Trinity Capital Reports Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

Trinity Capital (Nasdaq: TRIN) reported record 2025 results with total investment income of $293.7M (+23.5% YoY) and record annual net investment income of $144.1M (or $2.08 per share).

NAV rose 32.9% YoY to $13.42 per share, platform AUM grew 38.2% to $2.8B, and total gross investments funded were $1.5B (+21.3% YoY). The company announced a transition to monthly dividends beginning January 2026.

Positive

• Total investment income +23.5% year-over-year to $293.7M
• Net investment income record of $144.1M, or $2.08 per share
• Platform AUM +38.2% year-over-year to $2.8B
• NAV per share +32.9% year-over-year to $13.42
• Gross investments funded $1.5B, +21.3% year-over-year

Negative

• Net realized loss on investments of $33.9M in Q4 2025
• Interest expense increased to $23.9M in Q4 from $19.1M (increase >10%)
• Operating expenses (ex-interest) rose to $19.4M from $17.2M (increase >10%)

News Market Reaction – TRIN

+2.53%

+2.53% Session close to close

In the Feb 25 session, TRIN gained 2.53%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details a milestone year, with 2025 total investment income of $293.7 million, ann...

Analysis

This announcement details a milestone year, with 2025 total investment income of $293.7 million, annual net investment income of $144.1 million, and NAV per share of $13.42. The portfolio grew to about $2.4 billion in fair value and non‑accrual exposure remained low at 0.7% of the debt portfolio by fair value. Investors may monitor ongoing dividend sustainability at $0.51 per quarter equivalent, leverage around 119%, and future originations versus credit quality trends.

Key Figures

Q4 2025 ROE: 15.3% Q4 2025 NII: $39.9 million ($0.52/share) 2025 NII: $144.1 million ($2.08/share) +5 more

8 metrics

Q4 2025 ROE 15.3% Return on Average Equity in Q4 2025

Q4 2025 NII $39.9 million ($0.52/share) Record quarterly net investment income

2025 NII $144.1 million ($2.08/share) Record annual net investment income

2025 Total Investment Income $293.7 million (+23.5% YoY) Full year 2025 total investment income growth

Q4 2025 Total Investment Income $83.2 million (+17.5% YoY) Fourth quarter 2025 total investment income

NAV per share $13.42 Net Asset Value per share at Dec 31, 2025; NAV up 32.9% YoY

Platform AUM $2.8 billion (+38.2% YoY) Total platform assets under management in 2025

Undistributed spillover $68.7 million ($0.84/share) Undistributed earnings spillover as of Dec 31, 2025

Previous Earnings Reports

5 past events · Latest: Feb 03 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 03	Prelim 2025 results	Neutral	+0.5%	Provided Q4 and full‑year 2025 NII and NAV estimate ranges.
Nov 05	Q3 2025 earnings	Positive	-5.0%	Reported record funding, strong YoY income growth and higher NAV.
Aug 06	Q2 2025 earnings	Positive	+1.4%	Delivered strong YoY growth in income and record NAV with low non‑accruals.
Jul 08	Q2 call details	Neutral	-0.1%	Announced timing and access details for upcoming Q2 2025 earnings call.
May 07	Q1 2025 earnings	Positive	-1.9%	Reported strong income growth, solid portfolio quality and continued dividend.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings and related updates have generally been positive operationally, but share price reactions have been mixed, with several strong quarters followed by flat or negative next‑day moves.

Recent Company History

Across 2025, Trinity reported steadily rising total investment income, net investment income per share around $0.52–$0.53, and consistent $0.51 dividends. NAV per share moved from $13.05 in Q1 to $13.31 in Q3, while non‑accrual levels remained low. The February 2026 preliminary Q4 update guided NII to $0.51–$0.53 and NAV to $13.36–$13.44. Today’s full‑year release largely formalizes those trends with record 2025 income and continued portfolio growth.

Key Terms

return on average equity, return on average assets, net asset value, non-accrual status, +4 more

8 terms

return on average equity financial

"Return on Average Equity hits 15.3% in Q4"

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

"6.7% 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 $1.1 billion, or $13.42 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.

