Trinity Capital Reports First Quarter 2026 Financial Results

Rhea-AI Summary

Trinity Capital (Nasdaq: TRIN) reported Q1 2026 results: total investment income $90.1M (up 37.8% YoY), net investment income $44.5M or $0.53 per share, NAV $1.2B or $13.27 per share, and ROAE 15.8%. Q1 gross investments funded were $306.3M with $238.3M of exits/repayments. Net leverage was ~115% and available liquidity was ~$282.1M. The Board declared monthly dividends of $0.17 for Apr–Jun 2026.

Positive

• Total investment income +37.8% YoY to $90.1M
• Net investment income $44.5M; $0.53 per share
• NAV increased 6.6% to $1.2B; $13.27 per share
• Gross investments funded $306.3M in Q1 2026
• Available liquidity approximately $282.1M including $19.6M cash

Negative

• Net realized loss on investments $9.9M in Q1 2026
• Net unrealized depreciation approximately $4.7M in Q1 2026
• Interest expense rose to $24.1M from $17.7M YoY
• NAV per share decreased to $13.27 from $13.42 at 12/31/2025

Key Figures

Total investment income: $90.1 million Net investment income: $44.5 million Return on Average Equity: 15.8% +5 more

8 metrics

Total investment income $90.1 million Q1 2026; 37.8% year-over-year growth

Net investment income $44.5 million Q1 2026; $0.53 per basic share

Return on Average Equity 15.8% Q1 2026 ROAE (NII / Average Equity)

Return on Average Assets 7.0% Q1 2026 ROAA (NII / Average Assets)

NAV per share $13.27 Q1 2026; down from $13.42 at Dec 31, 2025

Portfolio fair value $2.5 billion Aggregate fair value of investment portfolio at Mar 31, 2026

Non-accrual exposure $24.4 million (1.1%) Debt and equipment investments on non-accrual at fair value

Net leverage ratio 115% Net debt-to-equity at Mar 31, 2026 (vs. 118% at Dec 31, 2025)

Market Reality Check

Price: $16.97 Vol: Volume 1,233,548 is sligh...

normal vol

$16.97 Last Close

Volume Volume 1,233,548 is slightly above the 20-day average of 1,187,098, suggesting typical pre-earnings positioning. normal

Technical Shares at $16.97 are trading above the 200-day MA of $15.39 and within 2% of the 52-week high of $17.20.

Peers on Argus

TRIN gained 0.95% ahead of earnings, while peers MFIC, CGBD, NMFC, CSWC and GSBD...

TRIN gained 0.95% ahead of earnings, while peers MFIC, CGBD, NMFC, CSWC and GSBD also traded higher (up to +5.12%), indicating broad strength in BDC/asset management names despite no momentum scanner flags.

Previous Earnings Reports

5 past events · Latest: Feb 25 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 25	Full-year 2025 earnings	Positive	+2.5%	Reported record 2025 total investment income and net investment income with NAV growth.
Feb 03	Preliminary Q4 2025	Positive	+0.5%	Issued preliminary Q4 and 2025 estimates for NII per share and NAV range.
Nov 05	Q3 2025 earnings	Positive	-5.0%	Announced record funding, higher income, NAV growth and additional capital raises.
Aug 06	Q2 2025 earnings	Positive	+1.4%	Reported strong TII and NII growth with record NAV and low non-accruals.
Jul 08	Earnings call details	Neutral	-0.1%	Provided schedule and access details for upcoming Q2 2025 results call.

Pattern Detected

Earnings releases have generally been received positively, with one notable selloff despite strong results.

Recent Company History

Over the last year, Trinity’s earnings news has highlighted consistent growth in investment income, NAV per share, and platform AUM. Events on Feb 25, 2026 and Nov 5, 2025 showcased record results and capital raising via ATMs and notes, while earlier 2025 quarters emphasized rising income and recurring dividends. Today’s Q1 2026 results, with higher NII and strong ROAE, extend this trajectory of scaling the platform while maintaining regular distributions and portfolio growth.

Historical Comparison

-0.1% avg move · In the past year, TRIN’s five earnings-related releases produced an average move of -0.15%, mostly m...

earnings

-0.1%

Average Historical Move earnings

In the past year, TRIN’s five earnings-related releases produced an average move of -0.15%, mostly modest reactions despite strong fundamentals.

Earnings updates show a progression from strong 2025 results, with rising total investment income, NII and NAV per share, to Q1 2026 where higher ROAE and portfolio expansion reinforce the scaling of Trinity’s platform and dividend framework.

Market Pulse Summary

This announcement highlights strong Q1 2026 performance, with total investment income of $90.1 milli...

