Trinity Capital Inc.
- Open
- 17.88
- Day high
- 18.08
- Day low
- 17.84
- Prev close
- 17.89
- Volume
- 751K
- Mkt cap
- $1.6B
- P/E (TTM)
- 8.7
- EPS (TTM)
- $2.06
- P/B
- 1.4
- P/S
- 5.8
- Yield
- 4.76%
- Per share
- $0.85
Trinity Capital Inc. (TRIN) is a Financial Services company listed on NASDAQ. The stock is up 27% over the past year.
Trinity Capital Inc. (TRIN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TRIN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.52 | $0.53 | +1.9% | $90M | +5.0% |
| Feb 25, 2026 | $0.51 | $0.52 | +2.0% | $78M | -6.3% |
| Nov 5, 2025 | $0.52 | $0.52 | +0.0% | $66M | -17.0% |
| Aug 6, 2025 | $0.52 | $0.53 | +1.9% | $62M | -10.3% |
| May 1, 2024 | $0.55 | $0.52 | -5.5% | $28M | -46.6% |
| Mar 6, 2024 | $0.55 | $0.54 | -1.8% | $49M | +4.7% |
| Nov 1, 2023 | $0.55 | $0.55 | +0.0% | $45M | -2.2% |
| Aug 2, 2023 | $0.53 | $0.61 | +15.1% | $32M | -15.4% |
| May 4, 2023 | $0.57 | $0.52 | -8.8% | $34M | -18.0% |
| Mar 2, 2023 | $0.49 | $0.57 | +16.3% | $8M | -79.0% |
| Nov 3, 2022 | $0.52 | $0.53 | +1.9% | $37M | +5.2% |
| Aug 4, 2022 | $0.45 | $0.48 | +6.7% | $2M | -92.6% |
TRIN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Brown Kyle Stevendirector, officer: CEO, President and CIO | Tax | 10,743 | $16.89 |
| Jun 17, 2026 | Testa Michaelofficer: CFO and Treasurer | Tax | 2,601 | $16.89 |
| Jun 17, 2026 | Kundich Ronaldofficer: Chief Credit Officer | Tax | 3,982 | $16.89 |
| Jun 17, 2026 | Harder Geraldofficer: Chief Operating Officer | Tax | 4,654 | $16.89 |
| Jun 17, 2026 | Stanton Sarahofficer: GC, CCO, and Secretary | Tax | 3,310 | $16.89 |
| Jun 16, 2026 | Brown Steve Louisdirector, officer: Executive Chairman | Tax | 13,590 | $16.89 |
| Jun 16, 2026 | Brown Steve Louisdirector, officer: Executive Chairman | Tax | 662 | $16.89 |
| Jun 12, 2026 | Zacharia Michaeldirector | Grant | 6,176 | — |
| Jun 12, 2026 | HAMADA RICHARD Pdirector | Grant | 6,176 | — |
| Jun 12, 2026 | Estes Ronald E.director | Grant | 6,176 | — |
| Jun 12, 2026 | Lockridge Irmadirector | Grant | 6,176 | — |
| Mar 17, 2026 | Kundich Ronaldofficer: Chief Credit Officer | Grant | 45,076 | — |
| Mar 17, 2026 | Kundich Ronaldofficer: Chief Credit Officer | Tax | 6,826 | $14.42 |
| Mar 17, 2026 | Testa Michaelofficer: CFO and Treasurer | Grant | 52,011 | — |
| Mar 17, 2026 | Testa Michaelofficer: CFO and Treasurer | Tax | 4,799 | $14.42 |
Source: TRIN SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full TRIN insider & 13F page →Trinity Capital Inc. company profile
Overview
Trinity Capital Inc. (NASDAQ:TRIN) is a business development company founded in 2019 and based in Phoenix, Arizona, with additional offices in Maryland, California, and Texas. The company went public in January 2021 and operates as a specialized venture capital firm focused on providing debt financing to growth-stage companies. Trinity has rapidly expanded its operations across multiple business verticals and geographies, establishing itself as a significant player in the venture debt market with over $2 billion in assets under management.
Business
Trinity Capital operates in the venture debt industry, which sits at the intersection of traditional lending and venture capital. The company functions as a Business Development Company (BDC), a regulated investment vehicle that provides capital to small and medium-sized businesses. Unlike traditional venture capital firms that primarily invest in equity, Trinity specializes in debt financing for growth-stage companies that have already received venture capital backing. The company's core offering is venture debt, which includes secured loans, equipment financing, and working capital facilities to companies that are typically beyond the startup phase but still growing rapidly. Venture debt serves as a complement to equity financing, allowing companies to access capital without diluting ownership as much as they would with additional equity rounds. Trinity operates through five distinct business verticals: 1. Equipment Financing (approximately 38% of fundings) - Provides loans secured by equipment and machinery, particularly for technology and manufacturing companies that need capital equipment to scale operations. 2. Life Sciences (approximately 29% of fundings) - Specializes in financing biotechnology, pharmaceutical, and medical device companies, which often have long development cycles and significant capital requirements before generating revenue. 3. Sponsor Finance (approximately 18% of fundings) - Partners with private equity sponsors and other institutional investors to provide debt financing to their portfolio companies. 4. Tech Lending (approximately 10% of fundings) - Offers traditional venture debt to technology companies, including software, hardware, and internet businesses. 5. Asset-Based Lending (approximately 5% of fundings) - Provides loans secured by receivables, inventory, or other current assets, often replacing traditional bank financing. The company's portfolio consists of approximately 75% secured loans, 19% equipment financing, 4% equity investments, and 2% warrants. Trinity has also expanded internationally, establishing operations in Europe to serve the growing venture debt market there.
