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WKN: A2QNNR | ISIN: US8964423086 | Ticker-Symbol: 9F7
Tradegate
06.08.25 | 16:45
13,490 Euro
+3,21 % +0,420
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TRINITY CAPITAL INC Chart 1 Jahr
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13,33013,42017:03
13,32013,41017:03
PR Newswire
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Trinity Capital Inc. Reports Second Quarter 2025 Financial Results

Total Investment Income grows 27.3% year-over-year

Net Asset Value reaches new high of $923.6 million

Return on Average Equity increases to 15.9%

PHOENIX, Aug. 6, 2025 /PRNewswire/ -- Trinity Capital Inc. (NASDAQ: TRIN) ("Trinity Capital" or "the Company"), a leading alternative asset manager, today announced its financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

  • Total investment income of $69.5 million, an increase of 27.3% year-over-year
  • Net investment income ("NII") of $34.8 million, or $0.53 per basic share. NII grew 30.3% year over year.
  • Net increase in net assets resulting from operations of $41.4 million, or $0.63 per basic share
  • 15.9% Return on Average Equity "ROAE" (NII/Average Equity)
  • 7.2% Return on Average Assets "ROAA" (NII/Average Assets)
  • Net Asset Value ("NAV") of $923.6 million, or $13.27 per share at the end of Q2. NAV increased 35.8% year over year.
  • Total gross investment commitments of $519.8 million
  • Total gross investments funded of $365.5 million, which was comprised of $292.3 million in 15 new portfolio companies and $73.2 million in 14 existing portfolio companies
  • Total investment exits and repayments of $195.0 million, including $109.3 million from early debt repayments and refinancings, $51.3 million from scheduled/amortizing debt payments, $34.2 million from investments sold to multi-sector holdings and $0.2 million from warrant and equity sales
  • 22nd consecutive quarter of a consistent or increased regular dividend, with a second quarter distribution of $0.51 per share

"Our second-quarter performance rounded out a solid first half of 2025, reflecting disciplined execution across our credit strategies and sustained demand from growth-oriented companies," said Kyle Brown, Chief Executive Officer of Trinity Capital. "We enter the second half of 2025 with strong momentum in our direct lending businesses in addition to our RIA platform growth as we maintain a focus on delivering increasing value to our borrowers, partners, and investors."

Second Quarter 2025 Operating Results

For the three months ended June 30, 2025, total investment income was $69.5 million, compared to $54.6 million for the three months ended June 30, 2024. The effective yield on the average debt investments at cost was 15.7% for the second quarter of 2025, compared to 16.0% for the second quarter of 2024. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events, and may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the second quarter of 2025 were $16.7 million, compared to $14.0 million during the second quarter of 2024. The increase was primarily attributable to higher compensation associated with additional headcount, an increase in professional fees, and higher G&A expenses offset by expenses allocated to the Company's Registered Investment Adviser subsidiary.

Interest expense for the second quarter of 2025 was $18.0 million, compared to $13.9 million during the second quarter of 2024. The increase was primarily attributable to the increase in weighted average debt outstanding as well as borrowing rate.

Net investment income was approximately $34.8 million, or $0.53 per share based on 65.9 million basic weighted average shares outstanding for the second quarter of 2025, compared to $26.7 million or $0.53 per share for the second quarter of 2024 based on 50.2 million basic weighted average shares outstanding.

During the three months ended June 30, 2025, the Company's net unrealized appreciation totaled approximately $14.9 million, which included net unrealized appreciation of $7.4 million from its warrant investments, net unrealized appreciation of $5.5 million from its equity investments, and net unrealized appreciation of $2.3 million from the Company's debt investments. This is partially offset by $0.3 million net unrealized depreciation attributable to foreign currency forward contracts.

Net realized loss on investments was approximately $8.3 million, primarily due to the workout of one secured loan.

