Financial Data and Key Metrics Changes - The company reported net investment income of $32.4 million, a 29% increase compared to Q1 of the previous year [5] - Total investment income reached $65 million, marking a 30% increase year-over-year [15] - The effective yield on the portfolio was 15.3%, while the core yield was 14.1% [15] - The net asset value (NAV) grew to $833 million from $823 million at the end of the previous quarter, although NAV per share decreased from $13.35 to $13.05 [18] Business Line Data and Key Metrics Changes - The portfolio consisted of approximately 75% secured loans, 19% equipment financing, 4% equity, and 2% warrants [24] - Funding breakdown for Q1 included 38% to equipment financing, 29% to life sciences, 18% to sponsor finance, 10% to tech lending, and 5% to asset-based lending [25] - The credit quality remained strong, with approximately 99.1% of the portfolio performing on a fair value basis [26] Market Data and Key Metrics Changes - The company has $623 million in unfunded commitments, indicating a strong investment pipeline [13] - The largest industry exposure was finance and insurance at 16.9%, followed by medical devices at 12.3% [24] Company Strategy and Development Direction - The company is focused on building a resilient asset management business with five complementary business verticals [9] - An internally managed structure aligns the interests of employees and management with shareholders [10] - The company aims to capitalize on new opportunities in the private credit space, particularly in late-stage VC and lower middle market [11] Management's Comments on Operating Environment and Future Outlook - Management is closely monitoring macroeconomic conditions, including tariff impacts, and has found limited exposure among portfolio companies [6][23] - The company is optimistic about future growth, citing a strong investment pipeline and a recent investment-grade rating from Moody's [12][20] - Management emphasized the importance of credit quality and portfolio management in navigating market volatility [28] Other Important Information - The company raised $31 million from its equity ATM program and $4 million from its net debt ATM program during the quarter [20] - The company has no further debt obligations due until August 2026 following the repayment of convertible notes [19] Q&A Session Summary Question: Why did interest income drop despite a net increase in portfolio investments? - Management attributed the drop to the effects of prior rate cuts and a decrease in early repayments [30][31] Question: Will commitments increase in Q2? - Management indicated that while commitments were down in Q1 due to a defensive stance, they expect to see a robust pipeline and potential increases in commitments moving forward [44][46] Question: What is the impact of tariffs on the medical devices sector? - Management reported low tariff impact on the life sciences portfolio, with no alarming findings from their investigations [35][36] Question: How does the company view lower yields in the portfolio? - Management noted that the decrease in yield is primarily due to rate changes and a strategic shift towards more mature sponsor finance businesses [60] Question: How committed is the company to maintaining or increasing dividends? - Management expressed a strong commitment to maintaining and potentially increasing dividends, focusing on building NAV and ensuring coverage [70][72]

分组1 - Trinity Capital reported quarterly earnings of $0.52 per share, missing the Zacks Consensus Estimate of $0.53 per share, representing an earnings surprise of -1.89% [1] - The company posted revenues of $65.39 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 3.77%, compared to year-ago revenues of $50.45 million [2] - Over the last four quarters, Trinity Capital has not surpassed consensus EPS estimates, although it has topped consensus revenue estimates three times [2] 分组2 - The current consensus EPS estimate for the coming quarter is $0.53 on revenues of $69.46 million, and for the current fiscal year, it is $2.11 on revenues of $282.07 million [7] - The Zacks Industry Rank for Financial - SBIC & Commercial Industry is currently in the bottom 37% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - The stock has lost about 2.6% since the beginning of the year, while the S&P 500 has declined by 4.7% [3]

