Earnings call transcript Q2 2023

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good afternoon. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital’s Second Quarter 2023 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; Michael Testa, Chief Accounting Officer; and Ben Malcolmson, Director of Investor Relations; Jerry Harder, Chief Operating Officer; Ron Kundich, Chief Credit Officer; and Sarah Stanton, Chief Compliance Officer and General Counsel are also present.

Today's call is being recorded and will be made available for replay at 3:00 p.m. Time. Eastern number no dial-in required id XXX-XXX-XXXX, access. for is replay conference and is The all been for participants listen-only time, this At have the the will following mode, placed floor be questions open your presentation. and a in Instructions] [Operator

It over Ben is Malcolmson. call to ahead. now to go the pleasure my turn Please

Ben Malcolmson

Trinity's to be and earlier available Relations quarter conference financial call Investor earnings were Capital's released call accessed XXXX. for release. A you, Chelsea, the telephone or today's Trinity of provided second Thank the number morning on by Trinity's can and this from welcome, everyone, ir.trinitycap.com. in of at earnings second quarter website website the Trinity's results using replay be will

are could including important forward-looking not this you to Factors. and unknown implied known statements on some for made I during encourage statements deemed on may laws. facts forward-looking We risks our any that Because based we these statements expressed statements. those everyone to materially by Before begin, that would historical call, to Risk and like results are of federal securities information forward-looking be these involve or statements financial refer uncertainties, factors relating differ under from these guidance, to remind that recent cause filings SEC most there to certain actual

August of information transcript Trinity may at the Therefore, Capital XXXX. information the call listening be statements. any on accurate reported assumes that of X, replay or that no advised obligation note this today, or only responsibility longer forward-looking to update time you reading. Please any no time-sensitive speaks are as

Brown. Trinity Capital's to me and Chairman allow introduce CEO, please Steve Now,

Steve Brown

strong finished of with today. everyone the joining Ben, you, you a and first half Thank performance. We the year us thank operating to

net highlights, quarter. XXth with pleased in our growth in XX% income, notable in our for asset including with We the and consecutive the dividend most regular year-over-year increase achieved value quarter improvement a investment the the net in the second are results

track bit $X.XX resilient the is under a accretive NAV share further We combined increased by proving outearning a our part Digging in ATM of of issuances stock to our and highlights disrupted even stability portfolio, per is with our QX $XX.XX in to delivering our to into our due returns in portfolio a record a stable that market believe solid leading NAV. program. consistent distributions

track we our or Second $X.XX, share, share million dividend providing per investment dividends our was increasing XXX% quarterly $X.XX consistent regular on $XX.X NII our coverage month, of quarter of IPO. since net increased income to a record regular dividend. per our Trinity’s furthering Last

supplemental regulations. We dividend share to also announced a comply of tax $X.XX per with

if We position in supplemental will and determine further required. our tax are additional QX evaluate dividends

to to We provide for out-earn addition to to look invest ways continue to providing forward more our income returns greater always undistributed regular strategically in the dividend, new platform on are looking in quarters we the XXXX, come. to this our front our in for from and We updates shareholders.

shareholders. focus our and execution accretive value a with customers continues be as build our to uncommon we care serves to business Our delivers on that

turn will portfolio a over and the Brown, Kyle? call into Kyle our dive update. Officer, Investment President who now platform, provide positioning, I'll competitive to Chief growing our Trinity’s reviewing deeper and

Kyle Brown

Steve. Great. Thanks,

a the is Looking trillion the powder continues crisis finding caused of as dry be capital in a banking community. half at environment, to at deployed. ready VC to remains with levels estimating record there's the macro industry financial more by disruption recent dollars capital U.S. the by the be solid a than Venture experts footing absorbed

higher equity valuations, with prefer at receive pre-XXXX that We're Even continue positive than receive team, In valuations. support at seeing an for to lower Trinity billion, is the many would its second we though, and portfolio financing, were investments valuation portfolio. at any albeit companies levels. higher quarter, the market our overall technology companies industry $XX VC right is the total and investment which

equity proof Trinity's $X.X for major a the of financing a new than point, companies fund such Debt As continue growth venture-backed year-to-date, XX to fundings. provides want our received crucial have solution companies as current to to of billion portfolio market dilution. that without more

but The opportunities evolving creating percentage for seeing a in with real as deals at are being of has the competitive to banking approved been the proven We're we Trinity, solutions remain underwriting process. landscape favorable top industry, us. our and more the non-bank opportunities volatility like of for outsized pipeline, vigilant adhering smaller

that to execute to committed process to We our the diligence foundational rigorous continuing is are business model.

