Trinity Capital Inc.

Listed Company

TRINICIK 0001786108NasdaqLarge AcceleratedMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$135.60M

Total Assets

$2.48B

Equity

$1.09B

Shares Out

83.17M

Op. Cash Flow

$-535.50M

Business

Trinity Capital Inc. is an internally managed specialty lending company that provides debt financing to growth-oriented companies as a registered business development company. It offers term loans, equipment financings, asset-based lending, working capital loans and, to a lesser extent, equity and equity-related investments accompanied by warrants or contingent exit fees. The company operates across five distinct vertical markets and through affiliated entities and joint ventures, including an adviser subsidiary and credit fund vehicles. Trinity primarily sources and distributes financing through U.S.-based channels, leveraging relationships with venture capital firms, technology banks and other institutional referral networks.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total interest and dividend income	280	227	175	139	77
Total fee and other income	14	11	7	7	6
Total investment income	294	238	182	146	82
Interest expense and other debt financing costs	81	62	44	34	20
Compensation and benefits	51	44	33	27	16
Professional fees	8	5	5	4	3
General and administrative	10	9	7	6	4
Total gross expenses	150	120	89	72	—
Allocated expenses to Trinity Capital Adviser, LLC	−3	−473,000	—	—	—
Total net expenses	147	119	89	72	43
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES	147	119	92	74	39
Excise tax expense	3	3	3	2	255,000
NET INVESTMENT INCOME	144	116	90	72	39
Net realized gain/(loss) from investments	−64	−10	−28	33	13
Net change in unrealized appreciation/(depreciation) from investments	56	9	15	−135	81
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	136	116	77	−30	132
NET INVESTMENT INCOME PER SHARE - BASIC	2.08	2.2	2.31	2.26	1.5
NET INVESTMENT INCOME PER SHARE - DILUTED	2.08	2.11	2.19	2.14	1.45
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC	1.96	2.19	1.98	−0.96	5.09
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED	1.96	2.1	1.89	−0.96	4.64
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC	69	53	39	32	26
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED	69	57	43	35	29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Total investments	2,418	—	—	—	1,726
Cash and cash equivalents	19	—	—	—	10
Interest receivable	19	—	—	—	17
Deferred credit facility costs	6	—	—	—	7
Other assets	22	—	—	—	16
Total assets	2,485	—	—	—	1,774
Unsecured Notes, net of $10,119 and $10,327, respectively, of unamortized deferred financing costs and premium/discount	722	—	—	—	765
Distribution payable	42	—	—	—	31
Security deposits	3	—	—	—	8
Accounts payable, accrued expenses and other liabilities	52	—	—	—	34
Total liabilities	1,391	—	—	—	951
Commitments and contingencies	—	—	—	—	—
Common stock, $0.001 par value per share (200,000,000 authorized, 81,518,294 and 61,669,059 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively)	82,000	—	—	—	62,000
Paid-in capital in excess of par	1,100	—	—	—	830
Distributable earnings/(accumulated deficit)	−6	—	—	—	−7
Total net assets	1,094	—	—	—	823
Total liabilities and net assets	2,485	—	—	—	1,774
NET ASSET VALUE PER SHARE	13.42	13.31	13.27	13.05	13.35

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Purchase of investments, net of deferred fees	−1,477	−1,219	−633	−627	−556
Proceeds from sales and paydowns of investments	827	808	472	337	290
Net change in unrealized (appreciation)/depreciation from investments	−56	−9	−15	135	−80
Net realized (gain)/loss from investments	64	10	28	−33	−13
Accretion of original issue discounts and end of term payments on investments	−51	−40	−33	−32	−21
Amortization of deferred financing costs	5	5	4	4	4
Stock-based compensation	12	11	9	6	1
(Increase)/Decrease in interest receivable	−2	−5	−1	−4	−2
(Increase)/Decrease in other assets	−6	2	−6	674,000	−6
Increase/(Decrease) in security deposits	−5	−4	−3	4	3
Increase/(Decrease) in accounts payable, accrued expenses and other liabilities	18	9	5	5	6
Net cash provided by/(used in) operating activities	−535	−317	−96	−236	−242
Disposal/(Acquisition) of fixed assets	−785,000	−420,000	−3	−194,000	−1
Net cash provided by/(used in) investing activities	−785,000	−420,000	−3	−194,000	−1
Issuance of common stock, net of issuance costs	290	200	150	113	105
Stock repurchase and cancellation of shares, net of costs	—	—	−1	−2	—
Retirement of employee shares	−4	−4	−3	−1	−138,000
Cash distributions paid	−136	−103	−79	−61	−25
Issuance of Secured Notes, net of issuance costs	198	—	—	—	—
Issuance of Unsecured Notes, net of issuance costs	155	358	—	—	—
Repayment of Unsecured Notes	−218	−30	—	—	—
Borrowings under Credit Facilities	1,569	829	420	326	177
Repayments under Credit Facilities	−1,308	−929	−395	−230	−221
Net cash provided by/(used in) financing activities	546	322	93	200	229
Net increase/(decrease) in cash, cash equivalents and restricted cash	9	5	−6	−36	−14
Cash paid for interest	69	55	40	29	14
Income tax, including excise tax, paid	3	3	2	283,000	—
Non-cash settlement of investments	—	—	21,000	—	916,000
Distribution payable	42	31	23	—	—
Distributions reinvested	1	1	2	3	4

Filings

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