文章核心观点 - 公司正在逐步提高每季度0.01美元的股息,这使得公司成为被动收益投资者的吸引目标,因为他们既看重高股息收益率,也看重股息增长前景 [1][2] - 公司在2024年第一季度以净投资收益覆盖了股息,预计2024年公司将保持股息增长势头,主要是因为央行今年不会大幅降低利率 [2][3][4] - 公司股价溢价于净资产值,表明市场目前不预期公司会减少股息 [2] 公司概况 - 公司投资组合主要由成长期公司的定期贷款和设备融资交易构成,其中定期贷款占比超过74% [5] - 公司投资组合规模为13.6亿美元,较上季度下降8870万美元,主要是由于贷款偿还 [6] - 公司75.4%的债务投资为浮动利率,25.8%的借款也为浮动利率,使公司在利率持续高企的环境下获得净正面敞口 [7][8] 收益情况 - 公司债券收益率在第一季度有所下降,主要是市场预期利率下降,这削弱了公司向投资组合公司发放高利率贷款的议价能力 [9][10][11] - 公司第一季度净投资收益为0.54美元/股,股息支付率为94%,尽管有所上升但仍然被净投资收益覆盖 [12][13] 估值分析 - 公司股价目前溢价于净资产17%,反映了市场对公司高初始收益率和股息增长潜力的认可 [14][15][16] - 考虑到央行将在下半年逐步降息,公司股价已经达到合理估值,未来上涨空间有限 [17] 风险提示 - 公司净投资收益下降导致股息安全边际有所收窄,但浮动利率特性仍有利于公司 [18][19] 总结 - 公司14%的高股息收益率风险不大,因为公司仍能以净投资收益覆盖股息,且股息还在持续增长 [20][21] - 公司股价目前已经等同于内在价值,17%的溢价也反映了市场对其股息安全的认可 [22]

PHOENIX, June 13, 2024 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity Capital" or the "Company"), a leading provider of diversified financial solutions to growth stage companies, today announced that on June 13, 2024, its Board of Directors declared a cash dividend of $0.51 per share with respect to the quarter ending June 30, 2024. This dividend is consistent with the regular dividend declared in the prior quarter and represents the 18th consecutive quarter of a consistent or increased divid ...

PHOENIX, June 5, 2024 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity" or the "Company"), a leading provider of diversified financial solutions to growth-stage companies, announced today that as of June 4, 2024, it has completed the liquidation of the shares of common stock of Core Scientific (CORZ) ("Core") that it received in satisfaction of its claim in Core's Chapter 11 bankruptcy. Trinity provided $30 million in equipment financing to Core in 2021. Core entered Chapter 11 bankruptcy in De ...

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-stage companies with institutional equity investors. 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 s ...

Financing provided by SVB's National Fintech Practice and Trinity Capital Inc. (Nasdaq: TRIN) SAN FRANCISCO, May 30, 2024 /PRNewswire/ -- Silicon Valley Bank (SVB), a division of First Citizens Bank, along with lending partner Trinity Capital Inc. ("Trinity"), today announced that it has provided a $63 million warehouse facility to Denim, a technology-forward factoring partner for freight brokers. The financing, offered by SVB's national fintech practice, allows Denim to continue supporting the cash flow an ...

Appoints Craig Fox to Lead New Venture PHOENIX, May 22, 2024 /PRNewswire/ -- Trinity Capital Inc. (NASDAQ: TRIN) ("Trinity" or the "Company"), a leading provider of diversified financial solutions to growth-oriented companies, today announced its strategic expansion into Europe with the appointment of London-based Craig Fox as Managing Director. This initiative aligns with the Company's long-term vision of supporting high-growth companies globally. By establishing a dedicated European team, Trinity aims to ...

