Trinity Capital Inc(NASDAQ:TRIN) 
Trinity Capital Inc. is a venture capital firm specializing in venture debt to growth stage companies looking for loans and/or equipment financing. Trinity Capital Inc. was founded in 2019 is based in Chandler, Arizona.
Website: http://trincapinvestment.com
Founded: 2019
Sector: Financial Services
Industry: Asset Management
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At a glance:
Bull Thesis:
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Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2024-12-31 | 2024-03-31 | 2023-09-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|
investment income: | ||||||||
interest and dividend income: | ||||||||
control investments | 1,116,000 | 1,038,000 | 59,000 | 1,045,000 | 832,000 | 59,000 | ||
affiliate investments | 34,000 | 248,000 | 116,000 | 144,000 | 604,000 | 116,000 | ||
non-control / non-affiliate investments | 39,381,000 | 43,749,000 | 10,639,000 | 11,372,000 | 11,377,000 | 10,685,000 | ||
total interest and dividend income | 40,531,000 | 45,035,000 | ||||||
fee and other income: | ||||||||
total fee and other income | 1,007,000 | 1,403,000 | ||||||
total investment income | 41,538,000 | 46,438,000 | 12,248,000 | 13,529,000 | 12,813,000 | 10,860,000 | ||
expenses: | ||||||||
interest expense and other debt financing costs | 11,081,000 | 10,783,000 | 4,259,000 | 3,965,000 | 4,320,000 | 4,269,000 | ||
compensation and benefits | 7,617,000 | 8,693,000 | 1,389,000 | 2,782,000 | 1,681,000 | 1,378,000 | ||
professional fees | 1,417,000 | 1,272,000 | 479,000 | |||||
general and administrative | 1,495,000 | 1,659,000 | 414,000 | 1,237,000 | 1,124,000 | 904,000 | ||
total expenses | 21,610,000 | 22,407,000 | 6,541,000 | 7,984,000 | 7,125,000 | 6,551,000 | ||
net investment income/(loss) before taxes | 19,928,000 | 24,031,000 | ||||||
excise tax expense | 597,000 | 625,000 | ||||||
net investment income | 19,331,000 | 23,406,000 | 5,707,000 | 5,545,000 | 5,688,000 | 4,309,000 | ||
net realized gain/(loss) from investments: | ||||||||
net realized gain/(loss) from investments | -365,000 | -1,868,000 | ||||||
net change in unrealized appreciation/(depreciation) from investments: | ||||||||
net change in unrealized appreciation/(depreciation) from investments | 3,520,000 | -4,717,000 | -24,290,000 | 8,279,000 | 2,162,000 | |||
net increase/(decrease) in net assets resulting from operations | 22,486,000 | 16,821,000 | ||||||
net investment income per share - basic | 0.55 | 0.58 | ||||||
net investment income per share - diluted | 0.52 | 0.55 | ||||||
net change in net assets resulting from operations per share - basic | 0.64 | 0.42 | ||||||
net change in net assets resulting from operations per share - diluted | 0.6 | 0.4 | ||||||
weighted-average shares outstanding - basic | 52,705,732 | 35,074,076 | 40,119,009 | |||||
weighted-average shares outstanding - diluted | 56,728,848 | 38,740,871 | 43,850,034 | |||||
interest income: | ||||||||
total interest income | 10,814,000 | 12,561,000 | ||||||
fee income: | ||||||||
total fee income | 1,434,000 | 968,000 | ||||||
net realized gain from investments: | ||||||||
net realized loss from investments | -882,000 | -1,490,000 | -968,000 | |||||
net increase in net assets resulting from operations before formation costs | -19,465,000 | 12,334,000 | 6,882,000 | |||||
costs related to the acquisition of trinity capital holdings and legacy funds | -15,586,000 | -15,586,000 | ||||||
net increase in net assets resulting from operations | -35,051,000 | 12,334,000 | 6,882,000 | |||||
