TRIN · Trinity Capital Inc.

Trinity Capital Inc. delivered robust Q1 2026 results driven by strong portfolio growth and deployment activity. Total investment income surged 37.8% year-over-year to $90.1 million, fueled by a 15.8% effective yield on average debt investments (up from 15.3% YoY), reflecting higher fees and accelerations from early repayments. NII hit a record $44.5 million ($0.53/share), up 37.4% YoY on 83.6 million weighted average shares, generating 15.8% ROAE and 7.0% ROAA. Operating expenses rose to $21.5 million (excluding interest) due to higher compensation, excise taxes, and G&A, while interest expense climbed to $24.1 million from increased debt outstanding. Net operations added $29.8 million to net assets, though unrealized depreciation of $4.7 million (primarily debt and warrants) and $9.9 million realized losses tempered gains. CEO Kyle Brown highlighted consistent credit quality, portfolio diversification, and managed funds expansion for recurring income. Portfolio fair value reached $2.5 billion across 180 companies (87.5% first-lien, 82.5% floating-rate debt), with $395.2 million commitments and $306.3 million funded ($175.8 million to 10 new firms). Exits of $238.3 million supported 3.0% cost-basis growth. NAV dipped to $13.27/share from $13.42 despite $78.4 million from ATM share sales, as net income exceeded dividends. Balance sheet strengthened with $282.1 million liquidity and net leverage at 115% (down from 118%). Monthly $0.17/share dividends persist for 26th straight quarter, affirming earnings durability.