TRIN - Earnings call transcript Q4 2021

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Operator

Good afternoon, my name is Leo, and I will be your conference operator today. At this time, I would like to welcome everyone to the Trinity Capital's Fourth Quarter and Full Year 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; Michael Testa; Chief Accounting Officer and Ron Kundich, Senior Managing Director are also present. Today's call is being recorded and will be available for replay beginning at 8 P.M. Eastern Time. webcast on the Relations Capital’s of website. replay is Trinity available Investor A my the to Sarah is pleasure It now turn Stanton. call to over Please go ahead.

Sarah Stanton

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

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

Steve Brown

that have And events. to you, just been mention are moment Sarah. our Eastern this Europe with as those events a the take by want us have to I unfolded. people call And top and these have the joining tragic we been in who of Thank at everyone today. watching you thank thoughts affected

monitor our portfolio companies we're continue aware situation. we affected events, of to not While the that currently the by are any of

commitments. to we turning past continues VC year, benefit The upon a a portfolio already from environment Trinity deal volume successfully very In been have year. performance, execute transformational IPO Trinity this metrics. strategy, in strong we new Since operating has operating for early a growth as we to opportunities. generated large against on favourable year doing the Capital. financial and fourth of the flow Now market are credit seeing what and our delivering quarter, net business exceptional we the Capital The record growth we which funding said our past with our portfolio driven built was active, record public has exciting strong we year record Trinity's XXXX in and originations do ecosystem Trinity growth the continue activity. to Venture markets. entering strong and key performance and fundraising was exceptional since would fueled for this as

portfolio potential in for to down conservative strategy process, and ensures capital underwriting will in that the any continuing Trinity model the that built weather economic while are we any and ensure XXXX rigorous taken book have have business structure Our our at in our we cycle. cycle, we steps our to right optimize companies

us companies venture lending portfolio our meets and We evolving that needs continue finance and to prospective partners. build an apart sets equipment the industry platform leading unique and of

technology combined our expertise VC and with Our and equipment solidifies operational our extensive leading in industry, position. network finance market both the

results, the I just wanted highlights. the and a on While will quarter detail of share few team go the into performance end key greater to year

above $X.XX per our dividend the operating as to prior our declare of Our and X.X% grow line our a quarter strong allowing QX, an in platform. the portfolio of performance we in increasing growing contributed dividend goal us increase with to of share,

four our straight delivered with increased year. million doubling funded dividend record just a now nearly have XXXX quarters. under We for commitments year We $XXX our the deployments for and in deployments, both

our net We QX portfolio share. million. also $X.XX coming our of $XXX million pay-offs QX investment grew each the dividend quarter portfolio net per per highest share, was $XX.X exceeding net declared with income over at $X.XX by gain in or

Our strong debt with XX.X% our performing. credit cost in of the at portfolio remained quality investments

$XX in and end, growth in to company our December that the strengthen continued growth several capabilities was an funding bank X.XX% To our due moves for major initiating manage are of these also capital while credit goal QX, down ATM Our our capacity Collectively, growth. made we program. facility adding or currently million that key and our to drive notes increasing sheet we XXXX, the positioning in issuing to increase for XXXX. fuel while XXXX balance will experiencing, moves including our our cost

stage our will the to continue a we earnings RIA advisor. create believe new of directors investment our have we we'll synergistic with stated as we registered Both financial strategic to application the be internally the Trinity progress, QX we perspective, million bring equity for number and XXXX. Matterport, alignment booked and the Additionally, the XXXX we on relevant in We value combined financially with our RIA additive execute realized net set million With our our not SEC produced Lucid two long-term income in be we month, for where in announced X. Trinity filed board in of this managed historic investments guiding share ability the for working shareholders. application. are bolster venture and December unrealized we plan. and as Last relief an our net over public we transactions If on SEC results in Group with gains. investment appointment These strong for with $XX sales members of immediate Trinity strategy. to a excited and sale scale highly put investment To lending previously, financial our $XX exemptive and capital a provide our timeline have flexibility a our historic These will start announced BDC. experience are in this and XXXX, did to form for gain to our opportunities equally off effective structure an to record XXXX regards the gains. is have approved, set to able to in capacity,

later our our board we As to month. for And in plan an front February, we offer evaluating dividend distribution that XXXX. is update this on plan said

we what our business, our to would has and it for and a unique a hand have culture-focused will established in public Trinity growth on the people I I fuel company. our market, organization. the have our a Kyle, model been ourselves as continued year as call finally, class Before most And and pride generated over a great being momentum our companies. team asset Trinity's to importantly, portfolio leader like reiterate we business

a Trinity that scale destination in continue result, talent platform. we As now top clear the we best the will the and is is it industry to space for people the as a in have

industry. President year the Chief and our that, further solutions strategic for are deliberate detail We execute disciplined and our over With turn offering our Investment to more to some progress maintain I'll Officer companies will capital the across a on to objectives thoughts Kyle? to and and for now Brown, this we our on market. call stage approach grow excited Kyle