very first potential growth sector. including In life a important our the our science of early Lake, quarter, than Rob we year, life capitalize several as a with brought strategy, see second Trinity efforts updates we We science Managing we had continue part many exciting investments and our immense for believe spearhead announced opportunities surrounding to the of seasoned life items the to in new in make XXXX, holds science as the Director the as on to vertical. half growth that industry We've more two of in decades on experience the professional Senior sector. growth

investments under grow. assets totaling over dedicated Since to management a proportion our to now continued With science then, has the of portfolio million. $XXX our life

Managing team years the appointment Igor with who Director in added industry. than experience of to of as DaCruz we more quarter, brings the This XX the

Trinity location now the heart support new in designed the innovation, a strategic ongoing hub. known We life at disruptive of company's also science San for announced expansion Diego, the and a to city its research major sector, hub in places office the

the of expanding with Additionally, brings venture as Ghannam, last Andrew year. of lending Director $XX in coast based decade companies on capital venture-backed of Manhattan. lending our with Andrew Managing east investment than billion platform's presence the more a tech the we're technology addition experience

a basis. for market New key is go on forward Trinity York a

our In we our continue on ability balance incremental that with grow off to sheet the benefits deploy with to We're our a building venture initiatives both that direct capital support provides sheet. BDC flow quarter, joint a realize off the of platform unique and This of credit executing capacity our KeyBank. and second growth balance addition lending to lending expanded internally managed and the an shareholders. facility and returns

with During off RIA under we investment also income received assets to the from engaged our our company's are net debt joint to QX added of share Gross to And that's and have Trinity's per expect significantly the $X.XX on the fundings venture investment second quarter, deployment beginning. newly our several $XXX $XXX million. and during to and repayments Investments from totaled intend We proceeds approximately the next in activity announce we quarters. potential more ramp formed just over has that strategy up and QX partners several balance management. million. sheet approximately fees,

The composition our industries. different portfolio of consistent across diversification with remains XX quarters prior and shows

constructed portfolio largest exposure, our segmentation industry of intentionally industry a representing XX% varied cost. have the with with portfolio at We only

$XXX our Additionally, the investment ongoing all pipeline is robust. diligence to unfunded which committee. million finished and subject of are milestones, with We of approval quarter commitments, by our

addition, end at sheets In the in quarter million of $XXX the signed of QX. term we had

for inexpensive stage intend financing receivable of from continue can to to to the look they will lender growth with providing year, alternative We that the get believe companies financing solution companies and we solutions. all seek banks. be lending half of the the the solutions go-to we As second exception

of companies the to unique an Our we current team portfolio and companies and is platform built stage support attractive unmatched. needs maintain partnerships the with growth prospective is

we sheet we We activity, our And continue business. will to returns see to shareholders. improve positioned as are well off increase for to profitably balance ways this new grow our

are private on off and to balance with on we from internally return a delivering We've to equity focused value ROE continue one, messaging will shareholders. our our markets our day an to real consistent to for managed Trinity both base and access BDC, are opportunities public our steady outsize sheet shareholders. generate as on dividend capital drive efforts we seek As with to for been that further shareholders. diversify our and

in discuss Lund David CFO, detail. Dave? our will operating performance more Our now

David Lund

and joining today. Thank welcome you, everyone Kyle, to us

half recorded $XX same period the a average loan earnings morning, we As operational investment generated in interest a QX, of benefit issued rate the and total in investment QX balance since on balances our this portfolio. year, million, maintained XXXX flexible first strong XX.X% performance. In higher of you the our we acceleration. debt sheet to income saw in was of attributable the This The the OID earned and XXXX. over increase increase prime of in increases in release

the in yield compared QX XX% portfolio was first to on Our quarter. effective the for XX.X%

in non-recurring quarter. yield This core has fee NII the in contributed our solid which XX.X% prior the excludes yield, income, XX.X% quarter. from to to Our growth performance increased

with debt rates. against debt the Our investments our at remains XX% of recent heights floating portfolio positioned rate well interest

