Trinity Capital Inc. · NASDAQ:TRIN
Trinity Capital — Q3 2026 Earnings Presentation
40 slides from Trinity Capital's earnings presentation, Nov 4, 2026
Slide 1: Trinity Capital
A TRINITY CAPITAL
Slide 2: Third Quarter 2026 Investor Presentation
Third Quarter 2026 Investor Presentation
Slide 3: Forward-looking statements disclaimer
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. The forward-looking statements in this presentation are based on current
Slide 4: Company Overview
A. | Company Overview
Slide 5: Trinity Capital Overview
Trinity Capital Overview Historical information includes information and data related to Trinity Capital's predecessor funds, the first of which was launched in 2008, through September 30, 2026. The predecessor funds were merged with and into Trinity Capital on January 16, 2020, immediately after wh
Slide 6: The Trinity Platform
The Trinity Platform Differentiated structure: publicly traded, internally managed BDC operating five complementary lending verticals – supplemented by strategic, value-add joint ventures and a managed funds platform Publicly Traded Business Development Company (“BDC”) · NYSE: TRIN Equipment Finance
Slide 7: Trinity's Complementary Verticals
Trinity’s Complementary Verticals Diversified across investment type, transaction size, industry and geography Senior secured term loans to institutionally backed technology companies Tech Lending Financing mission-critical manufacturing equipment and hard assets Equipment Finance Senior secured ter
Slide 8: 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 an 18+ Year Track Record Diversified Business Verticals Aligned interests between employees and
Slide 9: Trinity's Origination Capabilities
Trinity’s Origination Capabilities First-call relationships with top industry partners cultivated over decades of experience 1. Origination Pipeline: Initial Screen 2. Exploratory Due Diligence & Underwriting 3. Credit Review, IC Approval, & Commitment 4. Funded Indicative Annual Pipeline An Origina
Slide 10: Underwriting Approach + Risk Mitigation
Underwriting Approach + Risk Mitigation Disciplined investment approach keeps our annualized loss rate at 20 bps, which is more than offset by realized gains on warrant and equity investments (1) Includes historical information of Trinity Capital's predecessor funds, the first of which was launched
Slide 11: Tech Lending: Term Loans
Equipment Finance Tech Lending Healthcare & Life Sciences Sponsor Finance Asset Based Lending Term Loans: Senior secured term loans to institutionally-backed technology companies Secured Loans Lien on all assets including IP Backed by Institutional Capital Companies have raised significant equity Gr
Slide 12: Equipment Financings
Equipment Finance Tech Lending Healthcare & Life Sciences Sponsor Finance Asset Based Lending Equipment Financings: Financing mission-critical manufacturing equipment and hard assets Companies with CapEx Requirements Mission-critical hard assets Just-In-Time Capital Available as needed to meet growi
Slide 13: Healthcare & Life Sciences Term Loans
Equipment Finance Tech Lending Healthcare & Life Sciences Sponsor Finance Asset Based Lending Term Loans: Senior secured term loans for growth capital to commercial stage life sciences companies Select Examples: Secured Loans Lien on all assets including IP Strong Clinical Data Profile Established o
Slide 14: Sponsor Finance Term Loans
Equipment Finance Tech Lending Healthcare & Life Sciences Sponsor Finance Asset Based Lending Term Loans: Enterprise value secured term loans to private equity-backed growth companies Secured Loans Lien on all assets including IP Majority Control by Private Equity Significant cash equity cushion rel
Slide 15: Asset Based Lending Revolving Credit Lines
Equipment Finance Tech Lending Healthcare & Life Sciences Sponsor Finance Asset Based Lending Revolving Credit Lines: Asset based lending to bankruptcy-remote SPVs Revolving Credit Line Based on eligible assets in SPV Backed by Institutional Capital Companies have raised significant equity Asset Bac
Slide 16: Financial Highlights
A | Financial Highlights
Slide 17: Q3 2026 Financial Highlights: Robust Earnings
Q3 2026 Financial Highlights $49.9M Net Investment Income (“NII”) $98.4M Total Investment Income 11.0% Net Interest Margin (“NIM”) $0.52 Net Investment Income (“NII”) per share Robust Earnings Leading Originations Platform Portfolio Assets
Slide 18: Q3 2026 Financial Highlights: Originations
Q3 2026 Financial Highlights Most of Trinity’s unfunded commitments are conditional, subject to additional lending provisions, and generally dependent upon the portfolio company reaching certain milestones before the commitment becomes available. The Company had unconditional unfunded commitments of
Slide 19: Q3 2026 Financial Highlights: Platform and Portfolio Assets
