Trinity Capital Inc. (NASDAQ: TRIN) has reported its financial results for the fourth quarter and full year ended December 31, 2025. The company achieved record quarterly net investment income of $39.9 million, translating to $0.52 per share. This represents a 15.4% year-over-year increase in net investment income. Return on average equity (ROAE) hit 15.3%, and return on average assets (ROAA) stood at 6.7%.
The total investment income for the fourth quarter of 2025 was $83.2 million, marking a 17.5% year-over-year increase. The net asset value (NAV) at the end of Q4 was $1.1 billion, representing a 32.9% year-over-year increase.
During the full year 2025, Trinity Capital achieved a total investment income of $293.7 million, marking a 23.5% year-over-year increase. Net investment income for the full year was $144.1 million, or $2.08 per share. Total gross investments funded for the year amounted to $1.5 billion, a 21.3% increase year-over-year.
The company's total investment portfolio had an aggregate fair value of approximately $2.4 billion as of December 31, 2025, with the debt portfolio comprising 85.4% first-lien loans and 14.6% second-lien loans. The portfolio witnessed an increase of 8.7% on a cost basis and 10.3% on a fair value basis as compared to September 30, 2025.
Trinity Capital also transitioned to monthly distributions, commencing in January 2026, with a total distribution of $0.51 in the first quarter.
The company's liquidity as of December 31, 2025, stood at approximately $335.2 million, including $19.1 million in unrestricted cash and cash equivalents. Trinity Capital's leverage, or debt-to-equity ratio, was approximately 119%, consistent with the ratio as of September 30, 2025.
In terms of recent developments, from January 1, 2026, to February 23, 2026, the company issued and sold 1,361,786 shares of its common stock at a weighted average price of $15.81 per share, raising $21.3 million of net proceeds under its equity ATM offering program.
Trinity Capital will hold a conference call to discuss its financial results on February 25, 2026, at 12:00 p.m. Eastern Time.
These financial results reflect Trinity Capital's strong performance and growth trajectory in 2025, demonstrating its ability to deliver consistent returns for investors through private credit markets. Following these announcements, the company's shares moved -0.31%, and are now trading at a price of $16.21. For the full picture, make sure to review Trinity Capital's 8-K report.
