TRIN - Earnings call transcript Q3 2021

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Operator

Good afternoon, my name is Ashley and I will be your conference operator today. At this time, I would like to welcome everyone to the Trinity Capital's Third Quarter 2021 Earnings Conference Call.

Our hosts for today's call are Steve Brown, Chairman and Chief Executive Officer; Kyle Brown, President and Chief Investment Officer; David Lund, Chief Financial Officer; and Sarah Stanton, General Counsel; Gerry Harder, Chief Credit Officer; and Michael Testa; Chief Accounting Officer are also present. Today's call is being recorded and will be made available for replay at 8 P.M. Eastern Time. is number dial replay XXX-XXX-XXXX. The ID And required access. actually no call for is presentation. have time, in will open following this all been the be the questions your At participants for floor and placed mode, a listen-only call [Operator Instructions] It Sarah now my over turn pleasure Stanton. to to is the go Please ahead.

Sarah Stanton

Thank and after financial XXXX results to ir.trincapinvestment.com. released just telephone welcome Trinity from call A and available release. accessed earnings Investor in conference quarter you, Trinity's the Trinity's call third third market page Ashley today's website closed at today's of for quarter be is replay everyone can Capital’s at or Relations of XXXX. the by number earnings web Trinity's using the were provided

Trinity advised and that that or the Steve With November reported that involve most call, based could you Capital's sensitive transcript information Trinity during are forward-looking are on facts recent these note these at made results known encourage begin, this any that be any statements. you listening factors update for guidance and statements speaks introduce time Securities including longer historical obligation and CEO some We Laws. or to materially to the not me risk remind XXXX. are on by we call Capital important risks Before as would unknown X, of from these or those statements like on replay this cause accurate to SEC forward-looking filings I information factors. Because relating responsibility no under to implied Chairman Federal allow forward-looking Please deemed Brown. may today, expressed any Therefore, to of may to our uncertainties. actual assumes forward-looking refer that differ only to statements. time information statements statements financial certain everyone no of be that reading. There

Steve Brown

us everyone And you, today. to Sarah. thank you joining Thank

metrics. for momentum our net QX to income $X.XX to XXXX portfolio and from highlighted by more saw all our expanding quarter plan on third Trinity $XXX.X leading results record cost on of and growing $XX.XX. accelerated delivered of share, execute million operating $XX continue by new $XXX to as The set with fundings, than and NAV we of These gross a originations to and were cost we a a per financial $X.XX million in portfolio investment an growth our From perspective, net on basis. million investment basis key

is from As of Kyle will Trinity benefiting expand vitality environment. the the presentation, thriving overall VC on this operating later in

market to the I'd the from a a around macro as the and benefit and what While short, do emerged we slowdown. we're share relationships to has acknowledging do. just industry to from we entering By tailwind and beyond partner few choice, quarter. said public no country In the we doing our top with networks and in our VCs best-in-class execution since want we leveraging would markets. plans industry, building a unprecedented Trinity have on underscore to third team highlights successful we're VC capture touch like growth. of

line originated to contributed we prior in as grow to $XXX.X performance of compares per share. gross dividend XX $X.XX XXXX. in and increasing in income and increase This per QX commitments, and $XXX.X equity more million share of was our the portfolio investment million $XX.X portfolio million platform. net growing Our funded or in and a over declare investment income strong of importantly QX share $X.XX deployments dividend $X.XX loan companies. allowing to $XX.X quarter million net new us across QX per in or our of our We operating our goal with

of quality our remained portfolio Our the XX% with strong investments and credit debt performing.

