Slide 1: First Quarter 2025 Investor Presentation
An International Alternative Asset Manager FIRST QUARTER 2025 INVESTOR PRESENTATION TRINITYCAPITAL.COM NASDAQ: TRIN
Slide 2: Forward-Looking Statements | Disclaimer
F O R WA R D - L O O K I N G S T A T E M E N T S | D I S C L A I M E R Trinity Capital Inc. (the “Company”) cautions that this presentation may contain forward-looking statements that are based on current expectations and assumptions about future events, and which are not based in historical fact. T
Slide 3: Company Overview
COMPANY OVERVIEW Courtesy of Hermeus
Slide 4: Trinity Capital Overview
TRINITY CAPITAL OVERVIEW Diversified financial solutions to growth-stage companies | NASDAQ – TRIN, TRINZ, TRINI 17+ YEAR TRACK MARKET CAP / PORTFOLIO(4) LIQUIDITY(4) RECORD(1) DIVIDEND YIELD $4.3B Fundings $914.2M $1,330.4M Secured Loans $216.4M Market Cap(3) 81 Companies Available Liquidity(6) 403
Slide 5: The Trinity Platform
THE TRINITY PLATFORM Unique internal management structure and capitalization diversification fortifies the TRIN platform and produces enhanced value proposition Trinity Capital (NASDAQ: TRIN) Internally Managed BDC Tech Lending | Equipment Finance | Life Sciences | Asset Based Lending | Sponsor Fina
Slide 6: Trinity's Complementary Verticals
TRINITY’S COMPLEMENTARY VERTICALS Diversified across investment type, transaction size, industry and geography TECH LENDING EQUIPMENT FINANCE LIFE SCIENCES ASSET BASED LENDING SPONSOR FINANCE Senior secured term loans to Financing mission-critical Senior secured term loans for Asset-based lending to
Slide 7: Why Trinity Capital?
WHY TRINITY CAPITAL? With unique capitalization and diversified businesses, we aim to provide investors with stable and consistent returns by offering access to private credit market EXPERIENCED TEAM WITH A INTERNALLY MANAGED BDC DIVERSIFIED BUSINESS VERTICALS 17+ YEAR TRACK RECORD Aligned interests
Slide 8: Enriched Industry Relationships
ENRICHED INDUSTRY RELATIONSHIPS First-call relationships with top industry-partners cultivated over years of experience Broad origination pipeline We have a broad origination pipeline of private equity and venture capital firms, tech banks, former clients, service providers and inbound interest. Rel
Slide 9: Underwriting Approach and Risk Mitigation
U N D E R WR I T I N G A P P R O A C H AND RISK MITIGATION Disciplined investment approach keeps our annualized loss rate at 23 bps, which is more than offset by realized gains on warrant and equity investments (1) CAPITALIZATION MANAGEMENT FINANCIALS PRODUCT & MARKET DEBT STRUCTURE Investor Syndica
Slide 10: Tech Lending
TECH LENDING Senior secured term loans to institutionally-backed technology companies SELECT EXAMPLES TERM LOANS SECURED LOANS Lien on all assets including IP BACKED BY INSTITUTIONAL CAPITAL WHOOP Empower Finance is a leading designer for wearable is helping people find financial security Companies
Slide 11: Equipment Finance
EQUIPMENT FINANCE Financing mission-critical manufacturing equipment and hard assets SELECT EXAMPLES EQUIPMENT FINANCE COMPANIES WITH CAPEX REQUIREMENTS Mission-critical hard assets JUST-IN-TIME CAPITAL RocketLab Athletic Brewing delivers reliable launch services, brews great tasting Non-Alcoholic C
Slide 12: Life Sciences
LIFE SCIENCES Senior secured term loans for growth capital to commercial stage life sciences companies SELECT EXAMPLES TERM LOANS SECURED LOANS Lien on all assets including IP STRONG CLINICAL DATA PROFILE Shoulder Innovations RxAnte Established or clear “line of sight” to favorable is a shoulder art
Slide 13: Asset Based Lending
