TRINZHIGH SIGNALFINANCIAL10-K

TRINZ executed a massive portfolio expansion with total assets growing 40% to $2.5B while dramatically increasing debt by 47% to $1.3B, accompanied by substantial new investments across multiple sectors.

The company appears to be in an aggressive growth phase, taking on significant leverage to fund a major expansion of its investment portfolio across technology, healthcare, and financial services sectors. While net income grew 17% and net interest income increased 23%, the deteriorating operating cash flow (-69% to -$535M) and substantial debt increase signals elevated financial risk despite strong asset growth.

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

TRINZ underwent a major balance sheet expansion with total assets growing 40% to $2.5B, funded primarily through a 47% increase in debt to $1.3B, while cash nearly doubled to $19.1M and stockholders' equity grew 33% to $1.1B. Despite strong revenue growth reflected in 23% higher net interest income and 17% net income growth to $135.6M, operating cash flow deteriorated significantly by 69% to negative $535M. This financial profile suggests an aggressive investment strategy that's generating earnings growth but creating substantial liquidity pressures and leverage risk.

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.
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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.
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