UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 15, 2022
TRINITY CAPITAL INC.
(Exact name of Registrant as Specified in Its Charter)
| Maryland | 001-39958 | 35-2670395 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
|
1 N. 1st Street 3rd Floor Phoenix, Arizona |
85004 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (480) 374-5350
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common Stock, par value $0.001 per share | TRIN | Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 17, 2022, Trinity Capital Inc. (the “Company”) issued a press release (the “Press Release”) announcing that on March 15, 2022, its Board of Directors appointed two of the Company’s executive officers to promoted positions.
Effective March 15, 2022, Gerald “Gerry” Harder, age 60, will assume the role of Chief Operating Officer. Mr. Harder joined Trinity Capital Investments in 2016 and has served as the Company’s Chief Credit Officer since 2019. In this new role for the Company, Mr. Harder will supervise and guide the Company’s operations team and steward strategy.
Also effective March 15, 2022, Ron Kundich, age 51, the Company’s Senior Managing Director, will assume the role of Chief Credit Officer, succeeding Mr. Harder in his role. Mr. Kundich joined Trinity Capital Investments in 2017 and has served as the Company’s Senior Vice President – Loan Originations since 2019. In his new role, Mr. Kundich will oversee all of the Company’s lending, underwriting and credit processes.
The Press Release announcing these personnel changes is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
There are no arrangements or understandings by or between Messrs. Harder and Kundich and any other persons pursuant to which Messrs. Harder and Kundich were selected as officers of the Company. There are also no family relationships between Messrs. Harder and Kundich and any director or executive officer of the Company. Neither Mr. Harder nor Mr. Kundich has any direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Item 8.01. Other Events
On March 17, 2022, the Company announced its Board of Directors has declared a quarterly dividend of $0.40 per share. Additionally, the Company announced its Board of Directors has declared a supplemental dividend of $0.15 per share. Each dividend payable in April 2022 will be paid to stockholders on the date and in such amounts as set forth below. A copy of the press release announcing the above dividends is attached as Exhibit 99.1 hereto.
Dividends Payable in April 2022
| Dividend Type | Declaration Date | Record Date | Payment Date | Dividend Amount Per Share | ||||||
| Regular Dividend | March 15, 2022 | March 31, 2022 | April 15, 2022 | $ | 0.40 | |||||
| Supplemental Dividend | March 15, 2022 | March 31, 2022 | April 15, 2022 | $ | 0.15 | |||||
Finally, on March 17, 2022, the Company will hold an “Investor Day” event. A copy of the presentation to be displayed at the Investor Day event is attached as Exhibit 99.3 hereto.
Forward-Looking Statements
The statements included herein 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 herein 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, the Company’s business, its portfolio companies and its 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 the Company’s filings with the Securities and Exchange Commission (“SEC”). The Company undertakes no duty to update any forward-looking statement included herein. All forward-looking statements speak only as of the date hereof. 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, 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 quarterly report on Form 10-Q, and subsequent SEC filings.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits:
| Exhibit Number |
Description | |
| 99.1 | Press Release, dated March 17, 2022. | |
| 99.2 | Press Release, dated March 17, 2022. | |
| 99.3 | Investor Day Presentation, dated March 17, 2022. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Trinity Capital Inc. | |||
| March 17, 2022 | By: | /s/ Steven L. Brown | |
| Name: | Steven L. Brown | ||
| Title: | Chief Executive Officer | ||
Exhibit 99.1
Trinity Capital Inc. Announces Senior Leadership Appointments
Gerry Harder Promoted to Chief Operating Officer
Ron Kundich Promoted to Chief Credit Officer
PHOENIX, (March 17, 2021 /PRNewswire/) -- Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity Capital” or the “Company”), a leading specialty lending company that provides debt, including loans and equipment financing, to growth stage companies backed by technology banks, venture capital and private equity firms, today announced the promotions of two senior executives that will expand and deepen the Company’s management team as it continues to execute against its long-term strategic plan.
Gerry Harder has been promoted to serve as the Company’s first-ever Chief Operating Officer, where he will steward corporate infrastructure and operational initiatives to support platform growth and new business creation. Mr. Harder joined Trinity Capital in 2016 and has served as Senior Vice President, Chief Credit Officer since August 2019, overseeing the Company’s outstanding credit performance. Gerry will continue to serve on the investment committee. Mr. Harder has over 30+ years of experience working with venture-backed technology companies and brings extensive operational expertise to the team.
