Trinity Capital Inc. (NASDAQ: TRIN) shares gained ground Wednesday. The Phoenix-based company, claiming to be a leading provider of diversified financial solutions to growth-oriented companies, today announced its financial results for the third quarter ended September 30, 2024.
The company boasted record total investment income of $61.8 million, an increase of 33.2% year-over-year, or net investment income of $29.4 million, or $0.54 per basic share
Net increase in net assets resulting from operations of $24.4 million, or $0.45 per basic share
Total gross investment commitments of $629.2 million, on total gross investments funded of $459.0 million, comprised of $254.5 million in 11 new portfolio companies, $202.3 million across 20 existing portfolio companies and $2.2 million in the multi-sector holdings
Total investment exits and repayments of $198.4 million, including $100.4 million from early debt repayments and refinancings, $56.8 million from scheduled/amortizing debt payments and $41.2 million from investments sold primarily to multi-sector holdings
For the three months ended September 30, 2024, total investment income was $61.8 million, compared to $46.4 million for the quarter ended September 30, 2023. The effective yield on the average debt investments at cost was 16.1% for the third quarter of 2024, compared to 16.7% for the third quarter of 2023. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events. They may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.
TRIN shares took on 21 cents, or 1.6%, to $13.80.
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