Trinity Capital (TRIN) Q1 2025 Earnings Call May 07, 2025 12:00 PM ET Company Participants Ben Malcolmson - Head of Investor RelationsKyle Brown - CEO, President, Chief Investment Officer & DirectorMichael Testa - CFO & TreasurerGerry Harder - COORon Kundich - Chief Credit OfficerChristopher Nolan - Senior VP - Equity ResearchPaul Johnson - Vice President Conference Call Participants Casey Alexander - Senior Vice President & Research AnalystCory Johnson - Associate AnalystSean-Paul Adams - Equity Research A ...

Financial Data and Key Metrics Changes - The company reported fee revenues of $90 million, an increase of 24% year-over-year, and FRE of $35 million, up almost 80% year-over-year [27][28] - Distributable earnings for the quarter were $55 million, which included a $34 million gain from the partial realization of an investment in DataBank [28] - Fee earning equity under management increased to $37.3 billion, a 15% increase from the previous year [28] Business Line Data and Key Metrics Changes - The company raised $1.2 billion in new fee earning commitments during the first quarter, contributing to the growth in fee revenues [28] - The fundraising for the flagship Digital Ridge Partner strategy represented over 70% of total fundraising [5] Market Data and Key Metrics Changes - The company noted that despite financial market volatility, allocators are still investing in digital infrastructure, indicating a strong pipeline of investor interest [6][10] - The performance of digital infrastructure assets has been resilient, with private infrastructure delivering solid returns compared to other asset classes [18][20] Company Strategy and Development Direction - The company is focused on building a diversified portfolio across digital infrastructure, including investments in fiber, small cells, and mobile infrastructure [22][23] - The acquisition of Crown Castle's fiber business by Zayo for $4.5 billion is expected to enhance the company's market position and improve returns [24][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 goals despite some delays in fundraising decisions due to market conditions [9][10] - The company is positioned to benefit from long-term contracts and inflation protection, which are expected to mitigate short-term impacts from market volatility [11][12] Other Important Information - The company has committed over $28 billion in CapEx for new site development over the next 24 months, indicating strong growth plans [12] - The management team emphasized the importance of maintaining a conservative approach to asset valuation to ensure credibility with investors [91][92] Q&A Session Summary Question: Is the guidance for total company FRE growth and margins maintained? - Management confirmed that the guidance for total company FRE growth of 10% to 20% and FRE margins of 34.5% is maintained [53][54] Question: How is market volatility impacting carried interest events? - Management noted that while deal-making has slowed in the U.S., global M&A activity is up, and they are still looking for carried interest opportunities across their portfolio [56][59] Question: What steps can be taken to close the valuation disconnect with peers? - Management highlighted the importance of execution and consistency in delivering on fundraising targets and FRE goals to regain investor trust [63][64] Question: What is the current sentiment from potential investors regarding fundraising? - Management reported that most investors have not changed their allocation strategies and continue to commit to digital infrastructure investments [75][76] Question: Is there a shift in investor interest towards credit strategies? - Management indicated an uptick in interest for credit strategies, with over 100 LPs currently evaluating their private credit offerings [105]

Company Overview - Monroe Capital is a diversified private credit solutions provider with $19.4 billion in AUM as of October 1, 2024[2] - The firm has invested $46 billion in capital since its founding in 2004[3] - Monroe Capital has a large team, including over 250 total employees and 110+ investment professionals across 10 offices[3] Portfolio Highlights - The total investments of Monroe Capital Corporation are $474.3 million[14] - Approximately 80% of the portfolio assets are in first lien loans[13, 14] - The portfolio consists of 94 unique issuers[14] - The average effective yield of the portfolio is 11%[14] - The portfolio mark is 93.9%[14] Financial Performance - The Net Asset Value per Share (NAVPS) is $9.18[14] - The NAV Yield is 10.9%[14] - The Annualized Dividend Yield is 12.3%[14]

Monroe Capital (MRCC) Q4 2024 Earnings Call March 03, 2025 12:00 PM ET Company Participants Theodore Koenig - Chairman, President & CEOMick Solimene - CFO & CIOAlex Parmacek - Managing DirectorChristopher Nolan - Senior VP - Equity Research Operator Welcome to Monroe Capital Corporation's Fourth Quarter and Full Year twenty twenty four Earnings Conference Call. Before we begin, I would like to take a moment to remind our listeners that remarks made during this call today may contain certain forward looking ...