Trinity Capital sets a record with
$642 million of funded investments in
2023
PHOENIX, Jan. 8, 2024 /PRNewswire/ -- Trinity
Capital Inc. (Nasdaq: TRIN) ("Trinity" or the "Company"),
a leading provider of diversified financial solutions to
growth-stage companies, today announced certain highlights for the
quarter and year ended December 31,
2023. Trinity originated $340.7
million of total new commitments in the fourth quarter,
bringing total new commitments for the year ended December 31, 2023, to $830.7 million. Additionally, Trinity funded a
record $641.8 million of investments
in 2023.
"We are delighted to announce a remarkable 2023 marked by strong
originations and record fundings, a testament to our disciplined
underwriting," said Kyle Brown,
Chief Executive Officer of Trinity Capital. "Our exceptional
relationships with portfolio companies and industry partners,
coupled with a great team and culture, have been pivotal in
achieving this performance, which translates to accretive returns
for our shareholders."
For more information on Trinity's 2023 highlights, please visit
the Company's website
at https://trinitycap.com/year-end-2023/.
2023 Portfolio Update
Originations and Repayments
During the quarter ended
December 31, 2023, the Company
originated approximately $340.7
million of total new commitments, which was comprised of
$140.3 million in secured loans,
$200.0 million in equipment
financings and $0.4 million in equity
investments. Fourth quarter investments funded totaled
approximately $267.4 million, which
was comprised of $126.5 million in
secured loans, $136.9 million in
equipment financings and $4.0 million
in warrant and equity investments. During the fourth quarter, the
Company funded $220.0 million to 6
new portfolio companies, $47.1
million to 10 existing portfolio companies and $0.3 million of investments in the JV. Proceeds
received from repayments of the Company's debt investments during
the fourth quarter totaled approximately $108.4 million, which included $42.9 from early debt repayments and
refinancings, $40.9 million from
normal amortization and $24.6 million
from investments sold to the JV. Net portfolio growth from
investment activity for the quarter was approximately $159.0 million. Total assets under management as
of December 31, 2023, was over
$1 billion.
During the year ended December 31,
2023, Trinity originated approximately $830.7 million of total new commitments, which
was comprised of $505.7 million in
secured loans, $317.0 million in
equipment financings and $8.0 million
in equity investments. Annual investments funded totaled
approximately $641.8 million, which
was comprised of $412.1 million in
secured loans, $211.0 million in
equipment financings and $18.7
million in warrant and equity investments. During the year
ended December 31, 2023, the Company
funded $403.4 million to 17 new
portfolio companies, $227.4 million
to 23 existing portfolio companies and $11.0M of investments in the JV. Proceeds
received from repayments of the Company's debt investments during
the year totaled approximately $471.4
million, which included $170.8
from early debt repayments and refinancings, $159.0 million from investments sold to the JV
and $141.6 million from normal
amortization. Net portfolio growth from investment activity for the
year ended December 31, 2023 was
approximately $170.4 million.
About Trinity Capital Inc.
Trinity Capital (Nasdaq:
TRIN), an internally managed business development company, is a
leading provider of diversified financial solutions to growth-stage
companies with institutional equity investors. Trinity Capital's
investment objective is to generate current income and, to a lesser
extent, capital appreciation through investments, including term
loans, equipment financings and equity-related investments. Trinity
Capital believes it is one of only a select group of specialty
lenders that has the depth of knowledge, experience and track
record in lending to growth-stage companies. For more information,
please visit the Company's website at www.trinitycap.com.
Forward-Looking Statements
This press release may contain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements other than statements of historical facts
included in this press release may constitute forward-looking
statements and are not guarantees of future performance or results
and involve a number of risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements as a
result of a number of factors, including those described from time
to time in filings with the Securities and Exchange Commission
("SEC"). The Company undertakes no duty to update any
forward-looking statement made herein. All forward-looking
statements speak only as of the date of this press release. More
information on risks and other potential factors that could affect
the Company's financial results, including important factors that
could cause actual results to differ materially from plans,
estimates or expectations included herein, is included in the
Company's filings with the SEC, including in the "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of the Company's most recently
filed annual report on Form 10-K and subsequent SEC filings.
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SOURCE Trinity Capital Inc.