TRIN - Earnings call transcript Q2 2022

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Operator

Good afternoon. My name is Raisa, and I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital’s Second Quarter 2022 Earnings Conference Call.

Our host for today’s call are Steve Brown, Chairman and Chief Executive Officer; Kyle Brown, President and Chief Investment Officer; David Lund, Chief Financial Officer; Michael Testa, Chief Accounting Officer; and Sarah Stanton, General Counsel; Gerry Harder, Chief Operating Officer; and Ron Kundich, Chief Credit Officer, are also present. Today’s call is being recorded and will be made available for replay at 8:00 p.m. Time. Eastern the on of Relations Capital’s is website. webcast replay Trinity available Investor A all placed questions have mode this participants At time, been floor open presentation. and will in for the your following the listen-only a Instructions] to Stanton. over is the Sarah my to pleasure [Operator turn It call now Please ahead. go

Sarah Stanton

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

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

Chairman Steve Now and allow Steve? to Trinity Brown. CEO, Capital’s introduce me

Steve Brown

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

the Trinity has to we earnings XX record And recent release BDC reporting in been we that team, markets. for business our in platform this before XXXX growing to operations this through our despite our the a XX generated quarters we scale built of going saw to the expanding continue years. investing contribute stated turmoil plan time, our in dividends. quarter public the build in January best-in-class our second As our the previous we track which results public We capital afternoon, and you by revenues, now. our NII talent, would leveraging solid and over during

on as market employees. now from navigating to continue in BDC, as has X.X deliver to public our reporting shareholders. downturn to XX In short first a we publicly years We our a our quarter our grown reporting team are second promises since company as a XX time

assets billion, Trinity. major have more for to $XXX total than milestone from Our a over $X under doubled million

Our quarterly $XX.X more investment million. to $XX.X income million from than tripled has

Our sixth in per core for the or supplemental in from further and for second for the balance per off addition two estimated now to reinvest paid $X our will – quarters. we to our supplementing from the has which our investment dividend increasing core grown dividend with quarter, NII dividend last shareholders. us core Trinity’s income continue that grow sheet growing is income share spillover allow share the XX% has to $X.XX, consecutive grown $X.XX $X.XX our to $X.XX to quarter dividend $X.XX our

done pride shareholders. a still BDC. and just downturn, delivered while and dependable Trinity we storms since becoming And in mentioned, a consistent as reporting our two on weathered We public the for thoughtful performance, has as second midst of I growth ourselves As absolutely have economic we’ve that. well

commitments achieved We portfolio. to quarter strong highlights. and another leading for key investment additional fundings a some to Turning record

to lead closely in the during recessionary deal as team half capitalize steady of grow expect to even delivered market quarter, flow, macro we our portfolio us will to trends positions investment the performance on monitor XXXX. This growth and us origination earnings pressures which second allowing environment. volatile Our we the

the into industry-leading our position XXXX, challenging a in confident and second credit of heading in the We enter be have months. I what am team place half strategy and coming broader rate as right into to and in we the looks environment

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

we capital and and common our of upsized in into the stock, in for million During seeing Trinity by position can are the the capacity strengthened will trends Facility speak deeper poised the our say our capital by brings. a Trinity’s I but for to KeyBank when look exactly total we demands $XXX facility our and sheet million availability evolving selling I $XX.X we the quarter, solutions under of opportunity liquidity to reopened providers Credit million that beyond challenging January $XXX Trinity an venture will this we of rate availability Companies what entire team landscape, market. to of is XXXX. million financing team X% environment. of continue versatile additional debt value to capture bond issued end, the quarter is in Kyle dive that today’s long-term can our fixed of and $XX.X meet add Subsequent term $XXX million. due

and half our the team, a phase believe of our accelerate second Kyle? for current call and We we in platform XXXX. Kyle built President deliver strong the returns have that detail through of We macro have platform, on next over more place business even I Brown, have Officer, turn our Investment is progress to the a now our we and further environment. will thoughts in to Chief its in will some growth the a market. on strategy

