Trinity Capital’s shares rose 5.2% after earnings, with investors responding to higher NII, NAV growth, and improving credit quality. The quarter also showed continued expansion in originations and managed funds, though the call provided no forward earnings guidance.
- Net investment income was $0.52 per share, above the $0.51 quarterly distribution; the managed funds platform contributed $0.05 per share of NII benefit.
- NAV increased 5% quarter over quarter to a record $1.3 billion; NAV per share rose from $13.47 to $13.61.
- Non-accruals improved to 0.7% of portfolio fair value, and PIK was 1%.
- Trinity funded $614 million in Q3 and reported $880 million of new commitments and $1.4 billion in total unfunded commitments; 91% of unfunded commitments remain subject to diligence and investment committee approval.
- Platform AUM grew 31% year over year to $3.4 billion. A second Capital Southwest JV has potential capacity of $500 million, while the SBIC fund has raised more than $75 million in equity commitments.
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