# Trinity Capital Inc. (TRIN)

> Source: Nexqual · https://nexqual.com/TRIN · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Trinity Capital Inc. (TRIN), nexqual.com/TRIN" · informational, not investment advice.

**Price:** USD 17.24 (+0.88% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 17.09 · day 17.13–17.28 · 52w 14.13–18.9 · market cap $1.55B · NYQ

## Key facts
- Valuation: P/E 11.0x (avg 7.6x at the last 3 fiscal year-ends), net debt $1.49B.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $41K; 0 by opportunistic insiders, 1 by routine insiders.
- Analysts: Buy (mean 2.22 on a 1–5 scale) (9 analysts), mean target USD 18.5 (range 15–21).
- Total return with dividends: 1Y +30.4% vs S&P 500 +14.8%; 5Y +118.2% vs S&P 500 +79.1%.
- Next earnings: 2026-11-04, EPS estimate USD 0.52, revenue estimate $93.5M. All companies reporting that day: https://nexqual.com/earnings/2026-11-04
- Dividend: USD 2.04 a year (yield 11.94%), paid monthly; next ex-dividend date 2026-11-13; annual dividends fell 4.3% a year 2022–2025.
- Short interest: 6.25% of float (as of 2026-10-15), 6.2 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $132M | -$30.4M | $76.9M | $116M | $136M | $141M |
| EPS (diluted) | $4.64 | -$0.96 | $1.89 | $2.10 | $1.96 | — |
| Cash + short-term investments | $31.7M | $10.6M | $4.8M | $9.6M | $19.1M | — |
| Total debt | $466M | $620M | $646M | $888M | $1.31B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.0x · P/B 1.2x · Earnings yield 9.12% · Net debt $1.49B · EV $3.04B
P/E at fiscal year-ends: Dec 2025 7.5x, Dec 2024 7.1x, Dec 2023 8.1x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $41K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-07 | Brown Kyle Steven | CEO, President and CIO | 2,296 | $41K | 18.04 | Routine (bought in Aug & Nov each year 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.22 on a 1–5 scale), 9 analysts; mean target USD 18.5 (low 15, high 21).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | Keefe, Bruyette & Woods | Target raised | Market Perform | $16 → $16.5 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +30.4% | +118.2% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +30.7% | +16.9% |
| Volatility (annualized) | 21.4% | 24.6% |
| Max drawdown | -15.0% (Jan 2026→Mar 2026) | -42.3% (Mar 2022→Dec 2022) |

## Dividends
Annual dividend rate USD 2.04 per share, yield 11.94% at the current price. Paid over the last 12 months: USD 2.21 in 11 payments (monthly).
Next ex-dividend date: Nov 13, 2026; payment date: Dec 31, 2026. To receive a dividend, shares must be owned before the ex-dividend date.
Latest change: cut 66.7% to USD 0.17 per payment from USD 0.51, starting with the Jan 15, 2026 ex-dividend date.
Payout ratio 116% of earnings (above 100%: dividends exceeded net income; for REITs and partnerships, cash-flow measures are more relevant) · 5-year average yield 12.37% · annual dividends fell 4.3% a year from 2022 to 2025.
| Ex-dividend date | Amount per share |
|---|---|
| 2026-10-15 | USD 0.17 |
| 2026-09-10 | USD 0.17 |
| 2026-08-14 | USD 0.17 |
| 2026-07-15 | USD 0.17 |
| 2026-06-11 | USD 0.17 |
| 2026-05-15 | USD 0.17 |
| 2026-04-15 | USD 0.17 |
| 2026-03-13 | USD 0.17 |
Total by calendar year: 2022 USD 2.33 · 2023 USD 2.04 · 2024 USD 2.04 · 2025 USD 2.04.

## Short interest
5,684,402 shares sold short, 6.25% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 6,002,717 shares (-5.3%). Days to cover: 6.2 (short shares ÷ average daily volume).

