Trinity Capital Inc. (TRIN)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$313.1M

Revenue growth

22.8%

Net income, last twelve months

$141.3M

Earnings per share

$1.76

Net margin

45.1%

Return on equity

11.2%

Market value

$1.6B

Price to earnings

9.7x

Cash

$22.2M

Debt

$1.5B

Debt to equity

1.20

Shares outstanding

94.0M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• Net investment income hit a record. Net investment income was $46.0 million, or $0.51 per basic share, up 32.1% from a year earlier. Per-share figure was $0.53 a year earlier, on 65.9 million basic shares versus 90.5 million now.
• Total investment income rose 25.5%. Total investment income was $87.2 million, against $69.5 million a year earlier and $90.1 million in the first quarter.
• Net increase in net assets rose. Net increase in net assets from operations was $44.4 million, or $0.49 per share, versus $41.4 million, or $0.63 per share, a year earlier. Net realized loss was $0.8 million.
• Return on average equity was 15.2%. Return on average equity was 15.2% and return on average assets 6.9%, against 15.8% and 7.0% in the first quarter.
• New commitments rose to $709.0 million. New commitments were $709.0 million, against $395.2 million in the first quarter.
• Fundings split between new and existing. Of $618.7 million funded, $296.3 million went to 11 new portfolio companies and $301.0 million to 25 existing ones. Multi-sector holdings received $21.4 million.
• Secured loans led fundings by type. Secured loans took $471.9 million, equipment financings $108.6 million and warrant and equity $38.2 million. First-quarter fundings were $235.9 million, $53.9 million and $16.5 million.
• Exits and repayments rose from Q1. Exits and repayments were $378.3 million, against $238.3 million in the first quarter. Early debt repayments and refinancings made up $220.2 million of the total.
• Portfolio cost grew 10.1% in quarter. Portfolio cost rose $249.8 million and fair value rose $248.7 million, to about $2.7 billion across 190 portfolio companies at June 30.
• Non-accrual balance fell to $18.7 million. Four loans and one equipment financing were on non-accrual at June 30, against $24.4 million, or 1.1% of debt investments, at March 31.
• Weighted risk rating held at 3.0. The weighted average risk rating was 3.0 at both June 30 and March 31. Investments rated 3.0 to 3.9 rose to 47.8% of the portfolio from 41.1%.
• Ratings weigh liquidity and performance. Ratings draw on numerous factors, with liquidity and performance to plan the two key ones.
• Debt yield eased to 15.0%. Effective yield on average debt investments at cost was 15.0%, against 15.7% a year earlier and 15.8% in the first quarter. Yields include fees and early-repayment income.
• Operating costs ex-interest declined. Operating expenses and excise taxes, excluding interest, were $16.4 million, against $16.6 million a year earlier and $21.5 million in the first quarter. Lower professional fees and higher allocated expenses were the main drivers.

Company events

The newest 8-K filings of 108 held.

Every filing

The newest filings with the SEC of 280 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

187 funds held it at 30 Jun 2026: 85 added and 46 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Blue Owl Technology Finance Corp. (OTF): revenue $2.7M, market value $4.3B
• Hercules Capital, Inc. (HTGC): revenue $537.2M, market value $3.1B

What the company does

Trinity Capital Inc. is a specialty lending company that provides loans, equipment financings and asset-based lending to growth-oriented companies, including institutional investor-backed companies. It is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Its common stock trades on the Nasdaq Global Select Market under the symbol TRIN.

What it lends

Term loans and working capital loans typically have interest-only periods of up to 36 months and a total term of up to 60 months, with annual stated interest rates that have typically ranged from 8% to 16%. Equipment financings are structured to amortize over up to 60 months, with annual rates that have typically ranged from 7% to 16%. Individual loans and equipment financings generally range from $5 million to $50 million, and the company generally limits each to approximately five percent or less of its total assets.

Returns come from interest or financing payments and contractual fees, the final principal payment, and equity positions or contingent exit fees obtained at origination. Upfront fees have typically been up to 2% of invested principal, and final payments up to 15%. The company often takes warrants, which let it buy preferred or common shares of the borrower. Loans are typically secured by a blanket first position lien, a specific asset lien on mission-critical assets, or a blanket second position lien.

Who it lends to

The company targets private companies that have begun to sell their products and need capital to expand, and that have institutional investor support. It is not limited to any industry or geographic area. The ten largest portfolio companies together made up 26.4% of the fair value of investments in portfolio companies.

How it finds and approves deals

Deals come mainly from venture capital firms, private equity firms and technology banks, and to a lesser extent from brokers. The company says it has built relationships with the major technology banks over the last 15 years, and it uses standard intercreditor agreements with them. Each opportunity gets an initial rating based on six factors: investor syndicate, management team, product and industry, financial performance, debt structure, and collateral. An Investment Underwriting Report then goes to the Investment Committee, and a majority of its members must approve the deal.

Portfolio management is kept separate from origination. After funding, the portfolio management team reviews borrowers' financial statements and assigns each loan and equipment financing a risk rating on a scale of 1 to 5. The weighted average risk rating of the debt portfolio was 2.9.

How it competes

Competitors include finance companies, other business development companies, public and private funds, commercial banks, leasing companies, hedge funds and insurance companies. The company says banks typically offer lower finance rates but require cash depository relationships, blanket liens and covenants. The company competes in part on pricing, terms and structure. It also says it is one of a smaller group of specialty lenders that offers both loans and equipment financings. It credits in-house engineering and operations expertise, a proprietary credit rating system and internally developed software for pipeline management.

How it is run and funded

Because the company is internally managed, its executive officers and employees work for Trinity Capital and it pays no external advisory fees. Of its 106 employees, 66 are investment, origination and portfolio management professionals. Kyle Brown is Chief Executive Officer, President and Chief Investment Officer, and Steven L. Brown, the founder, is Executive Chairman. The company began operations on 16 January 2020 by acquiring the Legacy Funds, whose operations began in 2008.

- Trinity Capital Adviser LLC is a registered investment adviser that may manage outside investment vehicles for fees. - Senior Credit Corp 2022 LLC and Direct Lending 2025 LLC are joint ventures with specialty credit managers. - Eagle Point Trinity Senior Secured Lending Company is a separate business development company.

Funding comes from share offerings, including an at-the-market program, from several series of notes, and from the KeyBank Credit Facility and the KeyBank Secured Term Loan Facility. The company has adopted a 150% minimum asset coverage ratio for borrowing.

Rules it operates under

As a business development company, it must keep at least 70% of its total assets in qualifying assets under the 1940 Act. It has elected to be taxed as a regulated investment company, which generally requires it to distribute at least 90% of its investment company taxable income and 90% of its net tax-exempt income. Distributed amounts are generally not subject to federal income tax at the company level. The Securities and Exchange Commission examines it periodically, and also examines the Adviser Sub under the Investment Advisers Act of 1940.

*From Trinity Capital's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1786108/000119312526068600/trin-20251231.htm)*

From the company's 10-K.