Welcome to our dedicated page for Trinity Capital news (Ticker: TRIN), a resource for investors and traders seeking the latest updates and insights on Trinity Capital stock.
Trinity Capital Inc. (NASDAQ: TRIN), a premier specialty lending company, provides diversified financial solutions to growth-stage businesses, particularly venture-backed firms and those with institutional equity investors. Since its inception in 2008, Trinity has established itself as a preferred partner for venture loans and equipment leases, working closely with leading venture capital firms to support companies across various industries, including software, healthcare, clean technology, and more.
Trinity's core business revolves around offering debt, including loans and equipment financing, aimed at fueling the growth and extending the runway of high-potential startups. The company's equipment financings involve loans for both general and specific use, secured by either the equipment itself or other assets of the portfolio company.
Trinity's recent achievements include the successful issuance of $100 million in aggregate principal amount of 7.875% notes due 2029, showcasing its robust financial health and ability to attract investor confidence. The company has also adjusted the conversion rate of its 6.00% Convertible Notes due 2025, reflecting its commitment to providing value to its investors through regular dividends and strategic financial maneuvers.
In addition to its strong financial performance, Trinity has expanded its reach globally, establishing a European team led by seasoned industry expert Craig Fox. This strategic expansion aligns with Trinity's long-term vision to support high-growth companies on a global scale, capitalizing on the vibrant tech landscape and venture capital activities in Europe.
Trinity's notable partnerships include a $125 million warehouse facility provided in collaboration with Silicon Valley Bank to fintech infrastructure startup Parafin. This partnership exemplifies Trinity's role in empowering innovative companies with flexible capital solutions, enabling them to scale their operations effectively.
The company's financial results for the first quarter of 2024 highlight its strong operational performance, with total investment income reaching $50.5 million, a significant increase from the previous year. Trinity continues to demonstrate resilience and adaptability, maintaining a diverse portfolio with an aggregate fair value of approximately $1.4 billion and a focus on first lien loans secured by high-quality assets.
For more information about Trinity Capital Inc., please visit their website at www.trinitycap.com.
Trinity Capital Inc. (TRIN) reported strong Q2 2024 financial results, with record total investment income of $54.6 million, up 18.7% year-over-year. The company achieved record net investment income (NII) of $26.7 million, or $0.53 per basic share. Platform Assets Under Management grew to $1.7 billion, a 36% increase year-over-year. Trinity's Return on Average Equity (ROAE) reached 16.3%, while Net Asset Value increased to $680.0 million, or $13.12 per share. The company made total gross investment commitments of $289.3 million and funded $230.6 million in investments. Trinity maintained its 18th consecutive quarter of consistent or increased regular dividend, with a Q2 distribution of $0.51 per share.
Trinity Capital Inc. (Nasdaq: TRIN) has expanded its credit facility led by KeyBank N.A. from $350 million to $440 million, with an accordion feature allowing potential growth to $690 million. The amendment extends the maturity date to July 27, 2029, and increases the lender group to 11 banks. The facility now offers variable advance rates of up to 62% on eligible first-lien loans and 42% on second-lien loans.
CEO Kyle Brown highlighted that this expansion will support business growth and capitalize on market opportunities. CFO Michael Testa noted that the expanded facility, combined with recent 7.875% investment grade notes totaling $115.0 million and access to capital through their ATM program, enhances Trinity's liquidity position and strengthens their balance sheet for portfolio growth.
Trinity Capital Inc. (NASDAQ: TRIN) has launched a new strategic partnership with Eagle Point Credit Management The partnership involves a new vehicle with a $60 million equity commitment and leverage capabilities, intended to be converted into a private business development company (BDC). Trinity's wholly owned registered investment adviser will advise the vehicle, providing an additional source of capital for lending and generating non-capital intensive fee income.
The vehicle is expected to invest in opportunities originated by Trinity's platform, which spans five verticals: tech lending, equipment finance, life sciences, warehouse lending, and sponsor finance. This partnership follows Trinity's record-breaking funding numbers in the first half of 2024 and aims to fuel further deployment growth.
