Trinity Capital Inc. (NASDAQ:TRIN) Q3 2024 Earnings Conference Call October 30, 2024 12:00 PM ET

Company Participants

Ben Malcolmson - Head, Investor Relations
Kyle Brown - Chief Executive Officer
Michael Testa - Chief Financial Officer
Gerry Harder - Chief Operating Officer
Ron Kundich - Chief Credit Officer

Conference Call Participants

Casey Alexander - Compass Point
Christopher Nolan - Ladenburg Tallman
Bryce Rowe - B. Riley
Matthew Hurwit - Jefferies
Finian O'Shea - Wells Fargo Securities
Paul Johnson - KBW
Doug Harter - UBS

Operator

Good morning, ladies and gentlemen. My name is Jim, and I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's Third Quarter 2024 Earnings Conference Call. All participants have been placed in a listen-only mode and the floor will be open for your questions following presentation. As I stated, the call will be open for your question after the prepared remarks.

It is now my pleasure to turn the call over to Ben Malcolmson, Head of Investor Relations for Trinity Capital. Please go ahead.

Ben Malcolmson

Thank you, and welcome to Trinity Capital's earnings conference call for the third quarter of 2024. Today, we are joined by Kyle Brown, Chief Executive Officer; Michael Testa, Chief Financial Officer; and Gerry Harder, Chief Operating Officer. Also joining us for the Q&A portion of the call are Ron Kundich, Chief Credit Officer; and Sarah Stanton, Chief Compliance Officer and General Counsel.

Trinity's financial results were released earlier today and can be accessed on our Investor Relations website at ir.trinitycap.com.

Before we begin, I would like to remind everyone that certain statements made during this call may be deemed forward-looking statements under federal securities laws, because these forward-looking statements involve known and unknown risks and uncertainties. We encourage you to refer to our most recent SEC filings for information on some of these risk factors. Trinity Capital assumes no obligation or responsibility to update any forward-looking statements.

Now allow me to turn the call over to Trinity Capital's CEO, Kyle Brown.

Kyle Brown

Thank you, Ben. Thanks, everyone, for joining us today. In the third quarter, our strategies performed strongly, helping us deliver record results. Top highlights from Q3 include record net investment income of $29 million, a 26% increase versus Q3 of last year. Net asset value grew to $757 million, up 11% from $680 million last quarter. Platform AUM reached a record $2 billion. In Q3, we made a record $459 million of investments, gross fundings, which was largely driven by $406 million of secured loans and included debt investments to 11 new portfolio companies.