Trinity Capital Inc. (TRIN) Earnings
Trinity Capital Inc. is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.52. TRIN has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +1.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.52 | $0.53 | +1.9% | $90M | +5.0% |
| Feb 25, 2026 | $0.51 | $0.52 | +2.0% | $78M | -6.3% |
| Nov 5, 2025 | $0.52 | $0.52 | +0.0% | $66M | -17.0% |
| Aug 6, 2025 | $0.52 | $0.53 | +1.9% | $62M | -10.3% |
| May 1, 2024 | $0.55 | $0.52 | -5.5% | $28M | -46.6% |
| Mar 6, 2024 | $0.55 | $0.54 | -1.8% | $49M | +4.7% |
| Nov 1, 2023 | $0.55 | $0.55 | +0.0% | $45M | -2.2% |
| Aug 2, 2023 | $0.53 | $0.61 | +15.1% | $32M | -15.4% |
| May 4, 2023 | $0.57 | $0.52 | -8.8% | $34M | -18.0% |
| Mar 2, 2023 | $0.49 | $0.57 | +16.3% | $8M | -79.0% |
| Nov 3, 2022 | $0.52 | $0.53 | +1.9% | $37M | +5.2% |
| Aug 4, 2022 | $0.45 | $0.48 | +6.7% | $2M | -92.6% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Trinity Capital has a diversified lending platform of five complementary verticals, an expanding managed funds platform, and an internally managed structure. - Net asset value grew 7% QoQ and 40% YoY to $1.2 billion; platform AUM up 36% YoY to over $2.9 billion. - Originations robust with $306 million fundings and $396 million commitments. - Strong credit with non-accruals at 1% of portfolio. - Paying $0.17 monthly dividend through end of Q2, scheduled Q3 dividend announcement. - TRIN's year-to-date total return leads BDC space, cumulative return since IPO 119% vs S&P 500's 86%. - ROE 15.8% in Q1. - Managed funds platform AUM $400 million, income contributed 4 cents to NII. - Investment pipeline robust with $1.2 billion unfunded commitments and $300 million term sheets accepted. - 94% unfunded commitments subject to diligence and investment committee approval. - Diversified lending verticals with no syndicated deals, low overlap with other BDCs. - Joint venture with Capital Southwest for lower middle market co-investment. - Enterprise SaaS 10% of portfolio, AI exposure on infrastructure side via equipment financing. - High-performance culture rooted in humility, trust, etc., attracting top talent.
Guidance
- Paying $0.17 monthly dividend through end of Q2, scheduled to announce Q3 dividend in June subject to board approval. - 197 warrant positions and 127 portfolio companies with upside potential. - Initial close of $45.3 million in equity commitments to SBIC fund, expect to deploy from fund this quarter. - Joint venture with Capital Southwest for lower middle market expansion provides new investment capacity.
Segment performance
Trinity Capital's net asset value grew 7% quarter-over-quarter and 40% year-over-year to a record $1.2 billion. Platform AUM increased to more than $2.9 billion, up 36% year-over-year. Originations engine achieved $306 million of fundings and $396 million of commitments. Non-accruals were 1% of the portfolio at fair value. Managed funds AUM sat at $400 million across four vehicles. Income generated from the managed funds platform contributed 4 cents to the 53 cents per share net investment income in Q1. Fundings in Q1 across five verticals were: 41% to life sciences, 22% to equipment financing, 13% to sponsor finance, 13% to tech lending, and 11% to asset-backed lending.
Risks & headwinds
- Certain statements may be forward-looking, review SEC filings for risks. - Non-accruals at 1% of portfolio. - Market valuation dynamics and mark-to-market adjustments causing unrealized depreciation. - Prepayment variability in portfolio. - Sector-specific pressures (e.g., software) affecting some verticals.
Analyst Q&A
Q: How are you focusing on AI?
A: Not making many venture debt investments in AI, mostly lower middle market, small public companies, private equity-backed deals, and equipment financing for AI infrastructure.
Q: Why was life sciences the leader in origination this quarter?
A: Deal flow can be idiosyncratic; life sciences team had great quarter due to early quarter activity at J.P. Morgan, diversified platform means outsized performance from verticals can vary.
Q: Expense requirements for new fund vehicles?
A: Using same resources, limited back office/operations support for new vehicles, built platform to scale long-term.
Q: Pipeline across verticals and spreads?
A: Manufacturing, infrastructure, AI booming, some pressure on tech lending/life sciences, but lower middle market and equipment financing robust, not a race to the bottom in pricing.
Q: Are new vehicles co-investing same portfolio companies as TRIN?
A: SBIC fund co-invests eligible deals originated by TRIN; Capital Southwest joint venture has largely transactions originated by Capital Southwest with 50-50 governance.
Q: Higher leverage ratios with SBIC sub?
A: No, utilizing third party capital for SBIC fund, strategy to deleverage TRIN BDC over time.
Q: Equity investments in lower middle market?
A: Focused on being a lender, returns primarily rate and fee income, strategy not changing.