Company Overview - Trinity Capital has provided $4.3 billion in fundings across 403 investments with 234 exits[9] - The company's portfolio includes $1,330.4 million in secured loans to 81 companies, $336.7 million in equipment financings to 27 companies, and $125.6 million in equity & warrants across 132 companies[9] - As of March 31, 2025, Trinity Capital had $216.4 million in available liquidity and a debt-to-equity ratio of 116%[9] - The annualized dividend yield is 13.5%, based on a $0.51 dividend per share for Q1 2025[9, 11] Financial Highlights (Q1 2025) - Total investment income reached $65.4 million[43] - Net investment income (NII) was $32.4 million, resulting in $0.51 per share[43] - The company committed $185.9 million in debt & equity and funded $220.4 million in debt & equity[43] - Total platform assets under management amounted to $2,142.2 million[43] - The effective yield was 15.3%, while the core yield was 14.1%[43] Portfolio Composition - Loans represent 74.2%, equipment financings 18.8%, and equity & warrants 7.0% of the investment type[84] - The portfolio is diversified across industries, with the largest allocations in Finance and Insurance (17.6%), Medical Devices (12.7%), and SaaS (10.4%)[84] - Floating rate debt investments constitute 76.9% of the portfolio[100]

Core Insights - Trinity Capital Inc. reported a total investment income growth of 29.5% year-over-year, reaching $65.4 million for Q1 2025 [4][13] - The company's net asset value (NAV) increased to $833 million, although NAV per share decreased to $13.05 from $13.35 [10][13] - The return on average equity (ROAE) was reported at 15.5% for the first quarter of 2025 [13] Financial Performance - Total investment income for Q1 2025 was $65.4 million, compared to $50.5 million in Q1 2024 [4][13] - Net investment income was approximately $32.4 million, or $0.52 per share, compared to $25.2 million or $0.54 per share in the previous year [7][13] - The net increase in net assets resulting from operations was $27.1 million, or $0.43 per share, up from $14.5 million or $0.31 per share in Q1 2024 [9][13] Operating Expenses - Total operating expenses, excluding interest, were $15.3 million in Q1 2025, up from $13.2 million in Q1 2024, primarily due to higher compensation and professional fees [5] - Interest expense increased to $17.7 million in Q1 2025 from $12.1 million in Q1 2024, attributed to higher average debt outstanding and borrowing rates [6] Investment Portfolio - As of March 31, 2025, the investment portfolio had a fair value of approximately $1.79 billion, consisting of $1.33 billion in secured loans, $336.7 million in equipment financings, and $125.6 million in equity and warrants [11][12] - The company originated approximately $185.9 million in new commitments during the first quarter, with gross investments funded totaling $220.4 million [12][13] Asset Management and Liquidity - The company had approximately $216.4 million in available liquidity as of March 31, 2025, including $8.4 million in unrestricted cash [17] - Trinity's leverage ratio was approximately 116% at the end of Q1 2025, compared to 108% at the end of Q4 2024 [20] Dividend Distribution - The Board of Directors declared a regular dividend of $0.51 per share for Q1 2025, marking the 21st consecutive quarter of consistent or increased dividends [22][13]

[PART I: FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Trinity Capital Inc. presents its unaudited consolidated financial statements for the quarter ended March 31, 2025, showing increased total assets, net assets, and a net increase in net assets from operations, with the portfolio detailed in the schedule of investments [Consolidated Statements of Assets and Liabilities](index=3&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) As of March 31, 2025, total assets increased to **$1.86 billion** from **$1.77 billion** at year-end 2024, driven by a rise in total investments at fair value to **$1.79 billion**, with total liabilities growing to **$1.02 billion**, resulting in total net assets of **$833.4 million** and a slight NAV per share decrease to **$13.05** from **$13.35** Consolidated Assets and Liabilities (in thousands, except per share data) | Metric | March 31, 2025 (Unaudited) | December 31, 2024 | | :--- | :--- | :--- | | **Total Investments (at fair value)** | $1,792,689 | $1,725,570 | | **Total Assets** | $1,857,276 | $1,774,241 | | **KeyBank Credit Facility** | $392,000 | $113,000 | | **Unsecured Notes, net** | $566,954 | $764,673 | | **Total Liabilities** | $1,023,881 | $951,259 | | **Total Net Assets** | $833,395 | $822,982 | | **Net Asset Value (NAV) Per Share** | $13.05 | $13.35 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, total investment income increased to **$65.4 million** from **$50.5 million** in the prior-year period, with total net expenses rising to **$32.4 million**, resulting in net investment income of **$32.4 million** and a