## Peers (Asset Management)
BXSL (Blackstone Secured Lending Fund) USD 23.52 +1.38% · PDI (PIMCO Dynamic Income Fund) USD 14.33 +1.63% · VCTR (Victory Capital Holdings, Inc. ) USD 113.81 +1.73% · AMG (Affiliated Managers Group, Inc.) USD 399.02 +1.47% · SEIC (SEI Investments Company) USD 104.73 +1.48% · IVZ (Invesco Ltd) USD 29.02 +1.19%

## More
Full page: https://nexqual.com/TRIN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name TRIN in their own reports (relationship from TRIN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Taysha Gene Therapies, Inc. (TSHA) | 10-K 2026-03-19 | "We have financed our operations with $961.0 million in gross proceeds from equity financings, including from pre-IPO private placements of convertible preferred stock, our initial public offering, or …" |
| partner | Candel Therapeutics, Inc. (CADL) | 10-K 2026-03-12 | "Interest expense primarily consists of interest expense on our debt under our Loan and Security Agreement with Trinity and our Loan Agreement with SVB." |
| partner | RAPID MICRO BIOSYSTEMS, INC. (RPID) | 10-K 2026-03-12 | "In addition, our loan and security agreement with Trinity Capital contains restrictions on our ability pay dividends on our common stock." |
| partner | SHOULDER INNOVATIONS, INC. (SI) | 10-K 2026-03-10 | "In addition, our ability to pay cash dividends on our capital stock is limited by the terms of the Trinity Loan Agreement with Trinity Capital, and may be limited by the terms of any future debt or pr…" |
| partner | Rigetti Computing, Inc. (RGTI) | 10-K 2026-03-04 | "On December 9, 2024, we prepaid in full all amounts owed under our Amended Loan Agreement with Trinity Capital Inc. We prepaid an aggregate of $9.5 million in outstanding principal balance, final paym…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.52 | $0.52 | -0.4% | $93.5M | 9 |
| Next quarter (ends 2026-12-31) | $0.52 | $0.52 | +0.0% | $96.9M | 9 |
| Current fiscal year (ends 2026-12-31) | $2.08 | $2.09 | -0.6% | $367.6M | 9 |
| Next fiscal year (ends 2027-12-31) | $2.11 | $2.07 | +1.5% | $417.2M | 9 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.51 | $0.52 | Miss −1.9% | — |
| — | Quarter ended Mar 31, 2026 | $0.53 | $0.51 | Beat +3.9% | — |
| — | Quarter ended Dec 31, 2025 | $0.52 | $0.52 | In line | — |
| — | Quarter ended Sep 30, 2025 | $0.52 | $0.53 | Miss −1.9% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-08 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1786108/000119312526418097/0001193125-26-418097-index.htm |
| 2026-10-05 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation — “On September 30, 2026, Trinity Capital Inc. (the "Company") entered into an underwriting agreement (the "Underwriting Agreement") by and among the Company and Keefe, Bruyette & Woods, Inc. and MUFG Securities Americas Inc., as representatives of the several underwriters named in Schedule 1 thereto (collectively, the "Underwriters"), in connection with the issuance and sale of $350,000,000 aggregate principal amount of the Company's 7.500% Notes due 2032 (the "Notes"). The Underwriting Agreement includes customary…” | https://www.sec.gov/Archives/edgar/data/1786108/000121390026106862/0001213900-26-106862-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1786108/000119312526333907/0001193125-26-333907-index.htm |
| 2026-08-05 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1786108/000119312526333904/0001193125-26-333904-index.htm |
| 2026-07-14 | 8-K | Delisting notice or listing-rule failure; Regulation FD disclosure — “On July 14, 2026, acting pursuant to authorization from Trinity Capital Inc.'s (the "Company") board of directors (the "Board"), the Company announced its intention to voluntarily withdraw the listing of its common stock, par value $0.001 per share (the "Common Stock"), its 7.875% Notes due 2029 (the "March 2029 Notes"), and its 7.875% Notes due 2029 (the "September 2029 Notes", and together with the March 2029 Notes, the "Notes") from the Nasdaq Global Select Market ("Nasdaq") and transfer the listings to the New…” | https://www.sec.gov/Archives/edgar/data/1786108/000119312526303247/0001193125-26-303247-index.htm |
| 2026-07-09 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1786108/000119312526299742/0001193125-26-299742-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.