Kyle Brown

enhancements our come. to expansion, of and want sheet shareholders and subsequent laid, we've maximizing highlights, Steve to growth, quarters as of everyone. Thanks operations was in terms the through fortifying quarterly an include afternoon and I strategic team year to exceptional good as of to deployment, years foundational establishing well quarters raises XXXX terms and in our into and meaningful returns portfolio growth XXXX dig some the through our several through balance consistency dividend. path consecutive cat capital which

we people Trinity team continues Our has impressive fostering in standing critical and make and have our relationships continued attributable a the as here regions, credible our is performance which in VC critical and in subsequently commitment a driver the Boston Area the in grow, the our has Bay boots coverage be long Trinity on our to opportunities and team to been new in leading been future as indicator space these across is deepening to now -- priority hires, fundings. relationships result, business. at team expanding a our to Investing ground their a for our country. maintaining Austin, and for largely

million total year-over-year. gross outstanding $XXX were we in investments by a of XXXX, commitments In new in increase an Our $XXX.X in of with originating commitments QX new $XXX XXXX, a highlighted million, XXX% funded record alone. for million results

scientific, $XXX.X one demonstrated increase and information, We fair our or compared of expanding portfolio and up on secured a million a equity and XXXX. remains net quarter, several the $XXX.X investment of of in services liquidation our in our made fundings, with a Balance of QX Professional, an approximately existing offset deployments Structurally, new principal from making and up million QX, XX year value at gross company a Equipment $XXX million portfolio $XXX.X XX.X% portfolio. equity XX.X% by potential were portfolio gross followed equipment up consistent approximately XX in year was our lever included cost $XXX cost for $XX.X basis into of to repayments comprised of portfolio in with sequential XX.X% loans XX deployments increase of deployments XX.X% value, early and the us portfolio to into portfolio making opportunities approximately our $XXX.X deeper was finished portfolio, warrant billion, XX.X%, gross The by million $XXX basis technical during manufacturing were repayments, quarter total of $X.X to which fair Diving basis. backlog by million normal to the is the of million million deployments our in proceeds the $XXX.X an At from $XXX.X companies. in over million amortization. in warrants. cost up with quarter funding XX.X%. and our positions. composition, During is million provides $XXX.X is gross visibility million companies. Gross million composition comprised remained throughout growth us, financing. $XX.X $XX.X invested partially of $XX.X our additional million received on portfolio companies once on XXXX portfolio from originated again, and a growth million XXXX. leading portfolio, across of We This across or and debt in financing end, relatively a had year-over-year. million of

announced quarter, de-SPAC plan merger to companies common completed symbol portfolio one its this X, public a and some offering portfolio On on QX the subsequent the begin Although continue dominate the took BLZE. in on IPO quarter exit International traditional of February our December trend, plan advantage end, under Holding business to to announced of and the listings VC market subsequent and with a Inc. CCM Environmental began four companies agreements Nasdaq trading Corp. end XX, combinations the public via Inc. On and combination On symbol definitive and stock go with stock completed Corp. to On with announced the Ventoux VIII. of Holding November the into trading Inc, November GreenLight XX, XX, Blackbaze, GRNA. its a Gores of Inc., business Footprint it's under SPAC. the initial Acquisition entered Presto completion stock Biosciences, Acquisition Nasdaq Impact

proceeds its Partners to the Rigetti Supernova on X, the began of stock RGTI. Company de-SPAC approximately exited sales completion the of of cost Matterport. the Finally, were end & the Nasdaq and Lucid on we approximately March from merger $X with under combined million. represented These symbol in quarter, announced Acquisition Co. at investment February, II, The subsequent positions and trading a net the our aggregate a In $XX.X. positions

thrilled result. We this are with

remain our for in for $XXX partner success. As overall companies over returns first our potential competitive represent a closed. committed to making the our XX,XXX portfolio. the vibrant strategy record for great enhance with, our our investments topping the the long Trinity XXXX and in to what most portfolio was find the to VC perfect and capital will upside breaking source warm future This that for industry, what fuel of term do we that fundraising year invest industry creating and and the will through Matterport we will long catalyst is our I that bring. VC quality shareholders. ability XXXX time deals term our I the billion possible Well, doing predict environment, value the with are our for fast ability and we paced feel companies for showing shareholders. ever for points maximize best great also Lucid and us team importantly can't the know to do