Ron Kundich has been with Trinity Capital since 2018 and has served as Senior Vice President, Loan Originations since August 2019 and has also contributed to Trinity’s investment performance as a member of the investment committee. He has been promoted to Chief Credit Officer, succeeding Mr. Harder in the role. In his new role, Mr. Kundich will oversee Trinity Capital’s lending, underwriting, and credit processes. Mr. Kundich has vast underwriting experience with a 25+ year track record of supporting venture-backed companies and working closely with venture capital firms and commercial technology banks.
Both promotions are effective March 15, 2022.
“We’re very excited to promote these individuals. They’ve earned the trust of our team and shown that they have the ability to add immense value to our organization,” said Kyle Brown, President and Chief Investment Officer of Trinity Capital. “These promotions demonstrate our commitment to investing in our management team and supporting the continued growth of our industry leading lending platform. Our exceptional team differentiates us in this industry and is a key growth driver for our business, attracting top talent who seek an energetic and collaborative work environment. The addition of a dedicated Chief Operating Officer gives us the capacity to scale our operations and strategy as well as focus on new business initiatives. Gerry and Ron have contributed greatly to our success and, with their deep skill sets across operations and development, are well-positioned to further build our industry-leading platform.”
About Trinity Capital Inc.
Trinity Capital (Nasdaq: TRIN), an internally managed specialty lending company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, is a leading provider of debt, including loans and equipment financing, to growth stage companies, including venture-backed companies and companies with institutional equity investors. Trinity Capital’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments consisting primarily of term loans and equipment financings and, to a lesser extent, working capital loans, equity 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.
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 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
Vibhor Garg
Managing Director, Marketing
Trinity Capital, Inc.
ir@trincapinvestment.com
Exhibit 99.2
Trinity Capital Inc. Declares Cash Dividend
of $0.40 per Share for the First Quarter of 2022
and New Supplemental Cash Dividend of $0.15 per Share
PHOENIX, March 17, 2022 /PRNewswire/ -- Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity Capital” or the “Company”), a leading specialty lending company that provides debt, including loans and equipment financing, to growth stage companies backed by technology banks, venture capital and private equity firms, today announced that on March 15, 2022, its Board of Directors declared a regular cash dividend of $0.40 per share with respect to the quarter ending March 31, 2022. This dividend represents an increase of 11.1% over the dividend declared in the prior quarter.
In addition to the regular quarterly dividend, the Board of Directors declared a new supplemental cash dividend of $0.15 per share in the first quarter, with the intent to declare equal special dividends in the second, third and fourth quarters of 2022 for a total of $0.60 per share in 2022, subject to future Board of Director approval.
This supplemental dividend will be paid out of Trinity Capital’s undistributed taxable income (taxable income in excess of dividends paid) as of December 31, 2021.
The following are key dates for the regular and new supplemental dividend for the quarter ending March 31, 2022:
Summary of First Quarter 2022 Regular and Supplemental Dividends:
| Declaration date | March 15, 2022 |
| Record Date | March 31, 2022 |
| Payment Date | April 15, 2022 |
The Company’s objective is to distribute four quarterly dividends in an amount that approximates 90% to 100% of its taxable quarterly income or potential annual income for a particular year in order to qualify for tax treatment as a regulated investment company under the Internal Revenue Code of 1986. In addition, during any particular year, the Company may pay additional supplemental dividends, so that the Company distributes approximately all its annual taxable income in the year it was earned, or it may spill over the excess taxable income into the coming year for future dividend payments.
Dividends are paid from taxable earnings and may include a return of capital and/or capital gains. The specific tax characteristics of the dividends will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company’s periodic reports filed with the Securities and Exchange Commission.
About Trinity Capital Inc.
Trinity Capital (Nasdaq: TRIN), an internally managed specialty lending company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, is a leading provider of debt, including loans and equipment financing, to growth stage companies, including venture-backed companies and companies with institutional equity investors. Trinity’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments consisting primarily of term loans and equipment financings and, to a lesser extent, working capital loans, equity and equity-related investments. Trinity 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.
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 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
Vibhor Garg
Managing Director, Marketing
Trinity Capital, Inc.