SOFR expense in in second increase NIM of net second higher our outstanding year. XX% debt primarily was of was related debt. quarter expense side, in the compared a comparable on to were contributing higher rate, million quarter the solid expenses, to for and $XX.X of a to XX.X% While The at operating the debt on $XX.X weighted borrowing higher or margin end the including Total interest the million the variable quarter. of outstanding the at prior interest period a average interest cost

recorded period per income or the per current of $XX.X Net basic to and of losses realized $XX.X in activity This realized was for was increase million share, to FemTec $XX.X down $XX.X became and second written of million the compared a XX% investment prior in $X.XX in investment year. the that the quarter or the basic an of appreciation primarily same quarters We was of flip $X.XX million unrealized million. related loss quarter. prior share

average NII on generated ROAE ROAA Our our assets average with NII on and XX.X% shareholders of equity returns for strong over operating of activities over based based X.X%. total

Lastly, increased The compared in QX. the that investment declared activity. exceeded NAV company’s increased X.X% primarily in $XXX XX, result dividend the per share NAV of XXXX, accretive NAV June million, to and income to to share as was net of and ATM the increase $XX.XX per of $XX.XX

Mike capital the performance, who discuss have our over will credit allocation. and now to Chief Testa, Accounting our Officer, I’ll call liquidity,

Michael Testa

and credit portfolio our strong remains The portfolio performing XX% Thanks, Dave. our fair approximately at quality of with stable value. of

five Our This our rating system rating in credit at second performance. stood with X.X of strong for rating credit QX. X.X line the quarter on in very average is average indicating to one our internal with rating based five

its million, a historical realized monitors at a over take investments loss team to mitigate Trinity net our We inequity a positions, decrease a representing non-accrual, Trinity’s just dedicated factoring and management value has on from all managing portfolio in loss evaluation $XX.X of companies debt rates regularly consistent fair portfolio. positive. gains portfolio investments to look from process. participate been the rates, currently more quarter. companies history, of core prior have our our total proactive you approach on total X% day-to-day portfolios XX-year portfolio with When were and basis, when communicates our these We three risk. are approximately The

liquidity. to Moving

June of $XXX equivalents. cash $XX under XXXX, we of of our comprised liquidity approximately million cash capacity in million XX, of approximately unrestricted undrawn total had and $XXX facility and As credit million

continued investment our to QX which had as million management. under we’ve and with Additionally, co-invest assets of additional liquidity venture, joint of provides $XXX

we $XX quarter, with a of through our to $XXX investment joint the the expanded During liquidity the the facility million execution with million. KeyBank capacity total through bringing credit venture JV

thereby repayments ratio, Our hand equity XX, times to of net Trinity of X.XX loan on our a represents million, to with received early quarter, net this outstanding Subsequent significantly. cash slightly as ratio $XX June debt which debt growth. to leverage portfolio result reducing principal increased

XX, principal the facility. under slightly first quarter was average outstanding rates up of cost a debt base $XXX.X million due our As weighted and XXXX, to had X.X% of credit debt from total June of higher

of majority a we investment fixed rate environment. in the corporate debt rate the of majority well and our rising positioned With portfolio at investments are our floating rates, in

quarter ATM million the our approximately proceeds raising long-term $XX offering also gross the in utilize further We Trinity. program supporting growth of during

while balance on potential providing capital discussions additional We the provide are on These liquidity of the focused and to platform. to investment partner the our the accretive ROA. earnings and venture with especially executions sheet, BDC vehicles structure joint the successful

line that, now up with for Operator? questions. open And the I’ll

Operator

Thank you. question will Wells [Operator Instructions] come from Our Finian with Fargo Securities. first O’Shea

Finian O’Shea

is side sciences, if everyone. Hey, of the around committee those on experience level brought how CIO Hey, and morning. organize how life the you? at the teams? by sort investment opportunities life Good are deal A question not, does there

Steve Brown

Fin. Thanks,

really is that products are off. and starting We focused portfolio what majority which kicked risk, have we’re familiar The business very is that with. and commercialized on of execution

kind of the its So going company of first biotech to we’re focused filled that’s a it’s and A foremost, up FDA lot and portfolios, lot on deals. ramping really and approved of with be not sales. production a

first up can thing. Jerry, then the pick And there. you that’s So

Jerry Harder

Yes, running his of remarks, that who different of and us experience these right? managing Kyle for vertical prepared I sourcing Lake, with referenced Rob years underwriting market and XX types in mean, plus it as is organizations, companies.

to going expanding our be but grow starting as our execution we practice. with sort credit that we tech with team, out same obviously that that Kyle team lending We’re take there said, as of historically we’re risk

Finian O’Shea

that you Thank BDC it so forth? and up looked the for you. to for after quarter on to follow XX% this, venture, G&A quarter a be And just helpful. partner something like it mean on That’s like on the allocation close compensation joint the origination. Does your took its would this account unprofitable

