Trinity Capital Reports Third Quarter 2026 Financial Results

Investment income growth left quarterly income per basic share unchanged at $0.52 as the weighted average share count increased.

Rhea-AI Summary

Trinity Capital (NYSE: TRIN) reported third-quarter 2026 net investment income of $49.9 million, up 34.9% from a year earlier. Income per basic share remained $0.52, while total investment income rose 30.2% to $98.4 million. Net assets from operations increased $46.9 million, versus $27.6 million a year earlier.

Net asset value per share rose to $13.61 from $13.47 at June 30. Trinity funded $614.1 million of investments and originated $880.5 million of commitments. Three portfolio companies had loans on non-accrual status, valued at approximately $17.2 million. Available liquidity was approximately $225.0 million, and net leverage was approximately 117%. Quarterly share sales raised $57.8 million net; subsequent sales raised $23.5 million net. On October 5, Trinity issued $350.0 million of 7.500% unsecured notes due 2032, partly to repay credit-facility debt. Regular fourth-quarter dividends total $0.51 per share.

19 points · 1 major

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1 major · 9 points

How the balance works

Positive

• Major pointOctober 5 note issuance raised $350.0 million, with proceeds partly repaying KeyBank credit-agreement debt. 22% of market cap
• Moderate pointQ3 investment income increased 30.2% year over year to $98.4 million.
• Moderate pointQ3 net investment income rose 34.9% to $49.9 million; basic per-share income remained $0.52 year over year.
• Moderate pointQ3 net assets from operations reached $46.9 million, or $0.49 per basic share, versus $27.6 million, or $0.39.
• Moderate pointNew investment commitments totaled approximately $880.5 million during Q3. 55% of market cap
• Moderate pointQ3 investment funding totaled $614.1 million across new companies, existing companies and multi-sector holdings.
• Moderate pointInvestment exits and repayments generated approximately $494.8 million of gross proceeds during Q3.
• Moderate pointPortfolio fair value increased $125.4 million, or 4.6%, from June 30.
• Moderate pointAvailable liquidity was approximately $225.0 million, including $20.7 million in unrestricted cash and cash equivalents.
• Moderate pointQ3 equity sales raised $57.8 million in net proceeds through accretive issuances. 3.6% of market cap
• Moderate pointOctober 1–November 2 equity sales raised $23.5 million in net proceeds. 1.5% of market cap
• Moderate pointNine-month investment income increased to $275.686 million from $210.417 million in the comparable 2025 period.
• Moderate pointNine-month net investment income increased to $140.344 million from $104.151 million in the comparable 2025 period.

6 minor points

• Minor pointNAV per share increased to $13.61 at September 30 from $13.47 at June 30.
• Minor pointQ3 return on average equity was 15.5%; return on average assets was 7.0%.
• Minor pointEffective debt investment yield increased to 15.2% in Q3 2026 from 15.0% in Q3 2025.
• Minor pointQ3 net unrealized appreciation totaled approximately $4.5 million.
• Minor pointWeighted average investment risk rating improved to 3.1 at September 30 from 3.0 at June 30.
• Minor pointNet debt-to-equity ratio decreased to approximately 117% at September 30 from 118% at June 30.

Negative

• Major point$350.0 million unsecured notes issued October 5 carry a 7.500% rate and mature in 2032. 22% of market cap
• Moderate pointQ3 interest expense increased to $28.3 million from $21.0 million a year earlier.
• Moderate pointQ3 realized investment losses totaled approximately $7.5 million, primarily from loan and equipment-financing positions.
• Moderate point3,280,462 common shares sold during Q3 at a weighted average $17.82 per share increased outstanding shares.
• Moderate point1,423,221 common shares sold October 1–November 2 at a weighted-average $16.65 per share increased outstanding shares.

4 minor points

• Minor pointQ3 operating expenses and excise taxes, excluding interest rose to $20.2 million from $17.6 million year over year.
• Minor pointNon-accrual loans covered three companies, approximately $17.2 million at fair value, or 0.7% of debt investments.
• Minor pointWatch-rated investments rose to 1.6% of the debt portfolio from 1.5% at June 30.
• Minor point$204.3 million available borrowing capacity remains subject to facility terms, advance rates, regulatory requirements and covenants.

