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Trinity Capital Originates $831MM in New Commitments in 2023

Date: Jan 09, 2024 @ 07:59 AM
Filed Under: Industry News

Trinity Capital announced certain highlights for the quarter and year ended December 31, 2023. Trinity originated $340.7 million of total new commitments in the fourth quarter, bringing total new commitments for the year ended December 31, 2023, to $830.7 million. Additionally, Trinity funded a record $641.8 million of investments in 2023.

"We are delighted to announce a remarkable 2023 marked by strong originations and record fundings, a testament to our disciplined underwriting," said Kyle Brown, Chief Executive Officer of Trinity Capital. "Our exceptional relationships with portfolio companies and industry partners, coupled with a great team and culture, have been pivotal in achieving this performance, which translates to accretive returns for our shareholders."

2023 Portfolio Update

Originations and Repayments

During the quarter ended December 31, 2023, the Company originated approximately $340.7 million of total new commitments, which was comprised of $140.3 million in secured loans, $200.0 million in equipment financings and $0.4 million in equity investments. Fourth quarter investments funded totaled approximately $267.4 million, which was comprised of $126.5 million in secured loans, $136.9 million in equipment financings and $4.0 million in warrant and equity investments. During the fourth quarter, the Company funded $220.0 million to 6 new portfolio companies, $47.1 million to 10 existing portfolio companies and $0.3 million of investments in the JV. Proceeds received from repayments of the Company's debt investments during the fourth quarter totaled approximately $108.4 million, which included $42.9 from early debt repayments and refinancings, $40.9 million from normal amortization and $24.6 million from investments sold to the JV. Net portfolio growth from investment activity for the quarter was approximately $159.0 million. Total assets under management as of December 31, 2023, was over $1 billion.

During the year ended December 31, 2023, Trinity originated approximately $830.7 million of total new commitments, which was comprised of $505.7 million in secured loans, $317.0 million in equipment financings and $8.0 million in equity investments. Annual investments funded totaled approximately $641.8 million, which was comprised of $412.1 million in secured loans, $211.0 million in equipment financings and $18.7 million in warrant and equity investments. During the year ended December 31, 2023, the Company funded $403.4 million to 17 new portfolio companies, $227.4 million to 23 existing portfolio companies and $11.0M of investments in the JV. Proceeds received from repayments of the Company's debt investments during the year totaled approximately $471.4 million, which included $170.8 from early debt repayments and refinancings, $159.0 million from investments sold to the JV and $141.6 million from normal amortization. Net portfolio growth from investment activity for the year ended December 31, 2023 was approximately $170.4 million.

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