of common stock						$ 105,000,000
Overallotment Option
Class Of Stock [Line Items]
Common stock, shares issued					1,333,333	8,333,333
Proceeds from issuance of common stock					$ 20,000,000	$ 125,000,000
Private Offerings \| Legacy Funds
Class Of Stock [Line Items]
Common stock, par value						$ 15
Common stock, shares issued						9,183,185
Common stock, value						$ 137,700,000
Payment of common stock value in cash						$ 108,700,000
Private Offerings \| Equity interests
Class Of Stock [Line Items]
Common stock, par value						$ 15
Common stock, shares issued						533,332
Common stock, value						$ 8,000,000
Payment of common stock value in cash						$ 2,000,000
Initial Public Offering
Class Of Stock [Line Items]
Common stock, par value																$ 14
Common stock, shares issued																8,006,291
ATM Program
Class Of Stock [Line Items]
Proceeds from issuance of common stock								$ 79,400,000		$ 150,600,000		$ 70,800,000
Common stock shares issued and sold								5,723,189		10,600,529		4,976,061
Weighted-average price per share of common stock								$ 14.07		$ 14.41		$ 14.53
ATM Program \| Maximum
Class Of Stock [Line Items]
Offering costs of common stock				$ 50,000,000
Increase in aggregate offering price													$ 250,000,000	$ 145,700,000
Equity Offerings
Class Of Stock [Line Items]
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued	5,190,312	3,587,736	2,754,840
Proceeds from issuance of common stock	$ 72,500,000	$ 53,300,000	$ 47,900,000
Offering price	$ 14.45	$ 15.33	$ 18.15
Underwriters
Class Of Stock [Line Items]
Option to purchase additional common stock shares	500,000	132,168	413,226
Additional proceeds from issuance of common stock	$ 6,900,000	$ 2,000,000	$ 7,200,000
Distribution Reinvestment Plan
Class Of Stock [Line Items]
Issuance of common stock pursuant to distribution reinvestment plan, shares								23,559		69,593		165,962
Issuance of common stock pursuant to distribution reinvestment plan								$ 300,000		$ 1,000,000		$ 2,200,000

Income Taxes - Summary of Tax Cost Basis and Estimated Aggregate Gross Unrealized Appreciation and Depreciation From Investments for Federal Income Tax Purposes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Tax Cost of Investments	$ 1,732,266	$ 1,325,006
Unrealized appreciation	47,412	36,468
Unrealized depreciation	(84,280)	(81,534)
Net change in unrealized appreciation/(depreciation) from investments	$ (36,868)	$ (45,066)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false