Kyle Brown

afternoon, second and us in At strategy. have momentum on head an continues These everyone. part footing of Steve, culture into on our good QX. this to efforts Trinity, put we Thanks, half Trinity year. build the Great. as of solid important is the

on pride a spirit we attract We and built of talent, ourselves have this. culture brightest and best and unique entrepreneurial the

to which strengthen deal to the a us continue volume. increase We has led in roster, healthy

companies working for of challenging more than environment go portfolio reputation when us plan a quality to things now don’t our ever. with helping rate is navigate more credit Our

of record $XXX.X impressive continued million. to million in bringing total the originations on total Trinity’s first portfolio approximately investments, grow basis, a record to with results. in $X.X QX an our the cost of half We XX.X% of the $XXX in We leading for approximately year. to a funded commitments, to billion XXXX. of new Turning set $XXX.X our increase commitments XXXX of half QX first $XXX of million over of million fundings

accomplishment the in put incredible the billion As mark our and $X by noted, portfolio encapsulates a whole work team. major is Steve for our

principal quarter deployments of to million XX million $XXX companies in in $XXX.X during amortization. new from a existing repayments, which and giving portfolio to $XX.X portfolio We our offset of million from repayments million we of million in deployments including strong deployments partially the subsequent through us $XX.X quarters. grow normal gross by quarter $XXX with unfunded portfolio companies, $XX.X reached gross million pipeline were was Gross portfolio million the early in Our finished was companies. and XX commitments, XX deployments can $XX.X which

our mission-critical again diligence a sector, have cost approximately loans companies, services digital Professional, asset made X%. three position operations around commitments The $XX.X asset cost. to remained secured debt approval consistent equipment our mining basis publicly to lean they exposure mining manufacturing portfolio first million their X/X up are making technical to hosting portfolio. in contractual totaling X.X% approximately of All company digital the once With and up borrowers. loans we of These scientific investment respect digital total by on composition ongoing subject by of our represent the the are relatively obligations approximately of our and a public by of made information committee. to and underlying are with the XX.X%, outstanding and on traded followed which at representing assets, portfolio

traditional equipment our are these the other in held fully Trinity. As throughout assets the and these It facilities important sheets leases that also are XXXX. that are underwriting balance to amortizing equipment primarily on believe note our these not on XX-month thesis the deployed loans, borrowers, with We of of the is of debt confident not or $XXX.X or financing. in our million at XX.X% $XXX.X and invested recent loans, is composition secured intact comprised we is sector, million assets remains Sliding positions. the equipment our the despite portfolio and portfolio fair XX.X% volatility approximately deeper into in are value,

is the quarter-to-quarter. the have comprised financing portfolio fair million were and $XX.X approximately funded subsequent past, over said at periods, remainder The so equipment value fluctuate in equity we warrants. of deals our will As generally commitment data of of the

quarterly in While VC the investment to navigate well-positioned and still anticipated second VC exceeded of an full deal quarter XX% totals industry VC first XXXX, year-over-year venture reached already quarterly fundraising saw of the all experiencing XXXX still according tightening, Pitchbook, count XXXX half XXXX. down, We we capital nearly And while overall unprecedented total. year this are activity correction. is ecosystem pre-XXXX in it of a to was

a on While our existing innovation this lends financing VC an in pride to prioritizing investment and while refine across strong remains portfolio stages, them companies valuations The be on are investment declining environment, fundamentally historically investors deal their as all industry-wide activity focus high opportunities will supporting through criteria. sourcing platform forward. for Trinity, that of itself ourselves Trinity the to challenging as in established discovering approach going ecosystems. opportunity leading This opportunities At sectors presents we investing creative markets. in

back We management the have equity support business are also a focused that of enterprise these which growth. the in an alternative as investment with to phase clear dilutive with values platform consistent approach. vigilant as market. remain they our a current rigorous believe become and for we suited market the we execute we is on on While There’s scaling to attractive times, well solutions, financing next demand teams in future, pull

a a to build choice for solutions emerging financing. Our when vision there the preeminent same: need companies growth be with the is platform of stage for and remains suite lending partner to a of

these strategy, on the our to fulfilling over accelerate We emerge performance objective. I’m to And will turbulent continued going With our discuss leadership disciplined our detail. that way more through Dave team positioning are stronger. that, well Dave? in to business turn us Lund call financial our plans, to to