财务数据和关键指标变化 - 第一季度总投资收入达到5,050万美元，同比增长21.5% [22] - 净投资收入为2,520万美元，较去年同期增长30% [24] - 每股净投资收入为0.54美元，较去年同期的0.55美元略有下降 [24] - 资产管理规模（AUM）同比增长38%，达到16亿美元 [11] - 每股净资产值（NAV）为12.88美元，较2023年12月31日的13.19美元有所下降 [26] 各条业务线数据和关键指标变化 - 第一季度共完成2.43亿美元的融资，涉及8家新投资组合公司和12家现有投资组合公司 [10] - 投资组合中74.3%为担保贷款，19.7%为设备融资，3.7%为股权投资，2.3%为认股权证 [34] - 生命科学相关行业占投资组合的18.2% [36] 各个市场数据和关键指标变化 - 21家投资组合公司在第一季度共筹集了12亿美元的股权资金，显示出投资组合公司的融资能力 [15] - 宏观环境中，私募股权和风险投资活动有所回升，BDC和非银行贷款机构仍是赞助商支持公司的首选 [17] 公司战略和发展方向和行业竞争 - 公司致力于在四个业务垂直领域（设备融资、生命科学、仓储贷款和科技贷款）中进一步扩展 [14] - 公司计划继续投资于团队和系统，以实现最佳的直接贷款平台 [19] - 竞争环境中，银行的竞争有所减弱，为公司提供了更多机会 [60] 管理层对经营环境和未来前景的评论 - 管理层对未来持乐观态度，认为当前市场机会丰富，投资组合公司在逆风中仍能实现增长 [58][59] - 公司将继续采取选择性的方法来管理新机会，以确保投资的增值 [17] 其他重要信息 - 公司在第一季度通过ATM计划筹集了约2,430万美元的资金 [27] - 公司的流动性为1.72亿美元，包括1.6亿美元的未提取信贷额度和1200万美元的无条件现金 [27] 问答环节所有提问和回答 问题: 关于市场活动的提升 - 公司表示，市场活动的提升与团队的专业能力和多元化业务有关，当前的投资管道是公司历史上最强的 [46][48] 问题: 关于资产负债表的管理 - 公司将采取机会主义的方式来管理资产负债表，确保资本的增值和投资者的利益 [51][53] 问题: 关于竞争环境的变化 - 公司认为，竞争环境有所减弱，特别是在风险投资领域，提供了更多的投资机会 [56][60] 问题: 关于投资组合的增长率 - 公司专注于增长阶段的公司，整体投资组合的增长率保持健康 [64][65] 问题: 关于未来的投资机会 - 公司对未来的投资机会持乐观态度，特别是在生命科学和科技领域 [74] 问题: 关于信贷风险的管理 - 公司保持低损失率，过去16年的平均损失率为26个基点，预计未来将保持稳定 [94][96] 问题: 关于融资来源的多样化 - 公司通过多家银行的信贷设施来分散融资风险，并计划在未来继续多样化融资来源 [100][107]

Table of Contents recw20112 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-39958 TRINITY CAPITAL INC. (Exact name of registrant as specified in its charter) Maryland 35-2670395 (State or other jurisdiction of ...

Trinity Capital Inc. Reports First Quarter 2024 Financial Results Record Net Investment Income of $25.2 Million in Q1 Record Total Investment Income of $50.5 Million Return on Average Equity of 16.1% PHOENIX, May 1, 2024 – Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity” or the “Company”), a leading provider of diversified financial solutions to growth-stage companies, today announced its financial results for the first quarter ended March 31, 2024. First Quarter 2024 Highlights • Record total investment inco ...

Trinity Capital Inc. (NASDAQ:TRIN) Q4 2023 Earnings Conference Call March 6, 2024 12:00 PM ET Company Participants Ben Malcolmson - Head of Investor Relations Kyle Brown - Chief Executive Officer Michael Testa - Chief Financial Officer Gerry Harder - Chief Operating Officer Conference Call Participants Vilas Abraham - UBS Christopher Nolan - Ladenburg Thalmann Paul Justin - KBW Bryce Rowe - B. Riley Casey Alexander - Compass Point Operator Good afternoon. My name is Jami, and I will be your conference ope ...