Trinity Capital (TRIN) Operating Expenses (2021 - 2026)
Trinity Capital (TRIN) reported Operating Expenses of $41.44 million for Q2 2026, up 19.9% from $34.57 million a year earlier but down 9.4% from the prior quarter.
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Analysis
Trinity Capital (TRIN) Operating Expenses (2021 - 2026) Analysis & Trends
Over the twelve months ended Jun 30, 2026, Trinity Capital's Operating Expenses came in at $169.73 million, up 25.6% year-over-year; for FY2025, it was $149.91 million, up 25.3% from FY2024.
- Operating Expenses has increased for five consecutive years, with a five-year compound annual growth rate of 36.5% (FY2020 to FY2025).
- By year, Operating Expenses came in at $119.64 million in FY2024 (+33.8%), $89.39 million in FY2023 (+25.0%), $71.53 million in FY2022 (+66.7%) and $42.91 million in FY2021 (+35.8%).
- Five-year quarterly Operating Expenses spans a low of $10.67 million in Q3 2021 and a high of $45.74 million in Q1 2026.
- Year over year, Operating Expenses has now increased in each of the last 16 quarters, with growth averaging 33.4% over the last eight quarters.
- Across the past five years, year-over-year growth in Operating Expenses ran from 13.4% in Q4 2023 to 81.9% in Q3 2022.
- Per Business Quant data, the three quarters before Q2 2026 came in at $45.74 million (Q1 2026), $43.65 million (Q4 2025) and $38.9 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Rocket Companies | 43.26 Bn | 28.94 Bn | - | 2.50 Bn |
| 2 | Orix | 42.40 Bn | 42.90 Bn | - | 4.66 Bn |
| 3 | Royalty Pharma | 33.56 Bn | 33.47 Bn | - | 541.02 Mn |
| 4 | Federal National Mortgage Association Fannie Mae | 24.47 Bn | 24.47 Bn | - | 2.07 Bn |
| 5 | Affirm Holdings | 23.34 Bn | 17.03 Bn | - | 1.02 Bn |
| 6 | Synchrony Financial | 23.06 Bn | -44.91 Bn | - | 1.33 Bn |
| 7 | Royal Gold | 19.98 Bn | 19.21 Bn | 390.45 Mn | 173.18 Mn |
| 8 | Annaly Capital Management | 14.18 Bn | 5.27 Bn | - | 58.19 Mn |
| 9 | Ares Capital | 13.71 Bn | 11.15 Bn | - | - |
| 10 | Trinity Capital | 1.65 Bn | 1.58 Bn | - | 41.44 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 41.44 Mn |
| Mar 31, 2026 | 45.74 Mn |
| Dec 31, 2025 | 43.65 Mn |
| Sep 30, 2025 | 38.90 Mn |
| Jun 30, 2025 | 34.57 Mn |
| Mar 31, 2025 | 32.79 Mn |
| Dec 31, 2024 | 35.81 Mn |
| Sep 30, 2024 | 31.91 Mn |
| Jun 30, 2024 | 27.26 Mn |
| Mar 31, 2024 | 24.66 Mn |
| Dec 31, 2023 | 22.08 Mn |
| Sep 30, 2023 | 22.41 Mn |
| Jun 30, 2023 | 23.30 Mn |
| Mar 31, 2023 | 21.61 Mn |
| Dec 31, 2022 | 19.48 Mn |
| Sep 30, 2022 | 19.40 Mn |
| Jun 30, 2022 | 17.09 Mn |
| Mar 31, 2022 | 15.56 Mn |
| Dec 31, 2021 | 12.78 Mn |
| Sep 30, 2021 | 10.67 Mn |
API Access
Trinity Capital Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=TRIN&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "TRIN", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=TRIN&period=max&api_key=YOUR_API_KEY");
const data = await res.json();