Business
Trinity Capital Inc. Reports Third Quarter 2023 Financial Results
PHOENIX, Nov. 1, 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, Nov. 1, 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 September 30, 2023.\n\n \n \n \n \n \n \n\n \nThird Quarter 2023 Highlights \nTotal investment income of $46.4 million, an increase of 20.0% year-over-yearNet investment income (\"NII\") of $23.4 million, or $0.58 per basic share, an increase of 25.6% year-over-yearNet increase in net assets resulting from operations of $16.8 million, or $0.42 per basic share17.6% Return on Average Equity \"ROAE\" (NII/Average Equity)8.0% Return on Average Assets \"ROAA\" (NII/Average Assets)An increase in Net Asset Value to $13.17 per shareAggregate debt and equity investment commitments of $228.3 millionTotal gross investments funded of $149.1 million, comprised of $81.2 million in five new portfolio companies, $65.9 million across 10 existing portfolio companies and $2.0 million into the joint venture (the \"JV\")Debt principal repayments of $176.7 million, including $101.1 million from early repayments and refinancings, $42.1 million from scheduled/amortizing repayments and $33.5 million of assets sold to the JVDeclared an 11th consecutive regular dividend increase, with the third-quarter distribution coming in at $0.54 per share, consisting of a regular dividend of $0.49 per share, an increase of 2.1% from the regular dividend declared in the second quarter of 2023, and a supplemental cash dividend of $0.05 per share\"We're very pleased with our overall third quarter performance and record NII,\" said Steve Brown, Chairman and Chief Executive Officer of Trinity Capital. \"Our unique lending platform positions us as the partner of choice for our portfolio companies as we support them through their various growth stages, all while generating meaningful returns for our shareholders.\"\n\"The team has done a great job managing the portfolio and we continue to see strong equity support from the sponsors of our companies,\" added Kyle Brown, President and Chief Investment Officer of Trinity Capital. \"The opportunity to invest in solid performing companies is accelerating as they increasingly turn to direct lending solutions to fuel their growth, and we stand ready to assist them with our diver...