Net increase in net assets resulting from operations was $41.4 million, or $0.63 per share, based on 65.9 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $30.8 million, or $0.61 per share, based on 50.2 million basic weighted average shares outstanding for the second quarter of 2024.

Net Asset Value

Total net assets at the end of the second quarter of 2025 increased by 10.8% to $923.6 million, compared to $833.4 million at the end of the first quarter of 2025. The increase in total net assets was primarily due to net portfolio performance, accretive ATM issuances, and net investment income exceeding the dividend declared. NAV per share increased to $13.27 per share in the second quarter from $13.05 per share as of March 31, 2025.

Portfolio and Investment Activity

As of June 30, 2025, Trinity Capital's investment portfolio had an aggregate fair value of approximately $1,978.3 million and was comprised of approximately $1,491.8 million in secured loans, $342.6 million in equipment financings, and $143.9 million in equity and warrants, across 163 portfolio companies. The Company's debt portfolio is comprised of 81.4% first-lien loans and 18.6% second-lien loans, with 80% of the debt portfolio at floating rates based on principal outstanding.

During the second quarter, the Company originated approximately $519.8 million of total new commitments. Second quarter gross investments funded totaled approximately $365.5 million, which was comprised of $292.3 million of investments in 15 new portfolio companies and $73.2 million of investments in 14 existing portfolio companies. Gross investment fundings during the quarter for secured loans totaled $290.8 million, equipment financings totaled $66.5 million and warrant and equity investments totaled $8.2 million.

Proceeds received from exits and repayments of the Company's investments during the second quarter totaled approximately $195.0 million, which included $109.3 million from early debt repayments and refinancings, $51.3 million from scheduled/amortizing debt payments, $34.2 million from investments sold to multi-sector holdings and $0.2 million from warrant and equity sales. The investment portfolio increased by $170.5 million on a cost basis, an increase of 9.3%, and $185.6 million on a fair value basis, an increase of 10.4% as compared to March 31, 2025.

As of the end of the second quarter, loans to three portfolio companies and equipment financings to one portfolio company were on non-accrual status with a total fair value of approximately $15.6 million, or 0.9% of the Company's debt investment portfolio at fair value.

The following table shows the distribution of the Company's loan and equipment financing investments on the 1 to 5 investment risk rating scale at fair value as of June 30, 2025 and March 31, 2025 (dollars in thousands):



June 30, 2025

March 31, 2025







Investment Risk Rating
Scale Range

Designation

Investments at Fair
Value

Percentage
of Total
Portfolio

Investments at Fair
Value

Percentage
of Total
Portfolio

4.0 - 5.0

Very Strong Performance

$ 97,881

5.3 %

$ 92,956

5.6 %

3.0 - 3.9

Strong Performance

589,329

32.1 %

567,581

34.0 %

2.0 - 2.9

Performing

1,021,331

55.7 %

928,455

55.7 %

1.6 - 1.9

Watch

97,396

5.3 %

50,072

3.0 %

1.0 - 1.5

Default/Workout

15,601

0.9 %

15,156

0.9 %







Total Debt Investments excluding Senior Credit Corp 2022
LLC

1,821,538

99.3 %

1,654,220

99.2 %


Senior Credit Corp 2022 LLC (1)

12,885

0.7 %

12,885

0.8 %

Total Debt
Investments


$ 1,834,423

100.0 %

$ 1,667,105

100.0 %

_____________

(1) An investment risk rating is not applied to Senior Credit Corp 2022 LLC.

As of June 30, 2025, Trinity Capital's loan and equipment financing investments had a weighted average risk rating score of 2.9, consistent with the score as of March 31, 2025. The Company's grading scale is comprised of numerous factors, two key factors being liquidity and performance to plan. A company may be downgraded as it approaches the need for additional capital or if it is underperforming relative to its business plans. Conversely, it may be upgraded upon a capitalization event or if it is exceeding its plan. As such, the overall grading may fluctuate quarter-to-quarter.