David Lund

been another we similar Kyle, everyone these strong listening by thank and financial last I sheet performance our After have quarter remarks to our in have challenges, you, that in course. opened the noting macro to contributors key markets. today. discipline you of strong quarter stayed Thank volatile financial balance and my

to in ability originations foresight investment this combine us has to Our continue financial market. enabled approach a with and strong disciplined growing

hikes debt of at Our future ahead ago. be with to compared of end continues rate our loans and year the at QX well-positioned of a XX.X% XX.X% XX.X% to rates anticipated portfolio floating

debt at rates. While of the second of on fixed side, at was the end outstanding XX% approximately borrowing our the quarter

We million $X.X Reserve’s XX-Q point today, repayments interest adding investment our XXX to now on and of total the net total share rate recorded and our increase would of We attributable rate decrease the us – income. from the annual or quarter $XX.X in fee compared same $X.X filed returns. Federal as prime $X.XX early rate experienced in investments. XX.X% higher loan future of compared disclosed QX, per with million, a approximately quarter grow a floating steps I million coupled of average effect our an the XXXX quarter benefit we net from floating as income the XXXX. the to positioned taken larger was X.X% of investment $X.X portfolio recorded recent we interest to well a loan basis of increases increase rate increases period rate lower This during significantly As to operational to rates first which in increase increase income The will over portfolio, have income while to led QX. of have million to a of second improving during on our results. investment our $XX.X discuss financial have the our higher prior million income

on Our first fee in portfolio decrease fluctuates early for yield the activity decrease XX.X% non-recurring effective was income on based investment repayment the activity. quarter, a from XX.X%, which in a and primarily the QX by driven

under remained compared income, to of million at as with total KeyBank million financing incurred While of our $X.X the QX. costs borrowings our XX.X%. on amortization of prior deferred This fee quarter facilities was expense a increased total in facility. due primarily steady and yield, which core $X.X to excludes interest increase our various non-recurring We debt

decrease was including For amortization, X.X% QX. X.X% cost borrowings XXX weighted debt, which under compared has was QX, and cost plus of in basis a of fee slight to average lower capital KeyBank facility, to our at points. The SOFR interest due our

or of approximately related and by and driven $X.X $XXX,XXX increased general expense. of The which increase and estimated excise was Our headcount compared expenses, million primarily compensation during professional are approximately during of as award $XX restricted approximately compensation, operating to administrative expenses, comprised taxes to higher X.X% expenses QX. stock million QX expenses

invest opportunities. we team major and our strong which a they in a strong Our success of maintain continue of investment to driver continue has to prudently pipeline been

of the quarter. to a our million company in as warrant volatility. marks and portfolio unrealized million on the for due to in Street portfolio, result our adjustments result million recorded million depreciation share quarter. underperformance equity this mark-to-market a second operating share depreciation the As attributed net quarter preceding to to general during of recognized or and portfolio $X.XX We basic $XX.X per of $XX.X market basic We $XX.X compared $X.XX on as income was of $XX.X million activity, investment net unrealized per primarily or loan $XX.X related

realized experienced from portfolio to instruments, would future adjustments these of written $X.X related to and basis. realized and $XX.X the adjusted an at down primarily of rates draws also flip time are market on the previously depreciation our I that as had draw. current that million they rate fixed losses to one legacy We out recognized the on unrealized under equipment to like point the million, moderate appreciation been of are to loans loans unrealized company We

Our rate change are as not adjustments rates variable in adjusted with did incur prime significant under rates. the loans these loans the

million. at gains the date Our to approximately net for remained realized year $XX strong

we as this with earlier year to continue and goal in to we Matterport, decisions is opportunistically judicious investments, our upside making our while investments limit did As Lucid downside. capture realize to

of decrease $XXX of [indiscernible] returns X% NAV or and to compared NII X.X% $X.XX was activities unrealized total supplemental share the QX our Quarter-over-quarter, operating share generated over of equity $XX.XX $XXX or share. our exceeded the ROAE assets assets per XX.X% by of to $X.XX per result or $X.XX with dividend Net primarily $XX.XX per approximately average NII accretive by just to I share investment X.X%. strong which of common Our at losses for and increased or realized of shareholders NAV the standard in our assets distribution our NAV stock over or depreciation average our our by offset net shareholders, income, discussed of million – per average million offerings.