Michael Testa

bit do we quarter structure is how a points Fin. have, see is basis to JV the I sales where fee actually joint want Difficulty]. you’ll the there’s set at in of some with when out venture Mike. a quite Yes, that lot This [Technical more up XXX given a a the benefit just point

So sales results you’ll of which offset about the JV saw helps portfolios, the the through those XXX,XXX joint to you see and the in income the income that from to in from venture, fee this come quarter that positions. and

Steve Brown

though. all It’s incremental

I yes, BDC. is, to all think I mean incremental it’s the

thing to about the is lag JV is say, sale in a Fin, The other to our going by general. XX funding I days would

by adds, given cohort looking half looking time the JV a shifted we the and so, to in level BDC portfolio quarter. add of at about And it’s the at what the with any quarter

So just modeling. be something of cognizant you’re as to

Finian O’Shea

Thanks Okay. so much.

Steve Brown

thanks, Finn. Okay,

Operator

from will Riley. Rowe Our Bryce next with come question B.

Bryce Rowe

afternoon Thanks guess good I and good Coast. East – from the

Steve Brown

Bryce. Hey,

Bryce Rowe

add quarter-over-quarter. from employee like a I the of hiring looked least Wanted it at professional et taking of from can count XX to had ask go Valley. on, platform the fallout about Silicon just any from you growth XX opportunities, that advantage you’ve and cetera commentary count you mean, or seen to

you’ve is the or seen year tied that of was what first to again, so, the And here that planned? half in

Steve Brown

really the in we’ve So volatility banking the a with opportunistic of space. been lot

bringing about people that the some have decades And incredible we’ve added talk see seasoned that as took of We and and value network and and really approach of to to are expect the team a we more knowledge who veterans about working of excited we’re for a we future you’ll their in some and well. sniper the to experience announcements with talent. bit

Bryce Rowe

around a And up year that’s appetite much platform. a out opportunities maybe now to especially date build considering, then the premium stock obvious Okay, question, equity for just helpful. the related raises, with over NAV as being nice and is as it to and

equity curious of from and your above ATM kind appetite using might beyond what Just an perspective? be the

Steve Brown

we’re We day we just good that doing both really We’ve equity. we platform – To are we building and going raise and balance to that put it So on and the out extent the focused off and to sheet. it’s accretive that. for on investors. work when from we continue proven one

and the sure grow and so balance do RIA, we its the the off to accretive sheet that both and does, gives it what the ability for make good us anytime JV really business to investors. And grow

we’re be really ROE. So some as again, BDC, excited we’re internally the going we’re and to managed momentum positive on of just we’re opportunistic to – see hyper-focused an but

Bryce Rowe

it. Got

Okay. time. That’s it Appreciate the me. for

Operator

Thalmann. Ladenburg Christopher will with next Nolan from Our question come

Christopher Nolan

which quick Bryce’s Three of sort leverage question your guys. terms or Hey your sort in of questions. levels leverage given Any on are of limit change high? threshold, follows

Michael Testa

also, low I portfolio so does in number. have the July, JV And we help. of from the push high as sales take of repayments hand, we you cash Chris, yes, the account of quarter we were think those range. point at as that into payoffs I significant that the driving but mentioned, with And will end mentioned yes, range on at right Mike. Yes, the end the that in prepared the that liquidity, above having that’s some there. time, help. June it’s I another we’re are And also to marks, Hey growth top my slightly again, when But

Steve Brown

NIA making that sheet and right up on that is activity in balance sure really to that our us and the debt equity. right dividends honed there up manage off and helps the manage We’re

Christopher Nolan

Great. the related I stock compensation And see in of the increase grants? to was restricted – didn't amortization

Steve Brown

full That's right. that. Yes, this was of quarter a

Christopher Nolan

Okay.

Steve Brown

Yes. expense. That

Christopher Nolan

at picture. question, In Funds talking today’s Final all? Hedge an for Equity, the big that Journal, article Coming Does Wall SEC touch sector Street BDC there’s about Private Brace Overhaul.

Kyle Brown

I don’t referencing. know the you’re article that

But non-bank it. speak lending – and to less – solution. intend solutions alternative can’t couldn’t seeing growth and lot big for I picture, So banks we opportunities be a looking we of that solutions, to we to are

Christopher Nolan

Got it.

Okay. Thank you.

