Record $459
million of fundings in the third quarter of 2024
PHOENIX, Oct. 8, 2024
/PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN)
("Trinity" or the "Company"), a leading provider of diversified
financial solutions to growth-oriented companies, today announced a
portfolio update for the third quarter of 2024. Trinity originated
a record $635 million of investments
in the third quarter of 2024, bringing total new commitments for
the first three quarters of 2024 to $1.2
billion. Additionally, Trinity funded a record $459 million of total investments in the third
quarter.
"We are very encouraged by our team's performance through the
first three quarters of the year, driven by strong results across
all five of our business verticals," said Kyle Brown, Chief Executive Officer of Trinity
Capital. "We remain committed to delivering long-term value for our
investors and partners as we continue to scale and invest in new
opportunities."
Third quarter investment highlights:
- Investments funded totaled approximately $459 million, which was comprised of $406 million in secured loans, $39 million in equipment financings and
$14 million in warrant and equity
investments.
- Trinity originated approximately $635
million of new commitments, which was comprised of
$487 million in secured loans,
$145 million in equipment financings
and $3 million in equity
investments.
- The Company funded $255 million
to 11 new portfolio companies, $202
million to 20 existing portfolio companies and $2 million of investments to private
vehicles.
- Proceeds received from repayments and exits of the Company's
investments totaled approximately $198
million, which included $100
million from early debt repayments, $57 million from normal amortization and
$41 million from investments sold to
private vehicles.
Aggregate investment highlights for the first three quarters of
2024:
- Total investments funded approximately $933 million, which was comprised of $696 million in secured loans, $208 million in equipment financings and
$29 million in warrant and equity
investments.
- The Company originated approximately $1.2 billion of total new commitments, which was
comprised of $874 million in secured
loans, $326 million in equipment
financings and $11 million in equity
investments.
- The Company funded $643 million
to 29 new portfolio companies, $279
million to 32 existing portfolio companies and $11 million of investments to private
vehicles.
- Proceeds received from repayments and exits of the Company's
investments totaled approximately $527
million, which included $184
million from early debt repayments and refinancings,
$148 million from normal
amortization, $30 million from
investment exits and $165 million
from investments sold to private vehicles.
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed
business development company, is a leading provider of diversified
financial solutions to growth-oriented companies with institutional
equity investors. Trinity'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 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-oriented 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.
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SOURCE Trinity Capital Inc.