TRINHIGH SIGNALFINANCIAL10-K

TRIN experienced dramatic portfolio expansion with assets growing 40% to $2.5B while operating cash flow deteriorated 69% to -$535.5M, indicating aggressive growth funded by substantial debt increases.

The massive negative operating cash flow deterioration alongside rapid asset growth suggests TRIN is in an intensive investment phase that may be straining liquidity management. The near-doubling of cash reserves to $19.1M appears to be a defensive measure against the significant cash burn rate.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

TRIN underwent substantial expansion with total assets surging 40% to $2.5B and debt increasing 47% to $1.3B, demonstrating aggressive growth financing strategies. Despite growing net income 17.3% to $135.6M and net interest income 23.3% to $279.5M, operating cash flow plummeted 69% to -$535.5M, creating a concerning disconnect between reported profitability and cash generation. The company doubled its cash position to $19.1M while reducing deposits 64.5%, suggesting defensive positioning amid deteriorating operational cash flows that could signal liquidity management challenges despite overall portfolio growth.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+98.5%
$9.6M→$19.1M

Cash position surged 98.5% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
-69%
-$316.9M→-$535.5M

Operating cash flow fell 69% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Deposits
Balance Sheet
-64.5%
$8.5M→$3.0M

Deposits declined 64.5% — significant outflows warrant immediate investigation into funding stability.

Total Debt
Balance Sheet
+47%
$888.0M→$1.3B

Debt increased 47% — substantial leverage increase; assess whether deployed for growth or covering losses.

Total Liabilities
Balance Sheet
+46.2%
$951.3M→$1.4B

Liabilities grew 46.2% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Assets
Balance Sheet
+40%
$1.8B→$2.5B

Asset base grew 40% — expansion through organic growth, acquisitions, or capital deployment.

Stockholders Equity
Balance Sheet
+32.9%
$823.0M→$1.1B

Equity base grew 32.9% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Interest Income
P&L
+23.3%
$226.7M→$279.5M

Net interest income grew 23.3% — benefiting from rate environment or loan book expansion.