ir@trincapinvestment.com
Exhibit 99.3
FORWAR D LOOKIN G STATEMENT S I DISCLAIMER Trinity Capital Inc. (the "Company") cautions that this presentation may contain forward - looking statements that are based on current expectations and assumptions about future events, and which are not based in historical fact. The forward - looking statements in this presentation are based on current conditions as of the date of this presentation, and include, but are not limited to, statements regarding our financial objectives, beliefs, strategies, anticipated future operating results and cash flows, operating expenses, investment originations and performance, available capital, and payment of future dividends and stockholder returns. Although our management believes that the expectations reflected in any forward - looking statements are reasonable, actual results could differ materially from those expressed or implied in the forward - looking statements. By their nature, these forward - looking statements involve numerous assumptions, uncertainties and risks, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward - looking statements, as a number of factors could cause future Company results to differ materially from these statements. Forward - looking statements may be influenced in particular by factors such as fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate, and changes in economic, political and regulatory conditions, including as a result of the coronavirus (C0VID - 19) pandemic. When relying on forward - looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events. Historical results discussed in this presentation are not indicative of future results. The information disclosed in this presentation is made as of the date hereof and reflects Trinity Capital lnc . 's current assessment of its financial performance for the most recent period reported . Actual financial results filed with the Securities and Exchange Commission in the future may differ from those contained herein in the event of additional adjustments recorded prior to the filing of its financial statements. The information contained in this presentation should be viewed in conjunction with Trinity Capital lnc.'s most recently filed Quarterly Report on Form 10 - Q, Annual Report on Form 10 - K or Registration Statement on Form 42481. We undertake no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations.
Trinity is at the forefront of technology and innovation, providing diversified financial solutions to the global growth economy with uncommon care for, and investment in, our people and partners.
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12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Tota l Investment s a t fai r value $873,470 $677,246 $597,696 $535,741 $493,651 Cas h an d cash equivalents 31,685 25,313 19,124 36,026 44,656 Restricted cash 15,057 15,000 15,341 15,259 16,445 Interest Receivable 5,551 4,481 4,065 3,924 3,468 Prepaid Expenses & Other Assets 11,355 5,367 5,221 3,037 1,488 August 2026 Notes payable, net of unamortized deferred financing cost $122,321 $122,436 2025 Notes payable, net of unamortized deferred financing cost 121,384 121,098 Decembe r 202 6 Note s payable , ne t o f unamortize d deferre d financin g cost Convertible Notes payable, net of unamortized deferred financing costs and 73,158 BALANCE SHEET discount Credi t Facilities 47,485 $91,000 47,350 $9,474 47,214 $68,947 47,113 $43,420 46,552 $132,893 Distribution Payable 9,803 8,959 7,682 7,396 4,947 Security Deposits 10,840 7,705 8,812 8,605 7,874 Accounts Payable, accrued expenses, and other liabilities 14,594 11,379 8,240 5,296 8,381
ASSET GROWTH Total Investments at FMV ($ in millions) Total Assets ($ in millions) $1.000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 $1.000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21 Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21
PORTFOLIO TRENDS TOTAL PORTFOLIO BY INVESTMENT TYPE C 1 > • Loans • Equipment Finance • Equity • Warrant Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21 ► Stron g Asse t Diversification FIXED VS FLOATING DEBT INVESTMENTSC 2 > • Fixed • Floating Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21 ► Pivoting to Floating Rate Portfolio (1) Based on Fair Market Value (2) Based on outstanding principal