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

David Lund

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

had on As opportunity busy to we sheet did Steven quarter only and strong Not XXXX. our enhance fundings, loan team, very to you of will loan to opportunity for our with of year. as for XXXX, platform of the lending commitments our XX% quarter earlier, the XXXX. also Kyle results I through financials highlighting secured strengthen as touch venture emphasized approximately successful a provided key in after Trinity. our balance enter is overview portfolio in we've at terms as resilient operating securities a we and to an rate results our of and quarter portfolio XX% the walk I break certain composition, at this take floating as end fourth but year briefly and taken build well records wanted we the Kyle but compared

Over floating the on interest prepared rise securities, focus rates XXXX, rate us XXXX. loan expected we portfolio strategically repositioned in in of the our to course secured for leaving

as As generally reminder, equipment our structured a financings are rate fixed loans.

our operating to Turning results.

early compared loans of one higher as offset of portfolio, we a repayments time the the $XX.X million amount or were $X.X income X.X% of the attributable million million of $X.X of The recorded loan by a QX, on $X.X lower fluctuate early based to of million, repaid. larger quarter. increase increase repayments Income income recorded investment as the third million million quarter-to-quarter on lower approximately vintage fees was an and million over income payoffs $XX.X of principal interest QX. income the investment accelerated $XX $X to higher of total during During and from total will

driven effective accelerated Our decrease a from portfolio the lower primarily yield which was QX payoffs. early QX, from income for on was XX.X%, the by

core While Comparing slightly with XX.X% $XX to increased income and XXXX. repayments accelerated income million in to $XX.X XXXX yields, investment million fees in increased includes which total excludes -- earlier from with XXXX, by XXXX XX.X%.

XXXX financing a and helped of interest, of drive attributed the QX. compared maintained various to in high amortization of facilities expense from Our yield total to and We XXXX our debt record December our a million borrowings our originations increase, across effective significant on $X.X year notes, as $X.X while portfolio. the expense higher The increase notes, August under we our the incurred was consistently higher of facilities. credit deferred costs million

in weighted For previous was notes. and decrease point X.X%, the amortization under December QX, our from was XXXX which X.X% lower of debt, our average cost interest XX X.XXX% was and debt basis driven fee including cost the The primarily decrease notes, a XXXX our by quarter. August of X.X%

or during excise stock million $X.X $X.X and full approximately restricted increase million, by grants, quarter as was tax of to The XX.X% were $X.X QX. expenses approximately SG&A during of QX driven million related an a expense. expenses to compared Our approximately primarily

of a as basic operating quarter income this the for share the compared for or $X.XX quarter. result $XX.X or was fourth million, $XX.X investment net As $X.XX basic to million, in share, preceding activity,

This For or compares of in of per basis. share per We NII diluted $XX the million $X.XX basis. recorded investment NII both NII basic share, was full $X.XX basic diluted income per and on share for we a year million, recorded XXXX, or $XX.X in portfolio. $X.X XXXX warrant $X.XX a split on net equity net our representing our of of attributed of to net unrealized We appreciation warrant million $X.X $X.X realized million and our our in gains QX equity from recognize million from $X.X between and portfolio million debt million $XX.X portfolio and appreciation million unrealized portfolio. in of $XX.X

an which Lucid investments by to will and We color sale in by our in in call. as investments a Net continue earlier provide Matterport, Kyle $XXX.X prudently to QX this demonstrated million net realized in million, that result investment was declared from of XX.X% dividend assets by of unrealized share in exceeded share. share, $XXX from NAV net realize $XX.XX approximately the million per quarter-over-quarter net or $XX.XX increase $X.XX or NAV to of assets of equity share. the of per per XXXX The appreciation, as well $XX.X income per an of $X.X compared our on as NAV gains increase gains our primarily the

