Trinity Capital Inc. reported a significant increase in financial performance for the quarter ended March 31, 2025, with total investment income reaching approximately $65.4 million, up from $50.5 million in the same period last year. This increase was driven by higher interest income and amortization of original issue discount (OID) and end-of-term (EOT) payments, reflecting a growing principal value of income-producing debt investments. The company’s net investment income for the quarter was approximately $32.4 million, compared to $25.2 million in the prior year, resulting in a net investment income per share of $0.52, slightly down from $0.54.
In terms of operational changes, Trinity Capital's total assets increased to $1.86 billion as of March 31, 2025, compared to $1.77 billion at the end of 2024. The company’s investment portfolio, which includes secured loans, equipment financings, and equity investments, saw a fair value of approximately $1.79 billion, up from $1.73 billion. The increase in total investments was attributed to new investments totaling $94.8 million in six new portfolio companies and $125.6 million in 19 existing companies during the quarter. The company also reported a total of 155 portfolio companies, an increase from 151 at the end of the previous quarter.
Trinity Capital's liabilities also saw a notable change, with total liabilities rising to $1.02 billion from $951.3 million. This increase was primarily due to a significant rise in borrowings under the KeyBank Credit Facility, which increased to $392 million from $113 million. The company’s net asset value per share decreased to $13.05 from $13.35, reflecting the impact of market conditions and operational decisions. The company’s employee headcount rose to 94 from 73, indicating growth in operational capacity.
Looking ahead, Trinity Capital remains focused on its strategy of providing debt to growth-oriented companies, particularly in sectors such as finance, medical devices, and SaaS. The company has expressed confidence in its ability to navigate market conditions and continue to generate income through its investment strategy. The management anticipates that the ongoing economic environment will present both challenges and opportunities, and they are committed to maintaining adequate liquidity to support their investment activities and fulfill their commitments.
About Trinity Capital Inc.
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