Trinity Capital (US:TRIN)2025-11-05 13:00Investment Income - Total investment income for Q3 2025 was $75.6 million, a 22.3% increase year-over-year from $61.8 million in Q3 2024[3] - Net investment income (NII) reached $37.0 million, or $0.52 per basic share, reflecting a 25.9% growth compared to $29.4 million, or $0.54 per share, in Q3 2024[4] - Total investment income for the three months ended September 30, 2025, was $75,550 thousand, a 22.2% increase from $61,766 thousand in the same period of 2024[35] - Net investment income for the three months ended September 30, 2025, was $36,966 thousand, compared to $29,360 thousand for the same period in 2024, reflecting a growth of 25.9%[35] Asset and Liability Management - Net Asset Value (NAV) increased by 31.9% year-over-year to $998.3 million, or $13.31 per share, up from $923.6 million at the end of Q3 2024[4] - Total assets increased to $2,246,935 thousand as of September 30, 2025, up from $1,774,241 thousand on December 31, 2024, representing a growth of 26.6%[33] - Total liabilities rose to $1,248,671 thousand as of September 30, 2025, up from $951,259 thousand on December 31, 2024, marking a 31.2% increase[33] - Net asset value per share decreased slightly to $13.31 as of September 30, 2025, from $13.35 on December 31, 2024[33] Investment Activities - The company funded total gross investments of $470.6 million, including $272.0 million to 17 new portfolio companies and $175.5 million to 20 existing portfolio companies[4] - Total investment exits and repayments amounted to $255.7 million, with $120.4 million from investments sold to multi-sector holdings[4] Expenses and Financial Performance - Operating expenses for Q3 2025 were $17.6 million, an increase from $15.5 million in Q3 2024, primarily due to higher compensation and professional fees[5] - Interest expense rose to $21.0 million in Q3 2025 from $16.9 million in Q3 2024, attributed to increased weighted average debt outstanding[6] - Total gross expenses for the three months ended September 30, 2025, were $38,895 thousand, an increase of 21.8% from $31,913 thousand in the same period of 2024[35] - The company reported a net increase in net assets resulting from operations of $27,645 thousand for the three months ended September 30, 2025, compared to $24,400 thousand in the same period of 2024, reflecting a growth of 9.2%[35] Liquidity and Credit Facilities - The company had approximately $217.9 million in available liquidity, including $9.5 million in unrestricted cash[17] - The KeyBank credit facility was expanded by $90 million, increasing total commitments from $600 million to $690 million[18] Dividends - The company declared a regular dividend of $0.51 per share for Q3 2025, marking the 23rd consecutive quarter of consistent or increased regular dividends[4] Unrealized and Realized Gains - Net realized loss from investments was $20,025 thousand for the three months ended September 30, 2025, compared to a loss of $13,880 thousand in the same period of 2024[35] - Net change in unrealized appreciation from investments was $10,704 thousand for the three months ended September 30, 2025, compared to $8,920 thousand in the same period of 2024, indicating an increase of 20.8%[35] Shareholder Information - Weighted average shares outstanding (basic) increased to 71,467,831 for the three months ended September 30, 2025, compared to 54,412,566 in the same period of 2024[35]