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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of report (Date of earliest event reported): January 8, 2024
TRINITY CAPITAL INC.
(Exact
Name of Registrant as Specified in Charter)
Maryland |
|
001-39958 |
|
35-2670395 |
(State
or Other Jurisdiction
of
Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification
No.) |
1 N. 1st Street
Suite 302
Phoenix, Arizona |
|
85004 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s
telephone number, including area code: (480) 374-5350
Not
applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
|
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common Stock, par value $0.001 per share |
|
TRIN |
|
Nasdaq Global Select Market |
7.00% Notes due 2025 |
|
TRINL |
|
Nasdaq Global Select Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities
Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2
of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
|
| Item 7.01 | Regulation
FD Disclosure. |
On
January 8, 2024, Trinity Capital Inc. (the “Company”) issued a press release regarding its portfolio activity during the
fourth quarter of 2023. A copy of such press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The
information disclosed herein, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18
of the Securities Exchange Act of 1934 and shall not be deemed incorporated by reference into any filing made under the Securities Act
of 1933, except as expressly set forth by specific reference in such filing.
| Item 9.01 | Financial
Statements and Exhibits. |
(d) Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: January 8, 2024 |
Trinity Capital Inc. |
|
|
|
By: |
/s/ Kyle Brown |
|
|
Name: |
Kyle Brown |
|
|
Title: |
Chief Executive Officer |
2
Exhibit 99.1
Trinity Capital Inc. Originates $831
Million in New Commitments in 2023
Trinity Capital sets a record with $642 million
of funded investments in 2023
PHOENIX, January 8, 2024 – 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 discipline 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 million 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 $11.0 million 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.
Contact
Ben Malcolmson
Director of Investor Relations
Trinity Capital Inc.
ir@trincapinvestment.com
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TRINITY CAPITAL INC.
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MD
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|
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