Operator

Our next Point. from come Alexander with Compass Casey will question

Casey Alexander

good of the and with portfolio of be a percentage morning. from higher a kind a making percentage There portfolio. Hi, lower up mixed seems finance loans equipment the to shift secured of in

So because I’m seeking have finance for in that to just fully more equipment found solution competitive solutions they’re you’re have a simply those some seeing wondering finance risen, equipment declined mandates there’s the more as loan that collateralized maybe sleeve. rates competition perhaps and have who and are

Kyle Brown

we’ll XX% think the is – to lag portfolio that stay just ability is consistent the fundings. of actually that continue a and equipment to I might a we we’re year-over-year idea a equipment to somewhere in quarter be have the wise, with that’s grow So real of consistent to going around that we’re some But be deployment deployment business. and going

that of The question… other part

Steve Brown

Yes.

I at right? we It’s sciences becoming million. add over think business, more is, life relevant Casey the $XXX

be going are loans. those so And to

of look versus historical loans, be lending. used and financing to the mix at you equipment if term so it And equipment tech

you equipment, the in more lending, it’s a I you right? looks sciences might So like think just what in across tech Now opportunity where less but it’s equipment new think life I areas if numbers, we’re growing. see shift financing, historical and look lending, do

Casey Alexander

Hence being shift, a so. there

Steve Brown

Well, business due units between adding existing – a there’s denominator a difference units. between and in a business shift to change

with disagree you. I So

Casey Alexander

right. be from The seeing have been history. any lowest in that do obviously you’ve – – June quarters with further can ever might you quarter? terms All Yes. we of how help Because us last in that you in some had the shifted two color to of third the July payoffs on and payoffs the much the

Steve Brown

I as for XXXX, was of Yes, in Mike $XX know a within I got repayments more trend credits. we of matter to broader within the QX we would read That And And more that early I are don’t a last three, of bit July. think as so seeing mentioned, going three general, sure. into the back that a marketplace. activity the in fact, that quarter. million terms in In of

So I was yet. but result, idiosyncratic declare season think those three wouldn’t that it just clearly open got that off July. within even coming we’re I July It with historical lows, we those

Casey Alexander

you that in Last I give quarter it, reason question the details missed press the the ATM unless didn’t program any release? the in of

David Lund

have there gross No, should ATM. that of we been see proceeds $XX million from

tap that this bit a So quarter. we did

Steve Brown

Yes.

Okay.

helpful quarters. would you be it into that Just if threw future

David Lund

Yes. Sure.

Operator

Our KBW. with Lynch Ryan next from question will come

Ryan Lynch

good afternoon. Hey,

roughly ramps just question fees $XXX,XXX of fee the income structuring the I’m what once fully that if you do servicing percentage First of in also of rough trying of fee fees? had, And to over JV. have versus I income loan breakdown a sense can the from JV the ramped? Do was kind roughly a whatever JV timeframe get you that think takes, of to level capacity generate sort what this max of

David Lund

probably And quarter the I benefit think mean that this it’s I the sales more in more fee XXX. origination to until this based – AUM then quarters you administrative And or stage continue Yes. couple of fees, it’s based, see fully I as saw as think see deployed. XXX this management on component. the benefit you for the mostly ramping, that’ll you’ll next

is to income the is current then our a JV with you’ll as from pulling have dividends. investment. we or well, And see it see has debt also again in investment coupon that But and start associated our –

color. some give hopefully So I you can

Ryan Lynch

that up, loan have then rate a you going you’ll where like levels? you down, though sort will any starts to it sort fees fully expect obviously of that to time. period there’s Do you Or this future keep the then will the period XXX,XXX, go ramping be run it’ll so And foreseeable a but the higher said, a high of structuring over sense where good shift be structuring fees then for ramped, to will fees up. to of go servicing the expand the Is do this get XXX,XXX? once

David Lund

Yes.

next level, these in probably increase – two do the to over we but in those time. around think expect that’s quarters, I that

Ryan Lynch

of towards captured term aren’t specific out then out existing funding, and had who that this that question existing surrounding portfolio companies is VC of VCs. directly pull from investments if in there the away field don’t limited. AI there, as down AI in and little was additional question I receiving does an down, which Has investments, obviously lot AI Okay. are maybe any down, And of away just outsized just media other really that bent capital a sort from investments your mind of wondering VCs, receiving funding sort broader have funding kind shift is all to the I’m there I we know of are funding, space, And the kind from there share that but related maybe could given other certainly you’re the to having raisings them, exits capital’s in any well companies as AI hurt well would extent companies the from sort think already out pullback been a of businesses? a a so