View in glossary

non-accrual status financial

"loans to three portfolio companies ... were on 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.

atm offering program financial

"utilized its equity ATM offering program to sell 6,428,816 accretive shares"

An ATM offering program (short for “at-the-market” offering) lets a company sell newly issued shares directly into the public market at prevailing prices over time, rather than all at once. It matters to investors because it provides a flexible way for the company to raise cash when conditions are favorable, but it can increase the number of shares available and dilute existing ownership, which may affect the stock’s price and earnings per share. An everyday analogy is a baker adding extra loaves to a shop shelf throughout the day at whatever the current price is.

warrant investments financial

"appreciation of $6.8 million from its warrant investments"

A warrant investment is a financial instrument that gives the holder the right to buy a company's shares at a set price before a specific expiry date, similar to a coupon that lets you purchase a product at a fixed price later. It matters to investors because warrants offer leveraged upside if the stock rises (you can control more shares for less money) but can expire worthless and, if exercised, may dilute existing shareholders by increasing the total number of shares.

leverage financial

"As of December 31, 2025, the Company's leverage, or debt-to-equity ratio"

Leverage is the use of borrowed money or other financial tools to try to amplify the returns from an investment, like using a crowbar to move a heavier rock than you could with your hands. It can boost gains when things go well but also magnifies losses and the chances of running into trouble if income or asset values fall, so investors watch leverage to judge both growth potential and financial risk.

View in glossary

debt-to-equity ratio financial

"the Company's leverage, or debt-to-equity ratio, was approximately 119%"

Debt-to-equity ratio shows how much a company relies on borrowed money compared with the owners’ funds; think of it as the amount of debt owed for every dollar of owner’s savings. Investors use it to judge financial risk and flexibility — a higher number means more borrowing and potentially greater interest burden or vulnerability in downturns, while a lower number suggests a more conservative, less risky balance sheet.

View in glossary

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Return on Average Equity hits 15.3% in Q4

Record Quarterly Net Investment Income of $39.9 million, or $0.52 per share

Record Annual Net Investment Income of $144.1 million, or $2.08 per share

2025 Total Investment Income grows 23.5% year-over-year

PHOENIX, Feb. 25, 2026 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("the Company"), a leading alternative asset manager, today announced its financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Highlights

• Total investment income of $83.2 million, an increase of 17.5% year-over-year.
• Net investment income ("NII") of $39.9 million, or $0.52 per basic share. NII grew 15.4% year-over-year.
• Net increase in net assets resulting from operations of $39.5 million, or $0.51 per basic share.
• 15.3% Return on Average Equity "ROAE" (NII/Average Equity).
• 6.7% Return on Average Assets "ROAA" (NII/Average Assets).
• Net Asset Value ("NAV") of $1.1 billion, or $13.42 per share at the end of Q4 and NAV increased 32.9% year-over-year.
• Total gross investment commitments of $543.1 million.
• Total gross investments funded of $434.8 million, which was comprised of $170.7 million to 5 new portfolio companies, $264.0 million to 25 existing portfolio companies and $0.1 million to multi-sector holdings.
• Total investment exits and repayments of $218.8 million, which was comprised of $47.2 million from investments sold to multi-sector holdings, $64.4 million from scheduled/amortizing debt payments, $96.3 million from early debt repayments and refinancings and $10.9 million from warrant and equity sales.
• Sixth year of a consistent or increased regular dividend, with a fourth quarter distribution of $0.51 per share. Also, the Company announced a transition to monthly distributions, which started in January 2026 and total $0.51 in the first quarter.

Full Year 2025 Highlights

• Total investment income of $293.7 million, an increase of 23.5% year-over-year.
• Net investment income of $144.1 million, or $2.08 per share.
• Total gross investments funded of $1.5 billion, an increase of 21.3% year-over-year.
• Net investment portfolio growth at cost of $636.7 million, an increase of 36.2% year-over-year.
• Total platform assets under management of $2.8 billion, an increase of 38.2% year-over-year.
• Undistributed earnings spillover of $68.7 million, or $0.84 per share outstanding, based on total shares outstanding as of December 31, 2025.

"Trinity Capital had a milestone year in 2025, including record originations, earnings growth, and continued diversification across our five lending verticals," CEO Kyle Brown said. "These results directly reflect the consistency of our disciplined underwriting approach and the scalability of our platform as a whole."

