Trinity Capital(DE:9F7)
€16.16-0.41 (-2.44%)
DE:9F7
Trinity Capital earnings date
€16.16
At close:-0.41 (-2.44%)
Trinity Capital (9F7) Q3 2026 Earnings Report
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DE:9F7 Q3 2026 EPS Results
- Actual EPS
- EUR 0.47
- Consensus EPS
- EUR 0.47
- Beat/Miss
- Beat by +EUR 0.00
- One Year Ago EPS
- EUR 0.47
DE:9F7 Q3 2026 Revenue Results
- Actual Revenue
- EUR 83.97M
- Expected Revenue
- EUR 84.88M
- Beat/Miss
- Missed by -EUR 912.06K
- YoY Revenue Growth
- +64.47%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/04/2026
- Time
- Before Open
- Conference Call
- Wednesday, November 4, 2026
DE:9F7 Upcoming Earnings
Trinity Capital's next earnings date is estimated for March 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
DE:9F7 Q3 2026 Earnings Call
0:00 / 0:00
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Management reported record net assets, 31% year-to-date shareholder returns, 30% year-over-year growth in total investment income, NII above the distribution, expanding platform AUM and managed funds capacity, a historically large pipeline, and improving credit quality. The main challenges were $7.5 million of net realized losses, higher RIA expenses, elevated repayment activity, historical spread compression, and the acknowledged difficulty of fundraising, but management characterized these issues as manageable within its broader growth and execution plans.
Company Guidance
Management said TRIN is paying a $0.17 monthly dividend through the end of Q4; the SBIC fund is expected to create more than $300 million of incremental platform capacity at full scale, while the second Capital Southwest JV has a potential total capacity of $500 million. Syndications to managed vehicles are anywhere from 15%-20% to 30% of deals funded in the quarter, and $2 million is a reasonable run rate assumption to the extent that there's no new vehicles. Repayments are expected to continue to ebb and flow and be consistent every quarter, the pipeline is the largest in the company’s history, and 2027 should probably look like a spread flat-to-up year. The new JV is close to one-to-one leveraged, with plans to get up to two-to-one, an advance rate of Anywhere from 60%-70%, and management expects to syndicate it further as it goes. If the company is growing at a 20%-30% annual growth rate, income and earnings per share are expected to increase above additional expenses.
- Leading Shareholder ReturnsTRIN's year-to-date total return was 31% through the end of Q3, ranking first in the BDC space. Since its 2021 IPO, TRIN produced a 177% total return versus 119% for the S&P 500 and 61% for the S&P BDC Index. The company also stated that its total shareholder return was the best in the BDC space over the past one, three, and five years.
- Dividend ContinuityThe company is paying a $0.17 monthly dividend through the end of Q4, and shareholders have received consistent distributions for seven consecutive years.
- Net Investment Income Exceeded DistributionNet investment income increased to $0.52 per share, exceeding the $0.51 quarterly distribution. Total net investment income was $50 million, representing 103% coverage of the quarterly distribution.
- Strong Investment Income and ReturnsTotal investment income was $98 million, up 30% year-over-year. Return on average equity was 15.5% and effective portfolio yield was 15.2%, which management described as among the highest in the BDC sector.
- Record Net Asset Value GrowthTotal net assets increased 5% quarter-over-quarter and 33% year-over-year to a record $1.3 billion. NAV per share increased from $13.47 to $13.61, a 1% quarter-over-quarter increase, driven primarily by accretive ATM issuances.
- Managed Funds Platform Added EarningsThe managed funds platform generated a $0.05 per-share NII benefit in Q3. The platform and joint ventures had nearly $1 billion of capacity, and management said the platform is designed to generate incremental returns, increase origination capacity, and widen available capital without diluting shareholders.
- SBIC Fund ExpansionThe SBIC fund closed more than $75 million in equity commitments and is already being deployed. At a 2:1 debt-to-equity ratio with low-cost federal government leverage, it is expected to create more than $300 million of incremental platform capacity at full scale.
- New Capital Southwest Joint VentureTrinity closed a second joint venture with Capital Southwest for sponsor finance investments, with potential total capacity of $500 million. The vehicle targets more mature, EBITDA-positive and creditworthy borrowers, primarily lower middle market integrated software companies, and is intended to provide a better cost of capital.
- Existing Joint Venture ProgressThe first Capital Southwest joint venture comprised $132 million of assets and 14 portfolio companies as of the end of Q3. It focuses on first-out senior secured loans in the lower middle market and has enabled diversification into a complementary segment with a proven partner.
- Strong Origination Activity and PipelineTrinity funded $614 million in Q3 and had $880 million of new commitments during the quarter. Total unfunded commitments were $1.4 billion at September 30, and management said the company currently has the largest pipeline in its history.
