Trinity Capital Inc.

Good afternoon. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's second quarter 2024 earnings conference call. All participants have been placed in a listen-only mode, and the floor will be open for questions following the presentation. If you would like to ask a question at that time, please press star 1 on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star 2. Lastly, if you should require operator assistance, please press star zero. It is now my pleasure to turn the call over to Ben Malcolmson, Head of Investor Relations for Trinity Capital. Please go ahead.

Thank you, Angela, and welcome to Trinity Capital's earnings conference call for the second quarter of 2024. Today, I'm joined by Kyle Brown, Chief Executive Officer, Michael Testa, Chief Financial Officer, and Jerry 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. A replay of the call will be available on our website or by using the telephone number provided in today's earnings release. Before we begin, I would like to remind everyone that certain statements that are not based on historical facts made during this call, including any statements relating to financial guidance, may be deemed forward-looking statements under federal securities laws. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. 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. Please note that the information reported on this call speaks only as of today, August 7th, 2024. Therefore, you are advised that time-sensitive information may no longer be accurate at the time of any replay listening or transcript reading. Now, please allow me to turn the call over to Trinity Capital's CEO, Kyle Brown.

Great. Thanks, Ben. In the second quarter, we continued executing across all our strategies to deliver a record quarter. We achieved record investment income of $27 million, a 21% increase versus quarter two of last year. Net asset value grew to a record of $680 million, up from $626 million last quarter. Platform AUM reached a record $1.7 billion, up 36% year-over-year. In Q2, we made $231 million of gross fundings, which includes debt investments to 10 new portfolio companies. That deployment was heavily driven by $118 million of equipment financings. For Q2, Trinity paid a cash dividend of 51 cents per share, representing the 18th consecutive quarter of a consistent and growing dividend. We have been busy this year, executing on several initiatives. While we historically have had a focus on venture debt, we've evolved into a platform of diversified verticals. Venture debt is now just one of our products, as today we're comprised of five distinct business verticals that enhance our ability to scale and reach more of our private credit market. Those five business verticals are tech lending, equipment financing, life sciences, warehouse financing, and our newest vertical that we launched in May, sponsor finance, which focuses on private equity-backed businesses. Each of these business verticals has its own originations, credit, portfolio, and management teams. They have seasoned veterans who lead them, which allow for efficient scalability. Our commitment to expanding the platform is highlighted by our investments in these strategic growth initiatives, which have generated extraordinary momentum. We also recently announced our expansion into Europe, giving us global exposure, better access to an active tech landscape, and allowing us to support high growth companies across multiple continents. In support of our growth, we've been active in our capital fundraising efforts. In Q2, we raised nearly $47 million in net proceeds through our at-the-market equity program, all at a premium to NAV. Subsequent to quarter end, we raised $115 million of unsecured notes, ensuring in 2029, and completed an extension and upsize to our revolving credit facility. In June, we announced a new private vehicle through our strategic partnership with Eagle Point Credit. Trinity's wholly owned RIA is the advisor to the vehicle, further enhancing our sources of capital. and generating fee income that flows directly to our shareholders. Trinity is an internally managed BDC. We're different than externally managed BDCs in that when you buy our stock, you're buying into a pool of diversified assets across our various verticals, yes, and you're buying into a management company. We're not like externally managed BDCs that are simply a pool of assets. Over the past year, we started to leverage our internally managed structure as we launched a joint venture and an RIA to allow us to secure private capital. We began to generate income above and beyond the returns we collect from our direct lending. Our goal is to continue our creative platform growth, driving further value for our shareholders. Our team of nearly 90 professionals is the cornerstone of Trinity's track record and is the key to our trajectory going forward. We're committed to fostering a culture of excellence built around six pillars, humility, integrity, trust, uncommon care for our people and partners, continuous learning, and an entrepreneurial spirit. These values are what create the differentiated lending platform we've built here at Trinity. We strive to provide value that exceeds expectations in every part of the Trinity platform for employees and clients and investors. It's also important to note that because we are an internally managed BDC, our employees, management, and board all own the same shares as you do, our investors. We can't think of a better way to maintain 100% alignment with our shareholders in order to maximize return. We continue to take a selective approach to new opportunities. As a direct lender, we maintain our own pipeline and have origination strategically located in major markets, cultivating deep relationships with sponsors, banks, and operators. We are the agent on the vast majority of our loans and do not buy paper in large syndicated deals. Year-to-date, through June 30th, 40 of our portfolio companies have collectively raised just shy of $2 billion of equity, far exceeding our portfolio's 2023 capital raising pace, and demonstrating our portfolio's quality and ability to secure funding. We ended the quarter with a strong investment pipeline, including $436 million of unfunded commitments, leaving us well positioned for continued growth in the second half of 2024. As a reminder, all of Trinity's unfunded commitments are subject to ongoing diligence and approval by our investment committee. Credit and underwriting and portfolio management are fundamental to our success. We remain very selective and adhere to a rigorous diligence process with an increasingly smaller percentage of our deals reaching the underwriting stage. Our distinct structure and collaborative originations, credit, and portfolio teams take a proactive approach to managing our inbound opportunities in active portfolio companies, all of which greatly mitigate risk and position us to excel in all macroeconomic cycles. At Trinity, we pride ourselves on three core principles, exhibiting uncommon care for our employees, customers, and stakeholders, serving our clients by being partners rather than just money, and then providing outsized returns for our shareholders. We are excited about the future, We plan to continue to invest in our teams and systems, diversifying our investments to create a best-in-class direct lending platform. We look forward to extending our momentum as we grow and maximize value for our shareholders. And with that, I'll turn the call over to our CFO, Michael Testa, to discuss financial results in more detail. Michael.