Added Brown: "Our internally managed structure remains a key differentiator. By aligning management and shareholder interests within a single platform, and pairing our publicly traded BDC with a growing managed funds business, we're building a robust and flexible capitalization model designed to support long-term growth and deliver stable, consistent returns for shareholders. With more than six years of consistent dividends and continued momentum across our portfolio, we remain focused on disciplined execution and delivering long-term value for our investors, partners, and shareholders."

Fourth Quarter 2025 Operating Results

For the three months ended December 31, 2025, total investment income was $83.2 million, compared to $70.8 million for the three months ended December 31, 2024. The effective yield on the average debt investments at cost was 15.2% for the fourth quarter of 2025, compared to 16.4% for the fourth quarter of 2024. 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 fourth quarter of 2025 were $19.4 million, compared to $17.2 million during the fourth quarter of 2024. The increase was primarily attributable to higher compensation associated with additional headcount, an increase in professional fees, and higher G&A expenses offset by expenses allocated to the Company's registered investment adviser subsidiary.

Interest expense for the fourth quarter of 2025 was $23.9 million, compared to $19.1 million during the fourth quarter of 2024. The increase was primarily attributable to the increase in weighted average debt outstanding.

Net investment income was approximately $39.9 million, or $0.52 per share based on 77.0 million basic weighted average shares outstanding for the fourth quarter of 2025, compared to $34.6 million or $0.58 per share for the fourth quarter of 2024 based on 59.4 million basic weighted average shares outstanding.

During the three months ended December 31, 2025, the Company's net unrealized appreciation totaled approximately $33.4 million, which included net unrealized appreciation of $26.1 million from its debt investments, appreciation of $6.8 million from its warrant investments, and appreciation of $0.7 million from its equity investments. This was partially offset by $0.2 million net unrealized depreciation attributable to foreign currency forward contracts.

Net realized loss on investments was approximately $33.9 million, primarily due to the conversion of two debt positions.

Net increase in net assets resulting from operations was $39.5 million, or $0.51 per share, based on 77.0 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $45.9 million, or $0.77 per share, based on 59.4 million basic weighted average shares outstanding for the fourth quarter of 2024.

Net Asset Value

Total net assets at the end of the fourth quarter of 2025 increased by 9.6% to $1.1 billion, compared to $998.3 million at the end of the third quarter of 2025. The increase in total net assets was primarily due to accretive ATM issuances and net investment income exceeding the dividend declared. NAV per share increased to $13.42 per share in the fourth quarter from $13.31 per share as of September 30, 2025.

Portfolio and Investment Activity

As of December 31, 2025, the Company's investment portfolio had an aggregate fair value of approximately $2.4 billion and was comprised of approximately $1.9 billion in secured loans, $336.8 million in equipment financings, and $218.1 million in equity and warrants, across 176 portfolio companies. The Company's debt portfolio is comprised of 85.4% first-lien loans and 14.6% second-lien loans, with 82.9% of the debt portfolio at floating rates based on principal outstanding.

During the fourth quarter, the Company originated approximately $543.1 million of total new commitments. Fourth quarter gross investments funded totaled approximately $434.8 million, which was comprised of $170.7 million of investments in 5 new portfolio companies, $264.0 million of investments in 25 existing portfolio companies and $0.1 million to multi-sector holdings. Gross investment fundings during the quarter for secured loans totaled $302.3 million, equipment financings totaled $106.5 million and warrant and equity investments totaled $26.0 million.

Proceeds received from exits and repayments of the Company's investments during the fourth quarter totaled approximately $218.8 million, which included $47.2 million from investments sold to multi-sector holdings, $64.4 million from scheduled/amortizing debt payments, $96.3 million from early debt repayments and refinancings and $10.9 million from warrant and equity sales. The investment portfolio increased by $192.1 million on a cost basis, an increase of 8.7%, and $225.7 million on a fair value basis, an increase of 10.3% as compared to September 30, 2025.

