Trinity Capital Inc. (TRIN) Balance Sheet
TRIN balance sheet, 2025
December 31, 2025 · U.S. dollars$2.48B assets = $1.39B liabilities + $1.09B equity
Both columns are drawn to the same scale: what TRIN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TRIN financial health
Descriptive bands, not a rating. Fiscal 2025.
TRIN balance sheet trends, 2019–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.2M2019 | $2.48B2025 | +171.5%/yr | |
| Total liabilities | $6.7M2019 | $1.39B2025 | +143.2%/yr | |
| Shareholders’ equity | −$524,0002019 | $1.09B2025 | — | |
| Cash & short-term investments | $02019 | $19.1M2025 | — | |
| Total debt | $299.7M2020 | $1.31B2025 | +34.3%/yr | |
| Net cash (debt) | −$255.1M2020 | −$1.29B2025 | −$1.0B | |
| Working capital | $35.9M2020 | $37.5M2025 | +$1.7M | |
| Book value per share | −$0.022019 | $15.792025 | — | |
| Debt / equity | 1.262020 | 1.202025 | −0.06 | |
| Shares outstanding | 25.3M2019 | 69.3M2025 | +18.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRIN assets
TRIN liabilities and equity
TRIN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TRIN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Cash & short-term investments | $19.1M | $9.6M | $4.8M | $10.6M | $31.7M | $44.7M | $0 |
| Cash & equivalents | $19.1M | $9.6M | $4.8M | $10.6M | $31.7M | $44.7M | $0 |
| Short-term investments | — | — | — | $37.3M | $32.2M | — | — |
| Receivables | $19.0M | $16.5M | $11.2M | $10.0M | $5.6M | $3.5M | $0 |
| Inventory | $0 | $0 | $0 | $20.6M | $52.3M | $64.6M | $0 |
| Other current assets | $1.1M | $0 | $0 | $0 | $0 | $0 | — |
| Total current assets | $39.2M | $26.2M | $16.0M | $20.6M | $37.9M | $48.1M | — |
| Property, plant & equipment (net) | $0 | $5.4M | $5.3M | $2.1M | $2.5M | $300,000 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.42B | $1.73B | $1.28B | $1.09B | $873.5M | $493.7M | $0 |
| Other non-current assets | $27.2M | $17.1M | $14.5M | $9.4M | $23.2M | $17.6M | $6.2M |
| Total assets | $2.48B | $1.77B | $1.31B | $1.13B | $937.1M | $559.7M | $6.2M |
| Liabilities | |||||||
| Accounts payable | $41.6M | $31.5M | $19.4M | $21.3M | $9.8M | $12.3M | $5.7M |
| Short-term debt | $1.7M | $1.3M | $884,000 | $48.1M | $47.5M | $166.9M | — |
| Deferred revenue | — | — | — | — | −$23.1M | −$154.6M | — |
| Total current liabilities | $1.7M | $31.5M | $43.4M | $21.3M | $9.8M | $12.3M | $5.7M |
| Long-term debt | $0 | $0 | $0 | $423.1M | $0 | $0 | $0 |
| Other long-term liabilities | $1.39B | $919.8M | $658.3M | $222.4M | $480.8M | $299.7M | $6.7M |
| Total liabilities | $1.39B | $951.3M | $699.8M | $666.8M | $490.6M | $321.0M | $6.7M |
| Shareholders' equity | |||||||
| Common stock & paid-in capital | $82,000 | $62,000 | $46,000 | $35,000 | $27,000 | $18,000 | — |
| Retained earnings (deficit) | −$6.4M | −$6.7M | −$22.6M | −$20.9M | $77.9M | −$24.6M | −$524,000 |
| Accumulated other comprehensive income | — | — | $0 | $0 | $0 | $0 | — |
| Total shareholders' equity | $1.09B | $823.0M | $611.2M | $459.6M | $446.5M | $238.7M | −$524,000 |
| Key figures | |||||||
