Trinity Capital Inc. Reports Second Quarter 2025 Financial Results
Trinity Capital (NASDAQ: TRIN) reported strong Q2 2025 financial results, with total investment income reaching $69.5 million, up 27.3% year-over-year. The company achieved net investment income of $34.8 million ($0.53 per share), representing a 30.3% increase from Q2 2024.
Key highlights include a record Net Asset Value of $923.6 million ($13.27 per share), representing a 35.8% year-over-year increase. The company made total gross investments of $365.5 million, including $292.3 million in 15 new portfolio companies. Trinity maintained strong portfolio quality with only 0.9% of debt investments on non-accrual status and declared its 22nd consecutive regular dividend of $0.51 per share.
Trinity Capital (NASDAQ: TRIN) ha riportato risultati finanziari solidi per il secondo trimestre del 2025, con un reddito totale da investimenti che ha raggiunto 69,5 milioni di dollari, in crescita del 27,3% rispetto allo stesso periodo dell'anno precedente. La societ脿 ha realizzato un reddito netto da investimenti di 34,8 milioni di dollari (0,53 dollari per azione), segnando un aumento del 30,3% rispetto al secondo trimestre del 2024.
I punti salienti includono un valore patrimoniale netto record di 923,6 milioni di dollari (13,27 dollari per azione), con un incremento del 35,8% anno su anno. La societ脿 ha effettuato investimenti lordi totali per 365,5 milioni di dollari, di cui 292,3 milioni in 15 nuove societ脿 del portafoglio. Trinity ha mantenuto un'elevata qualit脿 del portafoglio con solo lo 0,9% degli investimenti in debito in stato di non rendimento e ha dichiarato il suo 22掳 dividendo regolare consecutivo di 0,51 dollari per azione.
Trinity Capital (NASDAQ: TRIN) report贸 s贸lidos resultados financieros en el segundo trimestre de 2025, con un ingreso total por inversiones que alcanz贸 los 69,5 millones de d贸lares, un aumento del 27,3% interanual. La compa帽铆a logr贸 un ingreso neto por inversiones de 34,8 millones de d贸lares (0,53 d贸lares por acci贸n), lo que representa un incremento del 30,3% respecto al segundo trimestre de 2024.
Los aspectos m谩s destacados incluyen un valor neto de activos r茅cord de 923,6 millones de d贸lares (13,27 d贸lares por acci贸n), reflejando un aumento del 35,8% interanual. La empresa realiz贸 inversiones brutas totales por 365,5 millones de d贸lares, incluyendo 292,3 millones en 15 nuevas compa帽铆as de su cartera. Trinity mantuvo una alta calidad en su portafolio con solo el 0,9% de las inversiones en deuda en estado de no acumulaci贸n y declar贸 su 22潞 dividendo regular consecutivo de 0,51 d贸lares por acci贸n.
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Trinity Capital (NASDAQ : TRIN) a publi茅 de solides r茅sultats financiers pour le deuxi猫me trimestre 2025, avec un revenu total d'investissement atteignant 69,5 millions de dollars, en hausse de 27,3 % sur un an. La soci茅t茅 a r茅alis茅 un revenu net d'investissement de 34,8 millions de dollars (0,53 dollar par action), soit une augmentation de 30,3 % par rapport au deuxi猫me trimestre 2024.
Les points cl茅s comprennent une valeur nette d'actifs record de 923,6 millions de dollars (13,27 dollars par action), repr茅sentant une hausse de 35,8 % sur un an. La soci茅t茅 a effectu茅 des investissements bruts totaux de 365,5 millions de dollars, dont 292,3 millions dans 15 nouvelles soci茅t茅s de portefeuille. Trinity a maintenu une forte qualit茅 de portefeuille avec seulement 0,9 % des investissements en dette en statut de non-acquisition et a d茅clar茅 son 22e dividende r茅gulier cons茅cutif de 0,51 dollar par action.
Trinity Capital (NASDAQ: TRIN) meldete starke Finanzergebnisse f眉r das zweite Quartal 2025, wobei das gesamte Investmentergebnis 69,5 Millionen US-Dollar erreichte, was einem Anstieg von 27,3 % im Jahresvergleich entspricht. Das Unternehmen erzielte ein Netto-Investitionsergebnis von 34,8 Millionen US-Dollar (0,53 US-Dollar pro Aktie), was einem Zuwachs von 30,3 % gegen眉ber dem zweiten Quartal 2024 entspricht.
