第99.1展示文本
Trinity Capital Inc.报告了2024年第三季度财务业绩
16.2%的平均股权回报率
NII的股价攀升至创纪录的2940万美元，每股0.54美元
总投资收入同比增长33%
2024年10月30日，菲尼克斯 - Trinity Capital Inc. (纳斯达克：TRIN)（“Trinity”或“公司”），一家领先的为成长型公司提供多元化金融解决方案的提供商，今天宣布其截至2024年9月30日的第三季度财务业绩。
2024年第三季度业绩亮点
Trinity第三季度的出色业绩证明了我们团队专注于纪律核保和主动组合管理的能力，”Trinity首席执行官Kyle Brown说。“作为一家专注于向具有增长导向的公司直接发放贷款的另类资产管理人，我们强大的系统和流程，再加上我们五个不同业务垂直领域不断增长，使我们能够持续为投资者创造长期价值。”
2024年第三季度营运成果
截至2024年9月30日的三个月，总投资收入为6180万美元，而2023年9月30日的季度为4640万美元。平均债务投资在成本上的有效收益率为2024年第三季度为16.1%，而2023年第三季度为16.7%。有效收益率通常包括费用和与提前还款和其他一次性事件相关的收入加速的影响。它们也可能因提前还款活动的金额而季度波动。
2024年第三季度的总营业费用和消费税，不包括利息支出，为1550万美元，而2023年第三季度为1220万美元。这一增加主要是由于与新增员工配备相关的更高薪酬和与美国密西西比州民族协会（“密西西比州国家银行”）的KeyBank授信机构相关的更高利息支出。
2024年第三季度的利息费用为1690万美元，而2023年第三季度的利息费用为1080万美元。主要原因是借款增加和基准利率上调。
2024年第三季度，净投资收入约为2940万美元，每股收益为0.54美元，基于5440万基本加权平均股份，相比于2023年第三季度基于4010万基本加权平均股份的2340万美元，每股收益为0.58美元。
2024年9月30日结束的三个月里，我们的净未实现升值总额约为890万美元，其中包括来自我们的债务投资的净未实现升值390万美元，来自我们的股票投资的净未实现升值200万美元，以及来自我们的权证投资的净未实现升值300万美元。
投資凈實現虧損約$1390万，主要包括一個債務項目，部分抵銷了一筆設備融資的實現盈利。
运营活动导致净资产净增加为2440万元，每股0.45美元，基于5440万股基本加权平均股份。相比之下，2023年第三季度，运营活动导致净资产净增加为1680万元，每股0.42美元，基于4010万股基本加权平均股份。Trinity较之前年同期更高的基本加权平均股数主要归因于在过去12个月内发行的额外股份。
净资产价值。
2024年第三季度末的总净资产比2024年第二季度末的68000万美元增长了11.3％，达到75680万美元。总净资产的增加主要是由于净投资收入超过宣布的股息、组合活动以及有益的ATM交易。每股净资产从上季度的13.12美元每股增至第三季度的13.13美元。
投资组合和业务活动
截至2024年9月30日，我们的投资组合总公允价值约为168690万美元，其中约为126970万美元的担保贷款，30510万美元的设备融资，以及11210万美元的股权和认购权，分布在145家投资组合公司中。公司的债务组合由80.0%的头期贷款和20.0%的次级贷款组成，其中76.6%的债务组合基于未偿本金的浮动利率。
在第三季度，公司发起了约62920万美元的新承诺。第三季度总投资资金约45900万美元，其中包括对11家新组合公司的2550万美元投资，对20家现有组合公司的20230万美元投资，以及对多板块持有公司的220万美元投资。季度内拨款的担保贷款总额达40600万美元，设备融资总额为3920万美元，认股权和股权投资总额达1380万美元。
本季度公司投资退出和偿还所得款项总计约19840万美元，其中包括10040万美元的早期债务偿还款项，普通摊销款5600万美元，以及主要来自出售给多板块控股的投资的4120万美元。投资组合按成本基础增加25310万美元，涨幅为17.2%，按公允价值基础增加26200万美元，涨幅为18.4%，与2024年6月30日相比。 本季度公司投资退出和偿还所得款项总计约19840万美元，其中包括10040万美元的早期债务偿还款项，普通摊销款5600万美元，以及主要来自出售给多板块控股的投资的4120万美元。投资组合按成本基础增加25310万美元，涨幅为17.2%，按公允价值基础增加26200万美元，涨幅为18.4%，与2024年6月30日相比。
2
截至第三季度末，向三家投资组合公司的贷款和向两家投资组合公司提供的设备融资处于非应计状态，总公平价值约为2220万美元，占公司公平价值债务投资组合的1.4%。
以下表格显示截至2024年9月30日和2023年12月31日期间，公司按照1至5的投资风险评级标准对贷款和设备融资投资的公平价值分布（千元美元）。
|
|
2024年9月30日 |
2023年12月31日 |
||
|
|
|
|
|
|
投资风险评级区间 |
指定 |
公允价值投资 |
总投资组合的百分比 |
公允价值投资 |
总投资组合的百分比 |
4.0 - 5.0 |
非常强劲的表现 |
$ 105,385 |
6.7% |
$ 40,584 |
3.3% |
3.0 - 3.9 |
强劲的表现 |
458,494 |
29.1% |
277,867 |
22.9% |
2.0 - 2.9 |
表现 |
918,292 |
58.4% |
805,730 |
65.9% |
1.6 - 1.9 |
观察 |
57,457 |
3.6% |
56,740 |
4.6% |
