Trinity Capital stands out in the BDC space for its ~14% dividend yield, niche growth strategy, internal management, growing net investment income and rising book value. However, it faces risks, including relatively low first lien loans, relatively low floating rate debt, interest rate sensitivity and investment style. This report reviews all of the above and then concludes with my strong opinion on investing.

Hercules Capital and Trinity Capital are best positioned among BDCs to sustain base dividends amid possible lower interest rates. Both HTGC and TRIN benefit from strong fundamentals, investment-grade credit ratings, robust liquidity, and internally managed structures, supporting dividend stability. Contractual interest rate floors and NAV premiums provide HTGC and TRIN with defensive advantages over peers facing greater earnings declines from rate cuts.

Trinity Capital has dipped by just over 11% from its near-term peak, expanding its fully covered dividend yield to 14%. The BDC is pushing ahead with portfolio growth, with its total debt investments at cost valued at $2.03 billion at the end of the third quarter, up 8.5% sequentially. NII downside from Fed rate cuts will be limited, due to a majority of loans being embedded with interest rate floors, and with 40.6% of TRIN's outstanding borrowing at a floating rate.

Trinity Capital Inc. ( TRIN ) Q3 2025 Earnings Call November 5, 2025 12:00 PM EST Company Participants Ben Malcolmson - Head of Investor Relations Kyle Brown - CEO, President, Chief Investment Officer & Director Michael Testa - Chief Accounting Officer Gerald Harder - Chief Operating Officer Conference Call Participants Casey Alexander - Compass Point Research & Trading, LLC, Research Division John Hecht - Jefferies LLC, Research Division Paul Johnson - Keefe, Bruyette, & Woods, Inc., Research Division Finian O'Shea - Wells Fargo Securities, LLC, Research Division Sean-Paul Adams - B. Riley Securities, Inc., Research Division Christopher Nolan - Ladenburg Thalmann & Co. Inc., Research Division Presentation Operator " Ben Malcolmson Head of Investor Relations " Kyle Brown CEO, President, Chief Investment Officer & Director " Michael Testa Chief Accounting Officer " Gerald Harder Chief Operating Officer " Casey Alexander Compass Point Research & Trading, LLC, Research Division " Compass Point Research John Hecht Jefferies LLC, Research Division " Jefferies LLC Unknown Analyst " Paul Johnson Keefe, Bruyette, & Woods, Inc., Research Division " Keefe, Bruyette, & Woods Finian O'Shea Wells Fargo Securities, LLC, Research Division " Wells Fargo Securities Sean-Paul Adams B.

Trinity Capital Inc. remains a Buy despite the recent BDC sector selloff, supported by strong fundamentals, consistent dividends, and record NAV growth. Trinity Capital reported Q2 2025 investment income up 27%, NII up 30%, and NAV up 36% year-over-year, with low non-accruals and robust portfolio diversification. Fears of lower interest rates are overblown for TRIN, as its funding costs would fall and portfolio structure limits negative NII impact, supporting future earnings.

CHARLOTTE, N.C.--(BUSINESS WIRE)--Town Lane and Trinity Capital Advisors Announce Uptown Charlotte Office Acquisition.

23rd Consecutive Quarter of a Consistent Dividend PHOENIX , Sept. 17, 2025 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity Capital" or "the Company"), a leading alternative asset manager, today announced that its Board of Directors declared a cash dividend of $0.51 per share with respect to the quarter ending September 30, 2025.

TRIN has been nicely outperforming its peers this year. The P/NAV has increased to ~1.22x, which might signal that the bull case is already exhausted. Yet, if we look at the Q2 figures and consider peer valuations, I think that the case has actually become even stronger.

Trinity Capital Inc. (NASDAQ:TRIN ) Q2 2025 Earnings Conference Call August 6, 2025 12:00 PM ET Company Participants Ben Malcolmson - Head of Investor Relations Gerald Harder - Chief Operating Officer Kyle Steven Brown - CEO, President, Chief Investment Officer & Director Michael Testa - CFO & Treasurer Ronald Kundich - Chief Credit Officer Conference Call Participants Casey Jay Alexander - Compass Point Research & Trading, LLC, Research Division Christopher Whitbread Patrick Nolan - Ladenburg Thalmann & Co. Inc., Research Division Douglas Michael Harter - UBS Investment Bank, Research Division John Douglas Hecht - Jefferies LLC, Research Division Paul Conrad Johnson - Keefe, Bruyette, & Woods, Inc., Research Division Sean-Paul Aaron Adams - B. Riley Securities, Inc., Research Division Operator Good afternoon.

PHOENIX , July 18, 2025 /PRNewswire/ -- Trinity Capital Inc.  (NASDAQ: TRIN) ("Trinity Capital"), a leading alternative asset manager, today announced the commitment of up to $40 million in an asset based revolving credit facility to Alt, a dynamic online marketplace that facilitates buying, selling, vaulting, and loans against investment-grade trading cards. Alt offers a full-service marketplace where users can buy authenticated, high-demand cards through fixed‑price listings or curated weekly auctions; consign cards for an instant cash advance and a rapid, low-fee payout of the remaining proceeds once the card sells; vault assets securely with professional storage and insurance; and borrow cash against card portfolios through a collateralized lending program.