Business
Trinity Capital Inc. Reports Fourth Quarter and Full Year 2023 Financial Results
Record Quarterly Net Investment Income of $25.1 Million in Q4 Record Annual Net Investment Income of $89.9 Million in 2023 Return on Average Equity Hits 16.9%
About this update from Trinity Capital Inc.
[{"type":"text","content":"Record Quarterly Net Investment Income of $25.1 Million in Q4\nRecord Annual Net Investment Income of $89.9 Million in 2023\nReturn on Average Equity Hits 16.9% in Q4\nPHOENIX, March 6, 2024 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (\"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, 2023.\n\n \n \n \n \n \n \n\n \nFourth Quarter 2023 Highlights \nRecord total investment income of $47.8 million, an increase of 15.2% year-over-yearRecord net investment income (\"NII\") of $25.1 million, or $0.57 per basic share, an increase of 15.9% year-over-yearNet increase in net assets resulting from operations of $17.7 million, or $0.40 per basic share16.9% Return on Average Equity \"ROAE\" (NII/Average Equity)8.3% Return on Average Assets \"ROAA\" (NII/Average Assets)Net Asset Value increased to $13.19 per share, up from $13.17 at the end of Q3Record total gross investment commitments of $340.7 millionRecord total gross investments funded of $267.4 million, comprised of $220.0 million across six new portfolio companies, $47.1 million across ten existing portfolio companies and $0.3 million into the joint venture (the \"JV\")Debt principal repayments of $108.9 million, including $42.9 million from early repayments and refinancings, $41.4 million from scheduled/amortizing repayments and $24.6 million of assets sold to the JV12th consecutive increase in the regular quarterly dividend after the fourth-quarter distribution of $0.50 per share, an increase of 2.0% from the regular dividend declared in the third quarter of 2023\"Trinity had a tremendous year in 2023, marked by record fundings and investment income along with continued growth in our portfolio,\" said Kyle Brown, Chief Executive Officer of Trinity. \"Our off-balance sheet growth strategies continued to ramp, and we expect them to contribute to our growth in 2024.\"\nBrown further highlighted, \"Our strong performance has allowed us to increase our regular dividend for twelve straight quarters, resulting in distributions of $2.04 per share to our shareholders in 2023. Our commitments to stringent underwriting and rigorous portfolio management remain central to our approach, and we believe that our shareholders will continue t...