1.0 - 1.5 |
默认/健身 |
22,201 |
1.4% |
33,452 |
2.7% |
|
|
|
|
|
|
总债务投资不包括Senior Credit corp 2022 LLC |
1,561,829 |
99.2% |
1,214,373 |
99.4% |
|
|
高级信贷corp 2022 LLC (1) |
12,885 |
0.8% |
7,704 |
0.6% |
总债务投资 |
|
$ 1,574,714 |
100.0% |
$ 1,222,077 |
100.0% |
_____________
(1) An investment risk rating is not applied to Senior Credit Corp 2022 LLC.
As of September 30, 2024, the Company’s loan and equipment financing investments had a weighted average risk rating score of 2.9 as compared to 2.7 as of June 30, 2024. Trinity Capital's grading scale is comprised of numerous factors, two key factors being liquidity and performance to plan. A company may be downgraded as it approaches the need for additional capital or if it is underperforming relative to its business plans. Conversely, it may be upgraded upon a capitalization event or if it is exceeding its plan. As such, the overall grading may fluctuate quarter-to-quarter.
Liquidity and Capital Resources
As of September 30, 2024, the Company had approximately $228.5 million in available liquidity, including $8.5 million in unrestricted cash and cash equivalents. At the end of the period, the Company had approximately $220.0 million in available borrowing capacity under its KeyBank Credit Facility, subject to existing terms and advance rates and regulatory and covenant requirements. This excludes capital raised by the JV and funds managed by our wholly owned RIA subsidiary.
During the quarter, the Company issued and sold $115.0 million in aggregate principal amount of its unsecured 7.875% Notes due 2029 (the “September 2029 Notes”) under its shelf Registration Statement on Form N-2, which amount includes the underwriters’ exercise, in full, of their option to purchase an additional $15.0 million in aggregate principal amount of the September 2029 Notes. The September
3
2029 Notes began trading on the Nasdaq Global Select Market under the symbol “TRINI” on July 22, 2024.
During the quarter, Trinity entered into an amendment to its KeyBank Credit Facility. Among other changes, the amendment and associated joinder agreement increased the commitment amount available for borrowing under the KeyBank Credit Facility from $350 million to $510 million, permits the Company to request an increased amount of commitments from a total of up to $400 million to a total of up to $690 million in maximum capacity, and extended the maturity date from October 27, 2026 to July 27, 2029.
