Trinity Capital Inc.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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Financial Highlights
Note 11. Financial Highlights
The following presents financial highlights for the years ended December 31, 2025, 2024, 2023, 2022, and 2021 (in thousands except share and per share information):
| Year Ended · Year Ended · Year ended · Year ended · Year ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| December 31, 2025 · December 31, 2024 · December 31, 2023 · December 31, 2022 · December 31, 2021 | ||||||||||
| Per Share Data: (1) | ||||||||||
| Net asset value, beginning of period | $13.35 | $13.19 | $13.15 | $16.40 | $13.03 | |||||
| Net investment income | 2.08 | 2.20 | 2.31 | 2.26 | 1.50 | |||||
| Net realized and unrealized gains/(losses) on investments (2) | (0.12) | (0.01) | (0.33) | (3.22) | 3.59 | |||||
| Net increase/(decrease) in net assets resulting from operations | 1.96 | 2.19 | 1.98 | (0.96) | 5.09 | |||||
| Offering costs | (0.04) | (0.05) | (0.09) | (0.12) | (0.29) | |||||
| Effect of shares issued and repurchased (3) | 0.19 | 0.06 | 0.19 | 0.16 | (0.15) | |||||
| Equity component of convertible notes | — | — | — | — | (0.02) | |||||
| Distributions (4) | (2.04) | (2.04) | (2.04) | (2.33) | (1.26) | |||||
| Total increase/(decrease) in net assets | 0.07 | 0.16 | 0.04 | (3.25) | 3.37 | |||||
| Net asset value, end of period | $13.42 | $13.35 | $13.19 | $13.15 | $16.40 | |||||
| Shares outstanding, end of period | 81,518,294 | 61,669,059 | 46,323,712 | 34,960,672 | 27,229,541 | |||||
| Weighted average shares outstanding | 69,286,014 | 52,705,732 | 38,910,150 | 31,672,089 | 25,980,797 | |||||
| Total return based on net asset value (5) | 15.8 | % | 16.7 | % | 15.8 | % | (5.6) | % | 35.5 | % |
| Total return based on market value (6) | 16.1 | % | 14.7 | % | 55.8 | % | (29.0) | % | 33.2 | % |
| Ratio/Supplemental Data: | ||||||||||
| Per share market value at end of period | $14.65 | $14.47 | $14.53 | $10.93 | $17.58 | |||||
| Net assets, end of period | $1,093,999 | $822,982 | $611,159 | $459,649 | $446,533 | |||||
| Ratio of total expenses to average net assets | 16.1 | % | 17.5 | % | 17.9 | % | 16.3 | % | 11.6 | % |
| Ratio of net investment income to average net assets | 15.5 | % | 16.7 | % | 17.5 | % | 15.7 | % | 10.5 | % |
| Ratio of interest and credit facility expenses to average net assets | 8.7 | % | 8.9 | % | 8.6 | % | 7.5 | % | 5.5 | % |
| Portfolio turnover rate (7) | 41.0 | % | 53.8 | % | 41.7 | % | 33.7 | % | 47.9 | % |
| Asset coverage ratio (8) | 183.8 | % | 192.7 | % | 194.7 | % | 174.1 | % | 195.8 | % |
(1)
Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)
Net realized and unrealized gains/(losses) on investments include rounding adjustments to reconcile the change in net asset value per share.
(3)
Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. Also includes the impact of the issuance of shares related to the equity incentive plans, the accretive effect of DRIP issuance and stock offerings (issuing shares above NAV per share), and the impact of share repurchases under the 2024 Repurchase Program.
(4)
The per share data reflects the actual amount of distributions declared per share for the applicable period.
(5)
Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared distributions per share during the period, divided by the beginning net asset value per share.
(6)
Total return based on market value is calculated as the change in market value per share during the period, taking into account dividends. For the year ended December 31, 2021, the beginning market value per share is based on the market price of $14.00 per share on January 29, 2021, the date of the Company’s listing on the Nasdaq Global Select Market.
(7)
Portfolio turnover rate is calculated using the lesser of year-to-date cash sales/repayments or year-to-date cash purchases over the average of the total investments at fair value.
(8)
Based on outstanding debt of$1,305.8 million, $888.0 million, $645.5 million, $620.0 million, and $466.0 million as of December 31, 2025, 2024, 2023, 2022, and 2021, respectively.
Senior Securities
Information about the Company’s senior securities (including debt securities and other indebtedness) is shown in the following table as of December 31, 2025, 2024, 2023, 2022, and 2021.