Q3 2026 Financial Highlights Includes the fair value of assets managed by the affiliate funds as of September 30, 2026. Effective yield for Trinity Capital includes fees and accelerated income from prepayments but excludes fees earned from affiliate funds and is calculated based on the daily weighte
Slide 20: Solid Shareholder Returns
Solid Shareholder Returns Annualized based on the $0.17 monthly dividend per share paid in Q3 2026 and a closing stock price of $17.55 on September 30, 2026. Represents dividends declared as of September 30, 2026, and excludes dividends expected to be declared in future periods. $66.8M of undistribu
Slide 21: Quarterly Income Statement
Quarterly Income Statement General and administrative expense includes excise tax expense and is net of expenses allocated to Trinity Capital Adviser LLC. For the three months ended For the three months ended (In thousands, except per share amounts) 09/30/2025 12/31/2025 03/31/2026 06/30/2026 09/30/
Slide 22: Income Source & Portfolio Yield Trends
Income Source & Portfolio Yield Trends Includes fees and dividend income earned from the affiliate funds. Effective yield includes fees and accelerated income from prepayments but excludes fees earned from servicing and origination fees from affiliate funds and is calculated based on the daily weigh
Slide 23: NII Returns & Use of Leverage
NII Returns & Use of Leverage NII return on average equity (ROAE) is calculated as NII divided by average net assets for period. NII return on average assets (ROAA) is calculated as NII divided by average assets for the period. Net leverage ratio is calculated as outstanding principal of borrowings
Slide 24: Net Investment Income (NII) Per Share Bridge
Net Investment Income (NII) Per Share Bridge
Slide 25: Quarterly Balance Sheet
Quarterly Balance Sheet Includes the KeyBank Credit Facility and KeyBank Secured Term Loan Facility. Refer to the ‘Debt Capital Structure’ slide for further details. Includes the December 2026 Unsecured Notes, March 2029 Unsecured Notes, September 2029 Unsecured Notes, Series A Notes, July 2030 Note
Slide 26: Net Asset Value (NAV) per Share Bridge
Net Asset Value (NAV) per Share Bridge Includes the impact of share activity and equity incentive plans. Earnings and Distributions Investment Portfolio Performance Share Impact(1)
Slide 27: Debt Capital Structure
Debt Capital Structure Funding Source Debt Commitment Outstanding Principal Stated Maturity Interest Rate Unsecured Notes: December 2026 Unsecured Notes $75.0 $75.0 December 15, 2026 4.250% March 2029 Unsecured Notes (1) $142.2 $142.2 March 30, 2029 (1) 7.875% September 2029 Unsecured Notes (2) $122
Slide 28: Debt Capital Structure (Contd.)
Debt Capital Structure (Contd.) Diversified Borrowings ($ in millions) as of September 30, 2026 DEBT MATURITIES ($ IN MILLIONS)
Slide 29: Portfolio Highlights
Ax | Portfolio Highlights
Slide 30: Portfolio Diversification
Portfolio Diversification Diversified across investment type, transaction size, industry and geography Based on fair value as of September 30, 2026. Includes debt investments only. Multi-Sector Holdings generally invest or manage investments in secured loans and equipment financings to growth-orient
Slide 31: Portfolio Trends
Portfolio Trends Based on outstanding principal. Based on fair value. Mix of fixed and floating rate investments Strong asset diversification
Slide 32: Credit Risk Rating of Debt Investments at Fair Value
Credit Risk Rating of Debt investments at Fair Value, 3Q 2025 – 3Q 2026 ($ in thousands) Disciplined Credit Rating The total fair value of debt investments excludes our debt investment in Senior Credit Corp 2022 LLC, which was $12.9 million as of September 30, 2026. 3Q25 4Q25 1Q26 2Q26 3Q26 Very Str
Slide 33: Interest Rate Sensitivity
Interest Rate Sensitivity Based on outstanding principal of debt investments of which majority are at the current floor rate. Based on outstanding principal of borrowings. 78.4% floating rate debt investment portfolio as of September 30, 2026 (1) 42.1% floating rate borrowings as of September 30, 20
Slide 34: Hypothetical Warrant Upside
Hypothetical Warrant Upside For Illustration Purposes Only GAAP fair value ~ $81.2 million GAAP cost ~ $56.0 million ~ $80.2 million in nominal exercise value 209 Warrant Positions in 128 Portfolio Companies Assume that only 50% of warrants will monetize Cost of exercised warrants is ~ $68.1 million
Slide 35: Diversified Portfolio
Diversified Portfolio Select List of Current & Historical Investments
Slide 36: Analyst Coverage
A. | Analyst Coverage
Slide 37: Extensive Industry Analyst Coverage
Extensive Industry Analyst Coverage Note: Trinity Capital is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Trinity Capital’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Trinity
Slide 38: Supplemental Information
A | Supplemental Information
Slide 39: 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)
Slide 40: Trinity Capital
A TRINITY CAPITAL