Trinity Capital Inc. Sets a Record with $975 Million in New Commitments for 2022
Trinity Capital, a prominent provider of financial solutions, reported $239 million in gross debt and equity commitments for Q4 2022, contributing to a record total of $975 million for the entire year. The company emphasized its growth despite challenging market conditions, focusing on expanding its portfolio and maintaining strong dividend coverage. Key activities included forming a joint venture and a registered investment adviser, alongside a stock repurchase program. Trinity's robust origination and repayment performance highlight its position in the venture debt industry.
- Achieved a record $975 million in new commitments for 2022.
- Generated $239.5 million in new commitments in Q4 2022.
- Increased portfolio size and maintained strong dividend growth.
- Formed a new joint venture and received SEC approval for RIA.
- Net portfolio growth of $342.7 million from 2022 investment activities.
- None.
Trinity Capital originated
PHOENIX, Jan. 9, 2023 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN, TRINL) ("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, 2022. Trinity finished 2022 with
Trinity generated record origination activity during 2022. The Company pursued accretive growth opportunities to expand the portfolio and created value for shareholders through its regular and supplemental dividends. In the fourth quarter, the Company entered into an agreement for a newly formed joint venture ("JV"); received exemptive relief from the SEC to form a registered investment adviser ("RIA") and adopted a stock repurchase program.
"We grew our originations modestly in 2022 despite a difficult broader market and increased the size of our portfolio throughout the year putting us in a position to continue strong future earnings and dividend coverage," said Kyle Brown, President and Chief Investment Officer of Trinity Capital. "We are excited by the opportunities we are seeing in the marketplace and have established a platform that will be able to scale with our new JV and RIA off-balance-sheet activities. These entities serve to complement the BDC and generate incremental revenue for our shareholders."
"Trinity has established itself as a destination for top talent, a differentiated financial solutions platform and a trusted partner in the venture debt industry," said Steven Brown, Chairman and Chief Executive Officer of Trinity Capital. "Our team generated record origination activity in 2022 and we are poised to continue stable profitable growth in the new year including our recently announced JV and RIA."
2022 Portfolio Update
Originations and Repayments
During the quarter ended December 31, 2022, the Company originated approximately
During the year ended December 31, 2022, Trinity originated approximately
About Trinity Capital Inc.
Trinity Capital (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, 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.
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