Analysis

This announcement highlights strong Q1 2026 performance, with total investment income of $90.1 million, net investment income of $44.5 million and a 15.8% ROAE. The portfolio’s fair value reached $2.5 billion while non-accruals remained modest at 1.1% of debt investments. Recent earnings history shows steady NAV and income growth alongside regular dividends. Investors may focus on trends in credit quality, net leverage around 115%, and ongoing ATM equity issuance when assessing future updates.

Key Terms

return on average equity, return on average assets, net asset value, effective yield, +3 more

7 terms

return on average equity financial

"15.8% Return on Average Equity "ROAE" (NII/Average Equity)."

Return on average equity (ROAE) measures how much profit a company generates for its shareholders’ invested capital over a period, calculated by dividing net profit by the average shareholder equity during that period. It matters to investors because it shows how efficiently management turns owners’ money into earnings—like how much bread a baker bakes from the same oven space—helping compare profitability across companies and track performance over time.

return on average assets financial

"7.0% Return on Average Assets "ROAA" (NII/Average Assets)."

Return on average assets (ROAA) measures how efficiently a company turns its assets into profit by comparing profit after expenses to the average value of its assets over a period (usually the average of beginning and ending assets). It matters to investors because it shows how well management uses the company’s resources to generate returns—think of it as how much profit a baker earns from the oven space they actually used over time.

net asset value financial

"Net Asset Value ("NAV") of $1.2 billion, or $13.27 per share"

Net asset value is the total value of an investment fund's assets minus any liabilities, divided by the number of shares or units outstanding. It represents the per-share worth of the fund, similar to how the value of a house is determined by its total worth after debts are subtracted. Investors use it to gauge the true value of their holdings and to compare different investment options.

effective yield financial

"The effective yield on the average debt investments at cost was 15.8%"

Effective yield is the actual annual return an investor earns on an investment after taking into account how interest or income is paid and reinvested (for example, monthly or quarterly) and any routine fees that reduce returns. It matters because it shows the true payoff you receive compared with a quoted rate, so investors can fairly compare choices the way you would compare take-home pay after taxes and deductions rather than just the gross salary number.

non-accrual status financial

"loans to four portfolio companies and equipment financing to one ... non-accrual status"

A loan or credit account is placed in non-accrual status when the lender stops recording expected interest income because the borrower is not making scheduled payments or repayment is doubtful. Think of it like a landlord who stops counting unpaid rent as future income once a tenant stops paying; it signals rising credit problems and potential losses. For investors, non-accrual levels indicate loan quality and can foreshadow write-downs, lower earnings, and increased risk to a lender’s balance sheet.

net leverage financial

"the Company's net leverage, or net debt-to-equity ratio, was approximately 115%"

Net leverage measures how many years it would take for a company to pay off its outstanding debt using its annual operating cash flow, after subtracting cash on hand from total debt. Think of it like a household’s mortgage balance minus savings divided by yearly income; a lower number means the company is in a safer position to handle debt, while a higher number signals greater financial risk and potential pressure on profits or growth.

atm offering financial

"utilized its equity ATM offering program to sell 5,277,274 accretive shares"

An at-the-market offering is a way for a company to sell new shares of its stock directly into the stock market over time, usually through a designated sales program. This approach allows the company to raise funds gradually as needed, similar to adding small amounts of fuel to a car rather than filling the tank all at once. For investors, it can influence the company's stock price and provide insights into its financing plans.

AI-generated analysis. Not financial advice.

Return on Average Equity hits 15.8% in Q1

Record Quarterly Net Investment Income of $44.5 million, or $0.53 per share

Q1 2026 Total Investment Income grows 37.8% year-over-year

PHOENIX, May 6, 2026 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("the Company"), a leading alternative asset manager, today announced its financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

• Total investment income of $90.1 million, an increase of 37.8% year-over-year.
• Net investment income ("NII") of $44.5 million, or $0.53 per basic share. NII grew 37.4% year-over-year.
• Net increase in net assets resulting from operations of $29.8 million, or $0.36 per basic share.
• 15.8% Return on Average Equity "ROAE" (NII/Average Equity).
• 7.0% Return on Average Assets "ROAA" (NII/Average Assets).
• Net Asset Value ("NAV") of $1.2 billion, or $13.27 per share at the end of Q1.
• Total gross investment commitments of $395.2 million.
• Total gross investments funded of $306.3 million, which was comprised of $175.8 million to 10 new portfolio companies, $129.5 million to 20 existing portfolio companies and $1.0 million to multi-sector holdings.
• Total investment exits and repayments of $238.3 million, which was comprised of $108.8 million from early debt repayments and refinancings, $69.2 million from scheduled/amortizing debt payments, $51.4 million from investments sold to multi-sector holdings and $8.9 million from warrant and equity sales.
• The Company announced $0.17 monthly distributions for each of April, May and June 2026, totaling $0.51 for the second quarter and marking the 26th consecutive quarter of a consistent regular dividend.