As of the end of the fourth quarter, loans to three portfolio companies and equipment financings to one portfolio company were on non-accrual status with a total fair value of approximately $15.2 million, or 0.7% 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 December 31, 2025 and September 30, 2025 (dollars in thousands):

				December 31, 2025								September 30, 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		$	101,432				4.5	%		$	102,624				5.3	%
3.0 - 3.9		Strong Performance			740,303				33.7	%			668,545				33.5	%
2.0 - 2.9		Performing			1,264,773				57.5	%			1,148,937				57.5	%
1.6 - 1.9		Watch			65,343				3.0	%			42,811				2.1	%
1.0 - 1.5		Default/Workout			15,228				0.7	%			20,739				1.0	%
Total Debt Investments excluding Senior Credit Corp 2022 LLC					2,187,079				99.4	%			1,983,656				99.4	%
.		Senior Credit Corp 2022 LLC (1)			12,885				0.6	%			12,885				0.6	%
Total Debt Investments				$	2,199,964				100.0	%		$	1,996,541				100.0	%

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

As of December 31, 2025, the Company's loan and equipment financing investments had a weighted average risk rating score of 2.9, consistent with the score as of September 30, 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 December 31, 2025, the Company had approximately $335.2 million in available liquidity, including $19.1 million in unrestricted cash and cash equivalents. At the end of the period, the Company had approximately $316.1 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 December 31, 2025, the Company's leverage, or debt-to-equity ratio, was approximately 119%, consistent with the ratio as of September 30, 2025.

During the three months ended December 31, 2025, the Company utilized its equity ATM offering program to sell 6,428,816 accretive shares of its common stock at a weighted average price of $14.96 per share, raising $95.2 million of net proceeds.

During the three months ended December 31, 2025, the Company utilized its debt ATM offering program and during the period issued and sold $25.4 million in aggregate principal amount of its March 2029 Notes (the "ATM March 2029 Notes") and $2.6 million in aggregate principal amount of its September 2029 Notes (the "ATM September 2029 Notes") and raised $25.3 million and $2.6 million, respectively, of net proceeds.

Distributions

On December 17, 2025, the Company's Board of Directors declared a regular dividend totaling $0.51 per share with respect to the quarter ended December 31, 2025, which was paid on January 15, 2026, to stockholders of record as of December 31, 2025. Within this same declaration, the Board of Directors announced a transition from quarterly to monthly dividends, beginning in January 2026. Regular monthly dividends of $0.17 per share were approved for each of January, February, and March 2026. The January 2026 dividend was paid on January 30, 2026, to stockholders of record as of January 15, 2026.

Recent Developments

For the period from January 1, 2026 to February 23, 2026, the Company issued and sold 1,361,786 shares of its common stock at a weighted-average price of $15.81 per share and raised $21.3 million of net proceeds under its equity ATM offering program.

Conference Call

Trinity Capital will hold a conference call to discuss its fourth quarter and full year 2025 financial results at 12:00 p.m. Eastern Time on Wednesday, February 25, 2026.

To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ425 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 March 4, 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 Europe. For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn and X (@trincapital).

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)
		December 31,				December 31,
		2025				2024
ASSETS
Investments at fair value:
Control investments (cost of $107,747 and $82,391, respectively)		$	123,760			$	89,249
Affiliate investments (cost of $63,422 and $34,309, respectively)			50,495				34,727
Non-Control / Non-Affiliate investments (cost of $2,225,715 and $1,643,526, respectively)			2,243,820				1,601,594
Total investments (cost of $2,396,883 and $1,760,226, respectively)			2,418,075				1,725,570
Cash and cash equivalents			19,110				9,627
Interest receivable			19,031				16,542
Deferred credit facility costs			5,872				6,586
Other assets			22,431				15,916
Total assets		$	2,484,519			$	1,774,241
LIABILITIES
Credit Facility		$	373,900			$	113,000
Secured Notes, net of $1,467 and $0, respectively, of unamortized deferred financing costs			198,533
Unsecured Notes, net of $10,118 and $10,327, respectively, of unamortized deferred financing costs and premium/discount			721,763				764,673
Distribution payable			41,574				31,451
Security deposits			3,008				8,472
Accounts payable, accrued expenses and other liabilities			51,742				33,663
Total liabilities			1,390,520				951,259
NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 81,518,294 and 61,669,059 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)			82				62
Paid-in capital in excess of par			1,100,343				829,626
Distributable earnings/(accumulated deficit)			(6,426)				(6,706)
Total net assets			1,093,999				822,982
Total liabilities and net assets		$	2,484,519			$	1,774,241
NET ASSET VALUE PER SHARE		$	13.42			$	13.35

