Business
Trinity Capital Inc. Reports Second Quarter 2023 Financial Results
PHOENIX, Aug. 2, 2023 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity Capital" or the "Company"), a leading provider of diversified financial
About this update from Trinity Capital Inc.
[{"type":"text","content":"PHOENIX, Aug. 2, 2023 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (\"Trinity Capital\" or the \"Company\"), a leading provider of diversified financial solutions to growth-stage companies, today announced its financial results for the quarter ended June 30, 2023.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2023 Highlights \nTotal investment income of $46.0 million, an increase of 37.3% year-over-yearNet investment income (\"NII\") of $22.1 million, or $0.61 per basic share, an increase of 40.8% year-over-yearNet increase in net assets resulting from operations of $19.9 million, or $0.55 per basic share18.4% Return on Average Equity \"ROAE\" (NII/Average Equity)7.6% Return on Average Assets \"ROAA\" (NII/Average Assets)An increase of Net Asset Value to $13.15 per shareAggregate debt and equity investment commitments of $218.5 millionTotal gross investments funded of $154.9 million, comprised of $103.1 million in five new portfolio companies, $48.3 million across seven existing portfolio companies and $3.5 million into the recently formed joint venture (the \"JV\")Debt principal repayments of $103.5 million, including $13.7 million from early repayments, $31.0 million from scheduled/amortizing repayments and $58.8 million of assets sold to the JVDeclared a 10th consecutive dividend increase, with the second-quarter distribution coming in at $0.53 per share, consisting of a regular dividend of $0.48 per share, an increase of 2.1% from the regular dividend declared in the first quarter of 2023, and a supplemental cash dividend of $0.05 per share\"Our NII performance and portfolio strength this quarter demonstrate that Trinity's differentiated platform can excel in all cycles,\" said Steve Brown, Chairman and Chief Executive Officer of Trinity Capital. \"As we build for the future, we've made critical investments to grow our team, expand our platform and diversify our portfolio to build upon our track record and reputation.\"\nKyle Brown, President and Chief Investment Officer of Trinity Capital, added, \"Our focus remains on building an investment portfolio that generates meaningful returns for our shareholders. We have created a truly unique platform, one that is well-positioned to capitalize on opportunities that further diversify our capital base and capabilities. We've been strategically investing both on and off the balanc...