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Trinity Capital
Trinity Capital (TRIN) investor relations material
Trinity Capital Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Net investment income reached $37.0 million, up 29% year-over-year, supporting a $0.51 per share dividend for the 23rd consecutive quarter.
Net asset value (NAV) grew 8% quarter-over-quarter to $998.3 million, or $13.31 per share, a 31.9% year-over-year increase.
Platform assets under management (AUM) increased to over $2.6 billion, a 28% year-over-year rise.
Maintained a diversified portfolio across investment types, industries, and geographies, with $2.2 billion in total investments at cost.
Investment pipeline remains robust, with $773 million in new Q3 commitments and $1.2 billion in unfunded commitments at quarter-end.
Financial highlights
Total investment income was $75.6 million, up 22% year-over-year.
Net investment income per share was $0.52, covering 102% of the quarterly distribution.
NAV per share increased from $13.27 to $13.31 quarter-over-quarter.
Return on average equity was 15.3%, among the highest in the BDC space.
Debt-to-equity ratio at 119% as of September 30, 2025.
Outlook and guidance
Entered Q4 with strong momentum and a robust investment pipeline, with management bullish on direct lending opportunities.
Rate cuts expected to have a muted impact due to interest rate floors on most loans; further cuts may lower borrowing costs.
Continued focus on scaling the platform and expanding investment capacity through managed funds and new capital vehicles.
Management aims to provide stable and consistent returns through a diversified private credit platform and disciplined underwriting.
Forward-looking statements caution that actual results may differ due to market, economic, and regulatory risks.
How does RIA growth impact BDC EPS/NAV?
How will RIA growth enable lower BDC leverage?
What insulates spreads from broader market trends?
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Next Trinity Capital earnings date
Q4 202525 Feb, 2026
Trinity Capital
Next Trinity Capital earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Trinity Capital Inc. is a business development company that provides debt and equity financing to growth-stage companies. The company specializes in venture loans and equipment financing, supporting businesses in technology, life sciences, and other high-growth industries. Trinity Capital partners with venture-backed companies to offer flexible funding solutions, including term loans and leasing options, to help them scale operations and expand their market presence. Trinity Capital Inc. is headquartered in Phoenix, Arizona, and its shares are listed on the NASDAQ.
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