Business
Trinity Capital Inc. Reports First Quarter 2022 Financial Results
PHOENIX, May 9, 2022 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity Capital" or the "Company"), a leading provider of debt and equipment
About this update from Trinity Capital Inc.
[{"type":"text","content":"PHOENIX, May 9, 2022 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (\"Trinity Capital\" or the \"Company\"), a leading provider of debt and equipment financing to venture capital backed growth stage companies, today announced its financial results for the first quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2022 Highlights \nTotal investment income of $31.8 million, an increase of 83.8% year-over-yearNet investment income (\"NII\") of $15.6 million, or $0.57 per basic share, an increase of 115.2% year-over-yearNet realized gains of $52.6 million on the sale of equity and other investmentsAggregate debt and equity investment commitments of $305.6 millionTotal gross investments funded of $222.5 million, comprised of $103.9 million across 10 new portfolio companies and $118.6 million across 21 existing portfolio companiesDebt principal repayments of $96.5 millionInvestment portfolio of $919.3 million at fair value, an increase of 5.3% from December 31, 2021 Net asset value (\"NAV\") per share decreased to $15.15 from $16.40 on December 31, 2021Undistributed earnings spillover of $73.2 million, or $2.62 per ending shares outstandingDeclared a dividend distribution of $0.40 per share for the first quarter, an increase of 11.1% from Q4 2021, and a new supplemental cash dividend of $0.15 per share with the intent to declare equal supplemental dividends in the subsequent quarters of 2022\"Following an incredible 2021, the team at Trinity has continued to deliver in 2022, as demonstrated by another quarter of strong results,\" said Steven Brown, Chairman and Chief Executive Officer of Trinity Capital. \"We've continued to execute on our strategic initiatives, growing and diversifying our portfolio, investing in our team and pursuing opportunities to strengthen our balance sheet. In recent quarters, we have been deliberate about building a portfolio and capital structure that can perform even through disruptive economic cycles. Our business remains strong as we continue to innovate, evolve and scale our systems to provide financial solutions that meet the needs of growth-stage businesses.\" \n\"Trinity's continued momentum reflects our differentiated culture that encourages continuous learning and an entrepreneurial spirit,\" said Kyle Brown, President and Chief Investment Officer of Trinity Capital. \"As our ...