News Explained

As of September 30, 2026, Trinity Capital reported approximately $225.0 million in available liquidity, including $20.7 million in unrestricted cash and $204.3 million in KeyBank borrowing capacity, subject to facility terms, advance rates, regulatory requirements and covenants.

Key Figures

Total investment income: $98.4 million; up 30.2% year over year Net investment income: $49.9 million; $0.52 per basic share Return on average equity: 15.5% +5 more

Total investment income

$98.4 million; up 30.2% year over year

Third quarter 2026

Net investment income

$49.9 million; $0.52 per basic share

Third quarter 2026; NII increased 34.9% year over year

Return on average equity

15.5%

Third quarter 2026

NAV per share

$13.61

Third quarter 2026, up from $13.47 at June 30, 2026

Gross investments funded

$614.1 million

Third quarter 2026

Fourth-quarter distributions

$0.51 per share

$0.17 monthly for October, November and December 2026

Non-accrual investments

$17.2 million; 0.7% of debt investment portfolio fair value

Three portfolio-company loans at quarter end

ATM net proceeds

$57.8 million

Third quarter 2026; 3,280,462 common shares sold

Previous Earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

1. Aug 05

   Q2 2026 earnings

   24h Move

   -5.1%

   NII rose 32.1% year over year; NAV per share was $13.47.

2. Nov 05

   Q3 2025 earnings

   24h Move

   -5.0%

   NII rose 25.9% year over year, while NAV reached $13.31 per share.

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

Key Terms

net asset value, non-accrual status, first-lien loans, atm offering, +1 more

5 terms

net asset value financial

"Net Asset Value ("NAV") of $1.33 billion"

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.

first-lien loans financial

"89.2% first-lien loans and 10.8% second-lien loans"

A first-lien loan is a debt that gives the lender the first legal claim on a borrower’s specified assets if the borrower can’t pay, like having the first ticket in line to a repossessed car. That priority makes these loans relatively safer than unsecured or lower-priority debt, so investors view them as a more conservative way to earn interest while improving the odds of recovering principal in a default.

atm offering financial

"utilized its equity ATM offering program to sell"

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.

weighted average shares outstanding financial

"based on 95.1 million basic weighted average shares outstanding"

The weighted average shares outstanding is the average number of a company’s common shares that were available during a reporting period, adjusted so each change (like new shares issued or shares bought back) counts only for the portion of the period it was in effect. Investors use it to calculate per-share measures such as earnings per share, so it shows how ownership dilution or buybacks affect what each share is entitled to—like averaging how many people were at a potluck over time to determine each person’s share of the food.

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Return on Average Equity climbs to 15.5% in Q3

Quarterly Net Investment Income reaches a record $49.9 million, up 34.9% year-over-
year

Net Asset Value per share increases to $13.61

PHOENIX, Nov. 4, 2026 /PRNewswire/ -- Trinity Capital Inc. (NYSE: TRIN) ("the Company"), a leading international alternative asset manager, today announced its financial results for the third quarter ended September 30, 2026.

Third Quarter 2026 Highlights

• Total investment income of $98.4 million, an increase of 30.2% year-over-year.
• Net investment income ("NII") of $49.9 million, or $0.52 per basic share. NII grew 34.9% year-over-year.
• Net increase in net assets resulting from operations of $46.9 million, or $0.49 per basic share.
• 15.5% Return on Average Equity "ROAE" (NII/Average Equity).
• 7.0% Return on Average Assets "ROAA" (NII/Average Assets).
• Net Asset Value ("NAV") of $1.33 billion, or $13.61 per share at the end of Q3.
• Total gross investment commitments of $880.5 million.
• Total gross investments funded of $614.1 million, which was comprised of $431.9 million to 15 new portfolio companies, $117.7 million to 24 existing portfolio companies and $64.5 million to multi-sector holdings.
• Total gross investment exits and repayments of $494.8 million, which was comprised of $237.2 million from investments sold, $194.3 million from early debt repayments and refinancings, $57.3 million from scheduled/amortizing debt payments and $6.0 million from warrant and equity sales.
• The Company announced $0.17 monthly distributions for each of October, November and December 2026, totaling $0.51 for the fourth quarter and marking the 28th consecutive quarter of a consistent regular dividend.