DISCIPLINED CREDIT RATING Consistent and Disciplined Underwriting Standards 3.2 3.2 3.2 3.2 3.0 $800 $700 $600 $500 $400 $300 $200 $100 $0 3.5 3 2.5 - Total Debt Investments (FV, $ in million) 2 ....,.. Weighted Investment Credit Rating 1.5 1 01 - 20 02 - 20 03 - 20 04 - 20 01 - 21 02 - 21 03 - 21 04 - 21 Credit risk rating at Fair Value, 04 2021 - 04 2020 ($ inthousands) Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Very Strong Performance (4.0 - 5.0) $84,785 I 11.5% $83,915 16.2% $110,278 23.8% $92,519 20.9% Strong Performance (3.0 - 3.9) $236,466 32.1% $62,872 10.9% $224,287 38.8% $204,906 39.5% $164,709 35.4% 212,969 48.0% Performing (2.0 - 2.9) $396,846 53.9% $267,391 46.3% $199,449 38.5% $148,690 32.1% 116,895 26.4% Watch (1.6 - 1.9) $13,427 1.8% 19,230 4.3% Default/Workout (1.0 - 1.5) $4,444 0.6% $16,19 4 2.8% $6,919 1.2% $29,82 0 5.7% $343 0.1% $39,19 4 8.5% $812 0.2% 1,606 0.4% \ 'i'I:' .J[• ., I -- li l - £ - :TI I I - • .. • r - u
$12.44 $12.61 $13.01 $13.03
$17.58 - Trinit y NAV - Trmi yQu r En d Stoc k Pr1c
INCOME STATEMENT For the three months ended (In 000's , except per share amounts) Interest expense and other debt financing costs Compensation and benefits General and administrative 3,677 3,370 3,996 2,315 1,878 1,601 1,455 1,232 13 , 031 10,66 7 9,39 6 10 , 067 10 , 054 4,475 4,482 - 10 , 576 - - 11 , 123 - - 10 , 080 - - 7 , 253 - - 5 , 286 7,452 666 1,995 2,595 (5,029) 37,082 15,392 12,630 15,476 8,995 Total Operating Expenses NetInvestment Income (NII) Net Realized Gain / (Loss) from Investments Net Change in Unrealized Appreciation/ (Depreciation) from Investments Costs related to the acquisition of Trinity Capital Holdings, LLC. and Legacy Funds Net Increase (Decrease) in Net Assets from Operations $55 , 110 $27 , 181 $24 , 70 5 $25,324 $9 , 724 Net Investment Income (NII) per Share - Basic $0.39 $0.42 $0 . 38 $0 . 31 $0.29 Net Increas e (Decrease) in Net Assets resulting from Operations per $2.03 $1.02 $0.93 $1.08 $0.53 Share - Basic Weighted Average Shares Outstanding - Basic 27 , 201 26,641 26,479 23 , 555 18,261
STRONG EARNINGS Total Investment Income ($ in millions) Net Investment Income ($ in millions) $25.0 $20.0 $15.0 $10.0 $5.0 $0 $12.0 $10.0 $ 8 . . 0 $6.0 $4.0 $2.0 $0 Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21 Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21
INCOME SOURCES $24,000 $21,000 Q ) $18,000 E 0 (.) . . C . , : C: Q) .. E ., (/) $15,000 $12,000 Q ) > C: .. c . o , $9,000 $6,000 $3,000 $0 04 - 20 01 - 21 02 - 21 03 - 21 04 - 21 LOANS - CASH EQUIPMEN T FINANCIN G - CASH + 010 ACCELERATED 010 + FEES
DEBT PORTFOLIO YIELDS $700 ...., ti) 0 (.) $600 15% - < .. . . t . i ) ., ! - . · r:: C. Q) , - , $500 . . E .., = † .,, - C , D u,= 13% Q) E n r > : : . - _, CD ::::, r+ D ) cc CD ...., .c $400 Q ) C .. c .. o , 11% $300 $200 17% 0 01 - 20 02 - 20 03 - 20 04 - 20 01 - 21 02 - 21 03 - 21 04 - 21 - Tota l Deb t Investments ( Cost $ Millions) ---- Effectiv e Yield (includin g fe e income ) ---- Core Yield
ROAAIROAE Return on Average Assets% (ROAA) Return on Average Equity% (ROAE) 9.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 14.0% Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21 Q1 - 20 Q2 - 20 Q3 - 20 Q4 - 20 Q1 - 21 Q2 - 21 Q3 - 21 Q4 - 21 - TRIN - PEER GROUP - TRIN - PEER GROUP Peer Group Includes AINV. ARCC, BBDC, BKCC, FCRD. FSK, GBDC, MAIN. NMFC,OCSL,OXSQ,PNNT.PSEC,SLRC,TCPC,TSLX.TPVG,HRZN.HTGC
DIVIDEND GROWTH $3.00 $2.50 Q) I c . . o en I.. $2.00 Q ) a. "C C: Q ) $1.50 "C ' a > $1.00 $0.50 $0 0 1 Regular Dividend $0.40 0 1 Supplemental Dividend $0.15 Total 01 Dividend $0.55 2022 Supplemental Dividend $0.60 (subject to Board Approval) - CUMMULATIVE - SUPPLEMENTAL DIVIDEND
VENTURE CAPITAL MARKET $350 17 , 0 54 18,000 16,000 $300 14,000 $250 Q . w .. 12,000 0 w cii - $200 0 "ft C, 10,000 z - > z 0 ::J 0 J m Cl:: in z 8,000 J> .:::::, $150 r - 0 0 j ..J Q 6,000 $100 4,000 $50 2.000 0 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 - VCDOLLARS #OFDEALS
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Our Credit Team is Growing Scalable Systems
Limite d Fi Covenant Enterpris Value In - house Expertise Highers of Under w (.) z w a :: w IL IL - Q
UNDERWRITING REPORT AND 1.C. VOTE INITIAL RATING TERM SHEET ISSUANCE TORY CE & ITE PRELIMINARY DILIGENCE
TRIN RIA WAREHOUSE FUND LIFE SCIENCES FUND ":JUMBO" LOANS FUND RIA is a subsidiary of TRIN Fee income rolls up to TRIN as dividend Expense allocated down Monetizing existing platform with multiple financing products OTHER OPPORTUNITIES *Subject to receiving exemptive relief from SEC
INVESTMENT IN PEOPLE ALWAYS PRODUCES - STEVE BROWN THE BEST RETURN ON INVESTMENT CHAIRMAN AND CEO -