support cash, balance including on cash to leveraging liquidity over the September a of our and X.X increase working $XXX million levels enhancing bonds been availability at equivalents X.XXX% In cost hard of structure facility total end raised our to overall we our under borrowing sheet continued million. leverage we capital August, in X.X and as the As was quarter. times lowering our issued financial We've credit XX, portfolio $XXX of second growth. in from the flexibility

million our October improved drive funding We shareholders. XX, will new on we five-year overall to led continue to KeyBank. completed by Further for our $XXX manage of credit returns facility a cost

end Looking confident to positioned deploying financing portfolio are We ability about continue to raised senior equipment and venture of grow companies. well to and Trinity building and and subordinated our to and year scale. equipment continue secured growth we of capital beyond, emerging the platforms remain a lending loans the and financings in the unique to

have We with accelerated fees prepayment and continue additional to even portfolio fees. the enjoying able pay-offs, while been growing from income unexpected the payment final

the with are to As exemptive will larger the public advisor. approved, our mentioned relief believe to call, fund we investment have synergistic registered a financial SEC filed we the we RIA BDC. on that form transactions provide an If to for application flexibility last

a to complete. As and XX to take reminder, we between months process expect X this

financial So recap, we're portfolio growth. performance, profile to we've that strengthened to our and at to enhanced performing team We've support levels. record further our accelerated

our our to encouraging our is among made at both to relationships, their thank Kyle record performance We overall it macro most Before that and believe asset is it more to Trinity venture the over share backdrop, have I their unique about possible. Trinity, team, their that landscape. valuable the want diligence, lenders experience I turn BDC

over on and capital to to a broad offering companies stage I'll detail across on and our market. continue the environment, call more grow and solutions President that, technology Kyle. We Investment further sector. With now the to progress thoughts turn a the have some the right to capitalize Officer strategy Brown, our for on team operating thriving Kyle right Chief

Kyle Brown

thanks, afternoon, everyone. Great, Steve good and

the the We year, toward progress and growing strategic first to initiatives. continued and to and notable continue strong seasoned which team. has market goals in in of We a on increasingly robust an our make growth accelerate QX, half momentum execution capitalizing environment tailwinds from upon from growth us VC allowed built

at Trinity people to current the as bench proven the company's in quarters optionality individuals our investment enabling and the role to will have as create company, important in strategically and success. expanding the professionals company's Our flywheel well increased for of an be teams backbone flow in the Investing deal that effect come. a played

well our add as to continue in Arizona, team to additions We major key Phoenix, markets. as in here originations to office back

primarily the business, technical professional, X%. once quarter which information one up up making services Turning now XX% equipment scientific portfolio, manufacturing composition to followed of making the of our up made finance portfolio and again over total consistent portfolio, is with investment remained our by our

Northeast. West the Our portfolios weighted geographic toward domestic opportunities in footprint remain both and

In Ryan team. of and a originations we We regions. South to us Valley and the Director end, Austin, is in To both of that we seasoned East and our Bank. as grow investments to in expect in the finance invest depth through Silicon breadth our footprint on in Mountain brought quarter, third terms professional Texas. key on originations Coast, Thompson Ryan this Managing continue our markets joins from

Boston. appointment In Phil addition, contacts Northeast Gager of Phil region. at we week, earlier Director throughout extensive Managing the with announced venture the is lender this an experienced as

and we of on companies. executives quality and emerging two and With our have markets established innovation boots Boston. networks, of high Austin expanded the Having sponsors to with in originations these additions, stage growth deep now my professionals key team ground XX

is XX% value, equipment quarter So for portfolio due approximately a to is $XXX increase into comprised early two deeper financing. focus position composition, us of originations million equipment mix going fair and portfolio from -- This our to represents fourth vertical million percentage financing drive us we in to repayments This opportunities of loans equipment expect at financing, slide companies. decrease portfolio and overall a sequential $XXX QX. debt record XX% invested equipment to of remains for in in lending both or commitments due growth the forward. provided secured Diving its to is or and primarily our in

quarter the $XX deployments commitment nine new million is deployments warrants. the companies across loans million subsequent companies balance our across of gross a partially were and reminder, of equipment We to quarter already $XX million QX in contractually We've and by quarter over during to the companies. XX of one comprised debt The million were becoming of continue their continued space. portfolio put unfunded Structurally million into which XXX,XXX the of company. With accelerate. as repayments, deployments a approximately to strong consecutive portfolio fund fourth into $XXX deployments accomplished was equipment has offset $XXX million its with operations. equity origination early was $XX.X portfolio record $XX portfolio gross This As since Gross commitments, growth only from in the gross portfolio periods net included companies. XX portfolio visibility in to existing quarter XX generally which Trinity finished committed portfolio million repayments. of XXXX. our BDC and fourth in

