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TRIN

Trinity Capital Inc.

TRIN

Trinity Capital Inc. • NASDAQ
$14.81 ▲ 0.27% (+0.04)
Market Cap $1.12 B
52w High $16.82
52w Low $12.50
Dividend Yield 2.04%
P/E 6.7
Volume 343.30K
Outstanding Shares 75.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $66.229M ▼ $16.959M ▲ $27.645M ▼ 41.742% ▼ $0.52 ▼ $28.289M ▼
Q2-2025 $76.093M ▲ $16.014M ▲ $41.414M ▲ 54.426% ▲ $0.63 ▲ $42.035M ▲
Q1-2025 $60.089M ▼ $14.73M ▼ $27.087M ▼ 45.078% ▼ $0.43 ▼ $27.703M ▼
Q4-2024 $82.106M ▲ $16.415M ▲ $45.858M ▲ 55.852% ▲ $0.77 ▲ $46.639M ▲
Q3-2024 $56.806M $14.919M $24.4M 42.953% $0.47 $25.019M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $9.467M ▼ $2.247B ▲ $1.249B ▲ $998.264M ▲
Q2-2025 $26.251M ▲ $2.045B ▲ $1.121B ▲ $923.568M ▲
Q1-2025 $8.386M ▼ $1.857B ▲ $1.024B ▲ $833.395M ▲
Q4-2024 $9.627M ▲ $1.774B ▲ $951.259M ▼ $822.982M ▲
Q3-2024 $8.535M $1.735B $977.968M $756.795M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $27.645M ▼ $27.202M ▼ $-210.896M ▼ $166.91M ▲ $-16.784M ▼ $27.131M ▼
Q2-2025 $41.414M ▲ $42.82M ▲ $-166.532M ▼ $141.577M ▲ $17.865M ▲ $42.64M ▲
Q1-2025 $27.087M ▼ $-1.97M ▼ $-61.477M ▼ $62.206M ▲ $-1.241M ▼ $-2.076M ▼
Q4-2024 $45.858M ▲ $18.406M ▲ $-136K ▼ $-17.178M ▼ $1.092M ▲ $18.27M ▲
Q3-2024 $24.4M $-232.023M $-125K $194.581M $-37.567M $-232.148M

Five-Year Company Overview

Income Statement

Income Statement Trinity Capital’s revenue and core profit metrics have trended upward over the past few years, showing that the lending franchise is scaling. Profitability is generally solid for a specialty finance company, but earnings have been bumpy: a very strong year soon after listing, a meaningful loss when conditions turned, then a return to more normal, positive earnings. That pattern points to a business that can earn attractive spreads when credit conditions are friendly, but is exposed to swings in portfolio valuations and credit costs when markets are stressed. Overall, the income statement shows a growing platform with decent underlying margins but notable volatility that is typical for a lender focused on high‑growth companies.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with both total assets and shareholder equity rising, which is consistent with a lender that is adding more loans and investments over time. Debt levels have grown alongside that expansion, so leverage is meaningfully higher than a few years ago but still balanced by an increasing equity base. Cash on hand is relatively modest, which is fairly typical for a business development company that aims to keep capital deployed, but it means Trinity depends on continual access to funding markets and repayments from its portfolio. In essence, the balance sheet reflects a growing specialty finance platform that is using leverage as a tool, which adds both earnings power and sensitivity to credit and funding conditions.

Cash Flow

Cash Flow Reported operating and free cash flow are consistently negative, which might look worrying at first glance but is largely a function of the business model. As a lender, Trinity records cash outflows when it originates new loans and equipment financings, so rapid portfolio growth shows up as negative operating cash flow even if the underlying economics are attractive. Capital spending on physical assets is minimal, highlighting an asset‑light, financial‑services profile. The flip side is that the company relies heavily on external capital—debt, equity, and co‑investment vehicles—to fund growth, so the stability of those funding channels is an important ongoing watchpoint.

Competitive Edge

Competitive Edge Trinity operates in a specialized corner of the credit market, focusing on venture‑backed and growth‑stage companies that are often underserved by traditional banks. Its long-standing relationships with venture capital firms and founders, along with a proprietary credit rating system and sector expertise in technology and life sciences, give it an information and sourcing advantage. The company’s internally managed structure helps align management with shareholders, while its mix of products—term loans, equipment financing, asset‑based lending, and newer sponsor finance—adds flexibility for clients and diversification for Trinity. Compared with many peers, the portfolio is more diversified by lending verticals and somewhat less exposed to floating‑rate swings, which can provide resilience, though the target customer base remains inherently higher risk than traditional corporate borrowers.

Innovation and R&D

Innovation and R&D Innovation at Trinity is more about financial design and process than lab-style research. The firm has built proprietary underwriting tools, assembled in‑house technical expertise to better understand complex industries, and developed co‑investment vehicles that allow outside capital to invest alongside the public company, generating extra fee income. It is expanding an asset‑management platform, exploring additional private funds, and investing in technology and infrastructure to scale operations and analytics. The push into new lending verticals, such as sponsor finance, and selective international expansion further illustrate a willingness to adapt the model and pursue niches where its expertise and relationships can matter most. All of this suggests a focus on evolving the platform rather than standing still, though execution risk is real as the strategy becomes more complex.

Summary

Trinity Capital presents the profile of a growing, niche-focused specialty lender that has moved quickly to scale its balance sheet and diversify its lending verticals. The income statement shows that the model can be quite profitable but also volatile, reflecting exposure to high‑growth, venture‑backed borrowers and to changing market conditions. The balance sheet and cash‑flow patterns are consistent with a leveraged finance company that is actively expanding its loan book and relies on external capital to do so. Competitive strengths include deep venture relationships, specialized underwriting, tailored products, and an internally managed structure that aligns incentives. At the same time, rising leverage, dependence on capital markets, and concentration in riskier borrower segments introduce meaningful cyclical and credit risks. Overall, the story is one of a differentiated platform with clear advantages in its niche, balanced by the need to carefully manage credit quality, funding, and execution as it continues to grow and broaden its strategy.

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