Revenue model
Trinity Capital generates revenue primarily through interest income from its loan portfolio, with an effective portfolio yield of approximately 15.3%. The company's business model is built on several revenue streams: Primary Revenue Sources: Interest income from loans represents the largest revenue component, with the company earning interest rates that typically range from 10-20% annually depending on the risk profile and structure of each loan. The company also earns origination fees when funding new loans, and prepayment fees when borrowers repay loans early. Secondary Revenue Sources: Trinity holds equity positions and warrants in many of its portfolio companies, generating returns when these companies achieve successful exits through IPOs or acquisitions. The company also operates a registered investment advisor (RIA) that manages third-party capital, generating management fees and performance fees from these managed accounts. Customer Base: Trinity's customers are primarily growth-stage companies that have received institutional venture capital backing. These companies typically have annual revenues ranging from $5 million to $100 million and are seeking non-dilutive capital to fund growth initiatives, working capital needs, or equipment purchases. Margin Influencing Factors: Several factors can significantly impact Trinity's margins. Rising interest rates generally benefit the company as most of its loans have floating rates tied to benchmarks like SOFR, allowing Trinity to maintain spreads as rates increase. However, economic downturns can increase credit losses and reduce demand for venture debt. Competition from banks and other lenders can compress pricing, while regulatory changes affecting BDCs can impact operational flexibility. The health of the venture capital ecosystem directly affects deal flow, as Trinity's customers typically need ongoing equity financing to remain viable. Additionally, the company's cost of capital through its credit facilities and debt issuances directly impacts net interest margins.
Competitive moat
Trinity Capital's competitive positioning reflects a moderate moat built primarily on specialized expertise and market relationships rather than structural barriers. The company's strongest defensive characteristics include its deep vertical specialization across five distinct lending segments, each requiring specific industry knowledge and underwriting capabilities that take years to develop. Trinity's track record of maintaining low historical loss rates (26 basis points) demonstrates superior credit selection and portfolio management skills. The company benefits from relationship-based deal sourcing, working closely with venture capital firms, private equity sponsors, and other intermediaries who repeatedly refer opportunities. These relationships create a degree of stickiness and preferred access to higher-quality deals. Trinity's ability to provide flexible, tailored financing solutions - from equipment loans to working capital facilities - also differentiates it from more rigid institutional lenders. However, the moat faces several challenges. The venture debt market has relatively low barriers to entry for well-capitalized competitors, and Trinity competes with both traditional banks and specialized lenders. Large banks can offer lower pricing due to their cost of capital advantages, while other BDCs and credit funds compete directly for similar opportunities. The company's returns are also highly dependent on the overall health of the venture capital ecosystem, making it vulnerable to broader market cycles. Trinity's expansion into multiple verticals and geographies (including Europe) helps diversify risk but also spreads management attention across different markets and expertise areas. While the company's specialized knowledge provides some protection, it operates in a competitive market where pricing power can be limited during periods of abundant capital availability.
Risks & safety
Trinity Capital presents a moderate margin of safety with manageable near-term risks but exposure to credit cycle volatility. Liquidity and Solvency: • Cash position: $8.4 million with access to $510 million credit facility • Debt-to-equity ratio: 1.07x, within target range of 1.1-1.3x • Net leverage ratio: 1.08x, considered conservative for BDC standards • Strong liquidity through revolving credit facilities and ability to issue additional debt Valuation Metrics: • Trading at 0.99x book value, near tangible book value • P/E ratio: 6.2x based on recent earnings • EV/EBITDA: 4.3x, reasonable for a financial services company • Dividend yield: approximately 14.7% based on $0.51 quarterly dividend Other Considerations: • Portfolio quality: 99.2% of investments performing, with only 0.8% on non-accrual status • Diversification across 22 industry categories reduces concentration risk • BDC structure provides tax advantages but limits operational flexibility • Exposure to venture capital cycle creates earnings volatility risk
Recent development
Over the past few years, Trinity Capital has executed a comprehensive diversification and expansion strategy that has transformed it from a focused venture debt provider into a multi-vertical lending platform. The company's most significant strategic pivot involved expanding from its original focus on technology lending into five distinct business verticals: equipment financing, life sciences, sponsor finance, tech lending, and asset-based lending. The life sciences vertical launch in 2022 represented a major strategic addition, with Trinity hiring experienced industry professionals to build specialized expertise in biotechnology, pharmaceutical, and medical device financing. This vertical has grown to represent approximately 29% of the company's funding activity, demonstrating successful market penetration. Trinity's international expansion into Europe began in 2024, with the establishment of a London-based team to serve the growing European venture debt market. This geographic diversification provides access to new deal flow and reduces dependence on U.S. market conditions. The company has also developed its asset management capabilities through the launch of its registered investment advisor (RIA) and the creation of co-investment vehicles. These off-balance-sheet activities generate additional fee income while allowing Trinity to participate in larger transactions without straining its balance sheet. Capital market activities have been another key focus, with Trinity raising over $200 million in equity through its at-the-market (ATM) program and issuing $115 million in investment-grade unsecured notes. The company also received an investment-grade rating from Moody's (Baa3), improving its cost of capital and market credibility. Recent quarters have shown a more cautious approach to originations as management assesses macroeconomic conditions and potential impacts from policy changes, including tariffs. This reflects a mature risk management approach as the company navigates uncertain market conditions.
TRIN company profile · for informational purposes only — not investment advice.
Track TRIN with Drillr
SEC filings, earnings calls, insider activity, alt-data signals — all queryable through Drillr's AI terminal and MCP API.
Try Drillr for free