our additions support We of equipment expect to lending the opportunities. originations growing pipeline the team and new to financing

and QX first expand result year. direct for in of record our nine of fundings the Our the months grow activity pipeline commitments a our team's are to ability

for XX, Form filed acquisition one with its XX, business with with And SPAC impact two have addition On IPO. Backblaze Rigetti with an portfolio Supernova In has the environmental the our we GreenLight statement August Co. portfolio Biosciences S-X Motors more mentioned on business opportunities, a publicly the end, both & our listing to and announced of Acquisition Matterport Corp. on company too. announced last call July, SEC registered NASDAQ combination liquidity on quarter company for to with announced in merger Lucid on and registration companies IPO. Subsequent a combinations October Partners

approximately Birchbox to FemTec shares of resulted FemTec. and demonstrate these our the the of Trinity company and equity portfolio in acquired our assumption strength All common by financing Birchbox arrangements four this debt our transaction million in financings. to of announcements desired X.X verticals loan spanning both and portfolio, July, in have stock of Lastly, and the of overall was Health issuance

listing with they periodically on We will their updates provide plans. companies move these as forward eventual

Lucid previously, our the common shares and mentioned January. Matterport and expire we lockups As in on

capital we'll for We are maximize our and investors, and investments methodically equity these companies positions divest to prudently on stockholders. long-term returns not equity in the these our

and companies to opportunities. to and continues into and optimize We're the eventually capital liquidity pipeline market, and propensity technology As our why of seek to events growth Capital possible for deploy every exit our a step more stage built various exciting amidst specifically we've start even and fast market, and capital continued That's a we economic flow strength underwrite for momentum taken class to Venture expect cycles. world the long-term, structure, strength to an capital. see by assembling said, Venture pandemic, encouraged team XXXX. prolonged we That building Capital to for in scale the are the execute the Trinity across build of opportunity our and

Now Lund, with that, to I'll in David Financial detail. more turn our our the Chief to David. financial over call performance discuss Officer

David Lund

everyone you, Kyle. joining And on you, Thank for today's thank us call.

you've to optimize our Venture to continued diversifying portfolio long-term As our strategy, the we've heard execute to against grow Venture our Lending Capital building platform, active a sheet best-in-class balance in today, ability further our markets.

addition to profile. strong liquidity our our operating investment, bolster at balance results, grew and In our activity we record portfolio improved Once pace. our again, a and sheet

in companies. $XXX more million by deployments year During approximately funded $XX.X amortization. companies, our is and $XX.X we million deployed in commitments of which of public made QX, five companies. ahead in of in well loans found first repayments across were equity was portfolio million million million entered to year-to-date This We normal million repayments which from and seven was loans commitments We doubles $XX.X as in of investments company. $XXX Gross partially XX to our from $XXX.X equipment a principal than early companies. into a XX $XXX new principal offset portfolio million we debt plan $X.X $XX.X secured portfolio million million,

portfolio and million equipment In unsecured investments. them our equity continue early $XX.X remain from active was our repayments our received returns industry addition, to equity and reflecting repayments. to capital back from debt markets. capital generating our financings, proceeds in continue of $XX.X Of companies of and portfolio was year paying we encouraged Levels high, finding both loans. in in to so investments. early our and on allowing sales $XXX,XXX principal many wide new while are and million warrant remain that funding, grow sources an of We of the

