Trinity Capital Inc. Declares Cash Dividend Increase to $0.47 per Share and Provides Business Update
On March 14, 2023, Trinity Capital (Nasdaq: TRIN) announced a cash dividend of $0.47 per share for Q1 2023, marking a 2.2% increase from the previous quarter. The company has grown to provide over $2.4 billion in funding to growth-stage firms over 15 years. Trinity has approximately $60.4 million in undistributed earnings, or $1.73 per share, and aims to distribute around 90-100% of taxable income to maintain tax status as a regulated investment company. Key dates include the record date of March 31, 2023, and the payment date of April 14, 2023.
- Dividend increased by 2.2% to $0.47 per share.
- Approximately $60.4 million in undistributed earnings.
- Total liquidity position of around $173 million.
- None.
PHOENIX, March 15, 2023 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity" or the "Company"), a leading provider of diversified financial solutions to growth stage companies, today announced that on March 14, 2023, its Board of Directors declared a cash dividend of
"We are pleased to announce that Trinity's continued strong performance supports the ninth sequential increase in its regular quarterly dividend," said Steve Brown, Chairman and Chief Executive Officer of Trinity. "Over the last 15 years, with over
Brown concluded, "At the end of 2022 we had undistributed earnings of approximately
"We are encouraged by the ongoing dialogue with some of our portfolio companies who have accessed capital and benefitted from the Fed's decision to protect SVB depositors," said Kyle Brown, President and Chief Investment Officer of Trinity. "Trinity's portfolio is largely comprised of senior secured loans and is differentiated in the venture debt industry by its equipment financing book, which is comprised completely of first lien loans. As a result of the current volatility in the market, we believe that we are positioned to benefit from increased deal flow through our platform, including access to our accretive off-balance-sheet growth initiatives. Our previously announced RIA and JV offer a clear path to value creation and portfolio growth in 2023. As more companies are in need of less-dilutive capital to drive growth, Trinity plans to deliver with ample liquidity and an industry-leading team."
Trinity does not maintain any accounts or credit facilities with SVB. Management is closely monitoring the situation regarding the SVB receivership as it relates to any of the Company's borrowers and continues to assess any indirect impact to the Company as a result of the same.
Trinity has a total liquidity position of approximately
The following are key dates for the regular dividend for the quarter ending March 31, 2023:
Summary of First Quarter 2023 Regular Dividend:
Declaration Date | March 14, 2023 |
Record Date | March 31, 2023 |
Payment Date | April 14, 2023 |
The Company's objective is to distribute four quarterly dividends in an amount that approximates
Dividends are paid from taxable earnings and may include a return of capital and/or capital gains. The specific tax characteristics of the dividends will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company's periodic reports filed with the Securities and Exchange Commission.
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN and TRINL), 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 and 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 or on the webcast/conference call, 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/trinity-capital-inc-declares-cash-dividend-increase-to-0-47-per-share-and-provides-business-update-301772398.html
SOURCE Trinity Capital Inc.
FAQ
What is the dividend amount declared by Trinity Capital in March 2023?
When is the payment date for the dividend declared by TRIN?
What is the increase in the dividend compared to the previous quarter?
What are the key financial figures released by Trinity Capital?