Business
Trinity Capital Inc. Reports Fourth Quarter and Full Year 2022 Financial Results
PHOENIX, March 2, 2023 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN, TRINL) ("Trinity" or the "Company"), a leading provider of diversified financial
About this update from Trinity Capital Inc.
[{"type":"text","content":"PHOENIX, March 2, 2023 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN, TRINL) (\"Trinity\" or the \"Company\"), a leading provider of diversified financial solutions to growth-stage companies, today announced its financial results for the fourth quarter and year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2022 Highlights \nTotal investment income of $41.5 million, an increase of 75.8% year-over-yearNet investment income (\"NII\") of $21.6 million, or $0.62 per share, an increase of 103.8% year-over-yearAggregate debt and equity investment commitments of $239.5 millionTotal gross investments funded of $120.8 million, comprised of $70.4 million across seven new portfolio companies and $50.4 million across nine existing portfolio companies17.9% Return on Average Equity \"ROAE\" (NII/Average Equity)7.7% Return on Average Assets \"ROAA\" (NII/Average Assets)Debt principal repayments of $53.0 million, including $14.8 million from early repaymentsInvestment portfolio of $1.09 billion at fair value, an increase of 5.0% from Q3 2022Net asset value (\"NAV\") per share decreased to $13.15 from $13.74 on September 30, 2022Declared a dividend distribution of $0.61 per share, consisting of a regular dividend of $0.46 per share and a supplemental dividend of $0.15 per share. NII covered the regular dividend by 135%Entered into a joint venture agreement, providing $150.0 million of additional equity capitalization for co-investing alongside TrinityReceived exemptive relief from the SEC for establishment of a Registered Investment Adviser (\"RIA\") to be wholly owned by Trinity\"Trinity had a year of exceptional growth, furthering its momentum in 2022,\" said Steve Brown, Chairman and Chief Executive Officer of Trinity. \"Our operating performance generated a record $975.5 million in new commitments and fundings of $631.2 million, leading to record total investment income of $145.5 million and net investment income of $71.6 million. Our strong originations process allowed us to grow our portfolio on a cost basis by $355.7 million, or 44.6% year-over-year. We continued our strategic approach to growth with the recent announcements regarding our joint venture and the exemptive relief for our RIA by the SEC. We believe these two investment vehicles will provide accretive returns to our shareholders beginning in 2023.\"\nBr...