XXXX. to per the at Our end $XX.XX QX of share XXXX favorably very also reported NAV compares per share,

Steve of with portfolio. As with cost and a fair investment performance companies of of fair portfolio non-accrual two portfolio million $X.X the a value the debt fourth representing portfolio the our performing at point the currently our over million, strong on $XX.X of value continued We investment of mentioned, cost. have just X.X% XX.X% of carrying in quarter,

of Terms approximately approximately in Moving unrestricted under of borrowing a December including liquidity, available and approximately facilities Conditions. to existing to capacity XXst cash liquidity credit our equivalents subject was XXXX $XXX million as $XXX million, and $XX and cash million

with Suisse XXXX, as credit the credit our under under key facility, as pledged, that credit collateral facility. and Regarding the Key available facilities, Credit under on January investments Bank increasing facility borrowing will the bank capacity, facility be effectively Xth certain collateral matures credit pledged

approximately the as for XXX%. XXX% leverage additional our prior at during ratio a by were from increased target XX% And XXX% quarter, and driven between the borrowings leverage reminder, Our fourth ranging to long-term we quarter.

XXXX. on generated approval dividend XXXX later coverage first NII cash anticipate We of XXXX. this directors. dividend by for for the quarter. our XXth month, the of our $X.XX board we XXXX, of on quarter XXth regarding earnings a declaring our for fourth to subject the by GAAP quarter XXX.X% a And share declared That paid of January December of Finally, per we was dividend

this Trinity markets, As most our for an year Active we our thoughtful and a the highlighted call, lending exciting scaling venture Capital. was XXXX history. combined contributed throughout year successful strategic in capacity, to have with capital of

We questions, balance a Operator? high to our have sheet will resilient, XXXX. for focus built call open and I that, With a strong yielding having we as portfolio turn the

Operator

We'll take our Instructions] Ryan [Operator from of first Lynch question KBW.

Your line is open.

Ryan Lynch

really my quarter. and on congrats the importantly, Congrats afternoon, thanks nice for good XXXX. more the on Hey, And taking questions. nice

look fair that a that like and get I to on math at as sure fair to question two Matter correctly X,XXX, that investments the understanding and of If combined $XX the the first million make Matterport I The those dig into I wanted I'm, of Exits value of Lucid. value.

about $XX talked around price guys and You one your of exit to million.

So expect does that given mean decrease off first million investments a kind of a the we basically should Exits $XX sell the of that, fair the those value, some of in quarter? in upon

Steve Brown

this And that we subsequently I'll at just how Steve. Ryan, of comment happened. of on, is the sort is That end quarter correct. Gerry have and value the Yeah. then what maybe

Gerry Harder

is correct, securities million Yeah. traded accounting lack Sure. Ryan. guidelines No, there. of small a course, but And with marked of marketability, standard valuation following the perspective, $XX.X publicly a so for from discount

thinking it to is difference. So million be it's about right, the $XX.X going you're

Ryan Lynch

Okay.

correctly, prepayments not thought talk I the too be we've levels have that I make that BDCs about transacting to accounting very the quarter past or levels have little successful from of thing Just quality sure pre-payments if this, that in market pretty everything concern there just can that to exit. is – pre-payments active in thing, seeing the obviously, more a wanted would this is when an really heard And the quarter. in active big was quarter. freely. on strong very I for such is you're would like of seen portfolio, wanted we is one just, when so other investments The other the upon touch

something you that would of to active were in the by the say level prepayments low concerned people what if a quarter? market in pretty So like fourth

Steve Brown

a I think of that, fair had prepayments. Yeah, vary to going prepayments are Ryan, the We quarter-to-quarter. actually amount

to our we originations in portfolio. that to recall, you'll and able net As the add QX, outpace with were

as on and to it many I meaningful and think QX, in originations basis. large also portfolio a worked didn't amounts just net had, the obviously, have out we that added we

credit concerns anything is with quality that the quarter no of So one negative and now think don't the portfolio right quality the and of at that, indicative event all.