"The third quarter was another step in building a platform designed to perform across market environments," said Kyle Brown, Trinity Capital CEO. "We funded $614 million, grew platform AUM to $3.4 billion, and continued to expand our managed funds offering, enhancing returns for TRIN beyond the income generated by our BDC portfolio. We like the foundation we've built, and we're excited about what's next for TRIN and our shareholders."

Third Quarter 2026 Operating Results

For the three months ended September 30, 2026, total investment income was $98.4 million, compared to $75.6 million for the three months ended September 30, 2025. The effective yield on the average debt investments at cost was 15.2% for the third quarter of 2026, compared to 15.0% for the third 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 third quarter of 2026 were $20.2 million, compared to $17.6 million during the third quarter of 2025. The increase was primarily attributable to higher compensation costs partially offset by higher allocated expenses to the Company's registered investment adviser subsidiary.

Interest expense for the third quarter of 2026 was $28.3 million, compared to $21.0 million during the third quarter of 2025. The increase was primarily attributable to the increase in weighted average debt outstanding.

Net investment income was approximately $49.9 million, or $0.52 per share based on 95.1 million basic weighted average shares outstanding for the third quarter of 2026, compared to $37.0 million or $0.52 per share for the third quarter of 2025 based on 71.5 million basic weighted average shares outstanding.

During the three months ended September 30, 2026, the Company's net unrealized appreciation totaled approximately $4.5 million, which included net unrealized appreciation of $4.8 million from its equity investments, net unrealized appreciation of $0.3 million from its debt investments, partially offset by net unrealized depreciation of $0.7 million from its warrant investments. Additionally, there was $0.1 million net unrealized appreciation attributable to foreign currency forward contracts.

Net realized loss on investments was approximately $7.5 million, primarily due to the realized losses of two loan positions and one equipment financing position, partially offset by the realized gain of one warrant position.

Net increase in net assets resulting from operations was $46.9 million, or $0.49 per share, based on 95.1 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $27.6 million, or $0.39 per share, based on 71.5 million basic weighted average shares outstanding for the third quarter of 2025.

Net Asset Value

Total net assets at the end of the third quarter of 2026 increased by 4.6% to $1.33 billion, compared to $1.27 billion at the end of the second quarter of 2026. The increase in total net assets was primarily due to accretive ATM issuances, partially offset by net portfolio performance. NAV per share increased to $13.61 per share in the third quarter from $13.47 per share as of June 30, 2026.

Portfolio and Investment Activity

As of September 30, 2026, the Company's investment portfolio had an aggregate fair value of approximately $2.9 billion and was comprised of approximately $2.0 billion in secured loans, $470.7 million in equipment financings, and $369.5 million in equity and warrants, across 198 portfolio companies. The Company's debt portfolio is comprised of 89.2% first-lien loans and 10.8% second-lien loans, with 78.4% of the debt portfolio at floating rates based on principal outstanding.

During the third quarter, the Company originated approximately $880.5 million of total new commitments. Third quarter gross investments funded totaled approximately $614.1 million, which was comprised of $431.9 million of investments in 15 new portfolio companies, $117.7 million of investments in 24 existing portfolio companies and $64.5 million to multi-sector holdings. Gross investment fundings during the quarter for secured loans totaled $377.9 million, equipment financings totaled $159.1 million and warrant and equity investments totaled $77.1 million.

Gross proceeds received from exits and repayments of the Company's investments during the third quarter totaled approximately $494.8 million, which included $237.2 million from investments sold, $194.3 million from early debt repayments and refinancings, $57.3 million from scheduled/amortizing debt payments and $6.0 million from warrant and equity sales. The investment portfolio increased by $121.1 million on a cost basis, an increase of 4.5%, and $125.4 million on a fair value basis, an increase of 4.6%, each as compared to June 30, 2026.