| Total debt | $1.31B | $877.7M | $646.9M | $610.6M | $455.3M | $299.7M | — |
| Net cash (debt) | −$1.29B | −$868.0M | −$642.1M | −$600.0M | −$423.7M | −$255.1M | — |
| Working capital | $37.5M | −$5.3M | −$27.4M | −$743,000 | $28.1M | $35.9M | — |
| Tangible book value | $1.09B | $823.0M | $611.2M | $459.6M | $446.5M | $238.7M | −$524,000 |
| Book value per share | $15.79 | $14.51 | $14.31 | $14.51 | $16.40 | $9.04 | −$0.02 |
| Shares outstanding | 69.3M | 56.7M | 42.7M | 31.7M | 27.2M | 26.4M | 25.3M |
| Current ratio | 22.79 | 0.83 | 0.37 | 0.97 | 3.87 | 3.93 | — |
| Quick ratio | 22.15 | 0.83 | 0.37 | 0.97 | 3.80 | 3.93 | 0.00 |
| Debt / equity | 1.20 | 1.07 | 1.06 | 1.33 | 1.02 | 1.26 | — |
| Equity / assets | 44.0% | 46.4% | 46.6% | 40.8% | 47.6% | 42.7% | −8.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $22.2M | $19.6M | $19.1M | $9.5M | $26.3M | $8.4M | $9.6M | $8.5M | $46.1M | $12.0M | $4.8M | $7.2M |
| Cash & equivalents | $22.2M | $19.6M | $19.1M | $9.5M | $26.3M | $8.4M | $9.6M | $8.5M | $46.1M | $12.0M | $4.8M | $7.2M |
| Receivables | $19.3M | $18.1M | $19.0M | $19.5M | $17.7M | $16.6M | $16.5M | $16.9M | $14.0M | $13.3M | $11.2M | $10.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $26.7M | −$14.0M | −$13.3M | $0 | $20.6M |
| Other current assets | $0 | $0 | $1.1M | $0 | $0 | $0 | $0 | $0 | $14.0M | $13.3M | $0 | $0 |
| Total current assets | $41.4M | $37.7M | $39.2M | $28.9M | $43.9M | $25.0M | $26.2M | $25.5M | $60.1M | $25.3M | $16.0M | $18.1M |
| Property, plant & equipment (net) | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $5.6M | $5.4M | $5.3M | $5.3M | $2.3M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $2.73B | $2.48B | $2.42B | $2.19B | $1.98B | $1.79B | $1.73B | $1.69B | $1.42B | $1.36B | $1.28B | $1.12B |
| Other non-current assets | $31.6M | $34.6M | $27.2M | $25.6M | $22.8M | $39.6M | $22.5M | $16.8M | $15.1M | $15.3M | $14.5M | $13.9M |
| Total assets | $2.81B | $2.56B | $2.48B | $2.25B | $2.05B | $1.86B | $1.77B | $1.73B | $1.51B | $1.41B | $1.31B | $1.15B |
| Liabilities | ||||||||||||
| Accounts payable | $37.5M | $0 | $41.6M | $38.2M | $35.5M | $32.6M | $31.5M | $29.4M | $26.4M | $24.8M | $23.2M | $23.4M |
| Short-term debt | — | $1.4M | $1.7M | $354,000 | $718,000 | — | — | $49.2M | $628,000 | $48.9M | $1.8M | $48.6M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$49.1M | −$48.9M | — | — |
| Total current liabilities | $40.3M | $1.4M | $1.7M | $354,000 | $35.5M | $32.6M | $31.5M | $29.4M | $26.4M | $24.8M | $23.2M | $23.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.50B | $1.39B | $1.39B | $1.25B | $1.09B | $991.3M | $919.8M | $948.6M | $798.9M | $758.6M | $676.7M | $558.1M |
| Total liabilities | $1.54B | $1.39B | $1.39B | $1.25B | $1.12B | $1.02B | $951.3M | $978.0M | $825.4M | $783.4M | $699.8M | $581.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $94,000 | $88,000 | $82,000 | $75,000 | $70,000 | $64,000 | $62,000 | $58,000 | $52,000 | $49,000 | $46,000 | $43,000 |
