The firm operates near its regulatory capacity with a debt-to-equity ratio that has consistently hovered between 1.05x and 1.21x, while maintaining a negative retained earnings balance of $19.3M as of 2026Q1.
| Total Current Assets | 37.7M | 39.24M | 26.17M | 15.97M | 20.58M | 37.93M | 48.87M | 0 |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - |
| Cash Only | - | - | - | - | - | - | - | - |
| Short-Term Investments | - | - | - | - | - | - | - | - |
| Accounts Receivable | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 1.1M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 0 | 2.45B | 1.75B | 1.29B | 1.11B | 899.19M | 510.84M | 6.2M |
| Property, Plant & Equipment | 0 | 0 | 0 | 5.3M | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | 32.99x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 4.61B | 2.42B | 0 | 1.28B | 0 | 0 | 27.65M | 0 |
| Other Non-Current Assets | - | - | - | - | - | - | - | - |
| Total Assets | 2.56B | 2.48B | 1.77B | 1.31B | 1.13B | 937.12M | 559.71M | 6.2M |
| Asset Turnover | 0.12x | 0.09x | 0.13x | 0.13x | 0.04x | 0.19x | 0.07x | - |
| Asset Growth % | 143.01% | 40.03% | 35.34% | 16.38% | 20.2% | 67.43% | 8924.64% | - |
| Total Current Liabilities | 0 | 1.72M | 31.45M | 43.41M | 21.33M | 9.8M | 4.95M | 0 |
| Accounts Payable | 0 | 0 | 31.45M | 19.36M | 21.33M | 9.8M | 4.95M | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 1.72M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - |
| Other Current Liabilities | 0 | 0 | 0 | 23.16M | 0 | 0 | 0 | 0 |
| Current Ratio | - | 22.79x | 0.83x | 0.37x | 0.97x | 3.87x | 9.88x | - |
| Quick Ratio | - | 22.79x | 0.83x | 0.37x | 0.97x | 3.87x | 9.88x | - |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 1.39B | 1.39B | 919.81M | 658.29M | 645.46M | 480.78M | 316.01M | 6.73M |
| Long-Term Debt | 0 | 1.3B | 877.67M | 639.61M | 610.59M | 455.35M | 299.75M | 0 |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - |
| Total Liabilities | 1.39B | 1.39B | 951.26M | 699.82M | 666.79M | 490.58M | 320.96M | 6.73M |
| Total Debt | 0 | 1.31B | 877.67M | 646.89M | 610.59M | 455.35M | 299.75M | 0 |
| Net Debt | -19.63M | 1.29B | 868.05M | 642.13M | 599.98M | 423.66M | 255.09M | 0 |
| Debt / Equity | 0.00x | 1.20x | 1.07x | 1.06x | 1.33x | 1.02x | 1.26x | - |
| Debt / EBITDA | 0.00x | 6.07x | 7.42x | 5.34x | - | 3.43x | - | - |
| Net Debt / EBITDA | -0.10x | 5.98x | 7.34x | 5.30x | - | 3.20x | - | - |
| Interest Coverage | 2.25x | 2.68x | 1.91x | 2.93x | -0.82x | 6.50x | -0.36x | - |
| Total Equity | 1.17B | 1.09B | 822.98M | 611.16M | 459.65M | 446.53M | 238.75M | -524K |
| Equity Growth % | 140.59% | 32.93% | 34.66% | 32.96% | 2.94% | 87.03% | 45662.6% | - |
| Book Value per Share | 13.94 | 15.79 | 14.51 | 14.31 | 14.51 | 16.40 | 9.04 | -0.02 |
| Total Shareholders' Equity | 1.17B | 1.09B | 822.98M | 611.16M | 459.65M | 446.53M | 238.75M | -524K |
| Common Stock | 88K | 82K | 62K | 46K | 35K | 27K | 18K | 0 |
| Retained Earnings | -19.27M | -6.43M | -6.71M | -22.63M | -20.92M | 77.9M | -24.64M | -524K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Portfolio Valuation Subjectivity
According to reported financial statements, Trinity Capital has aggressively expanded its total assets from $1.3B in 2023Q4 to $2.6B by 2026Q1, a trend that suggests a rapid scaling of the lending portfolio despite the inherent volatility in venture-backed credit markets and underlying asset valuations.
The doubling of the asset base over ten quarters indicates a management strategy focused on rapid market share capture within the venture debt space. Investors should monitor whether this growth is driven by high-quality originations or a relaxation of underwriting standards to deploy capital in a competitive environment.
Based on the provided balance sheet data, TRIN maintains a debt-to-equity ratio that has consistently hovered between 1.05x and 1.21x, suggesting that the firm is operating near its regulatory leverage capacity while relying heavily on debt financing to fund its venture-focused loan portfolio.
This leverage profile implies that the company has limited room for further balance sheet expansion without raising additional equity capital. The reliance on debt to fund growth may increase sensitivity to interest rate fluctuations and potential credit defaults within the portfolio.
As evidenced by the company's historical balance sheets, TRIN has reported negative retained earnings in every quarter since 2023Q4, with a deficit of $19.3M in 2026Q1, which suggests that dividend distributions and operational costs have consistently outpaced the firm's ability to generate and retain organic earnings.
The persistent negative retained earnings balance warrants investigation into the sustainability of the firm's dividend policy. It appears that the company may be effectively returning capital to shareholders that has not been fully earned through core operations, potentially relying on external financing to bridge the gap.
According to recent SEC filings, TRIN's cash reserves have exhibited significant quarterly fluctuations, ranging from a low of $4.8M to a high of $46.1M, indicating that the firm maintains a lean liquidity buffer that may be insufficient to absorb sudden shocks in the venture ecosystem.
The erratic nature of the cash balance suggests that liquidity is managed on a just-in-time basis, likely tied to the timing of loan repayments and capital raises. This lack of a consistent cash cushion may force the company to rely on credit facilities during periods of market stress.
Quick answers to the most common questions about buying TRIN stock.
As of 2025, Trinity Capital Inc. (TRIN) had total assets of $2.48B including $39.2M in current assets.
Trinity Capital Inc. (TRIN) carries total debt of $1.31B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Trinity Capital Inc. (TRIN) has total shareholders' equity (book value) of $1.09B ($15.79 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Trinity Capital Inc. (TRIN) reported a current ratio of 22.79x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.