As of September 30, 2024, Trinity’s leverage, or debt-to-equity ratio, was approximately 122% as compared to 114% as of June 30, 2024.
During the three months ended September 30, 2024, Trinity utilized its ATM offering program to sell 5,723,189 million shares of its common stock at a weighted average price of $14.07 per share, raising $79.4 million of net proceeds.
Distributions
On September 18, 2024, the Company’s Board of Directors declared a regular dividend totaling $0.51 per share with respect to the quarter ended September 30, 2024, which was paid on October 15, 2024, to stockholders of record as of September 30, 2024. The Board of Directors generally determines and announces the Company’s dividend distribution on a quarterly basis.
Recent Developments
On October 29, 2024, the Company issued (i) $55.5 million in the aggregate principal amount of 7.54% Series A Senior Notes, Tranche A, due October 29, 2027 (the “Series A 2027 Notes”), (ii) $73.0 million in the aggregate principal amount of 7.60% Series A Senior Notes, Tranche B, due October 29, 2028 (the “Series A 2028 Notes”) and (iii) $14.0 million in aggregate principal amount of 7.66% Series A Senior Notes, Tranche C, due October 29, 2029 (the “Series A 2029 Notes” and, together with the Series A 2027 Notes and Series A 2028 Notes, collectively, the “Series A Notes”) to certain qualified institutional investors in a private placement.
For the period from October 1, 2024 to October 29, 2024, the Company issued and sold 1,243,121 shares of its common stock at a weighted-average price of $13.77 per share and raised $16.8 million of net proceeds after deducting commissions to the sales agents on shares sold under the ATM program.
Conference Call
Trinity Capital will hold a conference call to discuss its third quarter 2024 financial results at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) on Wednesday, October 30, 2024.
To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ324 if asked, approximately 10 minutes prior to the start of the call.
A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for seven days. To access the replay, please dial (800) 839-1180 or (402) 220-0400.
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN), an internally managed business development company, is a leading provider of diversified financial solutions to growth-oriented companies with institutional equity investors.
4
Trinity Capital’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments, including term loans and equipment financings and equity-related investments. Trinity Capital 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.
Contact
Ben Malcolmson
Head of Investor Relations
Trinity Capital Inc.
ir@trincapinvestment.com
5
TRINITY CAPITAL INC.
Consolidated Statements of Assets and Liabilities
(In thousands, except share and per share data)
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2024 |
|
|
2023 |
|
||
|
|
(Unaudited) |
|
|
|
|
||
ASSETS |
|
|
|
|
|
|
||
Investments at fair value: |
|
|
|
|
|
|
||
Control investments (cost of $82,841 and $43,807, respectively) |
|
$ |
78,109 |
|
|
$ |
32,861 |