positioning our forward, Chief continue continues rise. and our Officer, to rates disciplined this will will growing hand process growth team Mike performance, allocation. Our returning over liquidity and talented the investment now Accounting I as to to forge and discuss and to portfolio capital credit us call our Testa, who

Michael Testa

investment the million, of Steve. Thanks, portfolio We $X.X a cost. XXXX portfolio. quarter portfolio cost value perform Starting well approximately the continue of credit XX% companies representing non-accrual companies basis on our value with debt of to the X.X% quality, a have of in fair second our of at with currently and portfolio of million with four performing $XX.X the just fair

second average with indicating five consistent average X.X QX strong stood on relatively performance. that five the based we to to our quarter favorable X.X rating companies our credit and This rating of of in continue Our at remains monitor. performance system, rating closely our for portfolio one reflects credit very with the

under equivalents and capacity and approximately of facility, existing million cash to in million, and June liquidity Moving was a our million $XX.X including to unrestricted as our terms cash capital $XX credit XX, of and liquidity resources. approximately subject approximately $XX.X Available conditions. XXXX, borrowing KeyBank

February during exercise which ATM X% announced underwriters’ in we offering end pay and raising the $X which we offering an We program active as in generated of quarter, raised of million to million. additional from utilized overallotment as the proceeds XXXX $X.X the $XX option. continue the our notes capital January X, equity that we an second KeyBank reopened facility. We our our in approximately completing accretive down in those used quarter, million markets, unsecured be million, to due $XX.X April, well

a traded the by notes, of in symbol, under are the XXXX called addition on are reminder, Trinity As January beginning recent NASDAQ X% trading TRIM. the and including

quarter. in of XXX% XXX% activity. our on from XXX% prior XXX% approximately investment the between remains increased This ratio depending our and target – timing in within leverage of leverage long-term Our the

actively application. for once our XXXX, to quarter XX, and the such from where increased work we’ll row This of be review options, accretive while are sixth XXXX. RIA shareholders, process to increase is our X% RIA under core to we complete we On approved. a to managing a progress, time share With have XXXX, dividend We our the capital per to our June continuing our review second QX our continue $X.XX and as full the is cash representing Board explore of within in still liquidity investments the regards the with SEC of a line, expected quarter declared billing. the

Additionally, share paid on XXXX. were dividends the Board supplemental approved per July a $X.XX XX, dividend. Both

generated Our to quarter for coverage anticipate XXX% subject of in the of dividend a for core our declaring of GAAP third We XXXX NNI quarter. the dividend approval. our approximately Board September,

earnings Our million for services. and the invest of to maintain QX benefit afford consistent of over approximately to accumulated of fell or $XX distribution our at the the meaningful per our and share us a $X.XX investors continues capital opportunity end the undistributed to

will line and power questions. to our portfolio through XXXX. our build that market a be the will on remarks. continues for capitalize rates market, to to second front concludes footed prepared as Operator? adapting to Trinity That borrowings changing to us now half portfolio the to I of up team and a the rising hazards. opposed Moving to growth, on enable positioning open

Operator

Finian O’Shea from with take [Operator Instructions] And question Wells we’ll first our Fargo.

is Your open. line

Finian O’Shea

afternoon. appreciate Thank the exposure. color I mining Hi, on the everyone. you. Good crypto

obsolescence as machines How companies? legacy more, of risk more there. that an profitability or from assess isolated question productive those taking Thank or Or the come impact of and Is produce lowering perhaps out? and impacts? of machines less do more newer you sorts you with newer one there depreciation you. use electricity the Just the share are

Gerry Harder

Yes. Gerry a This Finian. question. great Hi, That’s is Harder.

