TRIN
Trinity Capital Inc.14.98
-0.14-0.93%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A opportunistic on software, fundraising
Q&A largely reaffirms the prepared remarks' upbeat tone on diversification and credit strength, with management dismissing software weakness concerns given low 9% exposure already AI-vetted. They spotlight opportunistic lending to lower-middle-market AI-enabled software firms amid consolidation, eyeing better pricing. Volatility aids fundraising for managed funds as outflows hit larger peers. Deployment skewed to existing portfolio in Q4 via milestone draws, but new logos resume ahead. Nonaccruals added two legacy names; actively resolving. Confident outlook. Investors watch new-logo pace.
Key Stats
Market Cap
1.13BP/E (TTM)
6.78Basic EPS (TTM)
2.21Dividend Yield
0.14%Recent Filings
10-K
FY2025 results
Trinity Capital's FY2025 portfolio swelled to $2.4B fair value across 176 companies, up from $1.7B in 151 at FY2024 end, with $967M new investments and $500M follow-ons fueling 40% growth. Q4 accelerated momentum, deploying $250M (derived) amid $320M early repayments and $257M scheduled paydowns, sustaining weighted average debt risk rating at 2.9. Net investment income hit $144M on $294M revenue (15.3% yield), driving $136M net gains despite $64M realized losses from conversions. Liquidity stayed robust at $316M revolver capacity plus $19M cash, funding $82M unfunded commitments; no buybacks, steady $0.51 quarterly dividend. Debt mix expanded with $200M KeyBank term loan at 6.7%, asset coverage 184%. Portfolio concentration risks loom from finance/insurance (15%) and medical devices (10%).
8-K
Record Q4 NII $39.9M
Trinity Capital reported record Q4 net investment income of $39.9 million ($0.52/share), up 15.4% year-over-year, with total investment income hitting $83.2 million. NAV climbed to $13.42/share amid $434.8 million funded and portfolio growth to $2.4 billion fair value. Record annual NII reached $144.1 million. Dividends shift monthly at $0.17/share.
8-K
Preliminary Q4 NII $0.51-$0.53/share
Trinity Capital issued preliminary Q4 2025 estimates on February 3, 2026, projecting net investment income of $0.51-$0.53 per share and NAV per share of $13.36-$13.44 as of December 31. Non-accrual investments shrank to 0.7% of debt portfolio at fair value. Full results due February 25. Estimates await final audit.
8-K
Record $1.5B fundings in 2025
Trinity Capital smashed records in 2025, funding $1.5 billion in investments and originating $2.1 billion in new commitments. Q4 saw $435 million funded—$305 million secured loans, $106 million equipment—yet $218 million returned from repayments. Full results drop February 25. Deployment outpaced exits.
8-K
Secures $200M KeyBank term facility
Trinity Capital's subsidiary TrinCap Term Funding secured a $200M term loan facility from KeyBank on November 5, 2025, collateralized by investment assets at a 58% advance rate. Interest accrues at Term SOFR plus 2.40%, with payments starting January 6, 2026; the facility features a two-year interest-only period followed by two-year amortization, maturing November 5, 2029. Customary covenants include tangible net worth and asset coverage requirements, while events of default encompass nonpayment and change of control. Leverages portfolio for liquidity.
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