"Trinity Capital delivered a strong first quarter, increasing earnings per share while maintaining consistent credit quality and continued diversification across our portfolio," said Kyle Brown, CEO of Trinity Capital. "The strategic expansion of our managed funds platform is growing our ability to serve investors at scale while creating new sources of recurring income. We remain focused and confident in the durability of our earnings and our ability to consistently provide long-term benefits for our shareholders."

First Quarter 2026 Operating Results

For the three months ended March 31, 2026, total investment income was $90.1 million, compared to $65.4 million for the three months ended March 31, 2025. The effective yield on the average debt investments at cost was 15.8% for the first quarter of 2026, compared to 15.3% for the first quarter of 2025. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events, and may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the first quarter of 2026 were $21.5 million, compared to $15.3 million during the first quarter of 2025. The increase was primarily attributable to higher compensation, an increase in estimated excise tax, and higher G&A expenses offset by higher expenses allocated to the Company's registered investment adviser subsidiary.

Interest expense for the first quarter of 2026 was $24.1 million, compared to $17.7 million during the first quarter of 2025. The increase was primarily attributable to the increase in weighted average debt outstanding.

Net investment income was approximately $44.5 million, or $0.53 per share based on 83.6 million basic weighted average shares outstanding for the first quarter of 2026, compared to $32.4 million or $0.52 per share for the first quarter of 2025 based on 62.6 million basic weighted average shares outstanding.

During the three months ended March 31, 2026, the Company's net unrealized depreciation totaled approximately $4.7 million, which included net unrealized depreciation of $5.3 million from its debt investments, depreciation of $6.1 million from its warrant investments, and appreciation of $5.4 million from its equity investments. This was partially offset by $1.3 million net unrealized appreciation attributable to foreign currency forward contracts.

Net realized loss on investments was approximately $9.9 million, primarily due to the conversion of two debt positions, partially offset by the repayment of one equity position.

Net increase in net assets resulting from operations was $29.8 million, or $0.36 per share, based on 83.6 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $27.1 million, or $0.43 per share, based on 62.6 million basic weighted average shares outstanding for the first quarter of 2025.

Net Asset Value

Total net assets at the end of the first quarter of 2026 increased by 6.6% to $1.2 billion, compared to $1.1 billion at the end of the fourth quarter of 2025. The increase in total net assets was primarily due to accretive ATM issuances and net investment income exceeding the dividend declared, partially offset by net portfolio performance. NAV per share decreased to $13.27 per share in the first quarter from $13.42 per share as of December 31, 2025.

Portfolio and Investment Activity

As of March 31, 2026, the Company's investment portfolio had an aggregate fair value of approximately $2.5 billion and was comprised of approximately $1.9 billion in secured loans, $329.3 million in equipment financings, and $254.1 million in equity and warrants, across 180 portfolio companies. The Company's debt portfolio is comprised of 87.5% first-lien loans and 12.5% second-lien loans, with 82.5% of the debt portfolio at floating rates based on principal outstanding.

During the first quarter, the Company originated approximately $395.2 million of total new commitments. First quarter gross investments funded totaled approximately $306.3 million, which was comprised of $175.8 million of investments in 10 new portfolio companies, $129.5 million of investments in 20 existing portfolio companies and $1.0 million to multi-sector holdings. Gross investment fundings during the quarter for secured loans totaled $235.9 million, equipment financings totaled $53.9 million and warrant and equity investments totaled $16.5 million.

Proceeds received from exits and repayments of the Company's investments during the first quarter totaled approximately $238.3 million, which included $108.8 million from early debt repayments and refinancings, $69.2 million from scheduled/amortizing debt payments, $51.4 million from investments sold to multi-sector holdings and $8.9 million from warrant and equity sales. The investment portfolio increased by $71.5 million on a cost basis, an increase of 3.0%, and $65.5 million on a fair value basis, an increase of 2.7%, each as compared to December 31, 2025.

As of the end of the first quarter, loans to four portfolio companies and equipment financing to one portfolio company were on non-accrual status with a total fair value of approximately $24.4 million, or 1.1% of the Company's debt investment portfolio at fair value.