XX.X% since a to by and at fair at as and cost portfolio me, $XX or As a million the approximately activity of equipment related floating our a -- in $XXX role portfolio gain, from $XX.X to to portfolio million appreciation million million excuse investments. portfolio unrealized of finance equipment adjustments investment QX. just On is and $XXX continue end higher equity up increase appreciation our one and from to portfolio result and $XX in approximately million and securities, $X.X appreciation a of appreciation. and $X.X of loan million. unrealized was securities. warrant attributed rate accretion net and net of a of increase and our plus of company of attributed floating gains loan grew million appreciation with end net of of of million to offset million driven was million realized reversal million mark-to-market of net unrealized flip the in [technical million the portfolio The QX our mentioned $XXX portfolio The unrealized portfolio OID XX% to $XX.X Approximately in rate compared realize investments. unrealized to our to million unrealized attributed $XX.X connection loan of $X.X $X.X base, other equity of million depreciation unrealized losses, deployment I the difficulty] million activity $XXX our million warrant by to $XX.X value This $X sale of unrealized the of was in concentration by XX% and reposition $X.X at our primarily appreciation as a in finance have in appreciation of to we net loan our

represents million $X.X QX during the recorded XXXX. year-over-year XX.X% income On income. or a $XX.X income total Now, interest fee let's in the million $XX.X income investment and a quarter, we basis, recorded and $XX.X million recorded of QX the in a into in operating $XX.X over increase of results. approximately million the total of of XX% dig second increase investment of GAAP comprised million million deeper $X.X over This

$XX.X the board. year-to-date our the at across I outstanding in from was quarters investments the the from million income portfolio increase million This our XXXX. increased investment $XX.X Looking yield the total period, in repayments, of XX% growth three increase by to to related of worked to earlier debt primarily first derived and income record

XX.X%, effective which Our line portfolio the yield on the was in for was quarter. QX prior with

$X.X We as amortization of costs For the compared million compared year period, as total a various total yields million expense year-to-date XX.X% of our XX.X% effective prior incurred to to interest financing period. on were in facilities in $X.X and of the debt deferred QX.

quarter took have in X.XXX% contributor As offering strengthen interest an the sheet, increase primary expense for the we quarter. million mentioned, and due the $XXX we These definitive were steps in our in notes of third to notes to the closing balance XXXX.

the drive and allowed and to have cost growth ongoing a us our shareholders Our us to company debt of success lower overall will help incremental as returns ahead. in our quarters

quarter. weighted notes due outstanding The average cost including of interest previous the the from debt lower of average decrease primarily and For in QX, was in to fee our our decrease average issuance was was of debt cost facility. and XXXX a a balance under amortization which credit X.X% X.X%, weighted the

as approximately Phoenix during fees higher Our million SG&A $X increase XX.X% to expense, $XXX,XXX were higher compensation expenses expense new was QX. to compared primarily headquarters. approximately $X.X million slightly consulting driven our higher during The variable related by approximately and or of QX

the Directors to of stock We related approved approximately to per ongoing $XXX,XXX issuance to A under issued, these approximately Directors incurred quarterly quarter. of during estimate awards Board our were be of $XXX,XXX expense quarter, the plan. and XXX,XXX employees total approximately we awards QX. the and words shares to During of non-employee restricted the expense

the investment $XX.X income was $X.XX for or of in this share quarter quarter third basic on of operating result a $X.XX share per million million an increase activity, the basic or basis. a $XX.X on and to a basis, preceding X.X% compared net per As as

earlier, net noted I As $XX.X appreciation of investment recorded portfolio. our in we million unrealized

share $XXX,XXX with the share, share of NAV on repayments loss of realized $X.XX realized portfolio to million quarter-over-quarter $X.X assets connection or of per and net recognize result share. per by $X.XX of early of per X.X% offset approximately Assets compared $XXX transaction we’ve one $XX.XX quarter QX net two the was share. million loans increased sale of third The the increase the investment warrant $XXX,XXX as company. per of from $XXX.X -- to in declared equipment $XX.XX exceeded related primarily unrealized appreciation, NAV billion net $X.XX million During by as NAV per to of income the Net that gains of by $X.X well dividend our primarily gains in or

our perform a We and the X.X% two million to with portfolio investment companies a carrying investment value with of continues the of portfolio value million Our just of $XX have strong on representing $X.X portfolio. performing. currently of non-accrual of XX% fair approximately portfolio fair cost debt