Liquidity and Capital Resources

As of June 30, 2025, the Company had approximately $143.3 million in available liquidity, including $26.3 million in unrestricted cash and cash equivalents. At the end of the period, the Company had approximately $117.0 million in available borrowing capacity under its KeyBank Credit Facility, subject to existing terms and advance rates and regulatory and covenant requirements. This excludes capital raised by the JV and funds managed by the Company's wholly owned RIA subsidiary.

As of June 30, 2025, Trinity's leverage, or debt-to-equity ratio, was approximately 115% as compared to 116% as of March 31, 2025.

During the three months ended June 30, 2025, Trinity utilized its equity ATM offering program to sell 5,717,121 million shares of its common stock at a weighted average price of $14.43 per share, raising $81.5 million of net proceeds.

During the three months ended June 30, 2025, Trinity utilized its debt ATM offering program and during the period issued and sold $2.2 million in aggregate principal amount of its March and September 2029 Notes.

Distributions

On June 18, 2025, the Company's Board of Directors declared a regular dividend totaling $0.51 per share with respect to the quarter ended June 30, 2025, which was paid on July 15, 2025, to stockholders of record as of June 30, 2025. The Board of Directors generally determines and announces the Company's dividend distribution on a quarterly basis.

Recent Developments

For the period from July 1, 2025 to August 4, 2025, the Company issued and sold 717,285 shares of its common stock at a weighted-average price of $14.32 per share and raised $10.2 million of net proceeds after deducting commissions to the sales agents on shares sold under the Equity ATM Program.

On July 3, 2025, the Company issued and sold $125.0 million in aggregate principal amount of its unsecured 6.750% Notes due 2030 (the " July 2030 Notes") under its shelf Registration Statement on Form N-2. The proceeds were used to pay down a portion of the existing indebtedness outstanding under the KeyBank Credit Facility.

On July 8, 2025, the Company and certain of its affiliates were granted an exemptive relief order (the "Order") from the SEC that permits the Company to enter into certain negotiated co-investment transactions alongside certain of its affiliates in a manner consistent with its investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order.

Conference Call

Trinity Capital will hold a conference call to discuss its second quarter 2025 financial results at 12:00 p.m. Eastern Time on Wednesday, August 6, 2025.

To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ225 if asked, approximately 10 minutes prior to the start of the call.

A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until August 13, 2025. To access the replay, please dial (800) 757-4761 or (402) 220-7215.

About Trinity Capital Inc.

Trinity Capital Inc. (NASDAQ: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies across five distinct lending verticals: Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences. As a long-term, trusted partner for innovative companies seeking tailored debt solutions, Trinity Capital has deployed more than $4.5 billion across over 400 investments since inception in 2008 (As of June 30, 2025). Headquartered in Phoenix, Arizona, Trinity Capital's dedicated team is strategically located across the United States and Europe. For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn and X (@trincapital).

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission ("SEC"). The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. More information on risks and other potential factors that could affect the Company's financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or on the webcast/conference call, is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed annual report on Form 10-K and subsequent SEC filings.

TRINITY CAPITAL INC.
Consolidated Statements of Assets and Liabilities
(In thousands, except share and per share data)




June 30,



December 31,




2025



2024




(Unaudited)





ASSETS







Investments at fair value:







Control investments (cost of $103,725 and $82,391, respectively)


$

118,496



$

89,249


Affiliate investments (cost of $39,114 and $34,309, respectively)



39,227




34,727


Non-Control / Non-Affiliate investments (cost of $1,858,099 and $1,643,526,
respectively)



1,820,607




1,601,594


Total investments (cost of $2,000,938 and $1,760,226, respectively)