net investment income per share - basic and diluted | 0.32 | 0.31 | 0.31 | 0.24 | ||||
net increase in net assets resulting from operations per share - basic and diluted | -1.97 | 0.68 | 0.38 | |||||
weighted-average shares outstanding - basic and diluted | 17,821,790 | 18,092,494 | 18,166,491 | 18,074,929 | 17,821,790 | |||
one-time fee income: | ||||||||
net change in unrealized appreciation / (depreciation) from investments: | ||||||||
net realized gain from investments | 503,000 | |||||||
net change in unrealized appreciation/ | ||||||||
from investments | -24,277,000 | |||||||
net decrease in net assets resulting from operations before formation costs | -19,465,000 | |||||||
net decrease in net assets resulting from operations | -35,051,000 | |||||||
net decrease in net assets resulting from operations per share - basic and diluted | -1.97 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-03-31 | 2023-09-30 | 2022-07-31 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
item 2. | |||||||||||||
item 3. | |||||||||||||
item 4. | |||||||||||||
part ii | |||||||||||||
item 1. | |||||||||||||
item 1a. | |||||||||||||
item 5. | |||||||||||||
item 6. | |||||||||||||
signatures | |||||||||||||
assets | |||||||||||||
investments at fair value: | |||||||||||||
control investments | 33,120,000 | 24,788,000 | 28,057,000 | 32,214,000 | 30,672,000 | 41,938,000 | 48,730,000 | 21,314,000 | |||||
affiliate investments | 11,143,000 | 23,837,000 | 28,941,000 | 32,192,000 | 34,309,000 | 11,795,000 | 27,650,000 | 5,380,000 | |||||
non-control / non-affiliate investments | 1,072,289,000 | 1,002,449,000 | 862,350,000 | 809,064,000 | 612,265,000 | 543,963,000 | 417,271,000 | 371,899,000 | |||||
total investments | 1,116,552,000 | 1,051,074,000 | 919,348,000 | 873,470,000 | 677,246,000 | 597,696,000 | 493,651,000 | 398,593,000 | |||||
cash and cash equivalents | 7,230,000 | 13,226,000 | 28,684,000 | 31,685,000 | 25,313,000 | 19,124,000 | 44,656,000 | 62,602,000 | |||||
interest receivable | 10,920,000 | 8,600,000 | 6,482,000 | 5,551,000 | 4,481,000 | 4,065,000 | 3,468,000 | 3,180,000 | |||||
deferred credit facility costs | 2,334,000 | 2,188,000 | 2,308,000 | ||||||||||
other assets | 13,890,000 | 14,432,000 | 9,237,000 | 8,354,000 | 4,342,000 | 3,923,000 | 744,000 | 793,000 | |||||
total assets | 1,150,926,000 | 1,090,180,000 | 965,939,000 | 937,118,000 | 727,407,000 | 641,447,000 | 559,708,000 | 482,173,000 | |||||
liabilities | |||||||||||||
keybank credit facility | 100,000,000 | 220,000,000 | 134,000,000 | 81,000,000 | |||||||||
2025 notes, net of 1,531 and 2,015, respectively, of unamortized deferred financing costs | |||||||||||||
august 2026 notes, net of 1,382 and 1,526, respectively, of unamortized deferred financing costs | |||||||||||||
march 2029 notes, net of 3,191 and 0, respectively, of unamortized deferred financing costs | |||||||||||||
december 2026 notes, net of 1,008 and 1,102, respectively, of unamortized deferred financing costs | |||||||||||||
convertible notes, net of 1,084 and 1,243, respectively, of unamortized deferred financing costs and discount | |||||||||||||
distribution payable | 23,353,000 | 15,389,000 | 9,803,000 | 8,959,000 | 4,947,000 | ||||||||
security deposits | 14,464,000 | 12,515,000 | 11,549,000 | 10,840,000 | 7,705,000 | 8,812,000 | |||||||
accounts payable, accrued expenses and other liabilities | 17,912,000 | 15,724,000 | 15,924,000 | 14,594,000 | 11,379,000 | 8,240,000 | |||||||
