Trinity Capital Inc. reported record quarterly net investment income of $39.9 million, or $0.52 per share, for the fourth quarter of 2025. Revenue reached $83.24 million, up 23.5 % year‑over‑year, while the company’s net asset value per share rose to $13.42 from $13.31 at the end of September 2025. The return on average equity climbed to 15.3 % and the portfolio’s effective yield remained steady at 15.2 %.
Compared with the same quarter a year earlier, Trinity’s net investment income grew 17.5 % to $83.2 million, and the company’s total investment income increased 23.5 % for the full year. Q4 2024 net investment income was $34.6 million and revenue was $70.83 million, underscoring a clear acceleration in both income and top‑line growth. The jump in revenue was driven by robust originations across the firm’s five lending verticals—Sponsor Finance, Equipment Finance, Tech Lending, Asset‑Based Lending, and Life Sciences—each contributing to a diversified fee‑generating platform.
The record net investment income was supported by Trinity’s interest‑rate‑floor strategy, which protects earnings in a declining rate environment, and by disciplined cost management. Operating expenses rose modestly due to increased headcount, professional fees, and a larger debt base, but the company maintained a high effective yield, indicating that the fee‑income generated from its internally managed registered investment adviser subsidiary offset the cost pressure. The firm’s fee‑generating platform continued to expand, adding new originations that reinforced the revenue growth seen across all five verticals.
Earnings per share of $0.52 matched the consensus estimate of $0.52 but fell slightly short of higher estimates of $0.5281, resulting in a narrow miss relative to the most optimistic view. The slight miss can be attributed to the higher operating expenses mentioned above, which reduced the margin on the record net investment income. Despite this, the company’s revenue beat consensus estimates of $80–$82 million, reflecting strong demand for its lending products and a favorable mix of fee‑based income.
Management indicated that it would discuss guidance and outlook for the next quarter during the earnings call. While no formal guidance was issued in the release, the revenue beat and record net investment income suggest confidence in sustaining growth momentum and maintaining a high return on equity. Investors responded with mixed sentiment, focusing on the EPS relative to consensus estimates while acknowledging the company’s solid performance in a challenging rate environment.
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