1,978,330




1,725,570


Cash and cash equivalents



26,251




9,627


Interest receivable



17,664




16,542


Deferred credit facility costs



5,870




6,586


Other assets



16,909




15,916


Total assets


$

2,045,024



$

1,774,241









LIABILITIES







KeyBank Credit Facility


$

483,000



$

113,000


Unsecured Notes, net of $8,523 and $10,327, respectively, of unamortized deferred
financing costs



569,808




764,673


Distribution payable



35,483




31,451


Security deposits



5,918




8,472


Accounts payable, accrued expenses and other liabilities



27,247




33,663


Total liabilities



1,121,456




951,259









NET ASSETS







Common stock, $0.001 par value per share (200,000,000 authorized, 69,574,146 and
61,669,059 shares issued and outstanding as of June 30, 2025 and
December 31, 2024, respectively)



70




62


Paid-in capital in excess of par



929,767




829,626


Distributable earnings/(accumulated deficit)



(6,269)




(6,706)


Total net assets



923,568




822,982


Total liabilities and net assets


$

2,045,024



$

1,774,241


NET ASSET VALUE PER SHARE


$

13.27



$

13.35


TRINITY CAPITAL INC.
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)



Three Months Ended




Three Months Ended



Six Months Ended



Six Months Ended



June 30, 2025




June 30, 2024



June 30, 2025



June 30, 2024


INVESTMENT INCOME:

















Interest and dividend income:

















Control investments

$


2,430




$


783



$


4,758



$


1,635


Affiliate investments



977






474





2,250





859


Non-Control / Non-Affiliate investments



63,306






50,580





122,379





98,735


Total interest and dividend income



66,713






51,837





129,387





101,229


Fee and other income:

















Affiliate investments



597






835





1,289





1,702


Non-Control / Non-Affiliate investments



2,173






1,969





4,192





2,163


Total fee and other income



2,770






2,804





5,481





3,865


Total investment income



69,483






54,641





134,868





105,094



















EXPENSES:

















Interest expense and other debt financing costs



18,044






13,885





35,700





26,029


Compensation and benefits



12,489






9,944





23,134





19,808


Professional fees



1,787






1,338





3,814





2,058


General and administrative



2,246






2,092





4,713





4,021


Total gross expenses



34,566






27,259





67,361





51,916


Allocated expenses to Trinity Capital Adviser, LLC



(508)






-





(916)





-


Total net expenses



34,058






27,259





66,445





51,916



















NET INVESTMENT INCOME/(LOSS) BEFORE TAXES



35,425






27,382





68,423





53,178


Excise tax expense



621






639





1,238





1,278


NET INVESTMENT INCOME



34,804






26,743





67,185





51,900



















NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:

















Control investments



-






(3,916)





-





(3,916)


Non-Control / Non-Affiliate investments



(8,262)






(2,572)





(10,416)





(1,220)


Net realized gain/(loss) from investments



(8,262)






(6,488)





(10,416)





(5,136)



















NET CHANGE IN UNREALIZED
APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:

















Control investments



7,912






5,691





7,913





7,655


Affiliate investments



52






1,673





482





1,926


Non-Control / Non-Affiliate investments



6,908






3,209





3,335





(11,008)


Net change in unrealized appreciation/(depreciation) from investments



14,872






10,573





11,730





(1,427)



















NET INCREASE/(DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS

$


41,414




$


30,828



$


68,499



$


45,337



















NET INVESTMENT INCOME PER SHARE - BASIC

$


0.53




$


0.53



$


1.05



$


1.07


NET INVESTMENT INCOME PER SHARE - DILUTED

$


0.53




$


0.51



$


1.05



$


1.03



















NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
PER SHARE - BASIC

$


0.63




$


0.61



$


1.07



$


0.94


NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
PER SHARE - DILUTED

$


0.63




$


0.59



$


1.07



$


0.90



















WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC



65,911,570






50,161,680





64,242,822





48,455,033


WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED



65,911,570






54,064,395





64,242,822





52,357,748


SOURCE Trinity Capital Inc.

© 2025 PR Newswire
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