total liabilities | 581,463,000 | 631,838,000 | 541,898,000 | 490,585,000 | 328,401,000 | 261,727,000 | 320,960,000 | 257,610,000 | |||||
commitments and contingencies | |||||||||||||
net assets | |||||||||||||
common stock, 0.001 par value per share... | 43,000 | 31,000 | 28,000 | 27,000 | 27,000 | 26,000 | 18,000 | 18,000 | |||||
paid-in capital in excess of par | 590,819,000 | 430,464,000 | 370,570,000 | 368,609,000 | 370,442,000 | 369,379,000 | 263,366,000 | 260,120,000 | |||||
distributable earnings/ | -21,399,000 | 27,847,000 | 53,443,000 | 77,897,000 | 28,537,000 | 10,315,000 | -24,636,000 | ||||||
total net assets | 569,463,000 | 458,342,000 | 424,041,000 | 446,533,000 | 399,006,000 | 379,720,000 | 238,748,000 | 224,563,000 | |||||
total liabilities and net assets | 1,150,926,000 | 1,090,180,000 | 965,939,000 | 937,118,000 | 727,407,000 | 641,447,000 | 559,708,000 | 482,173,000 | |||||
net asset value per share | 13,170 | 14,620 | 15,150 | 16,400 | 14,700 | 14,330 | 13,030 | 12,440 | |||||
2025 notes, net of 2,498 and 3,948, respectively, of unamortized deferred financing costs | 180,002,000 | ||||||||||||
august 2026 notes, net of 1,670 and 2,103, respectively, of unamortized deferred financing costs | 123,330,000 | ||||||||||||
december 2026 notes, net of 1,195 and 1,474, respectively, of unamortized deferred financing costs | 73,805,000 | ||||||||||||
convertible notes, net of 1,403 and 1,882, respectively, of unamortized deferred financing costs and discount | 48,597,000 | ||||||||||||
| |||||||||||||
declaration date | |||||||||||||
may 14, 2020 | |||||||||||||
august 12, 2020 | |||||||||||||
november 12, 2020 | |||||||||||||
december 22, 2020 | |||||||||||||
total | |||||||||||||
restricted cash | 15,057,000 | 15,000,000 | 15,341,000 | 16,445,000 | 16,883,000 | ||||||||
august 2026 notes, net of 2,391 and 2,679, respectively, of unamortized deferred financing costs | |||||||||||||
2025 notes, net of 3,021 and 3,616, respectively, of unamortized deferred financing costs | 121,979,000 | ||||||||||||
december 2026 notes, net of 1,661 and 1,842, respectively, of unamortized deferred financing costs | |||||||||||||
convertible notes, net of 2,201 and 2,515, respectively, of unamortized deferred financing costs and discount | |||||||||||||
credit suisse credit facility | |||||||||||||
investment income: | |||||||||||||
interest income: | |||||||||||||
total interest income | 28,406,000 | 20,659,000 | |||||||||||
fee income: | |||||||||||||
total fee income | 3,439,000 | 1,131,000 | |||||||||||
total investment income | 33,458,000 | 31,845,000 | 21,790,000 | 19,476,000 | |||||||||
expenses: | |||||||||||||
interest expense and other debt financing costs | 7,761,000 | 6,798,000 | 5,112,000 | 4,425,000 | |||||||||
compensation and benefits | 6,877,000 | 6,455,000 | 3,677,000 | 3,370,000 | |||||||||
professional fees | 832,000 | 762,000 | |||||||||||
general and administrative | 1,558,000 | 1,477,000 | 1,116,000 | 1,031,000 | |||||||||
total expenses | 17,087,000 | 15,562,000 | 10,667,000 | 9,396,000 | |||||||||
net investment income before taxes | 16,283,000 | ||||||||||||
excise tax expense | 674,000 | ||||||||||||
net investment income | 15,714,000 | 15,609,000 | 11,123,000 | 10,080,000 | |||||||||
net realized gain/(loss) from investments: | |||||||||||||
net realized gain/(loss) from investments | -9,617,000 | 52,644,000 | 666,000 | 1,995,000 | |||||||||
net change in unrealized appreciation/(depreciation) from investments: | |||||||||||||
