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.
Price Chart
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%.
Key Financial Metrics
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)
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
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-207619 |
| Document: trin-20260506.htm | 0001193125-26-207619 |
| Document: trin-ex99_2.htm | 0001193125-26-207619 |
| Document: 0001193125-26-207619-index-headers.html | 0001193125-26-207619 |
| Document: 0001193125-26-207619-index.html | 0001193125-26-207619 |
| Document: 0001193125-26-207619.txt | 0001193125-26-207619 |
| 8-K Data (Synthetic) | 0001193125-26-207619 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 6, 2026 24w ago | 8-K | $25.37 $25.28 | ▼ −0.35% | ▼ −2.42% | — |
Apr 10, 2026 28w ago | 8-K | $25.21 $25.24 | ▲ +0.12% | ▼ −10.21% | — |
US Market Status
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