As of the end of the third quarter, loans to three portfolio companies were on non-accrual status with a total fair value of approximately $17.2 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 September 30, 2026 and June 30, 2026 (dollars in thousands):

				September 30, 2026								June 30, 2026
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		$	179,170				7.2	%		$	123,311				5.1	%
3.0 - 3.9		Strong Performance			1,141,495				45.9	%			1,165,201				47.8	%
2.0 - 2.9		Performing			1,097,414				44.1	%			1,080,131				44.3	%
1.6 - 1.9		Watch			39,986				1.6	%			37,069				1.5	%
1.0 - 1.5		Default/Workout			17,185				0.7	%			18,728				0.8	%
Total Debt Investments excluding Senior Credit Corp 2022 LLC					2,475,250				99.5	%			2,424,440				99.5	%
.		Senior Credit Corp 2022 LLC (1)			12,885				0.5	%			12,885				0.5	%
Total Debt Investments				$	2,488,135				100.0	%		$	2,437,325				100.0	%

_____________

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

As of September 30, 2026 and June 30, 2026, the Company's loan and equipment financing investments had a weighted average risk rating score of 3.1 and 3.0, respectively. 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 September 30, 2026, the Company had approximately $225.0 million in available liquidity, including $20.7 million in unrestricted cash and cash equivalents. At the end of the period, the Company had approximately $204.3 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 the Company's joint ventures and funds managed by the Company's wholly owned registered investment adviser subsidiary.

As of September 30, 2026, the Company's net leverage, or net debt-to-equity ratio, was approximately 117%, compared to 118% as of June 30, 2026.

During the three months ended September 30, 2026, the Company utilized its equity ATM offering program to sell 3,280,462 accretive shares of its common stock at a weighted average price of $17.82 per share, raising $57.8 million of net proceeds.

Distributions

On September 16, 2026, the Company's Board of Directors declared regular monthly dividends of $0.17 per share for each of October, November and December 2026, totaling $0.51 for the fourth 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 October 1, 2026 to November 2, 2026, the Company issued and sold 1,423,221 shares of its common stock at a weighted-average price of $16.65 per share and raised $23.5 million of net proceeds under its equity ATM offering program.

On October 5, 2026, the Company issued and sold $350.0 million in aggregate principal amount of its unsecured 7.500% Notes due 2032 (the "January 2032 Notes") under its shelf Registration Statement on Form N-2. The proceeds were used to pay down a portion of the existing indebtedness outstanding under its credit agreement with KeyBank, National Association and for general corporate purposes.

Conference Call

Trinity Capital will hold a conference call to discuss its third quarter 2026 financial results at 12:00 p.m. Eastern Time on Wednesday, November 4, 2026.

To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ326 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 November 11, 2026. To access the replay, please dial (800) 695-2122 or (402) 530-9027. 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. (NYSE: 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 Healthcare & 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 Europe. 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)
		September 30,				December 31,
		2026				2025
		(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost of $205,555 and $107,747, respectively)		$	211,050			$	123,760
Affiliate investments (cost of $79,425 and $63,422, respectively)			54,874				50,495
Non-Control / Non-Affiliate investments (cost of $2,554,312 and $2,225,715, respectively)			2,591,808				2,243,820
Total investments (cost of $2,839,292 and $2,396,883, respectively)			2,857,732				2,418,075
Cash and cash equivalents			20,664				19,110
Interest receivable			20,727				19,031
Deferred credit facility costs			4,643				5,872
Other assets			26,929				22,431
Total assets		$	2,930,695			$	2,484,519
LIABILITIES
Credit Facility		$	485,700			$	373,900
Secured Notes, net of $1,156 and $1,467, respectively, of unamortized deferred financing costs			173,744				198,533
Unsecured Notes, net of $13,312 and $10,118, respectively, of unamortized deferred financing costs and premium/discount			893,569				721,763
Distribution payable			—				41,574
Security deposits			2,171				3,008
Accounts payable, accrued expenses and other liabilities			49,761				51,742
Total liabilities			1,604,945				1,390,520
NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 97,380,301 and 81,518,294 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively)			97				82
Paid-in capital in excess of par			1,348,197				1,100,343
Distributable earnings/(accumulated deficit)			(22,544)				(6,426)
Total net assets			1,325,750				1,093,999
Total liabilities and net assets		$	2,930,695			$	2,484,519
NET ASSET VALUE PER SHARE		$	13.61			$	13.42