So of things. the – say couple a I’ll

to financings equipment the the three those recent portfolio equipment our those latest, time traded So most companies, as of financings. of publicly the represent

typical field we what in years. these five is is see deployed the miners so the And of lifetime

newer is halving in halving points inflection financings out keep our eye specifically. on The Our those That’s conjunction XXXX. XX when crypto. are We in the event Bitcoin tend for months. with mining to do events next come models

thing plugged other say today. deployed we is the value is prices, sitting depressed the the dock. below So far would look pallet a actively I of with prices loading mining XXX% and market in on the under still on LTV even LTV minor in But or to we’re those greater if and miners than even XX% a well

Kyle Brown

with, And machines. they Finian, point companies machines generation they’ll these one still there, they’re Bitcoin. we many running them. continue are utilizing are other have have, profitable per profitable, $X,XXX out around the our And somewhere of we latest older If miners

machines point. we that if profitable. off to the out be assume they’re We already risk new at come do XXXX, will fairly extent to so have utilize underwritten continue to And machines in the the companies

Finian O’Shea

Very Appreciate helpful. that.

seeing yields some venture Just lower what missed me. the Apologies follow-up color given at this. Can origination in a if market? you. for you’re you valuations give I small Thank us equity perceived for least new on

Kyle Brown

Sure.

And – from a seeing credit think think – question more we’re what speak from to we I – and I the a are seeing. opportunities. are we So I’ll standpoint

hit lowered. terms rates or of the on has again, us substantial we fees, are and doesn’t our companies now And to seeing for impact portfolio. in majority capital the over years. for firms and that valuation necessarily returns right even fits for marker and of get We been venture not with the gains what we’re warrants have the are revalued, of The upside, equity looking our kind

And are a seeing so revaluation. we

looking We’re via less instrument. sectors, lot of opportunities down seeing dilutive capital for seeing kind a debt across for multiples are revenue of of we companies go and

obviously a that’s of of so focused credit kind And plus XX, underwriting and runway, on really adequate an and something we months – we’re companies perspective. runway, having then are from focused from on XX perspective,

Operator

question [Operator Johnson next Instructions] from We’ll KBW. our Paul take with

Your line open. is

Ryan Lynch

environment, evening, income prepayment guys. afternoon higher being debt. this back going income good Are you lower quarter curious these Ryan, taking able higher potentially along kind prepayment for for sense venture the this to higher with in that a kind Hey, I’m to this – fee my of most so just spread guys fee this we questions expect quarters capital securing Thanks of questions. the can secure higher to demand fee potentially in percentage? in of loans – payment half evening.

Kyle Brown

for question, This the Kyle. Thanks Paul. is

seeing higher-priced are have facilities. We Rates increased.

a But the of bit have bit as higher we rates little Some that is Fed more increases There’s seeing less little a a are bit up demand, overall rates. gone pricing. capital little available. maybe

expect we other. over slight shifts so But pricing. one to not on increases overall, significant the see quarters And way subsequent some or

Ryan Lynch

Got just portfolio matter I’m various partners. to any of but at have general, this, any of at an what cash your from moment? guys kind Appreciate companies share sort no venture your to all curious are and give Do you your of the holding don’t of of idea have some that. in there you observation on have sort it. that statistics capital terms liquidity if of how just companies in care, you in

Gerry Harder

– mean, this I we Yes. the Thanks question. and is for Gerry.

very tracking average a portfolio months. obviously is system. cash factor around significant cash credit closely. our companies Weighted life across we’re life basis So It’s in our XX rating our of portfolio,

companies portfolio XX of cash our this at of point. have majority the life of least months at So

trend seeing or definitely a capital. companies or face equity of are either scarcity are as valuations about portfolio concerned We within the

state positive a we that in spend definitely opposed of quickly mentality they’re so more for a trying move and growth cash sometimes see. mode to increase the as to their to And flow profitability

Ryan Lynch

within do could any just what I of loans debt be disclose you track can you companies. provide? those have that sort your potentially, to any bank Got percent there that. any do loans I’m senior it. essentially mean, color you of of debt all Appreciate Is or guess, additional your curious, at I or

