v3.26.3
Consolidated Statements of Assets and Liabilities - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
ASSETS    
Total investments $ 2,857,732 [1],[2],[3] $ 2,418,075 [4],[5],[6]
Cash and cash equivalents 20,664 [1],[2] 19,110 [4],[5]
Interest receivable 20,727 19,031
Deferred credit facility costs 4,643 5,872
Other assets 26,929 22,431
Total assets 2,930,695 2,484,519
LIABILITIES    
Unsecured Notes, net of $13,312 and $10,118, respectively, of unamortized deferred financing costs and premium/discount 893,569 721,763
Distribution payable   41,574
Security deposits 2,171 3,008
Accounts payable, accrued expenses and other liabilities 49,761 51,742
Total liabilities 1,604,945 1,390,520
Commitments and contingencies
NET ASSETS    
Common stock, $0.001 par value per share (200,000,000 authorized, 97,380,301 and 81,518,294 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively) 97 82
Paid-in capital in excess of par 1,348,197 1,100,343
Distributable earnings/(accumulated deficit) (22,544) (6,426)
Total net assets 1,325,750 1,093,999
Total liabilities and net assets $ 2,930,695 $ 2,484,519
NET ASSET VALUE PER SHARE $ 13.61 $ 13.42
Control Investments    
ASSETS    
Total investments $ 211,050 $ 123,760
Affiliate Investments    
ASSETS    
Total investments 54,874 50,495
Non-Control / Non-Affiliate Investments    
ASSETS    
Total investments 2,591,808 2,243,820
Credit Facility    
LIABILITIES    
Credit facility 485,700 373,900
Secured Notes    
LIABILITIES    
Secured Notes, net of $1,156 and $1,467, respectively, of unamortized deferred financing costs $ 173,744 $ 198,533
[1] All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. Equipment financed under our equipment financing investments relates to operational equipment essential to revenue production for the portfolio company in the industry noted.
[2] All portfolio companies are located in North America or Europe. As of September 30, 2026, Trinity Capital Inc. (the “Company”) had twelve foreign domiciled portfolio companies, four of which are based in Canada and eight of which are based in Europe. As of September 30, 2026, these foreign domiciled portfolio investments represented 20.2% of total net asset value based on fair value. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale and may be deemed to be “restricted securities” under the Securities Act.
[3] Except as noted, all investments were valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board”) using Level 3 inputs.
[4] All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. Equipment financed under our equipment financing investments relates to operational equipment essential to revenue production for the portfolio company in the industry noted.
[5] All portfolio companies are located in North America or Europe. As of December 31, 2025, Trinity Capital Inc. (the “Company”) had ten foreign domiciled portfolio companies, four of which are based in Canada and six of which are based in Europe. As of December 31, 2025, these foreign domiciled portfolio investments represented 15.2% of total net asset value based on fair value. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale and may be deemed to be “restricted securities” under the Securities Act.
[6] Except as noted, all investments were valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board”) using Level 3 inputs.