Item 2.02. Results of Operations and Financial Condition
On January 10, 2022, Trinity Capital Inc. (the "Company") issued a press release
(the "Press Release") announcing certain highlights for the quarter and year
ended December 31, 2021, including an update on its investment portfolio. The
Press Release is attached as Exhibit 99.1 to this Current Report on Form 8-K and
is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K, including
Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed
"filed" for any purpose of Section 18 of the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), or otherwise subject to the liabilities of such
Section. The information in Item 2.02 of this Current Report on Form 8-K shall
not be deemed to be incorporated by reference into any filing under the
Securities Act of 1933, as amended, or the Exchange Act, except as shall be
expressly set forth by specific reference in such filing.
Item 8.01. Other Events
On January 10, 2022, the Company disclosed the following information in the
Press Release.
2021 Portfolio Update - Originations and Repayments
During the quarter ended December 31, 2021, the Company originated approximately
$247.9 million of total new commitments, which was comprised of $174.2 million
in secured loans, $72.3 million in equipment financings and $1.4 million in
equity investments. Fourth quarter investments funded totaled approximately
$197.5 million, which was comprised of $109.6 million in secured loans, $85.7
million in equipment financings and $2.2 million in warrant and equity
investments. During the fourth quarter, the Company funded $121.0 million to 11
new portfolio companies and $76.5 million to 14 existing portfolio companies.
Proceeds received from repayments of the Company's debt investments during the
fourth quarter totaled approximately $41.7 million, which included $24.6 million
from early debt repayments. Net debt portfolio growth from investment activity
for the quarter ended December 31, 2021 was approximately $153.6 million.
During the year ended December 31, 2021, the Company originated approximately
$757.0 million of total new commitments, of which secured loans totaled $515.9
million, equipment financing totaled $224.4 million and equity investments
totaled $16.7 million. Annual investments funded total approximately $558.2
million, which was comprised of $402.1 million in secured loans, $134.6 million
in equipment financings and $21.5 million in warrant and equity investments.
During the year ended December 31, 2021, the Company funded $400.8 million to 33
new portfolio companies and $157.4 million to 23 existing portfolio companies.
Proceeds received from repayments of the Company's debt investments during the
year totaled approximately $264.4 million, which included $190.1 million from
early debt repayments. Net debt portfolio growth from investment activity for
the year ended December 31, 2021 was approximately $272.3 million.
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 January 10, 2022.
1
© Edgar Online, source Glimpses