net increase in net assets of **$27.1 million** Consolidated Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Total Investment Income** | $65,385 | $50,453 | | **Total Net Expenses** | $32,386 | $24,657 | | **Net Investment Income** | $32,383 | $25,157 | | **Net Realized Gain/(Loss)** | $(2,154) | $1,351 | | **Net Change in Unrealized Appreciation/(Depreciation)** | $(3,142) | $(12,000) | | **Net Increase in Net Assets from Operations** | $27,087 | $14,508 | | **Net Investment Income Per Share - Basic** | $0.52 | $0.54 | | **Net Change in Net Assets Per Share - Basic** | $0.43 | $0.31 | [Consolidated Statements of Changes in Net Assets](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) For Q1 2025, net assets increased from **$823.0 million** to **$833.4 million**, driven by a **$27.1 million** net increase from operations and **$30.5 million** from common stock issuance, partially offset by **$32.6 million** in distributions and a **$15.8 million** reduction from convertible note redemption Changes in Net Assets - Q1 2025 (in thousands) | Description | Amount | | :--- | :--- | | **Balance as of December 31, 2024** | **$822,982** | | Issuance of common stock, net | $30,468 | | Stock-based compensation | $2,609 | | Distributions to stockholders | $(32,581) | | Net increase from operations | $27,087 | | Other (reinvestment, redemptions, etc.) | $(17,170) | | **Balance as of March 31, 2025** | **$833,395** | [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash used in operating activities was **$63.3 million**, primarily due to new investments, while net cash provided by financing activities was **$62.2 million**, driven by **$398.0 million** in credit facility borrowings offsetting **$217.8 million** in unsecured note repayments, resulting in a **$1.2 million** net decrease in cash Cash Flow Summary - Q1 2025 vs Q1 2024 (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | **Net Cash Provided by/(Used in) Operating Activities** | $(63,341) | $(81,401) | | **Net Cash Provided by/(Used in) Investing Activities** | $(106) | $(33) | | **Net Cash Provided by/(Used in) Financing Activities** | $62,206 | $88,640 | | **Net Increase/(Decrease) in Cash** | $(1,241) | $7,206 | | **Cash at Beginning of Period** | $9,627 | $4,761 | | **Cash at End of Period** | $8,386 | $11,967 | [Consolidated Schedule of Investments](index=8&type=section&id=Consolidated%20Schedule%20of%20Investments) As of March 31, 2025, the company's total investment portfolio was valued at **$1.79 billion** with a cost basis of **$1.83 billion**, diversified across sectors with Finance and Insurance, Medical Devices, and SaaS as top industries, primarily composed of debt securities - Total investments at fair value reached **$1,792.7 million** as of March 31, 2025, up from **$1,725.6 million** at the end of 2024[11](index=11&type=chunk)[390](index=390&type=chunk) Portfolio Composition by Investment Type (March 31, 2025) | Investment Type | Cost | Fair Value | | :--- | :--- | :--- | | Secured Loans | $1,371.0M | $1,330.4M | | Equipment Financings | $339.1M | $336.7M | | Equity | $79.1M | $73.8M | | Warrants | $41.3M | $51.8M | | **Total** | **$1,830.5M** | **$1,792.7M** | Top 5 Industry Concentrations by Fair Value (March 31, 2025) | Industry | Fair Value | % of Total | | :--- | :--- | :--- | | Finance and Insurance | $313.2M | 17.6% | | Medical Devices | $227.0M | 12.7% | | SaaS | $187.0M | 10.4% | | Green Technology | $162.5M | 9.1% | | Other Healthcare Services | $156.5M | 8.7% | [Notes to Consolidated Financial Statements](index=70&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the company's organization, accounting policies, investment valuation, borrowings, and equity structure, including its status as an internally managed BDC and RIC, predominant Level 3 fair value hierarchy, and specifics on debt facilities, unsecured notes, and equity plans - Trinity Capital is an internally managed, closed-end, non-diversified BDC that has elected to be treated as a RIC for U.S. federal income tax purposes[155](index=155&type=chunk) - The company's investments are primarily categorized as **Level 3 assets** (**99.1%** by fair value), indicating reliance on unobservable inputs for valuation[175](index=175&type=chunk) - As of March 31, 2025, the company had **$49.7 million** in unfunded commitments to four portfolio companies, plus commitments to its joint ventures[293](index=293&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=115&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q1 2025 financial performance, highlighting a **29.6%** year-over-year increase in total investment income to **$65.4 million** driven by an