net change in unrealized appreciation/(depreciation) from investments | -13,820,000 | -77,318,000 | 15,392,000 | 12,630,000 | |||||||||
net increase/(decrease) in net assets resulting from operations | -7,723,000 | -9,065,000 | 27,181,000 | 24,705,000 | |||||||||
net investment income per share - basic | 510 | 570 | 420 | ||||||||||
net investment income per share - diluted | 480 | 540 | 400 | ||||||||||
net change in net assets resulting from operations per share - basic & diluted | -250 | -330 | |||||||||||
weighted-average shares outstanding - basic & diluted | 27,416,943,000 | ||||||||||||
august 2026 notes, net of 2,535 and 2,679, respectively, of unamortized deferred financing costs | 122,465,000 | ||||||||||||
2025 notes, net of 3,319 and 3,616, respectively, of unamortized deferred financing costs | 121,681,000 | ||||||||||||
december 2026 notes, net of 1,749 and 1,842, respectively, of unamortized deferred financing costs | 73,251,000 | ||||||||||||
convertible notes, net of 2,361 and 2,515, respectively, of unamortized deferred financing costs and discount | 47,639,000 | ||||||||||||
prepaid expenses | 693,000 | 1,025,000 | 1,298,000 | 744,000 | 122,000 | ||||||||
august 2026 notes, net of 2,679, and 0, respectively, of unamortized deferred financing costs | 122,321,000 | ||||||||||||
2025 notes, net of 3,616, and 4,697, respectively, of unamortized deferred financing costs | 121,384,000 | ||||||||||||
december 2026 notes, net of 1,842, and 0, respectively, of unamortized deferred financing costs | 73,158,000 | ||||||||||||
convertible notes, net of 2,515, and 3,448, respectively, of unamortized deferred financing costs and discount | 47,485,000 | ||||||||||||
credit suisse credit facility, net of 0 and 2,107, respectively, of unamortized deferred financing costs | 10,000,000 | ||||||||||||
2026 notes, net of 2,564, and 0, respectively, of unamortized deferred financing costs | 122,436,000 | ||||||||||||
2025 notes, net of 3,902, and 4,697, respectively, of unamortized deferred financing costs | 121,098,000 | ||||||||||||
convertible notes, net of 2,650, and 3,448, respectively, of unamortized deferred financing costs and discount | 47,350,000 | ||||||||||||
credit facility, net of 526 and 2,107, respectively, of unamortized deferred financing costs | 9,474,000 | ||||||||||||
net increase/(decrease) in net assets resulting from operations before formation costs | 27,181,000 | 24,705,000 | |||||||||||
costs related to the acquisition of trinity capital holdings and legacy funds | |||||||||||||
net increase/(decrease) in net assets resulting from operations per share - basic | 1,020 | ||||||||||||
net increase/(decrease) in net assets resulting from operations per share - diluted | 940 | ||||||||||||
weighted-average shares outstanding - basic | 26,641,084,000 | ||||||||||||
weighted-average shares outstanding - diluted | 29,974,419,000 | ||||||||||||
credit facility, net of 1,053 and 2,107, respectively, of unamortized deferred financing costs | 68,947,000 | ||||||||||||
2025 notes, net of 4,168, and 4,697, respectively, of unamortized deferred financing costs | 120,832,000 | ||||||||||||
convertible notes, net of 2,786, and 3,448, respectively, of unamortized deferred financing costs and discount | |||||||||||||
net investment income per share - basic and diluted | 380 | ||||||||||||
net increase/(decrease) in net assets resulting from operations per share - basic and diluted | 930 | ||||||||||||
weighted-average shares outstanding - basic and diluted | 26,478,747,000 | ||||||||||||