Our based average with risk the performance. five with in rating rating to X.X prior indicating steady was strong scale, quarter X.X quarter. This risk rating for was one on five very the our

Moving to approximately and liquidity, credit XXXX September our facility, existing million cash and a under $XX is conditions. XX, available equivalents liquidity million, in and borrowing capacity at subject $XXX of terms including million cash approximately to $XXX

XXX%. XX% from quarter, third Our a long-term additional driven as during we prior between to our borrowing the target leverage increase ranging leverage the in XXX% XX% and by quarter

plus under characteristics rates to loans variable the the banks in the add facility LIBOR the to Rates X.XX% we with portfolio. the In advance lending this KeyBank. with the million leading we facility million accordion close $XXX can addition, $XX is as with a we and facility announced a KeyBank to week, facility of on $XXX syndicate. as depending credit commitment million range X.XX% from

our It XX generated of to earnings a fourth line September Board on approval. declared third for cash the was our GAAP XXXX. Finally, October paid with the per of a declaring subjected for of quarter quarter. Directors for and which quarter the And XXXX of coverage open dividend We $X.XX regarding share December for Directors our XXX% that, NII XXXX, by anticipate dividend the now of dividend our Board of XX, questions. on during Operator. I'll

Operator

Instructions] And go [Operator Please take ahead. will from we with Lynch question Ryan our first KBW.

Ryan Lynch

first Ecosystem in the the that guys and obviously, you have scenario? how wanted broadly quarter we've system, this if commentary just a Good seeing the guys how that driven could was your give this nice strong by what it make you quarter. made Venture I record on the Capital in talk to growing investments know to of And I much there the in can versus Venture Capital overall you guys. up getting overall in afternoon was that the activity are is of quarter, originations been wanted still like quarters on is some congrats kind record slowdown quarter put a continue confident you and at platform. if to strong I'm about you,

Steve Brown

Thanks, Ryan. This is Steve.

investment you're growth is making that think I the in we're result seeing the a mainly that that team. of the

that had folks we've sort quarter-over-quarter, recent added we've the two of announcements. seen You've

that there's for platform, that team and now. hasn't we think this Trinity underwriting build-out had is, And team, made no for result But I question is right at our building mainly changed. our you're believe are what because a that, and seeing that, the grow origination it. You the of planned growth everybody in a know commitment market experiencing to have we there's the is I tailwinds

I attribute it the in to would get the we probably along, move it tighter, In growth team. continues fact, so to as

Ryan Lynch

fair Okay, enough.

is with us The earnings go quarter-to-quarter on a from a quarter. accelerated standpoint, on I this substantially above what us depending your had update on Board's an income. dividend continue some dividend sort the obviously, basis significantly policy Obviously, you there's variability that give can other remind one was, up fee of to the and

So, -- philosophy remind of us what the to payout can on is you dividend what sort relative earnings? your are just sort Board's operating

Steve Brown

plan We've In start want we our look is or think we we capital first, relative -- that. way continued the can we're and Board we've our I time that dividend. that. that to Yes, sort level look we continue would And to when do so dividend. gain to from income. to setting David, and we continue to do the When that dividend, of base about we're that want the you in grow to we any let what at we that think start, we And at dividend, been earnings, income to at set let we me fee the say set me grow to and jump not notwithstanding, can whether we saying thinking about as the here. income think then about grow it. And

or David, generally the speaking, continue grown we've grown versus any So we're that recurring dividend from that our income, that quarter, or… our interest set dividend, plan about thinking we've on the one-time and we each income thoughts to fees. base

David Lund

to No, distributed dividends that's sure to the terms special payout our as to through of looking the year year, for dividend platform needed of the make on We're I that the to to earnings we end think stable the a of right. with our and at XX% get of potential year. or the course