Net Income
P&L
+17.3%
$115.6M→$135.6M

Net income grew 17.3% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
Type of Investment Warrant Investment Date June 4, 2024 Maturity Date June 4, 2034 Series Common Stock 2025-01-01 2025-12-31 0001786108 us-gaap:FairValueInputsLevel3Member us-gaap:MarketApproachValuationTechniqueMember us-gaap:EquityFundsMember us-gaap:MeasurementInputRevenueMultipleMember srt:MaximumMember 2024-12-31 0001786108 us-gaap:OverAllotmentOptionMember 2020-01-29 0001786108 Portfolio Company Warrant Investments- United States Connectivity Tarana Wireless, Inc.
Type of Investment Warrant Investment Date September 23, 2024 Expiration Date September 23, 2034 Series Common Stock 2024-01-01 2024-12-31 0001786108 Portfolio Company Warrant Investments- United States Transportation Technology NextCar Holding Company, Inc.
Type of Investment Warrant Investment Date December 14, 2021 Maturity Date December 14, 2026 Series Class A Common Stock 2025-01-01 2025-12-31 0001786108 trin:FinanceAndInsuranceMember us-gaap:DebtSecuritiesMember country:US trin:WisetackIncMember 2025-12-31 0001786108 Portfolio Company Equity Investments- United States Finance and Insurance Empower Financial, Inc.
Type of Investment Equity Investment Date May 15, 2024 Series Common Stock 2024-01-01 2024-12-31 0001786108 Portfolio Company Debt Securities- United States Medical Devices Elucent Medical, Inc.
Type of Investment Secured Loan Investment Date October 31, 2024 Maturity Date November 30, 2029 Interest Rate Variable interest rate Prime + 3.8% or Floor rate 11.3%; EOT 3.3% 2024-12-31 0001786108 Portfolio Company Debt Securities- United States Transportation Technology Get Spiffy, Inc.
Type of Investment Equipment Financing Investment Date July 14, 2023 Maturity Date February 1, 2027 Interest Rate Fixed interest rate 12.1%; EOT 4.0% 2025-12-31 0001786108 trin:RiskOfCertainRegulatoryRestrictionsMember 2025-01-01 2025-12-31 0001786108 trin:SpaceTechnologyMember trin:HadrianAutomationIncMember us-gaap:DebtSecuritiesMember country:US 2024-12-31 0001786108 Portfolio Company Warrant Investments- United States Green Technology Footprint International Holding, Inc.
Type of Investment Warrant Investment Date October 31, 2024 Expiration Date October 31, 2034 Series Preferred Class F 2025-01-01 2025-12-31 0001786108 Portfolio Company Warrant Investments- United States Consumer Products Services Rinse, Inc.
Type of Investment Warrant Investment Date May 10, 2022 Expiration Date May 10, 2032 Series Preferred Series C 2024-01-01 2024-12-31 0001786108 trin:DiagnosticsAndToolsMember 2024-12-31 0001786108 us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputMaturityMember us-gaap:MarketApproachValuationTechniqueMember srt:MinimumMember us-gaap:WarrantMember 2024-12-31 0001786108 Portfolio Company Equity Investments- United States Connectivity Tarana Wireless, Inc.
Type of Investment Equity Investment Date October 9, 2025 Series Preferred Series 8 2025-12-31 0001786108 trin:HealthcareTechnologyMember trin:EmeraldCloudLabIncMember country:US us-gaap:EquitySecuritiesMember 2024-12-31 0001786108 Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Steno Agency, Inc.
Type of Investment Secured Loan Investment Date January 2, 2025 Maturity Date July 1, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5% 2025-12-31 0001786108 Portfolio Company Warrant Investments- United States Green Technology RTS Holding, Inc.
REMOVED
10-K FY false 0001786108 P3Y http://fasb.org/us-gaap/2024#RealizedInvestmentGainsLosses http://fasb.org/us-gaap/2024#RealizedInvestmentGainsLosses http://fasb.org/us-gaap/2024#OtherAssets http://fasb.org/us-gaap/2024#OtherAssets http://fasb.org/us-gaap/2024#AccountsPayableAndOtherAccruedLiabilities http://fasb.org/us-gaap/2024#AccountsPayableAndOtherAccruedLiabilities 1 http://fasb.org/srt/2024#ChiefExecutiveOfficerMember 1 1 0001786108 Portfolio Company Debt Securities- United States Consumer Products Services Rinse, Inc.
Type of Investment Secured Loan Investment Date May 10, 2022 Maturity Date June 1, 2027 Interest Rate Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8% 2023-01-01 2023-12-31 0001786108 Portfolio Company Warrant Investments- United States Supply Chain Technology Macrofab, Inc.
2024-12-31 0001786108 Portfolio Company Debt Securities- United States Biotechnology Taysha Gene Therapies, Inc.
Type of Investment Secured Loan Investment Date November 13,2023 Maturity Date December 01,2028 Interest Rate Variable interest rate Prime + 4.5% or Floor rate 12.8%; EOT 5.0% 2024-12-31 0001786108 trin:TwoThousandNineteenLongTermIncentivePlanMember 2023-12-31 0001786108 trin:NonControlAndNonAffiliateInvestmentsIssuerMember 2024-12-31 0001786108 Portfolio Company Warrant Investments- United States SaaS Reciprocity, Inc.
Investment Date April 29, 2021 Expiration Date April 29, 2031 Series Common Stock 2023-01-01 2023-12-31 0001786108 Prime Rate 2024-12-31 0001786108 trin:RiskOfHighlyCompetitiveMarketForInvestmentOpportunitiesMember 2024-01-01 2024-12-31 0001786108 Portfolio Company Debt Securities- United States Consumer Products Services 2023-12-31 0001786108 Portfolio Company Warrant Investments- United States Finance and Insurance Slope Tech, Inc.
Type of Investment Warrant Investment Date September 14, 2022 Expiration Date September 14, 2032 Series Common Stock 2023-01-01 2023-12-31 0001786108 trin:SeniorSecuritiesMember trin:September2029NotesMember 2024-12-31 0001786108 Portfolio Company Warrant Investments- United States Biotechnology Pendulum Therapeutics, Inc.
Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series A 2024-01-01 2024-12-31 0001786108 Portfolio Company Warrant Investments- United States Transportation Technology NextCar Holding Company, Inc.
Type of Investment Warrant Investment Date December 14, 2021 Expiration Date December 14, 2026 Series Preferred Stock 2023-01-01 2023-12-31 0001786108 Portfolio Company Debt Securities- United States Healthcare Dentologie Enterprises, Inc.
Type of Investment Secured Loan Investment Date December 15, 2023 Maturity Date October 1, 2027 Interest Rate Variable interest rate Prime + 6.9% or Floor rate 10.9%; EOT 3.0% 2023-12-31 0001786108 Portfolio Company Debt Securities- United States Consumer Products Services Ogee, Inc.
Type of Investment Secured Loan Investment Date February 14, 2023 Maturity Date March 1, 2027 Interest Rate Variable interest rate PRIME + 5.8% or Floor rate 12.0%; EOT 3.8% 2023-12-31 0001786108 trin:RiskOfGeographicallyConcentratedInvestmentsMember 2024-01-01 2024-12-31 0001786108 Portfolio Company Warrant Investments- United States Consumer Products Services Ogee, Inc.
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