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• Net Investment Income (Full Year 2024): $116 million, or $2.20 per share.

• Net Investment Income (Q4 2024): $35 million, a 38% increase from Q4 2023.

• Net Asset Value (NAV) Q4 2024: $823 million, up 9% from $757 million in the prior quarter.

• Total Investment Income (Q4 2024): $71 million, a 48% increase over Q4 2023.

• Effective Yield on Portfolio (Q4 2024): 16.4%.

• Core Yield (Q4 2024): 14.7%.

• Return on Average Equity (ROAE): 17.4% based on net investment income over average equity.

• Return on Average Assets (ROAA): 7.6% based on net investment income over average total assets.

• Net Gains (Q4 2024): Approximately $9.3 million from the sale of two equity and warrant positions.

• Net Leverage Ratio (December 31, 2024): 1.08 times.

• Portfolio Composition (End of Q4 2024): 75% secured loans, 18% equipment financing, 5% equity, 2% warrants.

• Non-Accrual Credits (End of Q4 2024): Total fair value of approximately $12.7 million, representing 0.8% of the total debt portfolio.

• Portfolio Companies' Equity Raised (Q4 2024): $1.9 billion.

• Portfolio Companies' Equity Raised (Full Year 2024): $4.7 billion, a 69% increase from 2023.

• Warning! GuruFocus has detected 7 Warning Signs with TRIN.

Release Date: February 26, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Trinity Capital Inc (NASDAQ:TRIN) achieved record net investment income of $116 million for 2024, translating to $2.20 per share.

• The company expanded its lending platform into Europe with a new London-based team, enhancing its international presence.

• Trinity Capital Inc (NASDAQ:TRIN) launched new business verticals in sponsor finance and asset-backed lending, diversifying its revenue streams.

• The company reported a strong fourth quarter with a 38% increase in net investment income compared to the previous year.

• Trinity Capital Inc (NASDAQ:TRIN) maintained a high effective yield of 16.4% on its portfolio, outperforming industry averages.

Negative Points

• The company faces potential risks from macroeconomic cycles, which could impact its investment pipeline and portfolio performance.

• Trinity Capital Inc (NASDAQ:TRIN) has a net leverage ratio of 1.08 times, which may pose a risk if market conditions deteriorate.

• The company experienced a slight increase in non-accrual credits, with one new addition from the tech lending portfolio.

• There is a potential NAV impact of approximately $0.27 per share in Q1 2025 due to the early extinguishment of debt obligations.

• Trinity Capital Inc (NASDAQ:TRIN) has exposure to fintech companies that rely on bank partnerships, which could be a risk if these partnerships face challenges.