Ryan Lynch

it's how stock guys are about affect then if be going impact it continue one-time hop know NAV? or from one related NAV this the of kind going was bridge, guys you -- pay and or last recording I'm queue. stock issued? I’ll just guys -- pull to restricted a effective in can but restricted -- like, shares, I XXX,XXX expense expect is in to Okay, to forward to and quarters an quarters sort guys the a ‘XX, FY of going assuming to back you an the color of decline you we had can basis, are standpoint, happen negative In that's a any from provide of I could annual you on provide is was I'm just restricted stock? from forward this But you this XXX,XXX to the $X.XX the of if future obviously, one wondering

David Lund

Dave. is This

years as annualized approval. all an well, issuing committee and approval the to subject and with future compensation be our will basis probably awards in restricted that Board We Board, on stock

So, But you we have put planned as in at point the forward see stock will this to that don't expenses related awards. Board. number specific years in well the front of a we

Ryan Lynch

All guys. quarter, Okay. this time the right. appreciate nice afternoon I and

Steve Brown

appreciate Thanks, Ryan it.

Operator

Casey take we'll Alexander with Compass go next Point. our And question Please from ahead.

Your line open. is

Casey Alexander

because I what double you had quarter. check it seems of from does doesn't $XX said worth -- during the equipment you payments scheduled that loans being out the an in mean that finance pull afternoon. that I to I good all the to unusual like that heard equipment that million your finance occurrence forward income quarter end of that Is loans in of want one-time And the bulge loan? Yes, mean, those a prepared? there's prepaid the

Steve Brown

is do added equating the we And can to that we that's number get don't so cash the gains. we this all cents, $X.X is unexpected. we yes, right and was Difficulty] yes. maybe it pull of And because much and the happened any could a great financings get realized Yes. it's The prepay. million so… two how now, were We equipment lose we have income and it It in that it, will great thereabouts unexpected payments $X.X then had is see, Okay, to that redeploy forward that occurs But or all yes. answer They income. you [Technical to We $X.XX and relative million. occurrence. Steve. when

Casey Alexander

well. as customers It's worth those noting

Steve Brown

Kyle. the is that important point So,

Kyle Brown

as and the [Technical well as future. Difficulty] in deployments grow expect to future they them customers

Steve Brown

right. Yes,

Casey Alexander

Yes.

in I in that those to as have was that realized I came would come part thought gains because I was as missed have actually income. they would Now, that the

Steve Brown

For income. opposed above below as long-term gains line the GAAP of line acceleration as purposes, in the investment capital treated accounting to some the gets the

Casey Alexander

And was deminimis some give color in there you're us some about Okay, situation? into was last Can bucket terms doing there that your migration on clarification. you thank you particular credit on for secondly, amount there lowest quarter. what that million $X.X a

Steve Brown

for I’ll let that Casey. Gerry, take one you,

Gerry Harder

Casey. Thanks, Sure.

at have the we So, two did yes, QX, companies two -- we companies QX. we so non-accrual, at had on

it's a is them not very performing of note. that unsecured company, financing way, the One income an small, but a recognizing is because unsecured along the we're

promotion The second we non-accrual. had so a actually of

our that are performing. portfolio we rehabilitating companies One it's now of and loan,

that. with pleased we're So,

into business our home get team watchlist or is chain with supply management particular did Another company continue a specifically to impacted and for slip find that and actively business to profitability. issues them and more by to for that that semiconductors. allows a in non-accrual to back working QX plan In operate

And think so they're going we through. and it, get they're to weathering

Casey Alexander

Okay, thank you. That's you. all Thank my questions.

Steve Brown

Thanks, Casey.

Operator

our take Please Nolan go Ladenburg We'll from question with next Christopher Thalmann. ahead.

Christopher Nolan

Hey, guys.

asset-based debt loan to? On facility, to the compared loans, loans venture to normal new how the asset-based rate advance for treated the go credit are

Steve Brown

Okay.

Christopher Nolan

Hello.

