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Trinity Capital (TRIN) investor relations material

Trinity Capital Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Net investment income reached $34.8M, up 30% year-over-year, with total investment income of $69.5M and a net interest margin of 11.7%.

  • Net asset value (NAV) grew 11% sequentially to $924M, with NAV per share increasing to $13.27.

  • Platform AUM surpassed $2.3B, with $1,875.1M in portfolio assets and $2,000.9M in total debt investments at cost.

  • Paid a $0.51 per share dividend for the 22nd consecutive quarter, with annualized dividend yield at 14.5%.

  • Cumulative stock return since IPO is 88%, outpacing peers and the S&P 500.

Financial highlights

  • Net investment income per share was $0.53, covering 104% of the quarterly distribution and up from $0.52 in the previous quarter.

  • Net increase in net assets from operations was $41.4M, or $0.63 per share.

  • Effective yield on portfolio for Q2 was 15.7%, with a core yield of 13.9%.

  • Net leverage ratio was 1.12x–1.15x; strong liquidity and no debt maturities until August 2026.

  • Co-investment vehicles contributed $1.9M in incremental net investment income.

Outlook and guidance

  • Funded $585M in the first half, exceeding last year's record by over 20%.

  • Investment pipeline remains robust with $849M in unfunded commitments at Q2 end.

  • Management expects continued strong deployment in Q3, supported by signed term sheets and equipment financing demand.

  • Lower interest rates anticipated to benefit prepayments, fee income, and reduce borrowing costs.

  • Management emphasizes stable returns through diversified private credit exposure and disciplined underwriting.

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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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