Q1 25 EPS
$0.52
MISS 0.55%
Est. $0.52
Q1 25 Revenue
$65.4M
MISS 3.70%
Est. $67.9M
vs S&P Since Q1 25
+13.8%
BEATING MARKET
TRIN +45.6% vs S&P +31.8%
Market Reaction
Did TRIN Beat Earnings? Q1 2025 Results
Trinity Capital posted a steady first quarter in 2025, with total investment income climbing 29.5% year-over-year to $65.39 million and net investment income of $0.52 per share covering its $0.51 regular quarterly dividend by 102%, signaling durable … Read more Trinity Capital posted a steady first quarter in 2025, with total investment income climbing 29.5% year-over-year to $65.39 million and net investment income of $0.52 per share covering its $0.51 regular quarterly dividend by 102%, signaling durable income generation from a maturing lending platform. The primary engine behind the results was robust origination activity, with $220.40 million in gross fundings helping drive net portfolio growth of $70.30 million on a cost basis and pushing total portfolio fair value to $1.79 billion across 155 companies. Credit quality held firm, with non-accrual investments at just 0.9% of the debt portfolio and a stable weighted average risk rating of 2.9. A freshly assigned investment-grade rating from Moody's added an encouraging backdrop, with management noting it should broaden the company's access to capital at more favorable rates. With $216.40 million in available liquidity and continued ATM equity activity into May, CEO Kyle Brown framed Trinity's trajectory around expanding its asset management platform and disciplined portfolio growth amid an uncertain macro environment.
Key Takeaways
- • Total investment income grew 29.5% year-over-year to $65.4 million
- • Effective yield on average debt investments at cost was 15.3%
- • Core yield of 14.1% on debt investments
- • Net interest margin of 11.3%
- • 76.9% floating rate debt portfolio based on principal outstanding
- • Portfolio growth of $70.3 million on a cost basis (4.0% increase) during the quarter
- • Return on Average Equity (ROAE) of 15.5%
- • Return on Average Assets (ROAA) of 7.1%
- • Regular dividend coverage of 102.0% based on Q1 NII
TRIN YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
TRIN Revenue by Segment
With YoY comparisons, source: SEC Filings
“Trinity Capital delivered another strong quarter to kick off 2025, underscoring our disciplined underwriting, active portfolio management, and diversified investment strategies. Even amidst ongoing macroeconomic uncertainty, we continue to evolve into a premier asset manager as we build on our momentum, expand our platform, and grow our portfolio while consistently generating solid returns and long-term value for our shareholders.”
— Kyle Brown, Q1 2025 Earnings Press Release
TRIN Earnings Trends
TRIN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TRIN EPS Trend
Earnings per share: estimate vs actual
TRIN Revenue Trend
Quarterly revenue: estimate vs actual
TRIN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.51 | $0.53 | +3.03% | $90.1M | +5.71% |
| Q4 25 BEAT FY | $0.52 | $0.52 | +0.41% | $83.2M | +4.03% |
| FY Full Year | $2.08 | $2.08 | -0.05% | $293.7M | +1.05% |
| Q3 25 MISS | $0.53 | $0.52 | -1.16% | $75.6M | +2.11% |
| Q2 25 BEAT | $0.52 | $0.53 | +2.16% | $69.5M | +0.93% |
| Q1 25 MISS | $0.52 | $0.52 | -0.55% | $65.4M | -3.70% |