credit facility, net of 1,583 and 2,107, respectively, of unamortized deferred financing costs | |||||||||||||
2025 notes, net of 4,406, and 4,697, respectively, of unamortized deferred financing costs | |||||||||||||
convertible notes, net of 2,887, and 3,448, respectively, of unamortized deferred financing costs and discount | |||||||||||||
accounts payable and accrued liabilities | 7,309,000 | ||||||||||||
other liabilities | 8,956,000 | 6,397,000 | |||||||||||
deferred financing costs | |||||||||||||
deferred offering costs | |||||||||||||
credit facility, net of 2,107 and 0, respectively, of unamortized deferred financing costs | 132,893,000 | ||||||||||||
notes payable, net of 4,697, and 0, respectively, of unamortized deferred financing costs | 120,303,000 | ||||||||||||
convertible notes payable, net of 3,448, and 0, respectively, of unamortized deferred financing costs and discount | 46,552,000 | ||||||||||||
due to related party | |||||||||||||
notes interest expense | 2,139,000 | 2,212,000 | |||||||||||
amortization of deferred financing costs | 278,000 | 277,000 | |||||||||||
total interest and amortization of deferred financing costs | 2,417,000 | 2,489,000 | |||||||||||
credit facility, net of 3,301 and 0, respectively, of unamortized deferred financing cost | 126,699,000 | ||||||||||||
notes payable, net of 5,309, and 0, respectively, of unamortized deferred financing cost | 119,691,000 | ||||||||||||
accounts payable and accrued expenses | 4,823,000 | ||||||||||||
distributable earnings | |||||||||||||
3 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-03-31 | 2023-09-30 | 2022-06-30 | 2022-03-31 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|
cash flows provided by/(used in) operating activities: | |||||||||
net increase/(decrease) in net assets resulting from operations | 14,508,000 | 75,976,000 | -7,722,000 | -9,065,000 | |||||
adjustments to reconcile net increase/(decrease) in net assets resulting from operation to net cash provided by/(used in) operating activities: | |||||||||
purchase of investments, net of deferred fees | -240,700,000 | 46,743,000 | -192,436,000 | -221,179,000 | -121,538,000 | -86,694,000 | |||
proceeds from sales and paydowns of investments | 148,541,000 | 159,567,000 | 44,641,000 | 158,775,000 | 79,894,000 | 66,985,000 | 42,257,000 | 37,682,000 | 44,469,000 |
net change in unrealized appreciation/(depreciation) from investments, net of third party participation | 12,000,000 | -114,337,000 | 13,820,000 | 77,318,000 | |||||
net realized gain/(loss) from investments | -1,351,000 | 71,871,000 | 9,617,000 | -52,644,000 | |||||
accretion of original issue discounts and end of term payments on investments | -7,172,000 | -8,385,000 | -7,368,000 | -8,148,000 | -5,686,000 | -4,593,000 | -3,978,000 | ||
amortization of deferred financing costs | 1,075,000 | 1,559,000 | 845,000 | 808,000 | 920,000 | 917,000 | 843,000 | 750,000 | 666,000 |
stock-based compensation | 2,459,000 | 911,000 | |||||||
change in operating assets and liabilities | |||||||||
(increase)/decrease in interest receivable | -2,106,000 | 2,079,000 | -2,118,000 | -931,000 | |||||
(increase)/decrease in other assets | -872,000 | -781,000 | -363,000 | -1,960,000 | |||||
increase/(decrease) in security deposits | -1,173,000 | -2,311,000 | 966,000 | 709,000 | |||||
increase/(decrease) in accounts payable, accrued expenses and other liabilities | -6,610,000 | -2,989,000 | -200,000 | 1,330,000 | |||||
net cash provided by/(used in) operating activities | -81,401,000 | 235,819,000 | -143,348,000 | -52,366,000 | |||||
