Trinity Capital Inc. reports developments as an alternative asset manager and specialty lender focused on private credit for growth-oriented companies. Its recurring news includes quarterly financial results, net investment income, NAV movement, new commitments, funded investments, repayments, exits, and portfolio activity across Sponsor Finance, Equipment Finance, Tech Lending, Asset Based Lending, and Life Sciences.
Company updates also cover secured loans, equipment financings, warrant and equity investments, sponsored investment funds, SBIC-related activity, and growth-capital facilities for portfolio companies in technology, life sciences, medical technology, energy infrastructure, and other innovation-driven markets.
Trinity Capital Inc. (NASDAQ: TRIN) announced a conversion rate adjustment for its 6.00% Convertible Notes due 2025, stemming from a cash dividend of $0.36 per share payable on January 14, 2022. As of December 31, 2021, the conversion rate will increase to 67.0278 shares per $1,000 principal amount, altering the conversion price to $14.92 per share from $14.97. This adjustment follows the company exceeding the initial dividend threshold of $0.30. Trinity aims to distribute 90%-100% of its taxable income annually to qualify as a regulated investment company.
On December 16, 2021, Trinity Capital (Nasdaq: TRIN) declared a cash dividend of $0.36 per share for the fourth quarter ending December 31, 2021. This marks a 9% increase from the previous quarter's dividend. The dividend is part of Trinity's strategy to distribute 90% to 100% of its taxable income to qualify as a regulated investment company. Key dates include a record date of December 31, 2021, and a payment date of January 14, 2022. All distributions are reported for tax purposes via Form 1099-DIV.
Trinity Capital Inc. (Nasdaq: TRIN) announced the appointment of Richard Hamada and Irma Lockridge to its Board of Directors, effective December 7, 2021. They replace retiring board members Richard Ward and Edmund Zito. Hamada, former CEO of Avnet, brings significant experience in managing public companies, while Lockridge, currently Chief People and Systems Officer at CoorsTek, offers expertise in talent acquisition and strategic planning. Chairman Steven Brown expressed optimism that their expertise will enhance Trinity's growth as a public company.
Trinity Capital Inc. (Nasdaq: TRIN) has successfully closed a public offering of $75 million in 4.25% Notes due December 15, 2026. After deducting expenses, the net proceeds amount to approximately $73.2 million. These funds will primarily be used to reduce existing debt under a credit agreement with KeyBank and for general corporate purposes. The offering was managed by Keefe, Bruyette & Woods, Inc. Trinity focuses on providing debt to growth stage companies, aiming for current income and capital appreciation.
Trinity Capital reported strong financial results for Q3 2021, with total investment income of $21.8 million, up 61.1% year-over-year. Net investment income rose 98.0% to $11.1 million, or $0.42 per share. Gross investments funded reached $151.2 million, while net asset value per share increased to $14.70. A dividend of $0.33 per share was declared, reflecting a 13.8% increase. The investment portfolio now totals $677.2 million, with a focus on floating-rate loans. The company continues to show growth momentum, highlighted by a year-to-date NII increase of 57.3%.
Trinity Capital Inc. (Nasdaq: TRIN) announced the appointment of Phil Gager as Managing Director, Origination in Boston. With over 20 years in the venture ecosystem, Gager aims to enhance the company's origination efforts on the East Coast. Previously at Stifel Bank, he specialized in debt transactions for venture-backed growth-stage firms in technology and healthcare. Gager's extensive network and experience are expected to bolster Trinity's investments in pharmaceuticals, biotechnology, and healthcare sectors, complementing its reputation as a leading specialty lender.
Trinity Capital Inc. (Nasdaq: TRIN) has secured a new $300 million credit facility led by KeyBank. The facility features a five-year term with a three-year revolving period and a two-year amortization period. Interest rates will range from one-month LIBOR plus 3.25% to 2.85%, depending on loan composition. This financing aims to enhance Trinity's capital structure, supporting portfolio growth. Recently, Trinity also completed a $125 million public offering of 4.375% notes due 2026, further strengthening its balance sheet and financial liquidity.
Trinity Capital Inc. (Nasdaq: TRIN) has announced it will release its third quarter 2021 financial results after market close on November 4, 2021. A conference call discussing these results will occur at 2:00 p.m. PT that same day. Investors can participate by dialing (877) 876-9173 or (785) 424-1667 internationally, referencing Conference ID: TRINQ321. A webcast will also be available on Trinity's investor relations website, with a replay accessible for 90 days post-call.
Trinity Capital Inc. (Nasdaq: TRIN) announced the appointment of Ryan Thompson as Managing Director, Origination in Austin, Texas. With over a decade in the venture ecosystem, Thompson previously served as Senior Vice President at Silicon Valley Bank, focusing on debt transactions for venture-backed growth stage companies. Trinity Capital aims to strengthen its presence in the Central and Mountain regions under Thompson's leadership. The company specializes in providing debt and equipment financing to growth-stage entities, leveraging its experience in the venture lending space.
Trinity Capital Inc. (Nasdaq: TRIN) announced on September 13, 2021, the declaration of a cash dividend of $0.33 per share for the quarter ending September 30, 2021, marking a 13.8% increase from the prior quarter. The payment date is set for October 15, 2021. The company aims to distribute approximately 90% to 100% of its taxable income to qualify for favorable tax treatment as a regulated investment company.