Trinity Capital Inc. (TRIN) Raises Quarterly Dividend 2.2% to $0.47; 15% Yield

Trinity Capital Inc. (NASDAQ: TRIN) declared a quarterly dividend of $0.47 per share, or $1.88 annualized. This is a 2.2% increase from the prior dividend of $0.46.

The dividend will be payable on March 15, 2023, to stockholders of record on March 15, 2023, with an ex-dividend date of March 14, 2023.

The annual yield on the dividend is 15 percent.

"We are pleased to announce that Trinity's continued strong performance supports the ninth sequential increase in its regular quarterly dividend," said Steve Brown, Chairman and Chief Executive Officer of Trinity. "Over the last 15 years, with over $2.4 billion in fundings to growth-stage companies, we've built a platform and team that has delivered strong and sustainable results for our shareholders. In light of the recent industry events surrounding Silicon Valley Bank ("SVB") and Signature Bank ("Signature"), our first priority is continuing to support our portfolio companies, and maintaining capital reserves to achieve that goal is paramount in this unprecedented market. Based on our preliminary review, we are not aware of any portfolio companies experiencing significant financial stress as a result of recent industry events."

Brown concluded, "At the end of 2022 we had undistributed earnings of approximately $60.4 million, or $1.73 per share. We will continue to evaluate the distributions required in the following quarters of 2023, including any supplemental dividend distributions we believe would be necessary to maintain our tax status as a regulated investment company."

"We are encouraged by the ongoing dialogue with some of our portfolio companies who have accessed capital and benefitted from the Fed's decision to protect SVB depositors," said Kyle Brown, President and Chief Investment Officer of Trinity. "Trinity's portfolio is largely comprised of senior secured loans and is differentiated in the venture debt industry by its equipment financing book, which is comprised completely of first lien loans. As a result of the current volatility in the market, we believe that we are positioned to benefit from increased deal flow through our platform, including access to our accretive off-balance-sheet growth initiatives. Our previously announced RIA and JV offer a clear path to value creation and portfolio growth in 2023. As more companies are in need of less-dilutive capital to drive growth, Trinity plans to deliver with ample liquidity and an industry-leading team."

Trinity does not maintain any accounts or credit facilities with SVB. Management is closely monitoring the situation regarding the SVB receivership as it relates to any of the Company's borrowers and continues to assess any indirect impact to the Company as a result of the same.

Trinity has a total liquidity position of approximately $173 million, comprised of approximately $162 million of undrawn capacity under its credit facility and $11 million in unrestricted cash and cash equivalents as of December 31, 2022. The Company's Board of Directors previously approved a stock repurchase program, under which the Company may acquire up to $25 million in the aggregate of Trinity's outstanding common stock, which the Company's Board of Directors intends to use judiciously.

For a dividend history and other dividend-related data on Trinity Capital Inc. (TRIN) click here.

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