Q3 2024 Trinity Capital Inc Earnings Call Transcript
Key Points
- Trinity Capital Inc (TRIN) reported record net investment income of $29 million, a 26% increase compared to the same quarter last year.
- The company's net asset value grew to $757 million, an 11% increase from the previous quarter.
- Trinity Capital Inc (TRIN) achieved a record total investment income of $61.8 million, marking a 33% increase over the same period in 2023.
- The effective yield on the portfolio for Q3 was an industry-leading 16.1%, with a strong core yield of 14.9%.
- Trinity Capital Inc (TRIN) expanded its platform AUM to a record $2 billion, driven by significant investments and fundings.
- The company experienced an increase in nonaccruals, with the number of portfolio companies on nonaccrual rising from four to five.
- Operating expenses have been growing, with Q3 expenses expected to be a run rate for the next quarter.
- There was a realized loss in the quarter due to the realization of a position previously marked down in fair value.
- The company issued a significant amount of stock through its ATM program, increasing shares outstanding by more than 10% quarter-over-quarter.
- Despite strong growth, there is investor concern about maintaining credit quality amid rapid expansion.
Good morning, ladies and gentlemen. My name is Jim, and I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's third 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, and welcome to Trinity Capital's earnings conference call for the third quarter of 2024. Today, we are joined by Kyle Brown, Chief Executive Officer; Michael Testa, Chief Financial Officer; and Jerry 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 on our Investor Relations website at ir.trinitycap.com. Before we begin, I would like to remind everyone that certain statements made during this call may
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