|
Affiliate investments (cost of $29,082 and $11,006, respectively) |
|
|
32,853 |
|
|
|
11,335 |
|
Non-Control / Non-Affiliate investments (cost of $1,611,583 and $1,264,503, respectively) |
|
|
1,575,900 |
|
|
|
1,230,984 |
|
Total investments (cost of $1,723,506 and $1,319,316, respectively) |
|
|
1,686,862 |
|
|
|
1,275,180 |
|
Cash and cash equivalents |
|
|
8,535 |
|
|
|
4,761 |
|
Interest receivable |
|
|
16,947 |
|
|
|
11,206 |
|
Deferred credit facility costs |
|
|
5,941 |
|
|
|
2,144 |
|
Other assets |
|
|
16,478 |
|
|
|
17,691 |
|
Total assets |
|
$ |
1,734,763 |
|
|
$ |
1,310,982 |
|
|
|
|
|
|
|
|
||
LIABILITIES |
|
|
|
|
|
|
||
KeyBank Credit Facility |
|
$ |
290,000 |
|
|
$ |
213,000 |
|
2025 Notes, net of $565 and $2,015, respectively, of unamortized deferred financing costs |
|
|
151,935 |
|
|
|
180,485 |
|
August 2026 Notes, net of $1,094 and $1,526, respectively, of unamortized deferred financing costs |
|
|
123,906 |
|
|
|
123,474 |
|
March 2029 Notes, net of $3,048 and $0, respectively, of unamortized deferred financing costs |
|
|
111,952 |
|
|
|
— |
|
September 2029 Notes, net of $3,621 and $0, respectively, of unamortized deferred financing costs |
|
|
111,379 |
|
|
|
— |
|
December 2026 Notes, net of $822 and $1,102, respectively, of unamortized deferred financing costs |
|
|
74,178 |
|
|
|
73,898 |
|
Convertible Notes, net of $764 and $1,243, respectively, of unamortized deferred financing costs and discount |
|
|
49,236 |
|
|
|
48,757 |
|
Distribution payable |
|
|
29,397 |
|
|
|
23,162 |
|
Security deposits |
|
|
9,393 |
|
|
|
12,287 |
|
Accounts payable, accrued expenses and other liabilities |
|
|
26,592 |
|
|
|
24,760 |
|
Total liabilities |
|
|
977,968 |
|
|
|
699,823 |
|
|
|
|
|
|
|
|
||
NET ASSETS |
|
|
|
|
|
|
||
Common stock, $0.001 par value per share (200,000,000 authorized, 57,642,040 and 46,323,712 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively) |
|
|
58 |
|
|
|
46 |
|
Paid-in capital in excess of par |
|
|
790,276 |
|
|
|
633,740 |
|
Distributable earnings/(accumulated deficit) |
|
|
(33,539 |
) |
|
|
(22,627 |
) |
Total net assets |
|
|
756,795 |
|
|
|
611,159 |
|
Total liabilities and net assets |
|
$ |
1,734,763 |
|
|
$ |
1,310,982 |
|
NET ASSET VALUE PER SHARE |
|
$ |
13.13 |
|
|
$ |
13.19 |
|
6
TRINITY CAPITAL INC.
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
||||||||
|
September 30, 2024 |
|
|
September 30, 2023 |
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||||||||
INVESTMENT INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest and dividend income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Control investments |
$ |
|
2,287 |
|
|
$ |
|
1,038 |
|
|
$ |
|
6,223 |
|
|
$ |
|
3,238 |
|
Affiliate investments |
|
|
940 |
|
|
|
|
248 |
|
|
|
|
1,806 |
|
|
|
|
366 |
|
Non-Control / Non-Affiliate investments |
|
|
55,964 |
|
|
|
|
43,749 |
|
|
|
|
152,390 |
|
|
|
|
126,491 |
|
Total interest and dividend income |
|
|
59,191 |
|
|
|
|
45,035 |
|
|
|
|
160,419 |
|
|
|
|
130,095 |
|
Fee and other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Affiliate investments |
|
|
807 |
|
|
|
|
