Trinity Capital Inc. filed its third-quarter 2026 financial results on November 4, 2026, reporting record net investment income of $49.9 million for the three months ended September 30, 2026.

Key Highlights

  • Record NII: Net investment income reached $49.9 million, or $0.52 per basic share, up 34.9% year-over-year.
  • Total investment income: $98.4 million for Q3 2026, an increase of 30.2% compared to Q3 2025.
  • NAV per share: Net Asset Value increased to $13.61 per share at September 30, 2026, up from $13.47 at June 30, 2026.
  • Portfolio size: Aggregate fair value of the investment portfolio was approximately $2.9 billion across 198 portfolio companies as of September 30, 2026.
  • Gross investments funded: $614.1 million during the quarter, including $431.9 million to 15 new portfolio companies.
  • Dividends declared: Monthly distributions of $0.17 per share for October, November, and December 2026, totaling $0.51 for Q4, marking the 28th consecutive quarter of a consistent regular dividend.
  • ATM equity issuance: 3,280,462 shares sold at a weighted average price of $17.82 per share, raising $57.8 million in net proceeds during Q3 2026.

Trinity Capital Reports Q3 2026 Operating Results and Portfolio Activity

According to the filing, Trinity Capital Inc. (NYSE:TRIN) reported total investment income of $98.4 million for the three months ended September 30, 2026, compared to $75.6 million for the same period in 2025. The effective yield on average debt investments at cost was 15.2% in Q3 2026, up slightly from 15.0% in Q3 2025. Total operating expenses and excise taxes, excluding interest expense, were $20.2 million, compared to $17.6 million in Q3 2025, with the increase attributed primarily to higher compensation costs. Interest expense rose to $28.3 million from $21.0 million, driven by higher weighted average debt outstanding.

The company disclosed that net investment income was approximately $49.9 million, or $0.52 per basic share, based on 95.1 million basic weighted average shares outstanding. Net increase in net assets resulting from operations was $46.9 million, or $0.49 per share, compared to $27.6 million, or $0.39 per share, in Q3 2025. Net unrealized appreciation totaled approximately $4.5 million, while net realized loss on investments was approximately $7.5 million, primarily from losses on two loan positions and one equipment financing position, partially offset by a realized gain on one warrant position.

The filing stated that the investment portfolio, as of September 30, 2026, comprised approximately $2.0 billion in secured loans, $470.7 million in equipment financings, and $369.5 million in equity and warrants. The debt portfolio was 89.2% first-lien and 10.8% second-lien loans, with 78.4% at floating rates. Loans to three portfolio companies were on non-accrual status with a total fair value of approximately $17.2 million, or 0.7% of the debt investment portfolio at fair value. The company reported available liquidity of approximately $225.0 million, including $20.7 million in unrestricted cash, and a net leverage ratio of approximately 117% at quarter end.

What Was Disclosed

Trinity Capital disclosed its Q3 2026 financial results, including record net investment income, portfolio composition across 198 companies, liquidity position, ATM share issuances totaling $57.8 million in net proceeds, and Q4 2026 dividend declarations of $0.17 per share monthly.