Trinity Capital Reports 17.4% ROAE in Q4 2024

By Tamara Parker • Wednesday, February 26 11:21 • Permanent Link

Trinity Capital Inc. (NASDAQ: TRIN) has reported its financial results for the fourth quarter and full year 2024, showing significant growth and achievement. The company's return on average equity (ROAE) hit 17.4% in Q4, with record quarterly net investment income of $35 million, or $0.58 per share, and record annual net investment income of $116 million, or $2.20 per share.

In the fourth quarter of 2024, the company saw total investment income of $70.8 million, a 48.1% increase year-over-year, and net investment income of $34.6 million. Additionally, the net asset value increased to $823.0 million, or $13.35 per share at the end of Q4. The company also achieved a 17.4% return on average equity and a 7.6% return on average assets.

For the full year 2024, Trinity Capital reported total investment income of $237.7 million, a 30.7% increase year-over-year, and net investment income of $115.8 million. The company also witnessed total gross investments funded of $1.2 billion, a 91.6% increase year-over-year, and total platform assets under management of $2.0 billion, a 40.6% increase year-over-year. Additionally, the undistributed earnings spillover stood at $66.8 million, or $1.08 per share outstanding.

The company also highlighted its portfolio and investment activity, where its investment portfolio had an aggregate fair value of approximately $1,725.6 million, and it originated approximately $410.6 million of total new commitments during the fourth quarter.

Trinity Capital's liquidity and capital resources as of December 31, 2024, were approximately $496.6 million, including $9.6 million in unrestricted cash and cash equivalents, and it had approximately $487.0 million in available borrowing capacity under its KeyBank credit facility.

The company's leverage, or debt-to-equity ratio, was approximately 108% as of December 31, 2024, compared to 122% as of September 30, 2024. Trinity Capital also utilized its ATM offering program to sell 3,560,535 shares of its common stock at a weighted average price of $14.16 per share, raising $49.7 million of net proceeds during the three months ended December 31, 2024.

As a result of these announcements, the company's shares have moved 6.3% on the market, and are now trading at a price of $16.73. Check out the company's full 8-K submission here.

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