543 |
|
|
|
|
2,509 |
|
|
|
|
1,671 |
|
Non-Control / Non-Affiliate investments |
|
|
1,768 |
|
|
|
|
860 |
|
|
|
|
3,931 |
|
|
|
|
2,255 |
|
Total fee and other income |
|
|
2,575 |
|
|
|
|
1,403 |
|
|
|
|
6,440 |
|
|
|
|
3,926 |
|
Total investment income |
|
|
61,766 |
|
|
|
|
46,438 |
|
|
|
|
166,859 |
|
|
|
|
134,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense and other debt financing costs |
|
|
16,868 |
|
|
|
|
10,783 |
|
|
|
|
42,896 |
|
|
|
|
33,850 |
|
Compensation and benefits |
|
|
11,528 |
|
|
|
|
8,693 |
|
|
|
|
31,336 |
|
|
|
|
24,660 |
|
Professional fees |
|
|
1,296 |
|
|
|
|
1,272 |
|
|
|
|
3,354 |
|
|
|
|
4,101 |
|
General and administrative |
|
|
2,221 |
|
|
|
|
1,659 |
|
|
|
|
6,241 |
|
|
|
|
4,700 |
|
Total gross expenses |
|
|
31,913 |
|
|
|
|
22,407 |
|
|
|
|
83,827 |
|
|
|
|
67,311 |
|
Allocated expenses to Trinity Capital Adviser, LLC |
|
|
(126 |
) |
|
|
|
— |
|
|
|
|
(126 |
) |
|
|
|
— |
|
Total net expenses |
|
|
31,787 |
|
|
|
|
22,407 |
|
|
|
|
83,701 |
|
|
|
|
67,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES |
|
|
29,979 |
|
|
|
|
24,031 |
|
|
|
|
83,158 |
|
|
|
|
66,710 |
|
Excise tax expense |
|
|
619 |
|
|
|
|
625 |
|
|
|
|
1,897 |
|
|
|
|
1,876 |
|
NET INVESTMENT INCOME |
|
|
29,360 |
|
|
|
|
23,406 |
|
|
|
|
81,261 |
|
|
|
|
64,834 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Control investments |
|
|
— |
|
|
|
|
— |
|
|
|
|
(3,916 |
) |
|
|
|
— |
|
Affiliate investments |
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
(26,251 |
) |
Non-Control / Non-Affiliate investments |
|
|
(13,880 |
) |
|
|
|
(1,868 |
) |
|
|
|
(15,100 |
) |
|
|
|
(2,593 |
) |
Net realized gain/(loss) from investments |
|
|
(13,880 |
) |
|
|
|
(1,868 |
) |
|
|
|
(19,016 |
) |
|
|
|
(28,844 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Control investments |
|
|
1,151 |
|
|
|
|
(4,083 |
) |
|
|
|
7,407 |
|
|
|
|
(4,865 |
) |
Affiliate investments |
|
|
1,516 |
|
|
|
|
374 |
|
|
|
|
3,442 |
|
|
|
|
27,502 |
|
Non-Control / Non-Affiliate investments |
|
|
6,253 |
|
|
|
|
(1,008 |
) |
|
|
|
(3,356 |
) |
|
|
|
562 |
|
Net change in unrealized appreciation/(depreciation) from investments |
|
|
8,920 |
|
|
|
|
(4,717 |
) |
|
|
|
7,493 |
|
|
|
|
23,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ |
|
24,400 |
|
|
$ |
|
16,821 |
|
|
$ |
|
69,738 |
|
|
$ |
|
59,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET INVESTMENT INCOME PER SHARE - BASIC |
$ |
|
0.54 |
|
|
$ |
|
0.58 |
|
|
$ |
|
1.61 |
|
|
$ |
|
1.75 |
|
NET INVESTMENT INCOME PER SHARE - DILUTED |
$ |
|
0.52 |
|
|
$ |
|
0.55 |
|
|
$ |
|
1.54 |
|
|
$ |
|
1.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC |
$ |
|
0.45 |
|
|
$ |
|
0.42 |
|
|
$ |
|
1.38 |
|
|
$ |
|
1.60 |
|
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED |
$ |
|
0.43 |
|
|
$ |
|
0.40 |
|
|
$ |
|
1.33 |
|
|
$ |
|
1.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC |
|
|
54,412,566 |
|
|
|
|
40,119,009 |
|
|
|
|
50,455,373 |
|
|
|
|
37,091,030 |
|
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED |
|
|
58,373,696 |
|
|
|
|
43,850,034 |
|
|
|
|
54,416,503 |
|
|
|
|
40,822,055 |
|
7