Business
Trinity Capital Inc. Declares Cash Dividend Increase to $0.47 per Share and Provides Business Update
PHOENIX, March 15, 2023 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity" or the "Company"), a leading provider of diversified financial
About this update from Trinity Capital Inc.
[{"type":"text","content":"PHOENIX, March 15, 2023 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (\"Trinity\" or the \"Company\"), a leading provider of diversified financial solutions to growth stage companies, today announced that on March 14, 2023, its Board of Directors declared a cash dividend of $0.47 per share with respect to the quarter ending March 31, 2023. This dividend represents an increase of 2.2% over the regular dividend declared in the prior quarter.\n\n \n \n \n \n \n \n\n \n\"We are pleased to announce that Trinity's continued strong performance supports the ninth sequential increase in its regular quarterly dividend,\" said Steve Brown, Chairman and Chief Executive Officer of Trinity. \"Over the last 15 years, with over $2.4 billion in fundings to growth-stage companies, we've built a platform and team that has delivered strong and sustainable results for our shareholders. In light of the recent industry events surrounding Silicon Valley Bank (\"SVB\") and Signature Bank (\"Signature\"), our first priority is continuing to support our portfolio companies, and maintaining capital reserves to achieve that goal is paramount in this unprecedented market. Based on our preliminary review, we are not aware of any portfolio companies experiencing significant financial stress as a result of recent industry events.\"\nBrown concluded, \"At the end of 2022 we had undistributed earnings of approximately $60.4 million, or $1.73 per share. We will continue to evaluate the distributions required in the following quarters of 2023, including any supplemental dividend distributions we believe would be necessary to maintain our tax status as a regulated investment company.\"\n\"We are encouraged by the ongoing dialogue with some of our portfolio companies who have accessed capital and benefitted from the Fed's decision to protect SVB depositors,\" said Kyle Brown, President and Chief Investment Officer of Trinity. \"Trinity's portfolio is largely comprised of senior secured loans and is differentiated in the venture debt industry by its equipment financing book, which is comprised completely of first lien loans. As a result of the current volatility in the market, we believe that we are positioned to benefit from increased deal flow through our platform, including access to our accretive off-balance-sheet growth initiatives. Our previously announce...