Trinity Capital Inc.

NASDAQ•TRIN

CEO: Mr. Steven Louis Brown

Sector: Financial Services

Industry: Asset Management

Listing Date: 2021-01-29

Trinity Capital Inc. is a business development company specializing in term loans, equipment financing, and private equity-related investments. The firm provides tech lending, equipment financing, life sciences, warehouse lending, and sponsor finance sources. They provide investors with stable and consistent returns through access to the private credit market. Trinity Capital Inc. was founded in 2019 and is based in Phoenix, Arizona, with additional offices in San Diego, California.

Contact Information

1N 1st Street, Suite 302, Phoenix, AZ, 85004, United States

480-374-5350

www.trinitycapital.com

Market Cap

$1.13B

P/E (TTM)

8.5

Dividend Yield

16.0%

52W High

$17.20

52W Low

$12.50

52W Range

51%

Rank54Top 78.1%

2.7

F-Score

Modified Piotroski Analysis

Based on 6-year fundamentals

Weak • 2.7 / 9 points

Scoring Range (0-9)

8-9: Excellent Value

6-7: Strong Fundamentals

4-5: Average Quality

0-3: Weak Performance

Data Period: 2020-2025

Financial Dashboard

Q4 2025 Data

Revenue

$50.41M+0.00%

4-Quarter Trend

EPS

$0.51+0.00%

4-Quarter Trend

FCF

$1.17M+0.00%

4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Net Investment Income Rises Net investment income reached $144.1M USD, up 24.4% from $115.8M USD in 2024, driven by increased debt principal value.

Portfolio Fair Value Growth Total investments fair value grew to $2.418B USD as of December 31, 2025, supported by $967.6M USD in new investments during 2025.

Stable NAV Per Share Net asset value per share ended at $13.42 USD on December 31, 2025, a slight increase from $13.35 USD the prior year.

Internal Management Team Expansion Internally managed BDC employed 106 professionals by year-end 2025, including 66 investment and origination staff.

Risk Factors

Reliance on Referral Networks Business model heavily depends on strong referral relationships with venture capital sponsors; failure to maintain impacts deal flow.

Interest Rate Sensitivity Exposure Rising interest rates increase borrowing costs on floating rate debt, potentially reducing net investment income and increasing default risk.

Level 3 Valuation Uncertainty Substantially all investments are Level 3 assets, requiring significant management judgment for fair value determination, creating inherent uncertainty.

Regulatory Leverage Limitations Operation as a BDC imposes asset coverage ratio requirements (150%) limiting ability to raise additional capital or incur leverage.

Outlook

Expanding Co-Investment Platform Entered joint ventures like Direct Lending 2025 LLC and EPT, expanding capacity to co-invest alongside specialty credit managers.

Recent Capital Raising Activity Raised $21.3M USD net proceeds in early 2026 via ATM program, supporting investment objectives and general corporate needs.

Focus on Investment Structure Loans feature amortizing nature and structure designed to tie amortization to projected cash flow, reducing near-term default risk.

Maintaining Tax Status Requirements Must continue to meet Annual Distribution Requirement (90% payout) to maintain RIC tax treatment and avoid corporate tax liability.

Peer Comparison

Revenue (TTM)

NMFC

$370.24M

+12.3%

GSBD

$304.84M

+58.4%

TRIN

$252.82M

+6.5%

Gross Margin (Latest Quarter)

MFIC

193.4%

-1.5pp

CGBD

106.8%

-2.4pp

BCSF

106.0%

-15.1pp

Key Metrics

Symbol	Market Cap	P/E (TTM)	ROE (TTM)	Debt to Assets
CSWC	$1.36B	12.6	11.2%	19.6%
TRIN	$1.13B	8.5	14.1%	52.8%
GSBD	$1.05B	8.9	8.0%	55.5%

Long-Term Trends

Last 4 Quarters

Revenue

Net Income

Operating Cash Flow

4Q Revenue CAGR

-5.7%

Growth Under Pressure

4Q Net Income CAGR

13.4%

Profitability Improving

Cash Flow Stability

75%

Volatile Cash Flow

Deep Research

Next earnings:May 5, 2026

EPS:-

Revenue:-

Financials

Earnings Calls

Reports

News

Income Statement

Balance Sheet

Cash Flow Statement

Ratios

% Chg.

Income Statement	LTM

No Data