The following table shows the distribution of the Company's loan and equipment financing investments on the 1 to 5 investment risk rating scale at fair value as of March 31, 2026 and December 31, 2025 (dollars in thousands):

				March 31, 2026								December 31, 2025
Investment Risk Rating				Investments at				Percentage of				Investments at				Percentage of
Scale Range		Designation		Fair Value				Total Portfolio				Fair Value				Total Portfolio
4.0 - 5.0		Very Strong Performance		$	96,282				4.3	%		$	101,432				4.5	%
3.0 - 3.9		Strong Performance			917,118				41.1	%			740,303				33.7	%
2.0 - 2.9		Performing			1,147,127				51.5	%			1,264,773				57.5	%
1.6 - 1.9		Watch			31,708				1.4	%			65,343				3.0	%
1.0 - 1.5		Default/Workout			24,393				1.1	%			15,228				0.7	%
Total Debt Investments excluding Senior Credit Corp 2022 LLC					2,216,628				99.4	%			2,187,079				99.4	%
.		Senior Credit Corp 2022 LLC (1)			12,885				0.6	%			12,885				0.6	%
Total Debt Investments				$	2,229,513				100.0	%		$	2,199,964				100.0	%

(1)   An investment risk rating is not applied to Senior Credit Corp 2022 LLC.

 

As of March 31, 2026, the Company's loan and equipment financing investments had a weighted average risk rating score of 3.0, a slight increase compared to the rating score of 2.9 as of December 31, 2025. The Company's grading scale is comprised of numerous factors, two key factors being liquidity and performance to plan. A company may be downgraded as it approaches the need for additional capital or if it is underperforming relative to its business plans. Conversely, it may be upgraded upon a capitalization event or if it is exceeding its plan. As such, the overall grading may fluctuate quarter-to-quarter.

Liquidity and Capital Resources

As of March 31, 2026, the Company had approximately $282.1 million in available liquidity, including $19.6 million in unrestricted cash and cash equivalents. At the end of the period, the Company had approximately $262.5 million in available borrowing capacity under its KeyBank credit facility, subject to existing terms and advance rates and regulatory and covenant requirements. This excludes capital raised by Senior Credit Corp 2022 LLC and funds managed by the Company's wholly owned registered investment adviser subsidiary.

As of March 31, 2026, the Company's net leverage, or net debt-to-equity ratio, was approximately 115%, compared to 118% as of December 31, 2025.

During the three months ended March 31, 2026, the Company utilized its equity ATM offering program to sell 5,277,274 accretive shares of its common stock at a weighted average price of $15.01 per share, raising $78.4 million of net proceeds.

Distributions

On March 18, 2026, the Company's Board of Directors declared regular monthly dividends of $0.17 per share for each of April, May and June 2026, totaling $0.51 for the second quarter. The Board of Directors generally determines and announces the Company's dividend distributions on a quarterly basis, with distributions paid monthly.

Recent Developments

For the period from April 1, 2026 to May 4, 2026, the Company issued and sold 1,985,521 shares of its common stock at a weighted-average price of $15.14 per share and raised $29.8 million of net proceeds under its equity ATM offering program.

Conference Call

Trinity Capital will hold a conference call to discuss its first quarter 2026 financial results at 12:00 p.m. Eastern Time on Wednesday, May 6, 2026.

To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ126 if asked, approximately 10 minutes prior to the start of the call. The conference call and presentation will also be available on the investor relations section of the Company's website at ir.trinitycapital.com.

A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until May 13, 2026. To access the replay, please dial (800) 757-4761 or (402) 220-7215. You may also access the webcast replay of the call and the presentation on the investor relations section of the Company's website at ir.trinitycapital.com.

About Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies. With five distinct business verticals — Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences — Trinity Capital stands as a long-term trusted partner for innovative companies seeking tailored debt solutions. Headquartered in Phoenix, Arizona, Trinity Capital's dedicated team is strategically located across the United States and in London (UK). For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission ("SEC"). The Company undertakes no duty to update any forward-looking statement made herein, except as required by law. All forward-looking statements speak only as of the date of this press release. More information on risks and other potential factors that could affect the Company's financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or on the webcast/conference call, is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed annual report on Form 10-K and subsequent SEC filings.