Zu den wichtigsten Highlights z盲hlt ein rekordverd盲chtiger Nettoverm枚genswert von 923,6 Millionen US-Dollar (13,27 US-Dollar pro Aktie), was einer Steigerung von 35,8 % im Jahresvergleich entspricht. Das Unternehmen t盲tigte Bruttoinvestitionen in H枚he von 365,5 Millionen US-Dollar, darunter 292,3 Millionen US-Dollar in 15 neue Portfoliounternehmen. Trinity bewahrte eine starke Portfolioqualit盲t mit nur 0,9 % der Schuldeninvestitionen im Nicht-Leistungsstatus und erkl盲rte seine 22. aufeinanderfolgende regul盲re Dividende von 0,51 US-Dollar pro Aktie.
- Total investment income grew 27.3% year-over-year to $69.5 million
- Net Asset Value increased 35.8% year-over-year to $923.6 million
- Strong Return on Average Equity of 15.9%
- Portfolio quality remains solid with only 0.9% of debt investments on non-accrual
- Successful capital raising with $81.5 million from ATM equity offerings
- 22nd consecutive quarter of consistent/increased regular dividend
- Operating expenses increased to $16.7 million from $14.0 million year-over-year
- Interest expense rose to $18.0 million from $13.9 million year-over-year
- Net realized loss of $8.3 million due to one secured loan workout
- Leverage ratio remains relatively high at 115%
Insights
Trinity Capital shows exceptional financial growth with 27.3% YoY revenue increase and record NAV of $923.6M, demonstrating strong portfolio performance.
Trinity Capital's Q2 2025 results showcase impressive growth across key metrics. Total investment income surged
The company's net asset value reached a record
Trinity's investment portfolio shows remarkable momentum with
The company's financing activities reveal strategic capital management. Trinity leveraged its ATM program to raise
Trinity's ability to maintain its
Total Investment Income grows
Net Asset Value reaches new high of
Return on Average Equity increases to
Second Quarter 2025 Highlights
- Total investment income of
$69.5 million 27.3% year-over-year - Net investment income ("NII") of
$34.8 million $0.53 30.3% year over year. - Net increase in net assets resulting from operations of
$41.4 million $0.63 15.9% Return on Average Equity "ROAE" (NII/Average Equity)7.2% Return on Average Assets "ROAA" (NII/Average Assets)- Net Asset Value ("NAV") of
$923.6 million $13.27 35.8% year over year. - Total gross investment commitments of
$519.8 million - Total gross investments funded of
$365.5 million $292.3 million $73.2 million - Total investment exits and repayments of
$195.0 million $109.3 million $51.3 million $34.2 million $0.2 million - 22nd consecutive quarter of a consistent or increased regular dividend, with a second quarter distribution of
$0.51
"Our second-quarter performance rounded out a solid first half of 2025, reflecting disciplined execution across our credit strategies and sustained demand from growth-oriented companies," said Kyle Brown, Chief Executive Officer of Trinity Capital. "We enter the second half of 2025 with strong momentum in our direct lending businesses in addition to our听RIA platform growth as we maintain a focus on delivering increasing value to our borrowers, partners, and investors."
Second Quarter 2025 Operating Results
For the three months ended June 30, 2025, total investment income was
Total operating expenses and excise taxes, excluding interest expense, for the second quarter of 2025 were
Interest expense for the second quarter of 2025 was
Net investment income was approximately
During the three months ended June 30, 2025, the Company's net unrealized appreciation totaled approximately
Net realized loss on investments was approximately
Net increase in net assets resulting from operations was
Net Asset Value
Total net assets at the end of the second quarter of 2025 increased by
Portfolio and Investment Activity听
As of June 30, 2025, Trinity Capital's investment portfolio had an aggregate fair value of approximately
During the second quarter, the Company originated approximately
Proceeds received from exits and repayments of the Company's investments during the second quarter totaled approximately
As of the end of the second quarter, loans to three portfolio companies and equipment financings to one portfolio company were on non-accrual status with a total fair value of approximately
The following table shows the distribution of the Company's loan and equipment financing investments on the 1 to 5 investment risk rating scale at fair value as of June 30, 2025 and March 31, 2025 (dollars in thousands):
