KBRA Publishes Ratings for Trinitas Capital Management LLC
5 Mar 2026 | New York
KBRA publishes the issuer and senior unsecured debt ratings of BBB for Trinitas Capital Management LLC ("Trinitas" or "the firm"). On September 24, 2025, these ratings were assigned on an unpublished basis. The rating Outlook is Stable.
Key Credit Considerations
The ratings are driven by Trinitas’ established platform with ~$19 billion AUM across 44 CLO vehicles in the U.S. and Europe as of September 2025. Also key to its credit profile is Trinitas’ partnership with Clearlake Capital Group, L.P. (“Clearlake”) and access to Clearlake’s resources, network, and infrastructure. In addition to experienced management and investment teams, Trinitas’ credit profile is supported by its disciplined credit culture. The firm’s investment strategy incorporates a bottom-up analysis and active top-down monitoring and risk management, while the firm’s proprietary credit tool aims to provide a competitive edge. A key differentiator is the firm’s heavier credit staffing which allows for fewer credits per analyst (25-30 credits) and for stronger credit coverage as well as increased portfolio review frequency. Since inception, Trinitas has demonstrated consistent growth including issuing through challenging market environments, such as COVID-19. Meanwhile, AUM has become increasingly diversified geographically through expansion into the European CLO market. In October 2025, Trinitas issued $58 million fixed-rate senior unsecured notes with a 5-year maturity. An estimated $5 million of the proceeds are expected to be used to pay transaction expenses and the remainder for purchases of additional assets. Trinitas plans to issue additional notes to refinance existing $90 million senior unsecured notes due July 30, 2026 at a future date. Pro forma debt/EBITDA is projected at a level considered comfortable in view of rating assumptions while pro forma interest coverage remains adequate.
Rating Sensitivities
A rating upgrade is not expected over the near to medium term. Negative rating pressure is possible if CLO portfolio companies experience increased pressure resulting in higher losses that materially impact profitability, leverage, or liquidity. A material change in Trinitas’ staff and services agreement with Clearlake could pressure ratings.
To access ratings and relevant documents, click here.