expanded debt investment portfolio, with the asset coverage ratio at **186.1%** as of March 31, 2025 [Portfolio Composition and Investment Activity](index=120&type=section&id=Portfolio%20Composition%20and%20Investment%20Activity) As of March 31, 2025, the investment portfolio's fair value grew to **$1.79 billion** across **155** companies, with secured loans and equipment financings constituting **74.2%** and **18.8%** respectively, and the company invested **$220.4 million** while receiving **$157.1 million** in proceeds during the quarter - During Q1 2025, the company invested a total of **$220.4 million**, including **$94.8 million** in **six** new portfolio companies[396](index=396&type=chunk) - The company received **$157.1 million** in proceeds from repayments and sales during Q1 2025, including **$59.1 million** from early debt repayments[396](index=396&type=chunk) [Portfolio Asset Quality](index=123&type=section&id=Portfolio%20Asset%20Quality) The company uses a 1-to-5 risk rating system for debt investments, with a weighted average risk rating of **2.9** as of March 31, 2025, where 'Performing' or better investments constituted **95.3%** of the portfolio by fair value, and non-accrual investments represented **0.9%** or **$15.2 million** Debt Investment Risk Rating Distribution (Fair Value) | Designation | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Very Strong Performance | 5.6% | 5.6% | | Strong Performance | 34.0% | 28.3% | | Performing | 55.7% | 60.7% | | Watch | 3.0% | 3.9% | | Default/Workout | 0.9% | 0.7% | - As of March 31, 2025, **five** portfolio companies were on non-accrual status, with a total fair value of **$15.2 million**, representing **0.9%** of the debt investment portfolio's fair value[408](index=408&type=chunk) [Results of Operations](index=125&type=section&id=Results%20of%20Operations) For Q1 2025, total investment income rose to **$65.4 million** from **$50.5 million** in Q1 2024, with total expenses increasing to **$33.0 million**, resulting in net investment income of **$32.4 million** and a net increase in net assets from operations of **$27.1 million** Comparison of Operations (in thousands) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Investment Income | $65,385 | $50,453 | | Total Expenses | $32,999 | $25,296 | | Net Investment Income | $32,383 | $25,157 | | Net Realized/Unrealized Gain (Loss) | $(5,296) | $(10,649) | | **Net Increase in Net Assets** | **$27,087** | **$14,508** | [Financial Condition, Liquidity and Capital Resources](index=128&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) The company's liquidity is sourced from operations, debt facilities, and equity offerings, with **$8.4 million** in cash and **$208.0 million** available under its KeyBank Credit Facility as of March 31, 2025, and an asset coverage ratio of **186.1%**, exceeding the **150%** regulatory requirement - As of March 31, 2025, liquidity sources included **$8.4 million** in cash and **$208.0 million** in available borrowings under the KeyBank Credit Facility[430](index=430&type=chunk)[431](index=431&type=chunk) - The company's asset coverage ratio was **186.1%** as of March 31, 2025, exceeding the **150%** statutory requirement for BDCs[433](index=433&type=chunk) Contractual Obligations as of March 31, 2025 (in thousands) | Obligation | Total Amount | | :--- | :--- | | KeyBank Credit Facility | $392,000 | | August 2026 Notes | $125,000 | | December 2026 Notes | $75,000 | | March 2029 Notes | $115,261 | | September 2029 Notes | $118,390 | | Series A Notes | $142,500 | | Operating Leases | $6,707 | | **Total** | **$974,858** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=133&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks, primarily valuation risk for its illiquid Level 3 investments and interest rate risk, with **76.9%** of its debt portfolio consisting of floating-rate investments, and a **100 basis point** increase in base rates estimated to increase net income by **$8.8 million** annually - The company's primary market risks are valuation risk for its illiquid portfolio and interest rate risk due to its mix of floating-rate assets and liabilities[450](index=450&type=chunk)[451](index=451&type=chunk)[453](index=453&type=chunk) - As of March 31, 2025, approximately **76.9%** of the company's debt investments by principal were floating-rate, while borrowings under the KeyBank Credit Facility are also floating-rate[454](index=454&type=chunk) Annualized Impact of Hypothetical Interest Rate Changes on Net Income (in thousands) | Basis Point Change | Net Income/(Loss) Impact | | :--- | :--- | | Up 300 bps | $26,479 | | Up 200 bps | $17,653 | | Up 100 bps | $8,826 | | Down 100 bps | $(725) | | Down 200 bps | $(912) | | Down 300 bps | $1,228 | [Item 4. Controls and Procedures](index=135&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal control over financial reporting during the quarter - The company's disclosure controls and procedures were deemed effective as of the end of the period covered by the report[458](index=458&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the first quarter of 2025[459](index=459&type=chunk) [PART II: OTHER INFORMATION](index=135&type=section&id=PART%20II%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=135&type=section&id=Item%201.