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TRINZ

Trinity Capital Inc. 7.875% Notes due 2029

TRINZ

Trinity Capital Inc. 7.875% Notes due 2029 • NASDAQ
$25.42 ▼ -0.39% (-0.10)
Market Cap $1.13 B
52w High $25.61
52w Low $24.78
Dividend Yield 1.97%
P/E 0
Volume 7.91K
Outstanding Shares 44.54M

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% ▲ $0.53 ▲ $59.458M ▲
Q1-2025 $62.673M ▼ $4.493M ▼ $27.087M ▼ 43.22% ▼ $0.43 ▼ $44.743M ▼
Q4-2024 $78.76M ▲ $20.92M ▲ $45.858M ▲ 58.225% ▲ $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 $0 ▼ $-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 Capital shows a business that has grown meaningfully over the last few years, with revenue climbing steadily as its lending platform has expanded. Profitability has generally improved, with operating profits moving up as the firm scaled. That said, earnings have been volatile. There were years of strong profit, a notable loss in the middle of the period, and then a return to solid profitability more recently. This pattern is typical for a lender exposed to fast‑moving venture markets: results can swing when credit costs or portfolio marks move sharply. Overall, recent years point to a business that is currently profitable and benefiting from growth, but with a track record that reminds investors that results can fluctuate with the venture and interest‑rate environment.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, with total assets and equity rising over time. This reflects a larger lending portfolio and a broader platform. Debt has also increased alongside that growth, so the company now operates with a meaningful amount of leverage. That is common for a business development company, but it does mean that asset quality and credit discipline are critical. Cash on hand looks modest compared with total assets, which again is typical for a lender that puts most of its capital to work. The picture is of a scaled, more mature balance sheet that combines growth with higher financial leverage, which can amplify both upside and downside in changing markets.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive and has grown over the period, suggesting that the core lending business is generating cash rather than consuming it. Because the company has minimal traditional capital spending, free cash flow closely tracks operating cash flow. This is helpful for servicing interest and funding distributions, but it also means growth depends heavily on access to capital markets and borrowing lines, not just internally generated cash. In short, cash generation looks steady and improving, but the business model is still inherently tied to funding conditions and credit performance in its loan book.

Competitive Edge

Competitive Edge Trinity occupies a specialized niche in venture debt and equipment financing for venture‑backed companies, which is a space with relatively few scaled players. Its long experience in this area, combined with management’s venture and startup background, provides a knowledge edge in assessing young, fast‑growing borrowers. The company’s competitive position is strengthened by deep relationships with venture capital firms and sponsors, which feed it a steady pipeline of deals. Its internally managed structure can also align incentives more closely with shareholders compared with some externally managed peers. Diversification across multiple lending verticals and many industries gives Trinity some protection against weakness in any single sector, though its overall exposure to the venture ecosystem remains a key defining risk and differentiator.

Innovation and R&D

Innovation and R&D Innovation at Trinity is mainly in how it structures and delivers financing rather than in traditional research and development. Its core innovation is offering tailored, non‑dilutive capital to venture‑backed companies that would otherwise need to issue more equity. The firm has built a diversified platform that spans tech lending, equipment finance, life sciences, asset‑based lending, and sponsor finance. This breadth allows it to serve companies at different stages and with different capital needs. Operationally, Trinity relies on in‑house technical and operational expertise, plus data‑driven underwriting and monitoring systems. Looking ahead, the company appears focused on expanding into new verticals like frontier technology and AI‑related equipment, and on growing managed funds and partnerships, which could further enlarge its platform if executed well.

Summary

Overall, Trinity Capital has evolved into a larger, more profitable specialty lender in the venture ecosystem, with clear strengths and clear trade‑offs. Strengths include growing revenue, a return to solid profitability after past volatility, a diversified lending platform, and strong relationships with venture capital and high‑growth companies. Its business model is designed to fill a structural gap left by traditional banks, and recent banking disruptions have arguably increased its relevance. Key risks center on leverage, dependence on the health of venture markets and exit environments, and earnings volatility tied to credit quality and market valuations. The company’s ability to maintain strong underwriting standards, manage concentration risks, and navigate interest‑rate cycles will be central to its long‑term performance. For observers of the 2029 notes, Trinity currently appears as a scaled, specialized lender with growing cash generation and a defined niche, but also with exposure to a cyclical and sometimes fragile corner of the credit markets.