Ron Kundich

this is, Ryan, question. take quick Chief The Ron Officer. that no. Kundich, I’ll answer is Credit

a category the We’re in still alluded seeing mix reality. is it’s pipeline. interest to, of the entering of of whether or press a top you diversified in very as obviously AI companies our

years. within I’m industries the taking hit sorry, We companies are from that seeing is hit the But not the have other pipeline more been pipeline. our that AI, several the broadly speaking, last industry away and for portfolio, segments

Ryan Lynch

the time today. That’s all I for me. appreciate

Steve Brown

Ryan. you, Thank

Operator

Jefferies. will come with from question Kyle next Our Joseph Instructions] [Operator

Kyle Joseph

guys. Hey good morning

quarter. my questions. You for a guys taking good have Thanks

on or in Just to are your the what expansion good a sense in portfolio. yield for get obviously spreads – are a XXX% of rates want primarily where terms That base market? I you seeing

Kyle Brown

We – it push to continued see are to We’ve Kyle. and continued continued pricing increase. and have is this push to we’ve

is – And for is rates going some say up from so liquidity our then perspective. I’d demand less it out and of products and that’s of a some supply there

And pushing pricing, so we we’re you’ve – we’re over still seen gradually the and are last pricing a right. increase and half, pushing year that

Kyle Joseph

And then showing with expect Got of and intermediate kind – kind of the how signs IPO near-term term market Do it. us levels as life, impact activity, you repayment would rate a to longer you well? environment give the outlook. does highlighted of historical but kind go you repayments that towards of

Kyle Brown

historically, activity. IPOs – positive type majority exits are M&A then the of And coming it’s a are So refinances, through certainly thing. our amortization, just

them to thing and So more in companies, giving some right, is option. that IPOs, there extent, liquidity the our are mature more for only another of a good us

on certainly, nothing we candidates some and nothing that’s them. to option of a the now, there’s hopefully, So point some right for rise can great

Kyle Joseph

credit recent it. Got for revenue then us and that for appears compared you’ve see at the obviously, kind of give come trends stable, just level quarters. been non-accruals the one a to one to growth down. portfolio But And sense nice seeing me, is how last

Ron Kundich

top portfolio we our is test on seen quarters. the a the growth part growth circle revenue Chief again, to over rigorous let stood several But we’ve the time a underwriting. that Quarter-over-quarter, Credit company story. I’ll have revenues side. impacted Ron into several And This on is mean, portfolio companies yes, are of last quarters, over has – the path, line our We I the any past been do back some growing is Officer.

capital they’re need the they and along way. when we’re to Our growing, companies them are supporting raising

Steve Brown

would year focus say, the I to right. Yes, Then, there’s on saw right. ago, a just prior about growth, we less explosive

Our modest they’re making their on cost. are portfolio that at levels, focusing they’re last, cash growing flow grow reaching at cash versus all companies positivity more

Ron Kundich

of right. QX, that Yes. And XXXX, began QX

ahead little general the they in be, industry because bit of our think I to curve, was right. a have So

And portfolio. last so these the And that seen right. the of burn, for of saw a adjustments, that we quarters, lot six we’ve reduction across

and they’ve acted be they prudent. So more quick little continued a to

Kyle Joseph

my much so for Thanks it. answering Got questions.

Steve Brown

Thanks, Kyle.

Operator

Next we with have UBS. Abraham Vilas

Vilas Abraham

Hey, question. for the everyone. Thanks taking

Just one from me.

the kind saw your little dividend. going of to on it share a Thanks. to expect we And consistent the That’s QX. And with for say, Is wondering, just hand if forced fair NII supplemental keep we for will it that. sounds here see, was like bit it supplemental coming what here? recently Just that with me. per are dividend

David Lund

The the current This than with spillover supplemental with the operation. does more to had do is Dave. it XX dividend

continuing So dividend last to I our mean, so we’re grow done have quarters. over the XX

to So need spillover. of do we simply out whether supplemental determine take another quarter pay during and the a third the we dividend will look or not to balance the XX

Vilas Abraham

Okay. Thank you guys.

Operator

in the Alright, thank you. further queue. At this time, no questions we have

Steve and turn remarks. Brown, CEO closing like So to call the to for over Chairman back I would

Steve Brown

Thank look your and we the really appreciate you. three in fall. much. Thank forward today. everybody’s so QX you We participation to We support on appreciate reporting

Operator

your participation. today’s this gentlemen, concludes and appreciate Ladies call you. Thank and we

may You any disconnect at time.

Trinity Capital (TRIN) 2 Aug 232023 Q2 Earnings call transcript