 

TRINITY CAPITAL INC. Consolidated Statements of Operations (In thousands, except share and per share data)
	Three Months Ended					Three Months Ended					Twelve Months Ended					Twelve Months Ended
	December 31, 2025					December 31, 2024					December 31, 2025					December 31, 2024
INVESTMENT INCOME:
Interest and dividend income:
Control investments	$		2,605			$		2,734			$		10,172			$		8,764
Affiliate investments			1,126					1,099					5,242					2,903
Non-Control / Non-Affiliate investments			73,823					62,477					264,101					215,062
Total interest and dividend income			77,554					66,310					279,515					226,729
Fee and other income:
Affiliate investments			731					687					2,751					3,196
Non-Control / Non-Affiliate investments			4,950					3,835					11,386					7,766
Total fee and other income			5,681					4,522					14,137					10,962
Total investment income			83,235					70,832					293,652					237,691
EXPENSES:
Interest expense and other debt financing costs			23,884					19,052					80,565					61,948
Compensation and benefits			14,880					12,180					51,402					43,517
Professional fees			1,815					1,964					7,565					5,318
General and administrative			3,075					2,618					10,378					8,858
Total gross expenses			43,654					35,814					149,910					119,641
Allocated expenses to Trinity Capital Adviser, LLC			(1,059)					(347)					(2,930)					(473)
Total net expenses			42,595					35,467					146,980					119,168
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES			40,640					35,365					146,672					118,523
Excise tax expense			714					781					2,595					2,678
NET INVESTMENT INCOME			39,926					34,584					144,077					115,845
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Control investments			—					(310)					—					(4,226)
Affiliate investments			75					—					(18,964)					—
Non-Control / Non-Affiliate investments			(33,961)					9,597					(45,364)					(5,504)
Net realized gain/(loss) from investments			(33,886)					9,287					(64,328)					(9,730)
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments			(2,949)					8,540					4,554					18,997
Affiliate investments			(1,385)					(304)					(3,538)					89
Non-Control / Non-Affiliate investments			37,755					(6,248)					54,839					(9,605)
Net change in unrealized appreciation/(depreciation) from investments			33,421					1,988					55,855					9,481
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$		39,461			$		45,859			$		135,604			$		115,596
NET INVESTMENT INCOME PER SHARE - BASIC	$		0.52			$		0.58			$		2.08			$		2.20
NET INVESTMENT INCOME PER SHARE - DILUTED	$		0.52			$		0.56			$		2.08			$		2.11
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC	$		0.51			$		0.77			$		1.96			$		2.19
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED	$		0.51			$		0.74			$		1.96			$		2.10
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC			77,026,130					59,407,888					69,286,014					52,705,732
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED			77,026,130					63,431,004					69,286,014					56,728,848

 

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SOURCE Trinity Capital Inc.

FAQ

What were Trinity Capital's full year 2025 results for total investment income (TRIN)?

Total investment income for 2025 was $293.7 million, a 23.5% increase year-over-year. According to the company, growth was driven by higher originations and portfolio yield improvements across its lending verticals.

How much net investment income did TRIN report for full year 2025 and per share?

Trinity reported net investment income of $144.1 million, or $2.08 per share, for 2025. According to the company, this represents a record annual NII reflecting increased funded investments and fee income.

What change did Trinity Capital announce to its dividend policy starting January 2026 (TRIN)?

The company transitioned from quarterly to monthly dividends beginning January 2026, paying $0.17 per month. According to the company, the change spreads the $0.51 quarterly payout into monthly distributions.

How did Trinity Capital's assets under management and NAV change in 2025 (TRIN)?

Platform AUM rose to $2.8 billion, up 38.2% year-over-year; NAV per share increased 32.9% to $13.42. According to the company, growth resulted from accretive ATM issuances and net investment income exceeding dividends.

What portfolio and risk trends did Trinity Capital report at year-end 2025 (TRIN)?

The portfolio fair value was about $2.4 billion, with 85.4% first-lien loans and 82.9% floating-rate debt. According to the company, non-accruals were modest at roughly $15.2 million, or 0.7% of the debt portfolio.