 

TRINITY CAPITAL INC.
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
	Three Months Ended					Three Months Ended					Nine Months Ended					Nine Months Ended
	September 30, 2026					September 30, 2025					September 30, 2026					September 30, 2025
INVESTMENT INCOME:
Interest and dividend income:
Control investments	$		2,826			$		2,809			$		12,477			$		7,567
Affiliate investments			1,639					1,866					5,534					4,116
Non-Control / Non-Affiliate investments			81,487					67,900					230,861					190,278
Total interest and dividend income			85,952					72,575					248,872					201,961
Fee and other income:
Control investments			687					—					1,320					—
Affiliate investments			998					731					2,259					2,020
Non-Control / Non-Affiliate investments			10,751					2,244					23,235					6,436
Total fee and other income			12,436					2,975					26,814					8,456
Total investment income			98,388					75,550					275,686					210,417
EXPENSES:
Interest expense and other debt financing costs			28,300					20,981					77,178					56,681
Compensation and benefits			17,062					13,388					46,761					36,522
Professional fees			1,442					1,936					3,906					5,750
General and administrative			2,964					2,590					9,099					7,303
Total gross expenses			49,768					38,895					136,944					106,256
Allocated expenses to Trinity Capital Adviser, LLC			(1,977)					(955)					(4,006)					(1,871)
Total net expenses			47,791					37,940					132,938					104,385
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES			50,597					37,610					142,748					106,032
Excise tax expense			730					644					2,404					1,881
NET INVESTMENT INCOME			49,867					36,966					140,344					104,151
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Affiliate investments			(4,777)					(19,039)					(7,848)					(19,039)
Non-Control / Non-Affiliate investments			(2,695)					(986)					(10,328)					(11,402)
Net realized gain/(loss) from investments			(7,472)					(20,025)					(18,176)					(30,441)
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments			(2,466)					(411)					(10,518)					7,503
Affiliate investments			7,221					308					(5,582)					(2,153)
Non-Control / Non-Affiliate investments			(226)					10,807					15,093					17,084
Net change in unrealized appreciation/(depreciation) from investments			4,529					10,704					(1,007)					22,434
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$		46,924			$		27,645			$		121,161			$		96,144
NET INVESTMENT INCOME PER SHARE - BASIC	$		0.52			$		0.52			$		1.56			$		1.56
NET INVESTMENT INCOME PER SHARE - DILUTED	$		0.52			$		0.52			$		1.56			$		1.56
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC	$		0.49			$		0.39			$		1.35			$		1.44
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED	$		0.49			$		0.39			$		1.35			$		1.44
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC			95,111,706					71,467,831					89,781,819					66,677,623
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED			95,111,706					71,467,831					89,781,819					66,677,623

 

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SOURCE Trinity Capital Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Trinity Capital's third-quarter 2026 earnings per share?

Trinity Capital earned $0.52 per basic share in net investment income, unchanged from the third quarter of 2025. Total net investment income increased 34.9% to $49.9 million, while basic weighted average shares outstanding increased to 95.1 million from 71.5 million.

What dividend did Trinity Capital declare for the fourth quarter of 2026?

Trinity Capital declared regular monthly dividends of $0.17 per share for each of October, November and December 2026, totaling $0.51 for the fourth quarter. This marks the 28th consecutive quarter of a consistent regular dividend.

How much of Trinity Capital's debt portfolio had floating rates at September 30, 2026?

78.4% of Trinity Capital's debt portfolio had floating rates, measured by principal outstanding. The debt portfolio consisted of 89.2% first-lien loans and 10.8% second-lien loans.