Companies /Financial Services

Trinity Capital Inc

NASDAQ: TRIN Asset Management
$18.70
▼ $0.03 (−0.16%) today
Markets closed · 9:08pm ET

Q1 2025 Earnings

Reported May 7, 2025, 8:00am ET · SEC source
$0.52
Miss −0.55%
EPS · est. $0.52
$65.4M
Miss −3.70%
Revenue · est. $67.9M
−0.9%
Trailing market
TRIN vs S&P since report
1 quarter
Consecutive EPS misses

Market Reaction

% change · around the report
−2%0May 7May 8report 8:00am ETearnings+1.0%+1.0%
−2%0May 7May 8earnings+1.0%+1.0%
TRIN +1.0%S&P 500 +1.0%
−2%0+2%May 7May 8report 8:00am ETearnings+1.3%+1.0%
−2%0+2%May 7May 8earnings+1.3%+1.0%
TRIN +1.0%NASDAQ +1.3%
0+3%+6%May 6May 15report 8:00am ETearnings+4.5%+4.4%
0+3%+6%May 6May 15earnings+4.5%+4.4%
TRIN +4.4%S&P 500 +4.5%
0+3%+6%May 6May 15report 8:00am ETearnings+6.9%+4.4%
0+3%+6%May 6May 15earnings+6.9%+4.4%
TRIN +4.4%NASDAQ +6.9%
−1.91%
Day of report
+2.10%
Next session
+6.72%
One week
+5.93%
30 days

S&P 500 over the same 30 days: +6.87%.

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 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

“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.”

Trinity Capital CEO, on the earnings call

Forward Guidance & Outlook

Trinity Capital indicated continued momentum heading into mid-2025, having raised an additional $10.5 million in net equity ATM proceeds and $0.5 million in debt ATM proceeds between April 1 and May 5, 2025. The company holds $622.9 million in unfunded commitments (most conditional on portfolio company milestones) and $216.4 million in available liquidity. CEO Kyle Brown emphasized the company's intent to continue evolving into a premier asset manager, expanding the platform, and growing the portfolio amid ongoing macroeconomic uncertainty.

TRIN YoY Financials

Revenue$65.4M
Net Income$32.4M

TRIN Revenue by Segment

Secured Loans$1.3B
Equipment Financings$336.7M
Equity & Warrants
Equity and Warrants$125.6M

Figures from SEC filings and company reports. Not investment advice.