David Lund

is Yes, Dave. Chris this

XX% on So they're -- to the loans. both XX% higher with are up assets up rate on loans equipment our a we actually into pools secured loans can facility, based the to loans, go our secured and to advance equipment getting as opposed a borrowing

Christopher Nolan

disruptions issue you that to exposure chain they'd that I the asset-based more disruption, have susceptible and lend on such you I supply the affect an companies be how's And to? Great. to given of companies? then loans, chain service would think guess, that supply

Steve Brown

that? you in would general [indiscernible] say to

David Lund

very across look different diverse I the we're portfolio, Yes, sectors. industry at if mean, you

financings our we've So within we've and wireless semiconductor, got sustainable packaging. got even manufacturing, equipment and internet

very is diverse across industries. So, really our portfolio

And particular don't so we we've exposure. feel any got

Some portfolio get I toward those But, of think it. more companies issues than we as the see are in a some of getting to year. starting through this little bit a ease we're challenged we're end bit general others. And

we're about the of portfolio for we've portfolio accounted think risks companies. our performance and properly got we the So, optimistic

Christopher Nolan

for Great. Thanks color.

Operator

next And we'll Instructions] Please go go Riley with Sarkis [Operator Securities. Sherbetchyan B. to ahead.

Sarkis Sherbetchyan

Hi, good afternoon and thank you for question. taking quarter. Strong my

visibility already. fourth in mentioned Kyle quarter think good I pretty

of fourth seems get to the here a in if activity elevated you the to net for origination want sense backdrop Just of that's like strong in going just -- light expect continue? quarter kind prepayments

Kyle Brown

on prepayment don't know very it's happen Yes, predict that so and the side don't can to what's I do of to do world, the difficult going we to again, want that.

each We continues. and about quarter that's of which we've top of we've about at like. look funnel indicator record levels been said, our of opportunities, growth, the that And have talking originations been best what quarter-over-quarter are the will talking as

far, the a been we've the portfolio and meaningfully pay-offs so that to have on to of we able expect outpace basis. to continue. And quarter-over-quarter that levels occurred And add

Sarkis Sherbetchyan

of kind to looking Any today? help at you're Understood. or dollar comments around the figure pipeline

Steve Brown

[indiscernible].

Kyle Brown

Well, out we exactly pipeline give are. don't the on numbers numbers I that specific know what

But, can those believe close also that and this I well just they to and record but deployment, in results can tell would been that remarks. a had will mentioned we commitments lead hopefully and you, Although had we do the quarter to we transactions, And we record so I execute. growing. have if great perform are continue prepared continue which we to

Steve Brown

planned reminder a prepared those And we Kyle those commitments equipment what's over to mean, And side going just these the mentioned good of was $XXX and there to happen million to had of time, know close equipment happen, the of and to that commitments world. of they're million remarks half so is visibility I in of over $XX fundings with Yes, in funding. sort out. we some that actual the

So…

Sarkis Sherbetchyan

stable, loan sit maybe pricing widening real provide trends last one on I just me, for you're spreads tightening to investments if of we for one guess, here, looking just the some wondering as underwrite? And helpful. if That's kind time can and are color or you

Steve Brown

lot a we've -- seen The of competition.

and amount have of [indiscernible] to-date sheets, issuing term notably, our accepted we're the seen declines. to the not We downward term sheets trend seen pricing not we've

side add we to above -- value just of having pricing. we've not So which But and on beyond we for sure had that seems is and the to working unique we're on our But business. it's something holding make the relationship be focus that pricing, something pressure competitive. we us. and We're

Sarkis Sherbetchyan

me. for all That's Thanks. Great.

Steve Brown

Great. Thank you.

Operator

no additional Brown Chief for questions closing to call further I Steve at and Chairman back this are turn Executive there the will Since remarks. time. Officer over any or

Steve Brown

say hard accomplished work Thanks to I so want just you to much. just We're investors, we us. behalf on of to to to going much returns drive And support. what about all your support, excited this so continued are continue for year. the thank for we've your

we'll forward with again talking So you. your And next look we support. Thank to appreciate quarter. you

Operator

you conclude does Thank Thank for today's participation. program. you. And your this

time. any at disconnect may You

Trinity Capital (TRIN) 7 Nov 212021 Q3 Earnings call transcript