Eagle Point Trinity Senior Secured Lending Co
DE
Private creditNon-traded BDC
Compared against Private credit non-traded bdcs.
1Y return
+4.0%
23th pctile · behind most peersas of 2026-03-31
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$62.6M
as of 2026-03-31
Net expenses
20.8%
97th pctile · pricier than median
Repurchase
5% quarterly
14 of 118 peers matchLevel 3
not stated yet
Last offer
no offer yet
3 offers on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.75% management fee)20.80%
Minus interest on borrowings, the cost of portfolio leverage8.50%
Minus incentive fees accrued this period, which vary with returns3.24%
Ongoing cost, determined from the filings8.40%
The 1.75% management fee is charged on gross assets, so with debt at 1.2 times equity it costs about 3.8% of net assets, and on top of that come origination fees of 1% of every loan funded, professional fees and trustee fees, taking ongoing costs to 8.4%. A sales load of up to 6.75% adds about 2.25% a year over three years. Interest of 8.5% and incentive fees of 3.2% are excluded.
Sales load of 6.75% on the class this figure is for, spread over 3 years2.25%
Total drag per year10.65%
This is the cost for common shares of beneficial interest (single class; load charged at up to 6.75% on new subscriptions, waived for the seed holders). It reports in dollars, so entity expenses include the servicing fees of every class and the figure is blended across them.
The figure above is the ongoing cost. For the period the filing covers it was 11.35%, including 0.70% of one-time costs that will not repeat.
Based on Base: FY2025 audited annual ratios (total expenses 15.9% of average net assets, interest 5.3%), updated to the persisting BDC-era run rate shown in th.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (20% of pre-incentive fee net investment income over a 2.00% quarterly (8.00% annualized) hurdle with 100% catch-up to 2.50% quarterly (10.00% annualized), plus 20% of cumulative realized capital gains net of losses and unrealized depreciation) apply only to returns earned. How this is calculated
Against Private credit non-traded bdcs
Total drag
97th pctile · pricier than most
1Y return
23th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Base: FY2025 audited annual ratios (total expenses 15.9% of average net assets, interest 5.3%), updated to the persisting BDC-era run rate shown in the six months ended 6/30/2026, whose ratios the filing already annualizes (total expenses 20.8%, interest 8.5%). Adjustment reflects a full year of trustee fees and higher management fees on grown leverage, both of which began only after the 8/28/2025 BDC conversion. Sales load of up to 6.75% spread over 3 years is added..
Open the filing on sec.gov (0002027033-26-000003)Size and leverage
Net assets$62.6M
Borrowings$77.6M
Leveragedebt to equity1.24x
Asset coverage179.30%
Investments held75
Started2024-06-28
What the manager charges
Management feeof gross assets1.75%
The same fee against your equitybecause it is charged on borrowed assets too3.92%
Performance fee20% of Pre-Incentive Fee Net Investment Income above a 2.00% quarterly (8.00% annualized) hurdle, with a 100% catch-up between 2.00% and 2.50% quarterly (10.00% annualized); plus a 20% annual capital gains incentive fee on cumulative realized gains net of realized losses and unrealized depreciation. Sub-Adviser receives 50% of all fees paid to the Adviser.
Hurdle8.00%
Adviser is subsidising costsNo
Getting your money back
Repurchase offersquarterly, at Board discretion
Share of the fund offered5.00%
Last offer filled in fullYes
Where distributions come from
Paid out of income100.00%
Return of your own capital0.00%
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Top ten28.30%
Floating rate77.10%
Not paying interestloans on non-accrual0.00%
Priced by the managerno market price available99.90%
MostlyMedical Devices (16.6% of investments at fair value)
Who is involved
AdviserEagle Point Credit Management LLC (Adviser); Trinity Capital Adviser LLC (Sub-Adviser)
AuditorErnst & Young LLP
Valuedno less frequently than monthly
Independent valuation agentYes
Deals with affiliatesYes
Also worth knowing
- On June 26, 2026 the KeyBank credit facility commitment was increased from $60.0 million to $75.0 million and the maturity extended to June 26, 2031; availability was $22.4 million at June 30, 2026.
- Asset coverage fell from 198.5% at December 31, 2025 to 179.3% at June 30, 2026 against a 150% regulatory minimum and a 1.5:1 covenant in the 2028 Notes.
- No shares have ever been repurchased; the Fund had only 6 holders of record as of March 2, 2026 and is 99.6% owned by affiliates of the Adviser and Sub-Adviser.
- One debt investment (EH Leasing, $0.3 million fair value) was rated Watch at June 30, 2026; no investments were on non-accrual.
- Origination fee to Sub-Adviser: 1 % of each funded investment (A transaction fee paid to an affiliate on every dollar deployed; it cost 0.98% of average net assets on an annualized basis in the first half of 2026 and is not performance contingent.)
- Trustee fees now accruing: 107,000 USD for six months ended 6/30/2026 (Independent trustee compensation began only after the August 2025 BDC conversion, so the 2025 annual expense ratio understates the ongoing cost by roughly 0.35% of net assets.)
- Organizational and offering expense cap: 1.5 % of gross equity contributions (Caps the one-off launch costs shareholders can bear; amounts above the cap are borne by the Adviser, and amounts paid on the Fund's behalf are reimbursable for three years.)
- Unfunded commitments: 4,300,000 USD to five portfolio companies (Future funding obligations must be met from cash and the credit facility, which had only $22.4 million of availability at quarter end.)
- 2028 Series A Notes terms: 7.25% $25.0 million due August 1, 2028 (Fixed-rate unsecured debt with a 1.5:1 asset coverage covenant and a 1.00% interest step-up if an investment grade rating is not maintained; asset coverage was 179.3% at June 30, 2026.)
- Credit facility upsize and extension: $75.0 million commitment, maturity June 26, 2031 (Expands leverage capacity (up to $200 million with agent consent) at SOFR plus 3.00%-3.30%, which drives both interest cost and the management fee, since the fee is charged on gross assets.)
- Ownership concentration: 83.0% EPH Investments LLC; 16.6% Trinity Capital Inc. (The fund is still almost entirely seed capital from affiliates of the Adviser and Sub-Adviser, so expense ratios are computed on a small equity base that outside subscriptions have barely diluted.)
- Contingent capital gains incentive fee accrued: 676,000 USD payable at 6/30/2026 (An accrual on unrealized appreciation that would be owed only if investments were sold at fair value; it is contingent on performance and is excluded from ongoing drag.)
Fees
Liquidity terms
Valuation
Fair value determined byunchanged, 3 filingsAdviser as valuation designee
Independent valuation firmunchanged, 3 filingsEngaged, name in filing
Structure
Share classes
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2025-12-312026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$62.6M
Total annual expenses, net of waiver20.8%
Total annual expenses, gross20.8%
Total return, 1 yearvaries across filings5%
Offer dateOfferedRequestedAcceptedSource
2026-08-27···SC TO-I
2026-05-28···SC TO-I
2026-02-27···SC TO-I
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.