Q2 2024 Trinity Capital Inc Earnings Call Transcript
Key Points
- Trinity Capital Inc (TRIN) achieved record investment income of $27 million, a 21% increase compared to the same quarter last year.
- Net asset value (NAV) grew to a record $680 million, up from $626 million in the previous quarter.
- Platform assets under management (AUM) reached a record $1.7 billion, up 36% year-over-year.
- Trinity Capital Inc (TRIN) paid a cash dividend of $0.51 per share, marking the 18th consecutive quarter of consistent and growing dividends.
- The company expanded into Europe, providing global exposure and better access to an active tech landscape.
- Portfolio companies on non-accrual decreased to 4% in Q2 from 5% in the first quarter, indicating some ongoing credit quality issues.
- The weighted average cost of debt increased slightly from the prior quarter to 7.6%, which could impact profitability.
- The net investment income per basic share decreased to $0.53 from $0.61 in the same period of the prior year.
- The company has a significant amount of unfunded commitments, totaling $436 million, which could pose a risk if not managed properly.
- The expansion into Europe and the launch of new business verticals may require significant investment and could impact short-term profitability.
Good afternoon. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's second-quarter 2024 earnings conference call. (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, Angela, and welcome, everyone, to Trinity Capital's earnings conference call for the second quarter of 2024. Today, we are joined by Kyle Brown, Chief Executive Officer; Michael Testa, Chief Financial Officer; and Gerry Harder, 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 earlier today and can be accessed from our Investor Relations' website at ir.trinitycap.com. A replay of the call will be available on our website or by using the telephone number provided in
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