$576 million of
commitments through the first half of 2024
PHOENIX, July 18,
2024 /PRNewswire/ -- Trinity Capital
Inc. (Nasdaq: TRIN) ("Trinity Capital" or the "Company"), a
leading provider of diversified financial solutions to growth-stage
companies, today announced certain highlights for the first half
and second quarter of 2024. Trinity funded a record $474 million of investments in the first half of
2024 and originated $289 million of
total new commitments in the second quarter, bringing total new
commitments for the first half ended June
30, 2024, to $576 million.
"Trinity is executing across all of our strategies to deliver
strong growth in 2024," said Kyle
Brown, Chief Executive Officer of Trinity Capital. "Our five
distinct business verticals — tech lending, equipment financing,
life sciences, warehouse financing, and sponsor finance — have
generated extraordinary momentum and we have expanded our
operational footprint into Europe.
We are seeing an increasing number of exceptional investment
opportunities, and our team will continue to be highly selective
with our investments."
First half 2024 investment highlights:
- The Company originated approximately $576 million of total new commitments, which was
comprised of $387 million in secured
loans, $182 million in equipment
financings and $7 million in equity
investments.
- Total investments funded surpassed $474
million, which was comprised of $291
million in secured loans, $168
million in equipment financings and $15 million in warrant and equity
investments.
- The Company funded $349 million
to 18 new portfolio companies, $111
million to 23 existing portfolio companies and $14 million of investments to off-balance-sheet
vehicles.
- Proceeds received from repayments of the Company's investments
totaled approximately $329 million,
which included $83 million from early
debt repayments and refinancings and $123
million from investments sold to off-balance-sheet
vehicles.
Second quarter investment highlights:
- Trinity originated approximately $289
million of new commitments, which was comprised of
$171 million in secured loans,
$113 million in equipment financings
and $5 million in equity
investments.
- Q2 investments funded totaled approximately $231 million, which was comprised of $104 million in secured loans, $118 million in equipment financings and
$9 million in warrant and equity
investments.
- During the second quarter, the Company funded $134 million to 10 new portfolio companies,
$90 million to 18 existing portfolio
companies and $7 million of
investments to off-balance-sheet vehicles.
- Proceeds received from repayments of the Company's investments
during the second quarter totaled approximately $180 million, which included $40 million from early debt repayments and
$68 million from investments sold to
off-balance-sheet vehicles.
About Trinity Capital Inc.
Trinity (Nasdaq: TRIN), an internally managed business
development company, is a leading provider of diversified financial
solutions to growth-stage 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, 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 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.
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SOURCE Trinity Capital Inc.