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Trinity Capital Inc
NASDAQ:TRIN

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Trinity Capital Inc
NASDAQ:TRIN
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Price: 17.42 USD -0.85%
Market Cap: $1.6B

Trinity Capital Inc
Investor Relations

Trinity Capital Inc. is a specialty finance company that lends money to growing businesses, especially venture-backed companies and other firms that may not want or qualify for a traditional bank loan. It also makes equipment loans and leases, so customers can buy machinery, technology, and other assets without paying all at once. The company serves mainly small and mid-sized businesses, often in technology, life sciences, and other growth industries. Trinity makes money mostly from interest on its loans, lease payments, and fees tied to arranging and managing its financing deals. Because it focuses on private, often early-stage borrowers, it sits between banks and venture capital: it provides capital at a point when companies need funding to expand but may still be too risky or specialized for standard lenders. That makes its business more relationship-based and deal-driven than a typical bank. The company’s role is to supply flexible capital to businesses that need financing for growth, equipment, or working capital. Its business depends on underwriting risk carefully, structuring loans to match each borrower’s situation, and earning steady income from those lending relationships. For investors, Trinity is best understood as a lender to the innovation economy rather than a maker of products or a consumer-facing brand.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 6, 2026
AI Summary
Q1 2026

Strong quarter: Trinity Capital reported record net asset value of $1.2 billion, up 7% quarter-over-quarter and 40% year-over-year, while investment income and net investment income both remained strong.

Dividend covered: Net investment income was $0.53 per share, covering the quarterly distribution by 104%, and estimated undistributed taxable income was about $68 million, or $0.78 per share.

Managed funds grow: The managed funds platform added meaningful scale, contributing $0.04 per share to quarterly net investment income and reaching $400 million of AUM across 4 vehicles.

Credit stayed solid: Nonaccruals were about 1% of the portfolio at fair value, with 99% of debt investments performing at fair value and leverage easing to 1.15x.

AI exposure disciplined: Management said it is not chasing AI venture bets; it is focused on equipment financing and lower middle market businesses tied to AI infrastructure such as GPUs, CPUs and power assets.

Capital strategy: Trinity is leaning further into off-balance-sheet vehicles, including a new SBIC fund and a Capital Southwest joint venture, to add income and expand capacity without issuing more TRIN shares.

Key Financials
Net asset value
$1.2 billion
Platform AUM
more than $2.9 billion
Fundings
$306 million
Commitments
$396 million
Nonaccruals
1% of the portfolio at fair value
Monthly dividend
$0.17
Return on average equity
15.8%
Managed funds income contribution
$0.04 per share
Net investment income
$44.5 million
Net investment income per share
$0.53 per basic share
Total investment income
$90.1 million
Distribution coverage
104%
Estimated undistributed taxable income
approximately $68 million, or $0.78 per share
Weighted average effective portfolio yield
15.8%
PIK income
1% of income
Debt portfolio fixed-rate or at floor
approximately 2/3
NAV per share
$13.27
Equity raised through ATM
$78.4 million
Average premium to NAV on ATM issuance
12%
Net leverage ratio
1.15x
Total platform liquidity
over $500 million
Portfolio companies on nonaccrual
5
Net realized losses
approximately $10 million
Net unrealized depreciation
$5 million
Early repayments
$114 million
SBIC initial close
$45.3 million
SBIC target equity commitments
$87.5 million
SBIC incremental capacity
more than $260 million
SBIC leverage ratio
2:1 debt-to-equity
Managed funds AUM
$400 million
Unfunded commitments
$1.2 billion
Term sheets accepted
$300 million
Warrant positions
197
Portfolio companies with warrant positions
127
Enterprise-backed loan-to-value
19%
First-position lien coverage
88% of total principal
Earnings Call Recording
Other Earnings Calls

Management

Mr. Steven Louis Brown
Founder & Executive Chairman
No Bio Available
Mr. Kyle Steven Brown
CEO, President, Chief Investment Officer & Director
No Bio Available
Mr. Gerald Harder
Chief Operating Officer
No Bio Available
Mr. Michael Testa
CFO & Treasurer
No Bio Available
Mr. Ben Sullivan
Accounting Manager
No Bio Available
Mr. Richard Nelson
Senior Technology Director
No Bio Available
Mr. Ben Malcolmson
Head of Investor Relations
No Bio Available
Ms. Sarah Stanton J.D.
Chief Compliance Officer, General Counsel & Secretary
No Bio Available
Mr. Vibhor Garg
Managing Director of Marketing
No Bio Available
Ms. Rachel Bloomer
Director of Human Resources
No Bio Available

Contacts

Address
ARIZONA
Phoenix
1 N. 1St St., 3Rd Floor
Contacts
+14803745350.0
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