Trinity Capital Inc. (NASDAQ: TRIN) has appointed Joshua Ruben as Managing Director of Life Sciences. Ruben brings over a decade of investment banking experience, having completed transactions worth over $50 billion in M&A and capital raises. Previously, he was Head of Life Science Tools and Diagnostics coverage at RBC Capital Markets and helped establish the Corporate Finance Advisory Group at Wells Fargo.
Rob Lake, Senior Managing Director of Life Sciences at Trinity, expressed confidence that Ruben's experience and industry connections will be valuable as the company grows its portfolio and invests in innovative companies. Ruben, based in Phoenix, AZ, is a published expert in corporate finance and a former teaching fellow of economics at Harvard College. He holds degrees from Pomona College and Harvard Business School.
Trinity Capital Inc. (Nasdaq: TRIN), a provider of financial solutions to growth-stage companies, has announced the release date for its second quarter 2024 financial results. The results will be released before market open on Wednesday, August 7, 2024, followed by a conference call at 9:00 a.m. PT (12:00 p.m. ET) to discuss the results.
Investors can access the call by dialing (800) 245-3047 or (203) 518-9765 internationally, using the Conference ID: TRINQ224. A taped replay will be available until August 14, 2024, accessible by dialing (800) 723-0549 or (402) 220-2657. Additionally, a live webcast of the call will be available on the company's investor relations website, with a replay accessible for 90 days following the conference call.
Trinity Capital Inc. (Nasdaq: TRIN) reported record funding of $474 million in investments for the first half of 2024, with $576 million in new commitments. The company's diverse strategies across tech lending, equipment financing, life sciences, warehouse financing, and sponsor finance have driven strong growth. In Q2 2024, Trinity originated $289 million in new commitments and funded $231 million in investments. The first half saw $329 million in repayments, including $83 million from early debt repayments and refinancings. Trinity's expansion into Europe and selective investment approach highlight its growth trajectory in the venture debt market.
Trinity Capital Inc. (NASDAQ: TRIN) has priced a public offering of $100.0 million in 7.875% notes due 2029. The notes will mature on September 30, 2029, and can be redeemed after September 30, 2026. Trinity has granted underwriters a 30-day option to purchase up to $15.0 million in additional notes. The offering is expected to close on July 19, 2024, with the notes to be listed on Nasdaq under the symbol 'TRINI'.
Trinity plans to use the net proceeds to pay down existing debt under its KeyBank Credit Facility and potentially redeem a portion of its outstanding 7.00% Notes due 2025. The offering is being managed by several financial institutions, including Keefe, Bruyette & Woods, Morgan Stanley, RBC Capital Markets, and UBS Investment Bank as joint book-running managers.
Trinity Capital Inc. (NASDAQ: TRIN) has committed $15 million in growth capital to Velentium, a Houston-based professional engineering firm specializing in medical device design and manufacture. Velentium focuses on active implantable and wearable devices, offering expertise in systems engineering, software, cybersecurity, mobile/cloud solutions, and automated test systems.
Velentium recently moved into a new 50,000 square foot corporate headquarters in Houston, featuring class 7 cleanrooms and increased manufacturing capacity. The debt facility from Trinity will support Velentium's continued growth and expansion in the medical device industry.
Trinity Capital announced an adjustment to the conversion rate of its 6.00% Convertible Notes due 2025, following a cash dividend of $0.51 per share, payable on July 15, 2024. The conversion rate is now set at 79.2226 shares per $1,000 principal amount, up from 78.0543 shares. The conversion price has been adjusted to $12.62 from $12.81 per share of common stock. This adjustment follows the second supplemental indenture, affected by the Company's quarterly cash dividend exceeding the $0.30 per share threshold. The announcement ensures the company maintains its tax treatment as a regulated investment company, distributing 90% to 100% of its taxable income annually.
Trinity Capital Inc. (NASDAQ: TRIN) has announced a $40 million debt facility to Gravie, a rapidly growing provider of health benefits. Gravie offers the Comfort® health plan for small and mid-size employers, featuring comprehensive coverage with no deductibles or copays for common healthcare services, including virtual care. This partnership aims to support Gravie's national expansion and simplify healthcare with innovative, interest-free payment options. Ryan Thompson, Managing Director of Tech Lending at Trinity, expressed enthusiasm about aiding Gravie's growth and providing quality, affordable health coverage to businesses.
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