cash flows provided by/(used in) investing activities: | |||||||||
disposal/(acquisition) of fixed assets | -33,000 | -2,243,000 | -36,000 | 60,000 | |||||
net cash provided by/(used in) investing activities | -33,000 | -2,243,000 | -36,000 | 60,000 | |||||
cash flows provided by/(used in) financing activities | |||||||||
issuance of common stock, net of issuance costs | 24,240,000 | ||||||||
stock repurchase and cancellation of shares, net of costs | |||||||||
retirement of employee shares | -1,582,000 | ||||||||
cash distributions paid | -22,821,000 | -8,750,000 | |||||||
issuance of debt, net of issuance costs | 111,803,000 | ||||||||
borrowings under credit facilities | 148,000,000 | 31,000,000 | 116,000,000 | 68,000,000 | |||||
repayments under credit facilities | -171,000,000 | -25,000,000 | |||||||
net cash provided by/(used in) financing activities | 88,640,000 | -203,442,000 | 127,926,000 | 34,248,000 | |||||
net increase/(decrease) in cash, cash equivalents and restricted cash | 7,206,000 | -15,458,000 | -18,058,000 | ||||||
cash, cash equivalents and restricted cash at beginning of period | 4,761,000 | 0 | 46,742,000 | 0 | 61,101,000 | ||||
cash, cash equivalents and restricted cash at end of period | 11,967,000 | -15,458,000 | 28,684,000 | -16,820,000 | 51,285,000 | 8,447,000 | -41,084,000 | 79,485,000 | |
(increase)/decrease in receivable from sale of investments | 1,710,000 | ||||||||
issuance of common stock net of costs | |||||||||
stock repurchase and cancellation of shares net of costs | |||||||||
issuance of debt | |||||||||
debt issuance cost paid | |||||||||
net increase/(decrease) in cash, cash equivalents | |||||||||
cash, cash equivalents at beginning of period | |||||||||
cash, cash equivalents at end of period | |||||||||
adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/(used in) operating activities: | |||||||||
| |||||||||
issuance of common stock | 0 | 112,088,000 | 0 | 0 | 125,000,000 | ||||
common stock issuance costs | 0 | -7,880,000 | 0 | 81,000 | -10,610,000 | ||||
debt issuance costs | |||||||||
supplemental and non-cash investing and financing activities: | |||||||||
cash paid for interest | 5,603,000 | 2,629,000 | 4,200,000 | 2,873,000 | 3,582,000 | ||||
accrued but unpaid distributions | 15,389,000 | 286,000 | 7,396,000 | ||||||
distributions reinvested | 1,053,000 | ||||||||
income tax, including excise tax, paid | 310,000 | ||||||||
change to net assets related to adoption of asu 2020-06 | |||||||||
costs related to the acquisition of trinity capital holdings and legacy funds | -472,000 | 0 | 15,586,000 | ||||||
share-based compensation | |||||||||
(increase)/decrease in prepaid expenses | |||||||||
increase/(decrease) in due to related party | |||||||||
formation transactions of legacy funds, net of cash acquired | 0 | 0 | -89,515,000 | ||||||
acquisition of trinity capital holdings | 0 | 0 | -2,211,000 | ||||||
acquisition of fixed assets | -332,000 | -490,000 | -192,000 | -24,000 | -10,000 | ||||
proceeds from issuance of 2025 notes | |||||||||
financing costs paid related to 2025 notes | |||||||||
proceeds from issuance of 2026 notes | |||||||||
financing costs paid related to 2026 notes | |||||||||
proceeds under credit facility | 20,000,000 | ||||||||
repayments under credit facility | 0 | -90,000,000 | 0 | -25,000,000 | -60,000,000 | ||||
financing costs paid related to credit facility | -42,000 | -5,000 | -3,735,000 | ||||||
shares issued to trinity capital holdings | 0 | 8,000,000 | |||||||
