The slight EPS miss and continued ATM dilution are headwinds, but strong revenue growth, improving credit quality, and steady dividend support the stock. Watch for future ATM activity and any guidance on leverage targets. The NYSE listing transfer is a neutral non-event.
Price Chart
Executive Summary
Trinity Capital reported Q2 2026 NII of $46.0M ($0.51/share), a slight miss vs $0.52 consensus but a record quarterly NII. Total investment income grew 25.5% YoY to $87.2M, and NAV per share rose to $13.47. The per-share NII declined YoY due to ATM share dilution, while portfolio credit quality improved with non-accruals falling to 0.8% of debt. The dividend remains $0.17/month consistent.
Key Financial Metrics
Key Facts
- NII per share $0.51 vs consensus $0.52 (1.9% miss) and vs $0.53 YoY
- Total investment income $87.2M, +25.5% YoY
- NAV per share $13.47, +1.5% from Q1
- Non-accrual debt 0.8% of portfolio vs 1.1% in Q1
- ATM issuance raised $99.5M in Q2 at $16.39/share, adding 6.1M shares
- Net leverage 118% vs 115% Q1
- 27th consecutive quarter of consistent $0.17 monthly dividend
Financial Impact
NII record $46.0M, but per-share diluted by ATM; revenue growth of 25.5% YoY
Risk Factors
- Ongoing ATM dilution pressures per-share metrics
- Net leverage increase to 118% limits capacity
- Interest expense rising $6.7M YoY due to higher debt outstanding
- Non-accruals remain at 0.8% with potential for credit losses
Market Snapshot
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-333904 |
| Document: trin-20260805.htm | 0001193125-26-333904 |
| Document: trin-ex99_2.htm | 0001193125-26-333904 |
| Document: 0001193125-26-333904-index-headers.html | 0001193125-26-333904 |
| Document: 0001193125-26-333904-index.html | 0001193125-26-333904 |
| Document: 0001193125-26-333904.txt | 0001193125-26-333904 |
| 8-K Data (Synthetic) | 0001193125-26-333904 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 19d ago | 8-K | $17.10 $16.09 | ▼ −5.91% | ▼ −3.94% | $16.79 (−1.81%) |
Oct 5, 2026 22d ago | 8-K | $17.20 $16.74 | ▼ −2.70% | ▼ −2.57% | $16.79 (−2.40%) |
Sep 30, 2026 27d ago | Press Release | $17.55 $17.16 | ▲ +2.22% | ▲ +3.52% | $16.79 (+4.33%) |
Aug 5, 2026 11w ago | 8-K | $17.24 $18.29 | ▲ +6.09% | ▲ +5.74% | $16.79 (−2.61%) |
Aug 5, 2026 11w ago | Press Release | $17.24 $18.29 | ▼ −6.09% | ▼ −5.74% | $16.79 (+2.61%) |
Jul 9, 2026 15w ago | Press Release | $17.60 $17.90 | ▲ +1.70% | ▲ +2.26% | $16.79 (−4.60%) |
Mar 2, 2026 34w ago | Insider Cluster | $14.58 $14.53 | ▼ −0.34% | ▲ +0.87% | $16.79 (+15.19%) |
Feb 25, 2026 34w ago | 8-K | $15.05 $14.77 | ▼ −1.88% | ▼ −0.78% | $16.79 (+11.53%) |
US Market Status
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