%20Legal%20Proceedings) The company reports that it is not currently subject to any material legal proceedings, nor is it aware of any material legal proceedings being threatened against it - As of the reporting date, Trinity Capital is not a party to any material legal proceedings[460](index=460&type=chunk) [Item 1A. Risk Factors](index=135&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes to the company's risk factors were reported for the three months ended March 31, 2025[462](index=462&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=136&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On April 15, 2025, the company issued **21,072** shares of its common stock at a price of **$14.39** per share pursuant to its amended and restated distribution reinvestment plan, with this issuance exempt from Securities Act registration requirements - The company issued **21,072** shares of common stock on April 15, 2025, under its distribution reinvestment plan[464](index=464&type=chunk) [Item 3. Defaults Upon Senior Securities](index=136&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities during the period - None[465](index=465&type=chunk) [Item 6. Exhibits](index=136&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Quarterly Report on Form 10-Q, including certifications by the Principal Executive Officer and Principal Financial Officer, and various employment agreements and incentive plan documents

[Q1 2025 Highlights & Operating Performance](index=1&type=section&id=Q1%202025%20Highlights%20%26%20Operating%20Performance) Trinity Capital reported a strong start to 2025 with a 29.5% year-over-year increase in total investment income to $65.4 million. Net investment income (NII) reached $32.4 million, although NII per share slightly decreased to $0.52 from $0.54 year-over-year due to a higher share count. The company achieved a 15.5% Return on Average Equity. Both operating and interest expenses increased, driven by business growth and higher borrowing rates Q1 2025 Key Financial Metrics | Metric | Value | Growth (YoY) | | :--- | :--- | :--- | | Total Investment Income | $65.4 million | 29.5% | | Net Investment Income (NII) | $32.4 million | N/A | | NII per Basic Share | $0.52 | N/A | | Net Increase in Net Assets | $27.1 million | N/A | | Return on Average Equity (ROAE) | 15.5% | N/A | | Net Asset Value (NAV) | $833.4 million | N/A | Operating Results Comparison (Q1 2025 vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total Investment Income | $65.4 million | $50.5 million | | Net Investment Income (NII) | $32.4 million | $25.2 million | | NII per Basic Share | $0.52 | $0.54 | | Net Increase in Net Assets | $27.1 million | $14.5 million | - Operating expenses (excluding interest) rose to **$15.3 million** from **$13.2 million** YoY, primarily due to higher compensation, professional fees, and G&A expenses[5](index=5&type=chunk) - Interest expense increased to **$17.7 million** from **$12.1 million** YoY, attributed to a higher amount of weighted average debt outstanding and increased borrowing rates[7](index=7&type=chunk) - The company recorded a net realized loss of approximately **$2.2 million** and net unrealized depreciation of **$3.1 million** during the quarter[9](index=9&type=chunk) [Net Asset Value (NAV)](index=2&type=section&id=Net%20Asset%20Value%20%28NAV%29) Total net assets grew by 1.3% to a new high of $833.4 million compared to the previous quarter, driven by net investment income and accretive stock offerings. However, NAV per share decreased from $13.35 to $13.05, primarily due to the early extinguishment of the company's 6% Convertible Notes NAV Comparison (Q1 2025 vs. Q4 2024) | Metric | March 31, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Total Net Assets | $833.4 million | $823.0 million | +1.3% | | NAV per Share | $13.05 | $13.35 | -2.2% | - The increase in total net assets was primarily due to net investment income exceeding the dividend declared and accretive ATM offerings[11](index=11&type=chunk) - The decrease in