assumption of severance liability | 0 | 3,508,000 | |||||||
shares issued to the legacy investors as part of the formation transactions | 0 | 137,748,000 | |||||||
value of shares issued in connection with the distribution reinvestment plan | 1,134,000 | 1,141,000 | |||||||
non-cash settlement of investments | |||||||||
cash flows from operating activities: | |||||||||
net increase in net assets resulting from operations | 25,324,000 | ||||||||
adjustments to reconcile net decrease in net assets resulting from operations to net cash from operating activities: | |||||||||
net change in unrealized depreciation from investments, net of third party participation | -15,193,000 | ||||||||
net realized gain from investments | -2,595,000 | 5,029,000 | 968,000 | -503,000 | |||||
depreciation of fixed assets | 16,000 | 17,000 | |||||||
decrease in interest receivable | -456,000 | ||||||||
decrease in prepaid expenses | -1,107,000 | ||||||||
decrease in other assets | 32,000 | ||||||||
increase in accounts payable and accrued liabilities | -3,507,000 | 2,599,000 | -774,000 | 3,069,000 | |||||
increase in other liabilities | 1,143,000 | 1,338,000 | 117,000 | 2,093,000 | |||||
increase in due to related party | |||||||||
net cash from operating activities | -19,728,000 | -54,324,000 | -13,256,000 | 1,108,000 | |||||
capital expenditures | 0 | 0 | 0 | 0 | |||||
free cash flows | -19,728,000 | -54,324,000 | -13,256,000 | 1,108,000 | |||||
cash flows from investing activities: | |||||||||
net cash from investing activities | -490,000 | -192,000 | -24,000 | -91,736,000 | |||||
cash flows from financing activities | |||||||||
distributions paid, net of stock issued under drip of 1,141 and 0, respectively | -3,806,000 | ||||||||
net cash from financing activities | 10,402,000 | 62,963,000 | -27,804,000 | 170,113,000 | |||||
net increase in cash, cash equivalents and restricted cash | -9,816,000 | 8,447,000 | -41,084,000 | 79,485,000 | |||||
net decrease in net assets resulting from operations | 9,723,000 | ||||||||
purchase of investments, net of deferred fees of 1.4 million | |||||||||
net change in unrealized depreciation from investments | -8,870,000 | -2,162,000 | 24,277,000 | ||||||
increase in interest receivable | -310,000 | -15,000 | -2,054,000 | ||||||
increase in prepaid expenses | -97,000 | ||||||||
increase in other assets | -81,000 | 277,000 | -582,000 | ||||||
distributions paid | -3,815,000 | ||||||||
proceeds from issuance of convertible notes, net of original issue discount | |||||||||
financing costs paid related to convertible notes | |||||||||
proceeds from issuance of notes payable | 0 | 0 | 125,000,000 | ||||||
financing costs paid related to notes payable | -165,000 | 0 | -5,542,000 | ||||||
cash, beginning of period | |||||||||
purchase of investments | -53,764,000 | -47,739,000 | |||||||
decrease in due to related party | 0 | -1,058,000 | |||||||
issuance of common stock pursuant to distribution reinvestment plan | |||||||||
adjustments to reconcile net decrease in net assets resulting from operations to net cash provided by/(used in) operating activities: | |||||||||
cash flows used in investing activities: | |||||||||
net decrease in net assets resulting from operations: | -35,051,000 | ||||||||
adjustments to reconcile net decrease in net assets resulting from | |||||||||
operations to net cash from operating activities: | |||||||||
accretion of original issue discounts and exit fees on investments | -2,074,000 | ||||||||
depreciation | 9,000 | ||||||||
borrowings under credit facility |