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TRINI

Trinity Capital Inc. 7.875% Notes Due 2029

TRINI

Trinity Capital Inc. 7.875% Notes Due 2029 • NASDAQ
$25.53 ▲ 0.04% (+0.01)
Market Cap $1.13 B
52w High $25.74
52w Low $24.66
Dividend Yield 1.97%
P/E 0
Volume 3.96K
Outstanding Shares 44.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $72.575M ▲ $4.526M ▲ $37.61M ▼ 51.822% ▼ $0.52 ▼ $58.591M ▼
Q2-2025 $66.713M ▲ $4.033M ▼ $41.414M ▲ 62.078% ▲ $0.63 ▲ $59.458M ▲
Q1-2025 $62.673M ▼ $4.493M ▼ $27.087M ▼ 43.22% ▼ $0.43 ▼ $44.743M ▼
Q4-2024 $75.076M ▲ $4.967M ▲ $45.858M ▲ 61.082% ▲ $0.77 ▲ $64.91M ▲
Q3-2024 $48.012M $-6.744M $24.4M 50.821% $0.45 $41.268M

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 $-68.501M ▼ $-349.975M ▼ $166.281M ▲ $166.91M ▲ $-16.784M ▼ $-349.795M ▼
Q2-2025 $0 ▼ $-123.532M ▼ $-180K ▼ $141.577M ▲ $17.865M ▲ $-123.532M ▼
Q1-2025 $27.087M ▼ $-63.341M ▼ $-106K ▲ $62.206M ▲ $-1.241M ▼ $-63.341M ▼
Q4-2024 $45.858M ▲ $31.982M ▲ $-13.712M ▲ $-17.178M ▼ $1.092M ▲ $31.846M ▲
Q3-2024 $24.4M $24.777M $-256.925M $194.581M $-37.567M $24.652M

Five-Year Company Overview

Income Statement

Income Statement Trinity’s income statement shows a business that has scaled up meaningfully over the past five years, with revenue growing as its lending portfolio has expanded. Profitability is generally solid, though not perfectly smooth. There was a clear setback a few years ago with a loss, but earnings have since recovered and moved higher. Margins look healthy for a specialty lender, indicating that Trinity is earning attractive spreads on its loans after covering operating costs. That said, the swings in earnings from year to year highlight that this is a cyclical, credit-sensitive business tied to the fortunes of growth-stage and venture-backed companies rather than a slow-and-steady lender.

Balance Sheet

Balance Sheet The balance sheet has grown substantially, reflecting Trinity’s push to become a larger player in venture debt. Both assets and borrowings have increased, and shareholders’ equity has also risen, which is a positive sign of retained and/or raised capital. At the same time, leverage has clearly stepped up, meaning the company is more reliant on debt funding than it was several years ago. Cash on hand is quite lean, so Trinity depends on its credit lines and capital markets access, including notes like the 2029 issue, to fund operations and portfolio growth. Overall, it is a scaled but more levered balance sheet that needs continued careful risk management and credit discipline.

Cash Flow

Cash Flow Cash flow from operations has generally been positive over the period, but not every year has been smooth. There was at least one year with a notable outflow, which is not unusual for a fast-growing lender but is still something to watch because it signals timing and credit-related volatility in collections and originations. Capital spending is negligible, so free cash flow largely tracks operating cash flow. This means Trinity’s ability to comfortably service its obligations, including interest on its notes, depends mainly on the stability of interest and fee income from its loan book and on keeping credit losses under control.

Competitive Edge

Competitive Edge Trinity has carved out a clear niche in venture debt and equipment financing for growth-stage and venture-backed companies. Its strengths are its specialization in technology and life sciences, long-standing relationships with venture capital firms, and an internally managed structure that can better align management and shareholders. A diversified portfolio across many borrowers and sectors helps spread risk, and the firm has built a recognizable brand and track record in this corner of the market. On the other hand, it operates in a competitive field that includes other specialty lenders and some banks, and it is inherently exposed to swings in the venture and startup ecosystem, including funding slowdowns, down rounds, and defaults when markets turn.

Innovation and R&D

Innovation and R&D Innovation for Trinity is not about patents or labs, but about financial structuring and product design. The company has developed a flexible toolkit of venture loans, equipment financing, and occasional equity-related features tailored to high-growth companies that may not qualify for traditional bank loans. Its strength lies in disciplined underwriting, selective focus on sponsor-backed borrowers, and willingness to customize terms. More recently, the push to create new investment vehicles and partnerships that generate fee income, rather than just interest income, suggests a deliberate effort to diversify and deepen its business model. This kind of financial innovation can widen its moat if executed carefully, but it also requires strong risk controls in less-tested structures.

Summary

Overall, Trinity looks like a maturing specialty finance platform that has grown quickly, broadened its portfolio, and generally improved profitability after a period of earnings volatility. The company’s scale, venture ecosystem relationships, and flexible financing solutions are meaningful strengths, especially in a niche where expertise and networks matter. At the same time, higher leverage, low cash buffers, and exposure to young, growth-oriented borrowers mean that credit quality and market conditions are crucial to its long-term stability. For stakeholders in the 2029 notes, the key issues to watch are the resilience of earnings across cycles, the health of the loan portfolio, and management’s discipline in balancing growth with prudent leverage and risk management.