Gerry Harder

this and would talked, prepared mentioned planning are public Ryan, in of also via Kyle I a that with that, their is remarks, we handful agree Gerry. companies exit offerings. small Yeah, his

to So those process. things as and take de-SPAC through approval know get SEC the some time, you

have and anything we they read come I credit pre-payments, visibility go, So from negative a wouldn't standpoint. into quality limited it

Ryan Lynch

hear, on to fundings right just if I'd hear, $XXX about love bit market me, lot little Okay. commitments are in of about And an what I'd million in million are gross and interest of then gross net $XXX to talk a a terms the made Trini in then the you back investments of geopolitical large – of fundings the Can single $XXX in to quarter? layer queue. outlook is guys in thinking love seeing the of question. of first that growth just for now one you've inflation, over quarter, or really And fourth in hop quarter? rates, to the of of that deployment of $XX the capital million numbers, million fund kind one be obviously a just last those you infrastructure terms things kind just could of in the on, stuff. two-part able you in of a provide there's I'll

Steve Brown

Kyle, you Yes, growth? on the want do touch to

Kyle Brown

to we Ryan. team So, this built scale,

And continue to so we plan. hire the ahead of of kind

it. our to do how systems built is having system talked ourselves and for teams where can We've peers, and that. doing cradle continue differentiate of lot – really the approach, our also we kind file scale. but from of opportunities about We've grave not a through We we

and to us. not The not tide in activity with bit to a a this has surprise but this a hired venture we've us. surprise general, is risen advance, So is in

type plan, in We and are handle that on are the to executing people volume. the the of best the system world built hiring was

Ryan Lynch

And for the then outlook any QX? on comments

Kyle Brown

we had into that commitments heading record continue. remarks to trends record QX. -- million $XXX.X These and I are had with typically. So that QX opportunities lead mentioned that fundings in we of in And to the also expect and we

Ryan Lynch

Okay. Appreciate this afternoon and nice quarter.

Steve Brown

Ryan. Thanks. Thanks,

Operator

O'Shea We'll Fargo. of take Wells question Finian next from our

Finian O'Shea

guys, put cryptocurrency especially quarter. mining this seems line. It on like could $XX on that Jordan ask put million some to. you to you a money Hi, about good Looks afternoon, you as companies. like be about a want could new question some vertical much credits into it last I the to where almost as wanted guys

sizing to you So we're about just curious rest relative really the guys those divisions think how about of portfolio? Thanks.

Steve Brown

Yeah, a is might touch been funded about Steve. good touch more want that long on current portfolio and but that's you a This do Gerry, question. to that. And We've for we equipment about thinking that on lot how to talking relative just what of about we base, time. think you the sort

Gerry Harder

to. Happy Sure.

portfolio Steve equipment on are yeah, an balance financings, as equipment importantly, they is equipment So sheets. straight their credit we out leaders And companies know. with that that And gate, you are acceptable amortize boarded, feel very have relationships these excellent as and with very the their mentioned, risk, financing. strong most space, providers which equipment strong we've in the they particularly our of

So in that space, yeah, you could deploy want as about probably money as being mentioned, much as you very it selective. we're you

Finian O'Shea

Thank for guys. you, me. That's right, All cool. all

Steve Brown

Thanks, Fin.

Operator

Compass Point. Casey We’ll Alexander of to move next

Casey Alexander

other equipment higher money bit not from actually for business you But be equipment know you're heard there. a chain timely I have and basis. the percentage the given because number, have the putting restrictions wondering, we've successful actual them financing problem for and getting like was the total quarter seen Hi. as delivered to you equipment end have folks deployments did that of on the Have some I work supply to itself you a the just some destination? a but to get cannot little that that of portfolio up out, the this are actually demand financing, in get to money equipment can't you'd

Steve Brown

issues. if of delayed funding companies that portfolio working chain our our portfolio manufacturing accordingly know, Don't space and challenges. we've we've financings through assessments. through facing really got supply seen in in to And some are chain supply equipment risk Casey, our reflected Certainly, our

answer a slowdown equipment really specific we to question. haven't So though, seen your funding of the of

Casey Alexander

My of bringing ahead should is, built next of the ahead question some is the the them we that comp expect so expect of expenses the production of for guys scale, being some to So you that in folks are coming move on? expect kind of the that team you're to we from to production David actual see would produce? those

David Lund

Yeah, a that's think I Casey. fair assessment,

We course to to order started already also you be hiring quarter this the be that. will of the as in into to do well, year, able over But we've will be be to But year. course can't technology to up so compensation systems monitor expect and going some of and the the during well. expense portfolio using on as you the of this

Casey Alexander

Analysts Day you'd give on detail the month. this later that Okay, great. imagine on us I expect at that more would I

Steve Brown

will. we Yes,

Casey Alexander

great. Thank this very and NAV move right, in my really for quarter. questions, nice taking you All much Congratulations.

Steve Brown

Thank you.