ASSET BASED LENDING Asset-based lending to bankruptcy-remote SPVs SELECT EXAMPLES REVOLVING CREDIT LINES REVOLVING CREDIT LINE Based on eligible assets in SPV BACKED BY INSTITUTIONAL CAPITAL Parafin Denim empowers small businesses by provides comprehensive financial tools, Companies have raised sign
Slide 14: Sponsor Finance
SPONSOR FINANCE Enterprise value secured term loans to private equity-backed software companies SELECT EXAMPLES TERM LOANS SECURED LOANS Lien on all assets including IP MAJORITY CONTROL BY PRIVATE EQUITY Impel ServiceTrade offers auto dealers, wholesalers, streamlines service and project operations
Slide 15: Financial Highlights
FINANCIAL HIGHLIGHTS Courtesy of CMR Surgical
Slide 16: Q1 2025 Highlights
Q1 2025 HIGHLIGHTS $65.4M $32.4M 11.3% $0.51 per share ROBUST EARNINGS Total Investment Net Investment Net Interest Margin Consistent first quarter Income Income (“NII”) (“NIM”) regular dividend distribution LEADING ORIGINATIONS $185.9M $220.4M $622.9M 6 PLATFORM Debt & equity commitments in 1Q25 De
Slide 17: Solid Shareholder Returns
SOLID SHAREHOLDER RETURNS 21st consecutive consistent or Regular dividend coverage of 13.5% annualized total increased regular dividend 102.0% based on 1Q25 NII dividend yield (1) DIVIDEND GROW TH $10.00 $0.55 $0.50 $0.51 $0.51 $0.51 $0.51 $0.51 $0.48 $0.49 $9.00 $0.47 $0.50 $0.45 $0.46 $0.70 $0.70
Slide 18: Quarterly Income Statement
QUARTERLY INCOME STATEMENT For the three months ended (In thousands, except per share amounts) 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Total Investment Income $ 65,385 $ 70,832 $ 61,766 $ 54,641 $ 50,453 Interest expense and other debt financing costs 17,656 19,052 16,868 13,885 12,14
Slide 19: Income Source & Portfolio Yield Trends
INCOME SOURCE & PORTFOLIO YIELD TRENDS SOURCES OF INVESTMENT INCOME PORTFOLIO YIELDS (IN $000 S ) $70,000 12.5% $1,750 16.4% 17.0% 16.0% 16.1% 10.5% $60,000 9.7% 15.8% $1,500 16.0% 17.5% 15.3% 10.1% 18.1% $50,000 4.8% 18.5% $1,250 15.0% 15.3% 17.6% 14.9% 22.7% 14.7% 14.7% $40,000 $1,000 14.0% 14.1%
Slide 20: NII Returns and Use of Leverage
NII RETURNS AND USE OF LEVERAGE NII RETURN ON AVERAGE ASSETS (ROAA) (1) & NII RETURN ON AVERAGE EQUITY (ROAE) (2) 20.0% 17.3% 15.8% 16.6% 15.5% 15.0% 10.1% 10.7% 10.0% 6.9% 7.6% 7.5% 7.1% 4.7% 5.6% 5.0% Delivering strong returns through effective use of 0.0% 2020 2021 2022 2023 2024 1Q25 leverage RO
Slide 21: Net Investment Income (NII) per Share Bridge
NET INVESTMENT INCOME (NII) PER SHARE BRIDGE RECONCILIATION OF QUARTERLY NII PER SHARE Increase Decrease Total $0.70 $0.60 $0.58 $0.05 $0.52 $0.50 $0.04 $0.40 $(0.15) $0.30 $0.20 $0.10 $- 4Q24 NII Change in Change in Change in 1Q25 NII per Share Investment Income Interest Expense Operating Expenses
Slide 22: Quarterly Balance Sheet
QUARTERLY BALANCE SHEET For the three months ended (In thousands, except per share amounts) 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Assets Total investments at fair value $1,792,689 $1,725,750 $1,686,862 $ 1,424,815 $ 1,363,862 Cash and cash equivalents 8,386 9,627 8,535 46,102 11,967
Slide 23: Net Asset Value (NAV) per Share Bridge
NET ASSET VALUE (NAV) PER SHARE BRIDGE RECONCILIATION OF QUARTERLY NAV PER SHARE Increase Decrease Total $14.00 $0.52 $13.50 $13.35 $0.05 ($0.51) ($0.03) ($0.10) $13.05 $13.00 ($0.23) $12.50 $12.00 Earnings and Investment Portfolio Share Distributions Performance Impact (1) $11.50 $11.00 4Q24 NAV Ne
Slide 24: Debt Capital Structure
DEBT CAPITAL STRUCTURE Diversified Borrowings ($ in millions) as of March 31, 2025 Funding Source Debt Commitment Outstanding Principal Stated Maturity Interest Rate Notes: August 2026 Unsecured Notes $125.0 $125.0 August 24, 2026 4.375% December 2026 Unsecured Notes $75.0 $75.0 December 15, 2026 4.
