Business
Trinity Capital Inc. Reports Second Quarter 2024 Financial Results
Platform AUM grows to $1.7 billion, a 36% increase year-over-year NII hits a record of $26.7 million, or $0.53 per share Return on average equity climbs to
About this update from Trinity Capital Inc.
[{"type":"text","content":"Platform AUM grows to $1.7 billion, a 36% increase year-over-year\nNII hits a record of $26.7 million, or $0.53 per share\nReturn on average equity climbs to 16.3%\nPHOENIX, Aug. 7, 2024 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (\"Trinity\" or the \"Company\"), a leading provider of diversified financial solutions to growth-oriented companies, today announced its financial results for the second quarter ended June 30, 2024.\n\n \n \n \n \n \n \n\n \nSecond Quarter 2024 Highlights \nRecord total investment income of $54.6 million, an increase of 18.7% year-over-yearRecord net investment income (\"NII\") of $26.7 million, or $0.53 per basic shareNet increase in net assets resulting from operations of $30.8 million, or $0.61 per basic share16.3% Return on Average Equity \"ROAE\" (NII/Average Equity)7.4% Return on Average Assets \"ROAA\" (NII/Average Assets)Net Asset Value of $680.0 million, or $13.12 per share at the end of Q2Total gross investment commitments of $289.3 millionTotal gross investments funded of $230.6 million, comprised of $133.6 million in 10 new portfolio companies, $90.2 million across 18 existing portfolio companies and $6.8 million in the multi-sector holdingsTotal investment exits and repayments of $180.3 million, including $39.6 million from early debt repayments, $22.0 million from investment sales, $50.0 million from scheduled/amortizing debt repayments and $68.7 million of assets sold to the multi-sector holdingsTotal platform Assets Under Management increased to a total of $1.7 billion, up 36% year over year18th consecutive quarter of a consistent or increased regular dividend, with a second quarter distribution of $0.51 per share\"Trinity delivered another excellent quarter highlighted by record net investment income for our shareholders,\" said Kyle Brown, Chief Executive Officer of Trinity. \"The results of the second quarter further demonstrate the strength of our diversified investment platform, with our five distinct business verticals in tech lending, equipment financing, life sciences, warehouse financing, and sponsor finance.\"\nBrown continued, \"We are excited to continue to ramp our growth strategies through our registered investment adviser subsidiary, giving Trinity other sources of capital and new accretive sources of income. We have been strategically investing via our RIA to su...