NAV per share was mainly attributed to the early extinguishment of the Company's **6%** Convertible Notes due **2025**[11](index=11&type=chunk) [Portfolio and Investment Activity](index=2&type=section&id=Portfolio%20and%20Investment%20Activity) As of Q1 2025, the investment portfolio's fair value reached approximately $1.8 billion across 155 companies, with a significant portion in first-lien secured loans. The company was highly active, funding $220.4 million in new and existing companies and receiving $157.1 million in repayments. The portfolio's credit quality remained stable, with a weighted average risk rating of 2.9, and non-accrual loans constituting only 0.9% of the debt portfolio's fair value - The portfolio's fair value was **$1,792.7 million**, comprised of **$1,330.4 million** in secured loans, **$336.7 million** in equipment financings, and **$125.6 million** in equity/warrants[12](index=12&type=chunk) - The debt portfolio consists of **77.9%** first-lien loans, and **76.9%** of the debt portfolio is at floating rates[12](index=12&type=chunk) Q1 2025 Investment Activity | Activity | Amount | | :--- | :--- | | Total New Commitments | $185.9 million | | Gross Investments Funded | $220.4 million | | - To New Portfolio Companies | $94.8 million | | - To Existing Portfolio Companies | $125.6 million | | Total Exits and Repayments | $157.1 million | - As of quarter-end, loans to five portfolio companies were on non-accrual status, with a total fair value of **$15.2 million**, representing **0.9%** of the debt investment portfolio[15](index=15&type=chunk) - The weighted average risk rating of the loan and equipment financing portfolio was **2.9**, consistent with the prior quarter[16](index=16&type=chunk) [Liquidity and Capital Resources](index=3&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong liquidity with $216.4 million available at quarter-end. The debt-to-equity ratio increased to 116% from 108% in the prior quarter. During Q1, Trinity actively managed its capital by repaying matured notes, handling the conversion of its Convertible Notes, and raising $30.5 million in net proceeds from its equity ATM program and $3.7 million from its new debt ATM program - As of March **31**, **2025**, the Company had approximately **$216.4 million** in available liquidity, including **$8.4 million** in cash and **$208.0 million** in available borrowing capacity[17](index=17&type=chunk) - The company's leverage (debt-to-equity ratio) was approximately **116%** as of March **31**, **2025**, up from **108%** at the end of **2024**[20](index=20&type=chunk) - During the quarter, the company raised **$30.5 million** in net proceeds from selling **1.98 million shares** through its equity ATM program and launched a debt ATM program, issuing **$3.7 million** in notes[20](index=20&type=chunk)[21](index=21&type=chunk) - The **2025** Notes matured and were repaid in full, and the Convertible Notes were fully converted, with the company paying **$66.2 million** in cash to satisfy the principal obligation[18](index=18&type=chunk)[19](index=19&type=chunk) [Distributions](index=4&type=section&id=Distributions) Trinity Capital's Board of Directors declared a regular quarterly dividend of $0.51 per share for the first quarter of 2025, marking the 21st consecutive quarter of a consistent or increased regular dividend - A dividend of **$0.51 per share** for Q1 **2025** was declared on March **19**, **2025**, and paid on April **15**, **2025**[22](index=22&type=chunk) - This represents the **21st** consecutive quarter of a consistent or increased regular dividend[6](index=6&type=chunk) [Recent Developments](index=4&type=section&id=Recent%20Developments) Subsequent to the quarter's end, from April 1 to May 5, 2025, Trinity continued to utilize its ATM programs, raising an additional $10.5 million in net proceeds from common stock sales and $0.5 million from debt issuance - Between April **1** and May **5**, **2025**, the company raised **$10.5 million** of net proceeds by selling **752,845 shares** of common stock under its ATM Program[23](index=23&type=chunk) - During the same period, the company also raised **$0.5 million** in net proceeds from its debt ATM program[23](index=23&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) The consolidated financial statements detail the company's financial position and performance. The balance sheet shows growth in total assets to $1.86 billion, driven by an expanded investment portfolio, and a corresponding rise in liabilities. The income statement highlights a 29.5% year-over-year increase in total investment income and a 28.7% rise in net investment income [Consolidated