| Retained earnings (deficit) | −$21.0M | −$19.3M | −$6.4M | −$16.9M | −$6.3M | −$12.2M | −$6.7M | −$33.5M | −$28.5M | −$32.9M | −$22.6M | −$21.4M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | $0 | $0 | $0 | — |
| Total shareholders' equity | $1.27B | $1.17B | $1.09B | $998.3M | $923.6M | $833.4M | $823.0M | $756.8M | $680.0M | $626.3M | $611.2M | $569.5M |
| Key figures | ||||||||||||
| Total debt | $1.50B | $1.36B | $1.31B | $1.19B | $1.05B | $959.0M | $877.7M | $912.6M | $764.9M | $729.3M | $639.6M | $525.7M |
| Net cash (debt) | −$1.48B | −$1.34B | −$1.29B | −$1.18B | −$1.03B | −$950.6M | −$868.0M | −$904.1M | −$718.8M | −$717.3M | −$634.9M | −$518.5M |
| Working capital | $1.2M | $36.3M | $37.5M | $28.6M | $8.4M | −$7.6M | −$5.3M | −$3.9M | $33.6M | $471,000 | −$7.2M | −$5.2M |
| Tangible book value | $1.27B | $1.17B | $1.09B | $998.3M | $923.6M | $833.4M | $823.0M | $756.8M | $680.0M | $626.3M | $611.2M | $569.5M |
| Book value per share | $14.00 | $13.94 | $14.20 | $13.97 | $14.01 | $13.32 | $12.97 | $12.96 | $12.58 | $12.38 | $12.70 | $12.99 |
| Shares outstanding | 90.5M | 83.6M | 77.0M | 71.5M | 65.9M | 62.6M | 63.4M | 58.4M | 54.1M | 50.6M | 48.1M | 43.9M |
| Current ratio | 1.03 | 26.89 | 22.79 | 81.73 | 1.24 | 0.77 | 0.83 | 0.87 | 2.27 | 1.02 | 0.69 | 0.78 |
| Quick ratio | 1.03 | 26.89 | 22.15 | 81.73 | 1.24 | 0.77 | 0.83 | 0.87 | 2.27 | 1.02 | 0.69 | 0.78 |
| Debt / equity | 1.18 | 1.16 | 1.20 | 1.19 | 1.14 | 1.15 | 1.07 | 1.21 | 1.12 | 1.16 | 1.05 | 0.92 |
| Equity / assets | 45.2% | 45.6% | 44.0% | 44.4% | 45.2% | 44.9% | 46.4% | 43.6% | 45.2% | 44.4% | 46.6% | 49.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
TRIN financial position
At the end of fiscal 2025 (December 31, 2025), Trinity Capital had total assets of $2.5 billion (up 40.0% from a year earlier), total liabilities of $1.4 billion and shareholders' equity of $1.1 billion. It held $19.1 million in cash and short-term investments against $1.3 billion of debt, net debt of $1.3 billion. Its current ratio was 22.79. In the latest quarter (ended June 30, 2026) total assets were $2.8 billion and equity $1.3 billion.
Related: TRIN income statement, TRIN cash flow statement, TRIN key metrics. See the TRIN stock overview for the latest quote and news.
TRIN balance sheet FAQ
What are Trinity Capital's total assets?
Trinity Capital reported total assets of $2.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.8 billion a year earlier.
How much debt does Trinity Capital have?
Trinity Capital had $1.3 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.20.
How much cash does Trinity Capital have?
Trinity Capital held $19.1 million in cash and short-term investments at the end of fiscal 2025; with $1.3 billion of debt that is net debt of $1.3 billion.
What is Trinity Capital's book value?
Trinity Capital's shareholders' equity (book value) was $1.1 billion at the end of fiscal 2025, or $15.79 per share.
What is Trinity Capital's current ratio?
Trinity Capital had current assets of $39.2 million and current liabilities of $1.7 million, a current ratio of 22.79 (it can cover its short-term obligations).