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Q3 25 EPS
$0.52
MISS 1.16%
Est. $0.53
Q3 25 Revenue
$75.6M
BEAT +2.11%
Est. $74.0M
vs S&P Since Q3 25
+20.7%
BEATING MARKET
TRIN +31.4% vs S&P +10.7%
Market Reaction
Did TRIN Beat Earnings? Q3 2025 Results
Trinity Capital posted a strong third quarter for 2025, reporting earnings per share of $0.52 and total investment income of $75.55 million, reflecting 22.3% year-over-year revenue growth as the business development company continued to scale its len… Read more Trinity Capital posted a strong third quarter for 2025, reporting earnings per share of $0.52 and total investment income of $75.55 million, reflecting 22.3% year-over-year revenue growth as the business development company continued to scale its lending operations. The key driver behind the quarter's momentum was record gross investment fundings of $470.60 million, paired with $773.00 million in total new commitments across 37 portfolio companies, pushing the investment portfolio to $2.19 billion at fair value. Net Asset Value climbed to a fresh high of $998.30 million, or $13.31 per share, supported by accretive ATM equity issuances that raised $83.00 million in net proceeds during the quarter. Credit quality held steady, with non-accrual investments at just 1.0% of the debt portfolio, while the company declared its 23rd consecutive consistent or increased quarterly dividend of $0.51 per share, representing a 102.0% NII coverage ratio. Leverage edged up to 119% debt-to-equity as Trinity expanded its KeyBank credit facility and issued $125.00 million in new unsecured notes to fund continued portfolio growth.
Key Takeaways
- • Record gross investment fundings of $470.6 million in Q3 2025
- • Total investment income grew 22.3% year-over-year to $75.6 million
- • Net investment income grew 25.9% year-over-year to $37.0 million
- • Effective yield on average debt investments of 15.0%
- • 82.4% floating rate debt portfolio benefiting from elevated interest rates
- • Accretive ATM equity issuances raised $83.0 million in net proceeds
- • Growing demand across credit strategies including sponsor finance and direct lending
- • Disciplined underwriting with annualized loss rate of 26 bps
TRIN YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
TRIN Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our strong third quarter results exhibit the power of our disciplined execution and rigid underwriting, as well as the growing demand across our credit strategies. We're seeing great momentum across our direct lending platform, and we're bullish on the opportunities ahead as we remain focused on driving exceptional value for our investors and partners.”
— Kyle Brown, Q3 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% |