Q1 2024 Trinity Capital Inc Earnings Call Transcript
Key Points
- Trinity Capital Inc reported a strong start to the year with $243 million of gross fundings across 20 portfolio companies.
- The company achieved a record net investment income of $25.2 million, representing a 30% increase compared to the same period last year.
- Trinity Capital Inc's assets under management grew by 38% year-over-year, reaching $1.6 billion.
- The company successfully increased its quarterly dividend to $0.51 per share, marking the 13th consecutive quarter of dividend increases.
- Trinity Capital Inc maintained a robust investment pipeline with $405 million of unfunded commitments, positioning it well for continued growth in 2024.
- The net asset value (NAV) per share decreased from $13.19 at the end of the previous quarter to $12.88.
- Approximately $12 million in unrealized depreciation within the portfolio was reported, with significant contributions from specific credits.
- One additional credit was added to nonaccrual status, indicating potential concerns about asset quality.
- Despite overall portfolio growth, there was a noted decrease in the publicly traded share price of common share holdings in Core Scientific, contributing to unrealized depreciation.
- Trinity Capital Inc faces challenges in maintaining a competitive edge as market conditions evolve, particularly with increasing interest rates and tighter credit conditions.
Good afternoon. My name is Jamie, and I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's first-quarter 2024 earnings conference call. This call is being recorded and will be available for replay beginning at approximately 3:00 PM eastern time and the replay dial number is 18008392389. And no conference ID is required for access. (Operator Instructions)
It is now my pleasure to turn the call over to Ben Malcolmson, Head of Investor Relations for Trinity Capital. Please go ahead.
Thank you, Jamie, and welcome to Trinity Capital's earnings conference call for the first-quarter 2024. Today we are joined by Kyle Brown, Chief Executive Officer; Michael Testa, Chief Financial Officer; and Gerry Harder, our Chief Operating Officer. Also joining us for the Q&A portion of the call are Ron Kundich, Chief Credit Officer; and Sarah Stanton, Chief Compliance Officer and General Counsel.
Trinity's financial results were released
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