Business
Trinity Capital Inc. Reports First Quarter 2023 Financial Results
PHOENIX, May 4, 2023 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN and TRINL) ("Trinity Capital" or the "Company"), a leading provider of diversified
About this update from Trinity Capital Inc.
[{"type":"text","content":"PHOENIX, May 4, 2023 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN and TRINL) (\"Trinity Capital\" or the \"Company\"), a leading provider of diversified financial solutions to growth-stage companies, today announced its financial results for the first quarter ended March 31, 2023.\n\n \n \n \n \n \n \n\n \nFirst Quarter 2023 Highlights \nTotal investment income of $41.5 million, an increase of 30.5% year-over-yearNet investment income (\"NII\") of $19.3 million, or $0.55 per basic share, an increase of 23.7% year-over-yearNet increase in net assets resulting from operations of $22.5 million, or $0.64 per basic shareAggregate debt and equity investment commitments of $43.2 millionTotal gross investments funded of $70.4 million, comprised of $5.0 million in one new portfolio company, $60.2 million across 11 existing portfolio companies, and $5.2 million into the recently formed joint venture (the \"JV\")16.5% Return on Average Equity \"ROAE\" (NII/Average Equity)6.8% Return on Average Assets \"ROAA\" (NII/Average Assets)Debt principal repayments of $82.8 million, including $13.1 million from early repayments and $42.1 million of assets sold to the JVDeclared a dividend distribution of $0.47 per share for the first quarter of 2023, an increase of 2.2% from the regular dividend declared in the fourth quarter of 2022\"Our performance in the first quarter generated record NII results, providing 117% coverage on our regular dividend,\" said Steven Brown, Chairman and Chief Executive Officer of Trinity Capital. \"Trinity's differentiated platform is positioned to capitalize on investment opportunities in a dynamic market as companies seek a partner that can support them through their various growth stages. Our veteran team, diversified portfolio and strong balance sheet, supported by our joint venture, are as healthy as ever as we provide financial solutions that meet the needs of growth-stage businesses.\"\nKyle Brown, President and Chief Investment Officer of Trinity Capital, added, \"Trinity is well positioned given recent volatility in the banking industry, which has fundamentally changed the market. Businesses are looking for more stable, non-bank solutions for their financing needs and we intend to capitalize on this opportunity with a combination of on- and off-balance sheet solutions. Our core priorities of portfolio manag...