Statements of Assets and Liabilities](index=6&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Total assets increased to $1.86 billion as of March 31, 2025, from $1.77 billion at year-end 2024, primarily due to growth in the investment portfolio. Total liabilities also grew to $1.02 billion from $951 million, largely from increased borrowings on the KeyBank Credit Facility. Consequently, total net assets rose modestly to $833.4 million Key Balance Sheet Items (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Investments (at fair value) | $1,792,689 | $1,725,570 | | Total Assets | $1,857,276 | $1,774,241 | | Total Liabilities | $1,023,881 | $951,259 | | Total Net Assets | $833,395 | $822,982 | - Borrowings under the KeyBank Credit Facility significantly increased to **$392.0 million** from **$113.0 million**, while Unsecured Notes decreased to **$567.0 million** (net) from **$764.7 million** (net)[30](index=30&type=chunk) [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) For the three months ended March 31, 2025, total investment income was $65.4 million, a significant increase from $50.5 million in the prior-year period. Net investment income rose to $32.4 million from $25.2 million year-over-year. The net increase in net assets from operations was $27.1 million, a substantial improvement from $14.5 million in Q1 2024, despite a net realized loss and net unrealized depreciation on investments during the quarter Key Income Statement Items (in thousands) | Account | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Total Investment Income | $65,385 | $50,453 | | Total Net Expenses | $32,386 | $24,657 | | Net Investment Income | $32,383 | $25,157 | | Net Increase in Net Assets | $27,087 | $14,508 | Per Share Data Comparison | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | NII per Share - Basic | $0.52 | $0.54 | | Net Change in Net Assets per Share - Basic | $0.43 | $0.31 |

Core Viewpoint - Moody's has assigned Trinity Capital an investment grade long-term issuer rating of Baa3 with a stable outlook, reflecting the company's strong performance and investment expertise [1][2]. Company Overview - Trinity Capital Inc. is an international alternative asset manager focused on delivering consistent returns through private credit markets, having deployed over $4 billion across 400 investments since its inception in 2008 [3]. - The company operates across five complementary verticals: Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences [3]. Rating Factors - Moody's cited several factors for the Baa3 rating, including Trinity Capital's investment expertise, growing performance record, low reliance on secured funding, and strong capitalization and liquidity [2]. - The company's increased scale and diversification, particularly through new business verticals, were also highlighted as positive developments [2]. Management Commentary - The Chief Financial Officer of Trinity Capital expressed satisfaction with the Baa3 rating, indicating it affirms the strength of the company's platform and will facilitate access to capital at more favorable rates [3].

Company originates $186 million of new commitments in the first quarter of 2025 PHOENIX, April 9, 2025 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (the "Company"), a leading alternative asset manager, today announced a portfolio update for the first quarter of 2025. Trinity Capital funded $220 million of total investments and originated $186 million of new commitments in the first quarter of 2025. First quarter 2025 investment highlights: Investments funded totaled approximately $220 million, which ...

A financial researcher and avid investor with a keen eye for innovation and disruption, as well as growth buy-outs and value stocks. Keeping an eye on the pace of high tech and early growth companies, I write about current events and the biggest news surrounding the industry, and strive to provide readers with ample research and investment opportunities.Analyst’s Disclosure: I/we have a beneficial long position in the shares of TRIN either through stock ownership, options, or other derivatives. I wrote this ...

PHOENIX, April 3, 2025 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (the "Company"), a leading international alternative asset manager, today announced that it will release its first quarter 2025 financial results at 8:00 a.m. ET on Wednesday, May 7, 2025. The Company will discuss its financial results on a conference call later that day at 12:00 p.m. ET.To listen to the call, please dial (800) 267-6316 or (203) 518-9783 internationally and reference Conference ID: TRINQ125 if asked, approximately 10 ...