Trinity Capital Inc. Reports Fourth Quarter and Full Year 2020 Financial Results
Fourth Quarter 2020 Highlights
- Total investment income of
$15.3 million - Net investment income of
$5.3 million , or$0.29 per share - Aggregate investment commitments of
$116.5 million - Total gross investments funded of
$102.5 million , comprised of$26.2 million across 6 new portfolio companies and$76.3 million across 12 existing portfolio companies - Investment portfolio of
$493.7 million at fair value - Net asset value ("NAV") per share increased to
$13.03 from$13.01 atSeptember 30, 2020 - Declared a second dividend distribution during the fourth quarter of $0.27 per share in connection with the results for such quarter
Full Year 2020 Highlights
- Total investment income of
$55.0 million - Net investment income of
$23.4 million or$1.29 per share - Aggregate investment commitments of
$326.1 million - Total gross investments funded of
$240.0 million
"Importantly, we believe the future is bright. The venture capital industry had a record year raising an estimated
Fourth Quarter 2020 Operating Results
For the three months ended
During the fourth quarter, the Company realized net losses on investments of approximately
During the fourth quarter, the Company generated a net increase in net assets resulting from operations of
Net Asset Value
As of
Portfolio and Investment Activity
As of
During the fourth quarter, the Company originated
At the end of the fourth quarter, loans to three portfolio companies were on non-accrual status with a total fair value of approximately
The following table shows the distribution of our loan and equipment financing investments on the 1 to 5 investment risk rating scale at fair value as of
Investment Risk Rating |
Designation |
Investments at Fair Value |
Percentage of Total Portfolio |
||||
4.0 - 5.0 |
Very Strong Performance |
$ |
92,519 |
20.9% |
|||
3.0 - 3.9 |
Strong Performance |
212,969 |
48.0% |
||||
2.0 - 2.9 |
Performing |
116,895 |
26.4% |
||||
1.6 - 1.9 |
Watch |
19,230 |
4.3% |
||||
1.0 - 1.5 |
Default/Workout |
1,606 |
0.4% |
||||
Total |
$ |
443,219 |
100.0% |
As of
Liquidity and Capital Resources
As of
Distributions
Beginning with the fourth quarter, the Company's Board of Directors (the "Board") intends to declare a quarterly distribution prior to the end of each quarter. As previously announced by the Company, the Board declared a quarterly distribution of
Portfolio Company M&A Activity YTD 2021
In
In
In
Conference Call
A taped replay will be made available approximately three hours after the conclusion of the call and will remain available for seven days. To access the replay, please dial 800-585-8367 or (404) 537 3406 and enter the passcode 4939607.
A live webcast of the fourth quarter and full year 2020 financial results conference call will also be available on the investor relations section of the Company's website at https://trincapinvestment.com/. A replay will be available on the Company's website for 90 days following the conference call.
About
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, including the impact of the COVID 19 pandemic on the economy, financial markets, our business, our portfolio companies and our industry. 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
TRINITY CAPITAL, INC. |
||||||||
2020 |
|
|||||||
ASSETS |
||||||||
Investments, at fair value: |
||||||||
Control investments (cost of |
$ |
48,730 |
$ |
- |
||||
Affiliate investments (cost of |
27,650 |
- |
||||||
Non-control / Non-affiliate investments (cost of |
417,271 |
- |
||||||
Total investments (cost of |
493,651 |
- |
||||||
Cash and cash equivalents |
44,656 |
- |
||||||
Restricted cash |
16,445 |
- |
||||||
Interest receivable |
3,468 |
- |
||||||
Deferred financing costs |
- |
3,525 |
||||||
Deferred offering costs |
- |
2,677 |
||||||
Prepaid expenses |
744 |
- |
||||||
Other assets |
744 |
- |
||||||
Total assets |
$ |
559,708 |
$ |
6,202 |
||||
LIABILITIES |
||||||||
Credit facility, net of deferred financing cost |
$ |
132,893 |
$ |
- |
||||
Notes payable, net of deferred financing costs |
120,303 |
- |
||||||
Convertible notes payable, net of |
46,552 |
|||||||
Accounts payable and accrued expenses |
7,309 |
5,668 |
||||||
Due to related party |
- |
1,058 |
||||||
Distribution Payable |
4,947 |
|||||||
Other liabilities |
8,956 |
- |
||||||
Total liabilities |
320,960 |
6,726 |
||||||
Commitments and contingencies |
||||||||
NET ASSETS |
||||||||
Common stock, 18,321,274 and 10 shares issued and outstanding as of |
18 |
- |
||||||
Paid-in capital in excess of par |
263,366 |
- |
||||||
Distributable earnings (accumulated loss) |
(24,636) |
(524) |
||||||
Total net assets |
238,748 |
(524) |
||||||
Total liabilities and total net assets |
$ |
559,708 |
$ |
6,202 |
||||
NET ASSET VALUE PER SHARE |
$ |
13.03 |
$ |
(52,418.20) |
|
|||||||||||||
For the Year Ended |
For the Period of (date of inception) |
||||||||||||
INVESTMENT INCOME: |
|||||||||||||
Interest Income: |
|||||||||||||
Control Investments |
$ |
3,661 |
$ |
- |
|||||||||
Affiliate Investments |
1,191 |
- |
|||||||||||
Non-Control / Non-Affiliate investments |
46,403 |
- |
|||||||||||
Total interest income |
51,255 |
- |
|||||||||||
Fee income: |
- |
||||||||||||
Non-Control / Non-Affiliate investments |
3,709 |
- |
|||||||||||
Total fee income |
3,709 |
- |
|||||||||||
Total investment income |
54,964 |
- |
|||||||||||
EXPENSES |
|||||||||||||
Interest expense and other debt financing costs |
16,773 |
- |
|||||||||||
Compensation and benefits |
10,433 |
- |
|||||||||||
Professional fees |
2,283 |
||||||||||||
General and administrative |
2,104 |
524 |
|||||||||||
Total expenses |
31,593 |
524 |
|||||||||||
NET INVESTMENT INCOME |
23,371 |
(524) |
|||||||||||
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS: |
|||||||||||||
Control Investments |
- |
- |
|||||||||||
Affiliate Investments |
- |
- |
|||||||||||
Non-Control / Non-Affiliate Investments |
(9,403) |
- |
|||||||||||
Net gain/(loss) from investments |
(9,403) |
- |
|||||||||||
NET CHANGE IN UNREALIZED APPRECIATION / (DEPRECIATION) |
|||||||||||||
Control investments |
(8,342) |
- |
|||||||||||
Affiliate investments |
6,997 |
- |
|||||||||||
Non-Control / Non-Affiliate investments |
(3,621) |
- |
|||||||||||
Net change in unrealized appreciation/(depreciation) from investments |
(4,966) |
||||||||||||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING |
9,002 |
(524) |
|||||||||||
Costs related to acquisition of |
(15,114) |
- |
|||||||||||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING |
$ |
(6,112) |
$ |
(524) |
|||||||||
NET INVESTMENT INCOME PER SHARE – BASIC AND |
$ |
1.29 |
$ |
N/M |
|||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING |
$ |
(0.34) |
$ |
N/M |
|||||||||
Weighted average shares outstanding – BASIC AND |
18,092,494 |
10 |
|||||||||||
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SOURCE
Vibhor Garg, Director, Marketing, Trinity Capital, Inc., ir@trincapinvestment.com