Slide 1: Fourth Quarter and Full Year 2024 Investor Presentation
F O U R T H Q U A R T E R A N D F UL L Y E A R 202 4 I NVE STOR PRES ENTAT ION
Slide 2: Forward-Looking Statements | Disclaimer
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 i
Slide 3: Company Overview
CO MPANY O VE R VI E W
Slide 4: Trinity Capital Overview
TRINITY CAPITAL OVERVIEW Diversif ied f inancial solutio ns to growt h -sta ge com panies | NASDAQ – TRIN, T RI NZ , TRINI 16+ YEAR MARKET CAP / TRACK P O R T F O L I O (4) L I Q U I D I T Y (4) R E C O R D (1) DI V ID END Y I EL D $1,286.7M $4.1B F u nd ing s $1.0B $496.6M Secured Loans Market C a
Slide 5: The Trinity Platform
THE TRINITY PLATFORM Unique internal manage ment structure an d capit alizatio n diversificat ion f ort ifies the TRIN p latfo rm and produces enhan ced valu e proposit ion T R I N I T Y C A P I TA L ( N A S D A Q : T R I N ) In te r n ally M a na g ed BD C Te c h L e n d i n g | E q u i p m e n t F
Slide 6: Diverse Business Verticals
DIVERSE BUSINESS VERTICALS Diversif ied a cross investme nt t ype, transactio n size, indust ry and g eography SPO NSOR FINANCE En te rpr i se va lu e sec ure d te rm lo ans t o pr ivat e eq uity -ba cke d sof t war e LIFE SC IENCES co mpan ie s TEC H LENDIN G Se nior se cured term Senior secured te
Slide 7: Why Is Trinity Different
WHY IS TRINITY DIFFERENT With unique capitalization and diversified businesses, we aim to provide investors with stable and consistent returns by offering access to the private credit market Internally ▪ Aligned interests between employees and shareholders Managed BDC ▪ Management company and a pool
Slide 8: Entrenched Industry Relationships
ENTRENCHED INDUSTRY RELATIONSHIPS First-call relat ionships wit h t op ind ustry-partne rs cu ltivate d over yea rs o f exp erien ce Broad origination pipeline of private equity and venture capital firms, tech banks, former clients, service providers and inbound interest Relationships with top marke
Slide 9: Underwriting Approach and Risk Mitigation
UNDERWRITING APPROACH 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 FINANCIALS DEBT STRUCTURE Investor Syndicate Revenue & Collateral Gross Margins Cash Li
Slide 10: Tech Lending Term Loans
TECH LENDING Senior secured t erm loans to institu tionally -backe d te chnology compan ies Select Examples Term Loans WHOOP is a leading designer for wearable health and fitness trackers that capture biometric data shown to have the most impact on your health. 01 ▪ Investor Syndicate SECURED LOANS
Slide 11: Equipment Financing
EQUIPMENT FINANCING Fin ancing mission-critical m anufa cturing eq uipment and hard asse ts Select Examples Equipment Financings Rocket Lab delivers reliable launch services, spacecraft components, satellites and other spacecraft to make it faster and easier to access space. ▪ Investor Syndicate 01
Slide 12: Life Sciences Term Loans
LIFE SCIENCES Senior secured t erm loans fo r growth ca pital to co mmercial sta ge lif e science s compa nies Select Examples Shoulder Innovations is a shoulder arthroplasty-focused medical device Term Loans development company that designs and commercializes products that have the potential for im
Slide 13: Asset-Backed Lending Revolving Credit Lines
ASSET-BACKED LENDING Asset-backe d lend ing t o ban krupt cy-remote SPVs Select Examples Parafin empowers small businesses by Revolving Credit Lines providing them customized, embedded financial products through the platforms they already use, such as on-demand marketplaces, point-of-sales solutions
Slide 14: Sponsor Finance Term Loans
SPONSOR FINANCE Enterprise value secured t erm loans to private equit y-backe d sof tware compan ies Select Examples Term Loans Impel offers auto dealers, wholesalers, OEMs, and marketplaces the industry’s most advanced AI-powered customer lifecycle management platform. 01 ▪ Investor Syndicate SENIO
Slide 15: Financial Highlights
FI N ANCI AL HI GH LI GH T S
Slide 16: Q4 2024 Highlights
Q4 2024 HIGHLIGHTS ▪ Total Investment Income of $70.8M ▪ Net Investment Income (“NII”) of $34.6M Robust ▪ Net Interest Margin (“NIM”) of 12.1% Earnings ▪ NII per share of $0.58 provides 113.7% of regular distribution coverage ▪ Consistent fourth quarter regular dividend distribution of $0.51 per sha
Slide 17: Solid Shareholder Returns
SOLID SHAREHOLDER RETURNS DIVIDEND G ROW TH $9.50 $0.55 $0.51 $0.51 $0.51 $0.51 $9.00 $0.50 $0.49 $0.48 $0.50 $8.50 $0.47 $0.46 $0.70 $8.00 $0.45 $0.70 $0.45 $7.50 $0.42 $0.40 $0.70 $7.00 $0.40 $0.70 $6.50 $0.36 $6.00 $0.33 $0.70 $0.35 Net Investment Income covered $0.70 $5.50 regular dividend by 11