TRINITY CAPITAL INC. Consolidated Statements of Assets and Liabilities (In thousands, except share and per share data)
		March 31,				December 31,
		2026				2025
ASSETS
Investments at fair value:
Control investments (cost of $91,431 and $107,747, respectively)		$	102,495			$	123,760
Affiliate investments (cost of $96,967 and $63,422, respectively)			69,093				50,495
Non-Control / Non-Affiliate investments (cost of $2,279,982 and $2,225,715, respectively)			2,311,966				2,243,820
Total investments (cost of $2,468,380 and $2,396,883, respectively)			2,483,554				2,418,075
Cash and cash equivalents			19,631				19,110
Interest receivable			18,074				19,031
Deferred credit facility costs			5,463				5,872
Other assets			29,110				22,431
Total assets		$	2,555,832			$	2,484,519
LIABILITIES
Credit Facility		$	427,500			$	373,900
Secured Notes, net of $1,333 and $1,467, respectively, of unamortized deferred financing costs			198,667				198,533
Unsecured Notes, net of $9,273 and $10,118, respectively, of unamortized deferred financing costs and premium/discount			722,608				721,763
Distribution payable			—				41,574
Security deposits			2,234				3,008
Accounts payable, accrued expenses and other liabilities			38,568				51,742
Total liabilities			1,389,577				1,390,520
NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 87,903,645 and 81,518,294 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)			88				82
Paid-in capital in excess of par			1,185,441				1,100,343
Distributable earnings/(accumulated deficit)			(19,274)				(6,426)
Total net assets			1,166,255				1,093,999
Total liabilities and net assets		$	2,555,832			$	2,484,519
NET ASSET VALUE PER SHARE		$	13.27			$	13.42

 

TRINITY CAPITAL INC. Consolidated Statements of Operations (In thousands, except share and per share data)
	Three Months Ended					Three Months Ended
	March 31, 2026					March 31, 2025
INVESTMENT INCOME:
Interest and dividend income:
Control investments	$		5,602			$		2,328
Affiliate investments			2,119					1,272
Non-Control / Non-Affiliate investments			75,598					59,073
Total interest and dividend income			83,319					62,673
Fee and other income:
Affiliate investments			613					693
Non-Control / Non-Affiliate investments			6,197					2,019
Total fee and other income			6,810					2,712
Total investment income			90,129					65,385
EXPENSES:
Interest expense and other debt financing costs			24,104					17,656
Compensation and benefits			17,270					10,645
Professional fees			1,219					2,027
General and administrative			3,146					2,466
Total gross expenses			45,739					32,794
Allocated expenses to Trinity Capital Adviser, LLC			(1,133)					(408)
Total net expenses			44,606					32,386
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES			45,523					32,999
Excise tax expense			1,035					616
NET INVESTMENT INCOME			44,488					32,383
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Affiliate investments			(3,071)					—
Non-Control / Non-Affiliate investments			(6,859)					(2,154)
Net realized gain/(loss) from investments			(9,930)					(2,154)
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments			(4,949)					2
Affiliate investments			(8,904)					430
Non-Control / Non-Affiliate investments			9,127					(3,574)
Net change in unrealized appreciation/(depreciation) from investments			(4,726)					(3,142)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$		29,832			$		27,087
NET INVESTMENT INCOME PER SHARE - BASIC	$		0.53			$		0.52
NET INVESTMENT INCOME PER SHARE - DILUTED	$		0.53			$		0.52
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC	$		0.36			$		0.43
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED	$		0.36			$		0.43
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC			83,643,311					62,555,531
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED			83,643,311					62,555,531

 

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SOURCE Trinity Capital Inc.

FAQ

What were Trinity Capital (TRIN) Q1 2026 earnings metrics and ROAE?

TRIN reported net investment income $44.5M, or $0.53 per share, and ROAE 15.8%. According to the company, results reflect higher investment income, increased funded investments, and growth in recurring revenue streams from managed funds.

How much did Trinity Capital (TRIN) fund in new investments in Q1 2026?

Trinity funded approximately $306.3M of gross investments in Q1 2026. According to the company, that included $175.8M to 10 new portfolio companies and $129.5M to 20 existing portfolio companies.

What is Trinity Capital's (TRIN) NAV and leverage as of March 31, 2026?

NAV was approximately $1.2B, or $13.27 per share, with net leverage about 115%. According to the company, NAV rose 6.6% quarter-over-quarter driven by accretive ATM issuances and net investment income.

What dividends did Trinity Capital (TRIN) declare for Q2 2026?

The Board declared monthly dividends of $0.17 per share for April, May and June 2026, totaling $0.51 for Q2. According to the company, distributions are part of its regular monthly dividend policy.

How much liquidity and available borrowing capacity does Trinity Capital (TRIN) have?

As of March 31, 2026, TRIN had roughly $282.1M available liquidity, including $19.6M cash, and about $262.5M of available borrowing capacity under its KeyBank facility. According to the company, amounts are subject to facility terms and covenants.