Slide 25: Portfolio Highlights
PORTFOLIO HIGHLIGHTS Courtesy of UVeye
Slide 26: Portfolio Diversification
PORTFOLIO DIVERSIFICATION Diversified across investment type, transaction size, industry and geography INVESTMENT TYPE(1) TRANSACTION SIZE(1)(2) 7.0% 27.1% 74.2% Loans Equipment Financings Equity & Warrants 37.6% Greater than $30M $15M - $30M Less than $15M 18.8% 35.3% INDUSTRY TYPE(1) GEOGRAPHIC AL
Slide 27: Portfolio Trends
PORTFOLIO TRENDS FIXED VS FLOATING DEBT INVESTMENTS (1) TOTAL PORTFOLIO BY INVESTMENT TYPE (2) Floating Fixed Loans Equipment Financing Equity & Warrants $2,000,000 24.6% 23.4% 22.9% 23.1% 30.1% $1,750,000 7.0% 6.7% 7.2% $1,500,000 18.8% 18.1% 18.3% 6.3% 5.5% IN THOUSANDS $1,250,000 20.4% 23.3% $1,0
Slide 28: Disciplined Credit Rating
DISCIPLINED CREDIT RATING Consistent and Disciplined Underwriting Standards 2.9 2.9 2.9 3.0 $1,750 2.7 2.7 $1,500 2.5 $1,250 $1,000 2.0 Total Debt Investments (FV, $ in million) (1) $1,562 $1,589 $1,654 $750 $1,279 $1,324 Weighted Investment Credit Rating $500 1.5 $250 $0 1.0 1Q24 2Q24 3Q24 4Q24 1Q2
Slide 29: Interest Rate Sensitivity
INTEREST RATE SENSITIVITY ANNUALIZED INTEREST RATE SENSITIVITY ($ in thousands, except per share data) $20,000 $0.28 $0.40 $0.30 $15,000 $0.14 $0.20 76.9% floating rate debt investment $10,000 $17,653 $0.10 portfolio as of March 31, 2025 (1) $5,000 $8,826 $- $(0.01) $(0.01) 40.5% floating rate borro
Slide 30: Hypothetical Warrant Upside
HYPOTHETICAL WARRANT UPSIDE For Illustration Purposes Only Proceeds of 190 WARRANT POSITIONS in 117 Portfolio Companies 2X $72.8 million (2X) MULTIPLE Potential gain of $15.7 million or $0.25 per share GAAP fair value ~ $51.8 million GAAP cost ~ $41.3 million Proceeds of ~ $72.8 million in nominal e
Slide 31: Diversified Portfolio
DIVERSIFIED PORTFOLIO Select List of Current & Historical Investments 31
Slide 32: Analyst Coverage
ANALYST COVERAGE Courtesy of RocketLab
Slide 33: Extensive Industry Analyst Coverage
EXTENSIVE INDUSTRY ANALYST COVERAGE Followed by eight firms Paul Johnson Finian O’Shea Mitchell Penn Douglas Harter (initiated coverage 2/23/2021) (initiated coverage 2/23/2021) (initiated coverage 5/3/2021) (initiated coverage 2/23/2021) Sean-Paul Adams(1) Christopher Nolan C a s e y A l exa n d e
Slide 34: Supplemental Information
SUPPLEMENTAL INFORMATION Courtesy of Athletic Brewing
Slide 35: Regulation & Structure
REGULATION & STRUCTURE Trinity Capital Inc. is an Internally Managed BDC regulated under the 1940 Act and has elected to be treated as a RIC for Federal Income Tax Purposes beginning with its Taxable Year ending December 31, 2020 BUSINESS DEVELOPMENT COMPANY (BDC) REGULATED INVESTMENT COMPANY (RIC)