June 30, 2025 | March 31, 2025 | ||||
Investment Risk Rating | 听顿别蝉颈驳苍补迟颈辞苍 | Investments at Fair | Percentage | Investments at Fair | Percentage |
4.0 - 5.0 | Very Strong Performance | $听听听听听听听 听听听听听97,881 | 5.3听% | $听听听听听听听听听听 听92,956 | 5.6听% |
3.0 - 3.9 | Strong Performance | 589,329 | 32.1听% | 567,581 | 34.0听% |
2.0 - 2.9 | Performing | 1,021,331 | 55.7听% | 928,455 | 55.7听% |
1.6 - 1.9 | Watch | 97,396 | 5.3听% | 50,072 | 3.0听% |
1.0 - 1.5 | Default/Workout | 15,601 | 0.9听% | 15,156 | 0.9听% |
Total Debt Investments excluding Senior Credit Corp 2022 | 1,821,538 | 99.3听% | 1,654,220 | 99.2听% | |
Senior Credit Corp 2022 LLC (1) | 12,885 | 0.7听% | 12,885 | 0.8听% | |
Total Debt | $听听听听听听听 1,834,423 | 100.0听% | $听听听听听听听 1,667,105 | 100.0听% | |
_____________ |
(1)听An investment risk rating is not applied to Senior Credit Corp 2022 LLC. |
As of June 30, 2025, Trinity Capital's loan and equipment financing investments had a weighted average risk rating score of 2.9, consistent with the score as of March 31, 2025. The Company's grading scale is comprised of numerous factors, two key factors being liquidity and performance to plan. A company may be downgraded as it approaches the need for additional capital or if it is underperforming relative to its business plans. Conversely, it may be upgraded upon a capitalization event or if it is exceeding its plan. As such, the overall grading may fluctuate quarter-to-quarter.
Liquidity and Capital Resources听
As of June 30, 2025, the Company had approximately
As of June 30, 2025, Trinity's leverage, or debt-to-equity ratio, was approximately
During the three months ended June 30, 2025, Trinity utilized its equity ATM offering program to sell 5,717,121 million shares of its common stock at a weighted average price of
During the three months ended June 30, 2025, Trinity utilized its debt ATM offering program and during the period issued and sold
顿颈蝉迟谤颈产耻迟颈辞苍蝉听
On June 18, 2025, the Company's Board of Directors declared a regular dividend totaling
Recent Developments听
For the period from July 1, 2025 to August 4, 2025, the Company issued and sold 717,285 shares of its common stock at a weighted-average price of
On July 3, 2025, the Company issued and sold
On July 8, 2025, the Company and certain of its affiliates were granted an exemptive relief order (the "Order") from the SEC that permits the Company to enter into certain negotiated co-investment transactions alongside certain of its affiliates in a manner consistent with its investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order.
Conference Call听
Trinity Capital will hold a conference call to discuss its second quarter 2025 financial results at 12:00 p.m. Eastern Time on Wednesday, August 6, 2025.
To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ225 if asked, approximately 10 minutes prior to the start of the call.
A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until August 13, 2025. To access the replay, please dial (800) 757-4761 or (402) 220-7215.
About Trinity Capital Inc.
Trinity Capital Inc. (NASDAQ: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies across five distinct lending verticals: Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences. As a long-term, trusted partner for innovative companies seeking tailored debt solutions, Trinity Capital has deployed more than
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission ("SEC"). The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. More information on risks and other potential factors that could affect the Company's financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or on the webcast/conference call, is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed annual report on Form 10-K and subsequent SEC filings.
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TRINITY CAPITAL INC. | ||||||||
June听30, | December听31, | |||||||
2025 | 2024 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Investments at fair value: | ||||||||
Control investments (cost of | $ | 118,496 | $ | 89,249 | ||||
Affiliate investments (cost of | 39,227 | 34,727 | ||||||
Non-Control / Non-Affiliate investments (cost of | 1,820,607 | 1,601,594 | ||||||
Total investments (cost of | 1,978,330 | 1,725,570 | ||||||
Cash and cash equivalents | 26,251 | 9,627 | ||||||
