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- **Record Q3 Growth**: 29% YoY net investment income, 8% QoQ NAV increase, and $2.6B AUM. 
- **Resilient to Rate Cuts**: 80%+ loans at floor rates; minimal income impact. 
- **Managed Funds Expansion**: $83M ATM raise, new JV, and $260M SBIC fund. 
- **Strong Credit Metrics**: 1% nonaccruals, 99% performing loans. 
- **Leverage Reduction Plan**: Targeting 1.0x+ via fee income from RIA. 
- **Pipeline Momentum**: $1.2B unfunded commitments; 5 verticals diversifying risk.

**【CEO Summary Section】**
- **Q3 Performance Highlights**: $37M net investment income (29% YoY growth), NAV up 8% QoQ to $998M, AUM $2.6B (28% YoY), and $0.51 dividend (23rd consecutive quarter). 
- **Market Leadership**: NAV up 32% YoY vs. peer average 63%; stock +114% vs. S&P 500 +78% since IPO. 
- **Pipeline Strength**: $471M funded Q3, $1.1B YTD; $1.2B unfunded commitments (94% subject to diligence). 
- **Rate Environment Resilience**: 80%+ loans hit floor rates; minimal income impact from rate cuts. 
- **Managed Funds Growth**: $83M raised via ATM (19% premium to NAV); new JV and SBIC fund ($260M+ capacity). 
- **Differentiated Model**: 5 verticals (sponsor finance, equipment, tech, ABL, life sciences) with no single borrower >3.4% exposure. 

**【CFO Financial Commentary】**
- **Financial Results**: $75.6M total investment income (22% YoY), 15.3% ROE, 15% portfolio yield. 
- **Capital Management**: $83M equity raised Q3; $409M off-balance sheet assets. Net leverage 1.18x. 
- **Tax Efficiency**: $63M undistributed taxable income reinvested. 
- **Fee Income**: $3.3M from co-investment vehicles. 

**【Q&A Key Highlights】**
- **Off-Balance Sheet Capacity**: $200M+ in new vehicle; existing funds 75%+ funded. 
- **Team Scaling**: 2026 plan supported by current team; ABL/sponsor finance verticals growing. 
- **Competition**: Minimal overlap with BDCs; niche verticals maintain spread discipline. 
- **Compensation Growth**: Hiring for U.S. and U.K. expansion; no one-time costs. 
- **Portfolio Health**: 99% performing loans; nonaccruals 1% of portfolio. 
- **Leverage Strategy**: Long-term plan to reduce leverage via RIA fee income. 
- **Nomad Health Restructuring**: 2/3 debt converted to equity; remaining 1/3 on nonaccrual. 
- **Consumer Exposure**: <2.4% of portfolio in B2B receivables. 
- **Leverage Ratio Outlook**: Targeting gradual reduction to 1.0x+ via off-balance sheet growth.

Trinity Capital Inc. (TRIN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

TRIN

TRIN fundamentals

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