Trinity Capital Reports Significant Growth in Financial Performance and Investment Portfolio

Trinity Capital Inc. reported significant growth in its financial performance for the quarter ending September 30, 2024, compared to the previous fiscal period. The company’s total assets increased to $1.735 billion from $1.311 billion at the end of 2023, while total investments at fair value rose to $1.687 billion from $1.275 billion. This growth was driven by substantial increases in control and affiliate investments, which saw values rise to $78.1 million and $32.9 million, respectively.

Investment income for the three months ended September 30, 2024, reached $61.8 million, up from $46.4 million in the same period of 2023. For the nine-month period, investment income totaled $166.9 million, compared to $134.0 million in the prior year. Net investment income before taxes for the quarter was $30.0 million, an increase from $24.0 million year-over-year. However, operating expenses also rose, totaling $32.4 million for the quarter, compared to $23.0 million in the previous year.

The company’s net increase in net assets resulting from operations for the nine months ended September 30, 2024, was $69.7 million, compared to $59.2 million for the same period in 2023. Basic earnings per share for the quarter were $0.45, up from $0.42, while diluted earnings per share also increased to $0.43 from $0.40.

Trinity Capital's investment strategy remains focused on providing debt to growth-stage companies, with a portfolio heavily weighted towards secured loans, which constituted 75.6% of total investments as of September 30, 2024. The company has also expanded its investment portfolio, with approximately $680.1 million invested in 30 new portfolio companies during the nine months.

Strategically, Trinity Capital has been active in capital markets, issuing 10.6 million shares at a weighted average price of $14.41 per share, raising $150.6 million in net proceeds during the nine months ended September 30, 2024. The company also entered into a note purchase agreement for the issuance of Series A Senior Notes totaling $142.5 million, with varying maturities and fixed interest rates.

As of September 30, 2024, the company reported total liabilities of $978.0 million, up from $699.8 million at the end of 2023, primarily due to increased borrowings under the KeyBank Credit Facility, which rose to $290.0 million from $213.0 million. The company’s cash and cash equivalents also increased to $8.5 million from $4.8 million during the same period.

Overall, Trinity Capital Inc. demonstrated robust growth in its investment portfolio and financial performance, reflecting its strategic focus on growth-stage lending and capital market activities.