- Disciplined Unfunded Commitment StructureOf the $1.4 billion in unfunded commitments, 91% remained subject to ongoing diligence and investment committee approval, while only 9% was unconditional. Management said this structure preserves underwriting discipline for future deployments.
- Platform AUM GrowthPlatform assets under management increased to $3.4 billion, up 31% year-over-year. Management said the platform continues to grow thoughtfully and strategically.
- Improving Credit QualityNon-accruals improved to 0.7% of the portfolio at fair market value. Debt investments performing at fair value represented 99.3% of the portfolio, the number of companies on non-accrual declined to three, and no additional credits were added to non-accrual during the quarter.
- Strong Credit ProtectionThe average internal credit rating improved slightly to 3.1 on the company's 1-to-5 scale. First-lien coverage remained strong, with 89% of total principal secured by first-position liens, and enterprise-backed loans had a weighted average loan-to-value of 22%.
- Diversified PortfolioThe portfolio spans 24 industries, with no single borrower representing more than 3% of total exposure. Financial technology was the largest sector concentration at 15% of total portfolio cost across 18 borrowers. AI exposure was diversified across infrastructure and automation platforms, with each classification representing less than 7% of portfolio cost.
- Portfolio Refresh and Diversified Q3 FundingsSeventy-eight percent of the portfolio at cost was originated since the start of 2025, while pre-2024 vintages fell below 7%. Q3 fundings were distributed across equipment finance at 26%, tech lending at 18%, sponsor finance at 17%, healthcare and life sciences at 15%, asset-based lending at 14%, and off-balance-sheet entities at 10%.
- Balance Sheet and Liquidity StrengthTrinity repaid $125 million of unsecured notes that matured in August and announced a $350 million investment-grade public bond offering of long five-year senior unsecured notes, which closed after quarter-end. The offering extended the maturity profile and increased liquidity. Net leverage was 1.17x, consistent with the target range, and total platform liquidity was $847 million.
- Accretive Capital Raising and Taxable Income CushionThe company raised $58 million through its equity ATM at an average 32% premium to NAV, which management said was directly accretive to existing shareholders. Estimated undistributed taxable income was approximately $67 million, or $0.69 per share, equivalent to more than four months of distributions.
- Consistent Operating ExecutionManagement said the five lending verticals have operated independently against annual operating plans and that Trinity hit or exceeded its plans over the last three years. The company has already developed plans for 2027 and a vision for 2028 and 2029, supported by multiple layers of senior underwriting and portfolio management personnel.
- Potential Benefit from Higher Rates and Equipment DemandManagement said most facilities have interest-rate floors but not ceilings, so higher rates can increase current income and potentially generate additional payoff and fee income. The company also reported continued growth in domestic equipment and manufacturing activity and said equipment finance may continue to outperform amid AI-related demand.
- Fee Income GrowthFee income increased during the quarter due to a combination of prepayment, exit, origination, and agent fees. Equipment financing generates approximately 2%-3% closing structuring fees, while prepayment fees from tech and life sciences were elevated and had also been elevated in the prior two quarters.
- Fundraising MomentumManagement said fundraising was going well and remains a major focus for the future of the managed funds business. The company stated that its track record across rising-rate and declining-rate environments and across five administrations supports its fundraising efforts.
- Stable Expense Scaling FrameworkManagement said co-investment vehicles use the same deals and benefit from scaling leverage, while credit underwriting and portfolio management are already being performed. Vehicle-specific accounting and fund administration costs are borne by the individual vehicles, and management said expense ratios have continued to decline to levels in line with BDC peers.
DE:9F7 Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 04, 2027 | 2026 (Q4) | 0.46- | 0.47 | ― | ― |
| Nov 04, 2026 | 2026 (Q3) | 0.470.47 | 0.47 | 0.00% (+0.00) | |
| Aug 05, 2026 | 2026 (Q2) | 0.470.46 | 0.48 | -3.77% (-0.02) | |
| May 06, 2026 | 2026 (Q1) | 0.470.48 | 0.47 | 1.92% (+0.01) | |
| Feb 25, 2026 | 2025 (Q4) | 0.470.47 | 0.51 | -7.14% (-0.04) | |
| Nov 05, 2025 | 2025 (Q3) | 0.480.47 | 0.47 | 0.00% (+0.00) | |
| Aug 06, 2025 | 2025 (Q2) | 0.470.48 | 0.46 | 3.92% (+0.02) | |
| May 07, 2025 | 2025 (Q1) | 0.470.47 | 0.47 | 0.00% (+0.00) | |
| Feb 26, 2025 | 2024 (Q4) | 0.470.51 | 0.49 | 3.70% (+0.02) | |
| Oct 30, 2024 | 2024 (Q3) | 0.460.47 | 0.5 | -5.45% (-0.03) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