Gerry Harder

our with a mean we question our portfolio this of vast certainly do, of is is majority right? most The XX% said, either enterprise blanket. or about But I portfolio lien, that lot, first equipment. debt Yes. we get

are Second West will work Western of handful Valley Bank, there’s with debt, Silicon the Bank, Bank, certain known we mark debt time. them considering and by with that companies. work senior you is portfolio some companies to typically well our the in XX%. aware assets Trinity To just will every loan to senior with And because of Alliance held quarter. our median and well we small we about do the have total But thing, comfort, we of give market value lenders, industry, Pacific in our portfolio we a experience over

portfolio So adjusting for as companies, third-party marks get in real time. we we’re that valuation

we we’re loan-to-value in still good standpoint. So from territory think a

Kyle Brown

we cost that – But much deals doing very be it’s are a comfortable ourselves. where piece comfortable company strong capital would further, with we those are generally And cost are that Yes. that there, company. generally blended runway. gives lower senior And of we piece Paul, the – the creates in additional

we So as of – that’s typically those deals. strong think

Operator

go [Operator Christopher Thalmann. with question Instructions] take from Ladenburg our We’ll Nolan Please next ahead.

Christopher Nolan

the guys. the missed again? it. driver Hey, realized What was of I loss

David Lund

have Yes. company one primarily that the had was since XXXX. in portfolio The loss we realized

Christopher Nolan

Do company? name you the want to

David Lund

had basis. Intelligence, yes. down an Store Sure. unrealized on been And that written

on recovery full first fair had So quarter. the we a value from basis a

Christopher Nolan

there? still I queue the think in And piece Store I it. equity an think Got Intelligence, has

David Lund

That’s correct.

Christopher Nolan

along market Is exploration, the be as by weakening. that to those the seems guess in driven it overall surprise lines? increase dividend the came spillover given I Great. or Okay. the anything

David Lund

that by so that Dave. try creates that in problems is us the where distribute is XX% operational This position our dividend huge expectations that well, performance sure we of earnings. our forward-looking we’ve to in as of The a terms not have we’re for a our future. and to knowing doing We performance that make in we’re spillover driven got

Christopher Nolan

Great. up drift little noticed that Should the I lower or that And be target going to a bit. your think range higher of end I leverage the at we sort expect to of then forward? leverage went

David Lund

Clearly, manage down. we’re to trying the leverage

capability. it’s wanted some We expecting But been actions from that to we are repayments we’ve around investors. Clearly, funding we told manage taking address what were XXX%. to from

Christopher Nolan

Great.

Okay. Thank you.

Operator

[Operator follow-up with Paul Johnson Instructions] KBW. Our next from is a question

is open. line Your

Paul Johnson

Hey, guys.

is back and, kind Sorry in appreciate question, dropped I for is feel more pretty the fundraising perhaps very preparation helpful me. that do about that, good are this I this curious this earlier. companies downturn on along the are are may. it. potentially of you the of guys down that’s kind But finding among high-growth Is and just most – or obviously, for That’s significantly. call, of if of I’m very think find guess, you most all would ready, Any winter I answer. opportunities, valuations sort seeing I getting comments your I answers. that? there one But your be most partners, I so helpful? And potentially heard that just VC VC guess, of environment, you kind recession like of what cutting how playing that do expenses, in far? it of for majority Or more

Kyle Brown

is Kyle. This

of I think we’re seeing things. a couple

need different things which they get able they’re are making really with is, one, the to really probably now, going groups have be capital have sure over kind they made investments deals. who we two next this right months, on chewing to great opportunities. still is fund – combined with out XX defined of by the XX You of have it And to

get most during these this able is that to VCs business are probably very you capital other And have really technology. sound making with deals then and careful market teetering of companies time. little into bit and and real this think differ sure models, mature being downturns opportunistic I between they’re than a and also deploy

portfolio. valuation, we’ll we’re opportunities, new deploying on getting that. I that, about seeing We’re to not what that see and money. And right? seeing more about It’s It’s much the much within less continue think

great all agree to a sector. and that be investing, think technology we’re that place and to its continue to I we has Trinity glad be servicing

Paul Johnson

Appreciate congratulations a on for me, good it. quarter. Got That’s all it. and

Kyle Brown

Paul. Thanks,

Operator

participation, your does further you this at have any appears time. and program. time. no today’s at we This It for you conclude questions may disconnect Thank

Trinity Capital (TRIN) 7 Aug 222022 Q2 Earnings call transcript