Trinity Capital Inc., a specialty lending company that provides debt, including loans and equipment financing, to growth-stage companies backed by technology banks, venture capital and private equity firms, announced highlights for the quarter and year ended Dec. 31, 2021. Trinity finished 2021 with $248 million in new commitments in the fourth quarter, bringing total commitments for the year to a record $757 million.
As momentum and growth continue, the company continues to strengthen its team, having hired 10 experienced and energetic personnel across multiple teams in the last year. "Our 2021 results are reflective of the confidence we believe that growth-stage venture capital-backed companies have in us," said Kyle Brown, President and Chief Investment Officer.
"Trinity continues to execute on all fronts, from record deployments to increasing our quarterly dividend and building value in our stock," said Steven Brown, Chairman and Chief Executive Officer of Trinity. "As we look forward to 2022, we believe our disciplined investment strategy will continue to create long-term value for our shareholders."
2021 Portfolio Update
Originations and Repayments
During the quarter ended Dec. 31, 2021, the company originated approximately $247.9 million of total new commitments, which was comprised of $174.2 million in secured loans, $72.3 million in equipment financings and $1.4 million in equity investments. Fourth-quarter investments funded totaled approximately $197.5 million, which was comprised of $109.6 million in secured loans, $85.7 million in equipment financings and $2.2 million in warrant and equity investments. During the fourth quarter, the company funded $121.0 million to 11 new portfolio companies and $76.5 million to 14 existing portfolio companies. Proceeds received from repayments of the company's debt investments during the fourth quarter totaled approximately $41.7 million, which included $24.6 million from early debt repayments. Net debt portfolio growth from investment activity for the quarter was approximately $153.6 million.
During the year ended Dec. 31, 2021, Trinity originated approximately $757.0 million of total new commitments, of which secured loans totaled $515.9 million, equipment financing totaled $224.4 million and equity investments totaled $16.7 million. Annual investments funded total approximately $558.2 million, which was comprised of $402.1 million in secured loans, $134.6 million in equipment financings and $21.5 million in warrant and equity investments. During the year ended Dec. 31, 2021, the Company funded $400.8 million to 33 new portfolio companies and $157.4 million to 23 existing portfolio companies. Proceeds received from repayments of the Company's debt investments during the year totaled approximately $264.4 million, which included $190.1 million from early debt repayments. Net debt portfolio growth from investment activity for the year ended Dec. 31, 2021, was approximately $272.3 million.