第99.1展示文本
Trinity Capital Inc.報告了2024年第三季度財務業績
16.2%的平均股權回報率
NII的股價攀升至創紀錄的2940萬美元，每股0.54美元
總投資收入同比增長33%
2024年10月30日，菲尼克斯 - Trinity Capital Inc. (納斯達克：TRIN)（「Trinity」或「公司」），一家領先的爲成長型公司提供多元化金融解決方案的提供商，今天宣佈其截至2024年9月30日的第三季度財務業績。
2024年第三季度業績亮點
Trinity第三季度的出色業績證明了我們團隊專注於紀律覈保和主動組合管理的能力，”Trinity首席執行官Kyle Brown說。「作爲一家專注於向具有增長導向的公司直接發放貸款的另類資產管理人，我們強大的系統和流程，再加上我們五個不同業務垂直領域不斷增長，使我們能夠持續爲投資者創造長期價值。」
2024年第三季度營運成果
截至2024年9月30日的三個月，總投資收入爲6180萬美元，而2023年9月30日的季度爲4640萬美元。平均債務投資在成本上的有效收益率爲2024年第三季度爲16.1%，而2023年第三季度爲16.7%。有效收益率通常包括費用和與提前還款和其他一次性事件相關的收入加速的影響。它們也可能因提前還款活動的金額而季度波動。
2024年第三季度的總營業費用和消費稅，不包括利息支出，爲1550萬美元，而2023年第三季度爲1220萬美元。這一增加主要是由於與新增員工配備相關的更高薪酬和與美國密西西比州民族協會（「密西西比州國家銀行」）的KeyBank授信機構相關的更高利息支出。
2024年第三季度的利息費用爲1690萬美元，而2023年第三季度的利息費用爲1080萬美元。主要原因是借款增加和基準利率上調。
2024年第三季度，淨投資收入約爲2940萬美元，每股收益爲0.54美元，基於5440萬基本加權平均股份，相比於2023年第三季度基於4010萬基本加權平均股份的2340萬美元，每股收益爲0.58美元。
2024年9月30日結束的三個月裏，我們的淨未實現升值總額約爲890萬美元，其中包括來自我們的債務投資的淨未實現升值390萬美元，來自我們的股票投資的淨未實現升值200萬美元，以及來自我們的權證投資的淨未實現升值300萬美元。
投資凈實現虧損約$1390萬，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。
運營活動導致淨資產淨增加爲2440萬元，每股0.45美元，基於5440萬股基本加權平均股份。相比之下，2023年第三季度，運營活動導致淨資產淨增加爲1680萬元，每股0.42美元，基於4010萬股基本加權平均股份。Trinity較之前年同期更高的基本加權平均股數主要歸因於在過去12個月內發行的額外股份。
淨資產價值。
2024年第三季度末的總淨資產比2024年第二季度末的68000萬美元增長了11.3％，達到75680萬美元。總淨資產的增加主要是由於淨投資收入超過宣佈的股息、組合活動以及有益的ATM交易。每股淨資產從上季度的13.12美元每股增至第三季度的13.13美元。
投資組合和業務活動
截至2024年9月30日，我們的投資組合總公允價值約爲168690萬美元，其中約爲126970萬美元的擔保貸款，30510萬美元的設備融資，以及11210萬美元的股權和認購權，分佈在145家投資組合公司中。公司的債務組合由80.0%的頭期貸款和20.0%的次級貸款組成，其中76.6%的債務組合基於未償本金的浮動利率。
在第三季度，公司發起了約62920萬美元的新承諾。第三季度總投資資金約45900萬美元，其中包括對11家新組合公司的2550萬美元投資，對20家現有組合公司的20230萬美元投資，以及對多板塊持有公司的220萬美元投資。季度內撥款的擔保貸款總額達40600萬美元，設備融資總額爲3920萬美元，認股權和股權投資總額達1380萬美元。
本季度公司投資退出和償還所得款項總計約19840萬美元，其中包括10040萬美元的早期債務償還款項，普通攤銷款5600萬美元，以及主要來自出售給多板塊控股的投資的4120萬美元。投資組合按成本基礎增加25310萬美元，漲幅爲17.2%，按公允價值基礎增加26200萬美元，漲幅爲18.4%，與2024年6月30日相比。 本季度公司投資退出和償還所得款項總計約19840萬美元，其中包括10040萬美元的早期債務償還款項，普通攤銷款5600萬美元，以及主要來自出售給多板塊控股的投資的4120萬美元。投資組合按成本基礎增加25310萬美元，漲幅爲17.2%，按公允價值基礎增加26200萬美元，漲幅爲18.4%，與2024年6月30日相比。
2
截至第三季度末，向三家投資組合公司的貸款和向兩家投資組合公司提供的設備融資處於非應計狀態，總公平價值約爲2220萬美元，佔公司公平價值債務投資組合的1.4%。
The following table shows the distribution of the Company’s loan and equipment financing investments on the 1 to 5 investment risk rating scale at fair value as of September 30, 2024 and December 31, 2023 (dollars in thousands):
|
|
September 30, 2024 |
December 31, 2023 |
||
|
|
|
|
|
|
Investment Risk Rating Scale Range |
Designation |
Investments at Fair Value |
Percentage of Total Portfolio |
Investments at Fair Value |
Percentage of Total Portfolio |
4.0 - 5.0 |
Very Strong Performance |
$ 105,385 |
6.7% |
$ 40,584 |
3.3% |
3.0 - 3.9 |
Strong Performance |
458,494 |
29.1% |
277,867 |
22.9% |
2.0 - 2.9 |
Performing |
918,292 |
58.4% |
805,730 |
65.9% |
1.6 - 1.9 |
Watch |
57,457 |
3.6% |
56,740 |
4.6% |
1.0 - 1.5 |
Default/Workout |
22,201 |
1.4% |
33,452 |
2.7% |
|
|
|
|
|
|
Total Debt Investments excluding Senior Credit Corp 2022 LLC |
1,561,829 |
99.2% |
1,214,373 |
99.4% |
|
|
Senior Credit Corp 2022 LLC (1) |
12,885 |
0.8% |
7,704 |
0.6% |
Total Debt Investments |
|
$ 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