Operator

next take of Sarkis from question We'll B. Sherbetchyan Riley our Securities.

Sarkis Sherbetchyan

kind quarter. recurring going my also, subject you and this to, you for My strategy. for question in on dividend and dividend, of to focus with Hey, later the is you Like month. to kind the a kind XXXX And that's going strategy, XQ relate approval boosted special. any with are to of just changes the regular here, good taking thank afternoon, congrats dividend on know, of question

thinking Just given help in understand the recent the monetization how about us you're equity portfolio? especially that,

David Lund

Thanks Good that. questions, Sarkis. for

have. way our growing dividend normal scaling think the to to We're same we're So, our core business. going business. we our our dividend strategy, about strategy, We're continue

that. to and have earnings We intended to our our increase dividend. continue And plan we

decision do coming sort middle we'll extraordinary consider dividend level meet this as excited is we as market our and of sort you we or would and consider of we that. will let typically that our that about talk that board. about our we're with we've the As up that distribution had, of And an And the quarter, board, the know, which last on appropriate of timing soon of dividend will, strategy. same. know, be you month. consider game made normal to the the of we with And the be know, what here, both month middle talking we'll We'll

Sarkis Sherbetchyan

kind But And And back markets I as we you the look VC know, ball for step back private they're and we creeped clearly guess, Understood. at we'll lot as the step yet. as of speak saying the really hasn't helpful. at in I guess conversation the so have of suppose, back you a that kind in of That's of public in seen wait these on folks now your volatility update. you debt that side, with at talk current to and environment, the, here look there debt the opposed more are equity, lenders saying, ecosystem, are equity real venture as around senses valuations, the gee, as to know, you opposed or to time? the what's kind coming rather happening kind what become, seeing raising and thoughts I'd companies of as but venture I

Steve Brown

say though. in been I we pretty that. theme has mind. answer know, say So, it's that been I'd you the major not yes, consistent. would trends There would be, have With seen

to the And lending capital companies of funding. know, to in the companies growth typically, You that the stage, by necessarily you know, backed private are not we directly valuations correlated are we're private in values companies.

we've not So that -- we've yet. that really seen seen not

up come It's something driving will it market the Although, not from now. time-to-time. right of kind

Sarkis Sherbetchyan

back queue the someone I'll in for else. Thank hop Understood. you.

Steve Brown

Sarkis. Thanks,

Operator

to of next Christopher move Nolan We'll Ladenburg Thalmann. Instructions] [Operator

Christopher Nolan

your leverage quite congrats the capital now the your on somewhat earnings covering impressive. question leverage My Trinity, and congratulations appetite taking right on is those you're turns low. for the What's already it's guys, higher Hey, structure with dividend growth gains, given ratio quarter. on prospects? the for And

David Lund

We're one be at leverage. only at we of the year. on end Hey, this, our because about Dave, X.XX are the charging

we would shareholders our for leverage. we to because think better we obviously, advantage, to returns So, like use I get take as continue

So can that be investors will that anticipate strategy. our

Christopher Nolan

David, net And making leverage participate do you threshold this reach year?

David Lund

equity. the goals it will believe fund we going origination have have we wouldn't and to we're that. would We -- case, Clearly, an I through best hit to for great that

So that you wouldn’t we target. can that be approaching anticipate

Christopher Nolan

up go that to that along I strategy guess like is the going with dividend, part take should you're the going dividend is that leverage on And Great. to it, we if here? the then assume of the up

David Lund

if in a statement, XXX% quarter earnings. I target that do portfolio, would the clearly, the as And be anticipate did But marketplace. earnings and we distribute so the distributions XX% of and we continue would will future, up looking we as think. fourth grow to to go we -- to to our subject all yes, forward in we That that's would

Christopher Nolan

thanks. Great,

Steve Brown

Thanks, Chris.

Operator

conclude, have to for happy we our there call no at the to remarks. And this time. hosts to any be Instructions] further questions return concluding I'd [Operator

Steve Brown

year people thanks great And for is had. that And say, us give everybody most today. really and the a excited support. to are about for at I you joining to We're you update that this you. we'll again. we're And we about excited Trinity month about look excited very where the Trinity. we're just We would Thank Thank team It your we're later headed best-in-class. Thanks things forward about this building. come.

Operator

does This conclude program. today's

great day. lines, You everyone disconnect and may have now a your

Trinity Capital (TRIN) 4 Mar 222021 Q4 Earnings call transcript