Interest receivable | 17,664 | 16,542 | ||||||
Deferred credit facility costs | 5,870 | 6,586 | ||||||
Other assets | 16,909 | 15,916 | ||||||
Total assets | $ | 2,045,024 | $ | 1,774,241 | ||||
LIABILITIES | ||||||||
KeyBank Credit Facility | $ | 483,000 | $ | 113,000 | ||||
Unsecured Notes, net of | 569,808 | 764,673 | ||||||
Distribution payable | 35,483 | 31,451 | ||||||
Security deposits | 5,918 | 8,472 | ||||||
Accounts payable, accrued expenses and other liabilities | 27,247 | 33,663 | ||||||
Total liabilities | 1,121,456 | 951,259 | ||||||
NET ASSETS | ||||||||
Common stock, | 70 | 62 | ||||||
Paid-in capital in excess of par | 929,767 | 829,626 | ||||||
Distributable earnings/(accumulated deficit) | (6,269) | (6,706) | ||||||
Total net assets | 923,568 | 822,982 | ||||||
Total liabilities and net assets | $ | 2,045,024 | $ | 1,774,241 | ||||
NET ASSET VALUE PER SHARE | $ | 13.27 | $ | 13.35 | ||||
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TRINITY CAPITAL INC. | ||||||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||||||
June听30,听2025 | June听30,听2024 | June听30,听2025 | June听30,听2024 | |||||||||||||||||
INVESTMENT INCOME: | ||||||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||
Control investments | $ | 2,430 | $ | 783 | $ | 4,758 | $ | 1,635 | ||||||||||||
Affiliate investments | 977 | 474 | 2,250 | 859 | ||||||||||||||||
Non-Control / Non-Affiliate investments | 63,306 | 50,580 | 122,379 | 98,735 | ||||||||||||||||
Total interest and dividend income | 66,713 | 51,837 | 129,387 | 101,229 | ||||||||||||||||
Fee and other income: | ||||||||||||||||||||
Affiliate investments | 597 | 835 | 1,289 | 1,702 | ||||||||||||||||
Non-Control / Non-Affiliate investments | 2,173 | 1,969 | 4,192 | 2,163 | ||||||||||||||||
Total fee and other income | 2,770 | 2,804 | 5,481 | 3,865 | ||||||||||||||||
Total investment income | 69,483 | 54,641 | 134,868 | 105,094 | ||||||||||||||||
EXPENSES: | ||||||||||||||||||||
Interest expense and other debt financing costs | 18,044 | 13,885 | 35,700 | 26,029 | ||||||||||||||||
Compensation and benefits | 12,489 | 9,944 | 23,134 | 19,808 | ||||||||||||||||
Professional fees | 1,787 | 1,338 | 3,814 | 2,058 | ||||||||||||||||
General and administrative | 2,246 | 2,092 | 4,713 | 4,021 | ||||||||||||||||
Total gross expenses | 34,566 | 27,259 | 67,361 | 51,916 | ||||||||||||||||
Allocated expenses to Trinity Capital Adviser, LLC | (508) | 鈥� | (916) | 鈥� | ||||||||||||||||
Total net expenses | 34,058 | 27,259 | 66,445 | 51,916 | ||||||||||||||||
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES | 35,425 | 27,382 | 68,423 | 53,178 | ||||||||||||||||
Excise tax expense | 621 | 639 | 1,238 | 1,278 | ||||||||||||||||
NET INVESTMENT INCOME | 34,804 | 26,743 | 67,185 | 51,900 | ||||||||||||||||
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS: | ||||||||||||||||||||
Control investments | 鈥� | (3,916) | 鈥� | (3,916) | ||||||||||||||||
Non-Control / Non-Affiliate investments | (8,262) | (2,572) | (10,416) | (1,220) | ||||||||||||||||
Net realized gain/(loss) from investments | (8,262) | (6,488) | (10,416) | (5,136) | ||||||||||||||||
NET CHANGE IN UNREALIZED | ||||||||||||||||||||
Control investments | 7,912 | 5,691 | 7,913 | 7,655 | ||||||||||||||||
Affiliate investments | 52 | 1,673 | 482 | 1,926 | ||||||||||||||||
Non-Control / Non-Affiliate investments | 6,908 | 3,209 | 3,335 | (11,008) | ||||||||||||||||
Net change in unrealized appreciation/(depreciation) from investments | 14,872 | 10,573 | 11,730 | (1,427) | ||||||||||||||||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING | $ | 41,414 | $ | 30,828 | $ | 68,499 | $ | 45,337 | ||||||||||||
NET INVESTMENT INCOME PER SHARE - BASIC | $ | 0.53 | $ | 0.53 | $ | 1.05 | $ | 1.07 | ||||||||||||
NET INVESTMENT INCOME PER SHARE - DILUTED | $ | 0.53 | $ | 0.51 | $ | 1.05 | $ | 1.03 | ||||||||||||
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 0.63 | $ | 0.61 | $ | 1.07 | $ | 0.94 | ||||||||||||
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 0.63 | $ | 0.59 | $ | 1.07 | $ | 0.90 | ||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC | 65,911,570 | 50,161,680 | 64,242,822 | 48,455,033 | ||||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED | 65,911,570 | 54,064,395 | 64,242,822 | 52,357,748 | ||||||||||||||||
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