| Class and Period | Total Amount Outstanding Exclusive of TreasurySecurities (1) (in thousands) | Asset Coverage per Unit (2) | Involuntary Liquidating Preference per Unit (3) | Average Market Value per Unit (4) |
|---|---|---|---|---|
| Credit Suisse Credit Facility | ||||
| December 31, 2025(5) | $— | — | — | $— |
| December 31, 2024(5) | — | — | — | — |
| December 31, 2023(5) | — | — | — | — |
| December 31, 2022(5) | — | — | — | — |
| December 31, 2021 | 10,000 | 1,958 | — | — |
| December 31, 2020 | 135,000 | 1,770 | — | — |
| KeyBank Credit Facility | ||||
| December 31, 2025 | $373,900 | 1,838 | — | $— |
| December 31, 2024 | 113,000 | 1,927 | — | — |
| December 31, 2023 | 213,000 | 1,947 | — | — |
| December 31, 2022 | 187,500 | 1,741 | — | — |
| December 31, 2021 | 81,000 | 1,958 | — | — |
| December 31, 2020 | — | — | — | — |
| KeyBank Secured Term Loan Facility | ||||
| December 31, 2025 | $200,000 | 1,838 | — | $— |
| December 31, 2024 | — | — | — | — |
| December 31, 2023 | — | — | — | — |
| December 31, 2022 | — | — | — | — |
| December 31, 2021 | — | — | — | — |
| December 31, 2020 | — | — | — | — |
| 2025 Notes | ||||
| December 31, 2025(6) | $— | — | — | $— |
| December 31, 2024 | 152,500 | 1,927 | — | 1,009 |
| December 31, 2023 | 182,500 | 1,947 | — | 1,006 |
| December 31, 2022 | 182,500 | 1,741 | — | 1,006 |
| December 31, 2021 | 125,000 | 1,958 | — | — |
| December 31, 2020 | 125,000 | 1,770 | — | — |
| Convertible Notes | ||||
| December 31, 2025(7) | $— | — | — | $— |
| December 31, 2024 | 50,000 | 1,927 | — | — |
| December 31, 2023 | 50,000 | 1,947 | — | — |
| December 31, 2022 | 50,000 | 1,741 | — | — |
| December 31, 2021 | 50,000 | 1,958 | — | — |
| December 31, 2020 | 50,000 | 1,770 | — | — |
| August 2026 Notes | ||||
| December 31, 2025 | $125,000 | 1,838 | — | $— |
| December 31, 2024 | 125,000 | 1,927 | — | — |
| December 31, 2023 | 125,000 | 1,947 | — | — |
| December 31, 2022 | 125,000 | 1,741 | — | — |
| December 31, 2021 | 125,000 | 1,958 | — | — |
| December 31, 2020 | — | — | — | — |
| Class and Period, Continued | Total Amount Outstanding Exclusive of TreasurySecurities (1) (in thousands) | Asset Coverage per Unit (2) | Involuntary Liquidating Preference per Unit (3) | Average Market Value per Unit (4) |
|---|---|---|---|---|
| December 2026 Notes | ||||
| December 31, 2025 | $75,000 | 1,838 | — | $— |
| December 31, 2024 | 75,000 | 1,927 | — | — |
| December 31, 2023 | 75,000 | 1,947 | — | — |
| December 31, 2022 | 75,000 | 1,741 | — | — |
| December 31, 2021 | 75,000 | 1,958 | — | — |
| December 31, 2020 | — | — | — | — |
| March 2029 Notes | ||||
| December 31, 2025 | $142,166 | 1,838 | — | $1,012 |
| December 31, 2024 | 115,000 | 1,927 | — | 1,012 |
| December 31, 2023 | — | — | — | — |
| December 31, 2022 | — | — | — | — |
| December 31, 2021 | — | — | — | — |
| December 31, 2020 | — | — | — | — |
| September 2029 Notes | ||||
| December 31, 2025 | $122,215 | 1,838 | — | $1,014 |
| December 31, 2024 | 115,000 | 1,927 | — | 1,014 |
| December 31, 2023 | — | — | — | — |
| December 31, 2022 | — | — | — | — |
| December 31, 2021 | — | — | — | — |
| December 31, 2020 | — | — | — | — |
| Series A Notes | ||||
| December 31, 2025 | $142,500 | 1,838 | — | $— |
| December 31, 2024 | 142,500 | 1,927 | — | — |
| December 31, 2023 | — | — | — | — |
| December 31, 2022 | — | — | — | — |
| December 31, 2021 | — | — | — | — |
| December 31, 2020 | — | — | — | — |
| July 2030 Notes | ||||
| December 31, 2025 | $125,000 | 1,838 | — | $— |
| December 31, 2024 | — | — | — | — |
| December 31, 2023 | — | — | — | — |
| December 31, 2022 | — | — | — | — |
| December 31, 2021 | — | — | — | — |
| December 31, 2020 | — | — | — | — |
| Total | ||||
| December 31, 2025 | $1,305,781 | 1,838 | — | $— |
| December 31, 2024 | 888,000 | 1,927 | — | — |
| December 31, 2023 | 645,500 | 1,947 | — | — |
| December 31, 2022 | 620,000 | 1,741 | — | — |
| December 31, 2021 | 466,000 | 1,958 | — | — |
| December 31, 2020 | 310,000 | 1,770 | — | — |
(1)
Total amount of each class of senior securities outstanding at the end of the period presented.
(2)
Asset coverage per unit is the ratio of the carrying value of total assets, less all liabilities excluding indebtedness represented by senior securities in this table to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)
The amount to which such class of senior security would be entitled upon the Company’s involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)
Notapplicable because the senior securities are not registered for public trading, with the exception of the 2025 Notes, March 2029 Notes and September 2029 Notes. The average market value per unit calculated for the 2025 Notes, March 2029 Notes and September 2029 Notes are based on the average daily price of such notes and are expressed in terms of dollar amounts per $1,000 of indebtedness.
(5)
The Credit Suisse Credit Facility matured on January 8, 2022, in accordance with its terms, and all outstanding indebtedness thereunder was repaid.
(6)
The 2025 Notes matured on January 16, 2025 pursuant to their terms and were repaid in full.
(7)
The Convertible Notes were converted on February 20, 2025 and repaid in full pursuant to their terms and conditions.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.