TRINZ Trinity Capital Inc.

BULLISH Impact: 6/10 8-K
Horizon days Filed May 6, 2026 Processed 1mo ago SEC 0001193125-26-207619
8-K Item 2.02: Earnings release
Latest settled — T+20d
TRINZ ▲ +0.28% at T+20d
LONG call ✓ call won +0.28% · α vs SPY -2.51% · entry $25.37 → $25.44
Next anchor: T+60d in 7w
Last close $25.51 (close Jun 12) · +0.55% from $25.37 entry
Entry anchored
May 4, 03:59 PM ET
via Databento tick
T+1d
+0.43%
call +0.43% · α +0.76%
$25.48
settled 6w ago
T+5d
+0.12%
call +0.12% · α -1.01%
$25.40
settled 5w ago
T+20d
+0.28%
call +0.28% · α -2.51%
$25.44
settled 11d ago
T+60d
—
call — · α —
—
in 7w

Price Chart

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Executive Summary

Trinity Capital reported strong Q1 2026 results with record net investment income of $44.5M ($0.53/share), up 37.4% YoY, driven by 37.8% total investment income growth to $90.1M. The BDC maintained a 15.8% ROAE, increased its portfolio to $2.5B at fair value, and kept its $0.17/month dividend ($0.51/quarter) for the 26th consecutive quarter. However, NAV per share declined to $13.27 from $13.42 QoQ due to net portfolio performance, and non-accruals rose to 1.1% of the debt portfolio from 0.7%.

Actionable Insight

Strong earnings growth and stable dividend coverage (103.9%) support the current yield, but watch NAV erosion and rising non-accruals. The ATM equity issuance at $15.01/share is accretive but dilutive. Monitor the Q2 2026 10-Q for credit quality trends and portfolio yield sustainability.

Key Facts

  • Record quarterly NII of $44.5M, or $0.53 per basic share, up 37.4% YoY from $0.52
  • Total investment income of $90.1M, up 37.8% YoY from $65.4M
  • 15.8% Return on Average Equity (ROAE), up from 15.3% in Q4 2025
  • NAV per share decreased to $13.27 from $13.42 at Dec 31, 2025
  • Non-accruals increased to 1.1% of debt portfolio ($24.4M) from 0.7% ($15.2M)
  • 26th consecutive quarter of consistent regular dividend at $0.17/month ($0.51/quarter)
  • Raised $78.4M in net proceeds from ATM equity sales at $15.01/share in Q1
  • Net leverage improved to 115% from 118% QoQ
  • Weighted average risk rating improved to 3.0 from 2.9 QoQ

Financial Impact

Record NII of $44.5M (+37.4% YoY) on $90.1M total investment income (+37.8% YoY)

net investment incometotal investment incomeNAV per sharenon-accrualsdividend coverage

Risk Factors

  • NAV per share declining 1.1% QoQ despite strong earnings, driven by net portfolio depreciation
  • Non-accruals rising to 1.1% of debt portfolio from 0.7%, indicating potential credit deterioration
  • Continued ATM equity dilution — 5.3M shares sold in Q1, another 2.0M post-quarter
  • Interest expense up 36.5% YoY to $24.1M, pressuring net interest margin

Market Snapshot

Exchange
Nasdaq
Analyst Consensus
81% bullish (16 analysts)

Documents Analyzed

This report is based on 7 SEC documents filed with EDGAR.

DocumentAccession Number
8-K Filing (Primary)0001193125-26-207619
Document: trin-20260506.htm0001193125-26-207619
Document: trin-ex99_2.htm0001193125-26-207619
Document: 0001193125-26-207619-index-headers.html0001193125-26-207619
Document: 0001193125-26-207619-index.html0001193125-26-207619
Document: 0001193125-26-207619.txt0001193125-26-207619
8-K Data (Synthetic)0001193125-26-207619
2 reports for TRINZ
Performance horizon

Track record builds as more directional reports settle.

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Reports for TRINZ — sortable, filterable
Type Now
May 6, 2026
5w ago
8-K
BULLISH ★ 6/10
$25.37 $25.44▲ +0.28%▼ −2.51%$25.51 (+0.55%)
Apr 10, 2026
9w ago
8-K
BULLISH ★ 6/10
$25.21 $25.48▲ +1.07%▼ −7.46%$25.51 (+1.19%)
Showing 2 of 2

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