Slide 18: Quarterly Income Statement
QUARTERLY INCOME STATEMENT For the three months ended (In thousands, except per share amounts) 12/31/2024 09/30/2024 06/30/2024 03/31/2024 12/31/2023 Total Investment Income $ 70,832 $ 61,766 $ 54,641 $ 50,453 $ 47,834 Interest expense and other debt financing costs 19,052 16,868 13,885 12,144 10,44
Slide 19: Income Source & Portfolio Yield Trends
INCOME SOURCE & PORTFOLIO YIELD TRENDS Strong Yields Produce Solid Investment Income SOU R C ES OF I NVESTMEN T IN C OM E POR TFO LI O YIELD S (IN $000 S ) $70,000 $1,750 16.7% 17.0% 12.5% 16.4% 16.0% 16.1% $60,000 9.7% 15.8% $1,500 16.0% 17.5% 10.1% $50,000 4.8% 18.5% $1,250 15.3% 15.0% 11.2% 15.2%
Slide 20: NII Returns and Use of Leverage
NII RETURNS AND USE OF LEVERAGE N I I R E T U R N O N AV E R A G E A S S E T S ( R O A A ) (1) & N I I R E T U R N O N AV E R A G E E Q U I T Y ( R O A E ) (2) 20.0% 17.3% 16.6% 15.8% 15.0% 10.1% 10.7% 10.0% 7.6% 7.5% 6.9% 5.6% 4.7% 5.0% Delivering strong returns through 0.0% 2020 2021 2022 2023 202
Slide 21: Net Investment Income (NII) per Share Bridge
NET INVESTMENT INCOME (NII) PER SHARE BRIDGE RECO NCI LIATIO N O F Q UARTERLY NII PER SHARE Increase Decrease Total $0.70 $0.06 $0.60 $0.58 $0.54 $(0.01) $(0.01) $0.50 $0.40 $0.30 $0.20 $0.10 $- 3Q24 NII Change in Change in Change in 4Q24 NII per Share Investment Income Interest Expense Operating Ex
Slide 22: Quarterly Balance Sheet
QUARTERLY BALANCE SHEET (In thousands, except per share amounts) 12/31/2024 09/30/2024 06/30/2024 03/31/2024 12/31/2023 Assets Total inves tments at f air value $ 1,725,750 $ 1,686,862 $ 1,424,815 $ 1,363,862 $ 1,275,180 Cas h and c ash equivalents 9,627 8,535 46,102 11,967 4,761 Int erest receivabl
Slide 23: Net Asset Value (NAV) per Share Bridge
NET ASSET VALUE (NAV) PER SHARE BRIDGE RECO NCI LIATI ON O F Q UARTERLY NAV PER SHARE Increase Decrease Total $14.00 $0.58 $13.50 $0.04 $0.16 $13.35 ($0.05) $13.13 ($0.51) $13.00 $12.50 $12.00 Earnings and Investment Portfolio Share Distributions Performance Impact(1) $11.50 $11.00 3Q24 NAV Net Divi
Slide 24: Debt Capital Structure
DEBT CAPITAL STRUCTURE Diver sified Bor ro wing s ($ in m illion s) a s of De cem ber 31, 2024 Funding Source Debt Commitment Outstanding Principal Stated Maturity Interest Rate Notes: 2025 Unsecured Notes(1) $152.5 $152.5 January 16, 2025(1) 7.00% Convertible Notes (2) $50.0 $50.0 December 11, 2025
Slide 25: Portfolio Highlights
PO RT FO LI O HI GH LI GH T S
Slide 26: Portfolio Diversification
PORTFOLIO DIVERSIFICATION Diversified across investment type, transaction size, industry and geography Investment Type(1) Transaction Size(1)(2) 27.7% 7.2% 31.7% Loans Greater than $30M 74.5% Equipment Financing $15M - $30M 18.3% Equity & Warrants Less than $15M 40.6% Industry Type(1) Geographic All
Slide 27: Portfolio Trends
PORTFOLIO TRENDS FIXED VS FLO ATI NG D EB T IN VESTM EN TS ( 1) TOTAL PO RTFO LIO BY INVESTMENT TYPE ( 2) Floating Fixed Loans Equipment Financing Equity & Warrants $1,750,000 6.7% 7.2% 24.6% 23.4% 22.9% 31.0% 30.1% $1,500,000 18.1% 18.3% 6.3% 5.5% $1,250,000 4.2% 20.4% 23.3% IN THOUSANDS 26.4% $1,0
Slide 28: Disciplined Credit Rating
DISCIPLINED CREDIT RATING Consistent and Disciplined Underwriting Standards 2.9 2.9 3.0 $1,600 2.7 2.7 2.7 2.5 $1,200 2.0 Total Debt Investments (FV, $ in million) (1) $800 $1,562 $1,589 $1,279 $1,324 Weighted Investment Credit Rating $1,214 $400 1.5 $0 1.0 4Q23 1Q24 2Q24 3Q24 4Q24 Credit Risk Ratin
Slide 29: Interest Rate Sensitivity
INTEREST RATE SENSITIVITY ANNUALIZED I NTEREST RATE SENSITIVITY ($ i n th ous an ds , ex ce pt pe r sh are da ta ) $25,000 $0.36 $0.40 77.1% floating rate debt $20,000 $0.30 investment portfolio as $15,000 $0.18 $10,000 $22,209 $0.20 of December 31, 2024 (1) $5,000 $11,105 $0.10 $- $- $(3,487) $(5,0
Slide 30: Hypothetical Warrant Upside
HYPOTHETICAL WARRANT UPSIDE For Illustration Purposes Only 2X MULTIPLE 177 Warrant Positions in 115 Portfolio Companies • Proceeds of $72.7 million (2X) • Potential gain of $16.0 million ▪ GAAP fair value ~ $51.5 million or $0.26 per share ▪ GAAP cost ~ $40.7 million ▪ ~ $72.7 million in nominal exe
Slide 31: Diversified Portfolio
DIVERSIFIED PORTFOLIO Select List of Current & Historical Investments © 2025 Trinity Capital Inc. | 31
Slide 32: Analyst Coverage
AN ALYS T CO VE RA GE
Slide 33: Extensive Industry Analyst Coverage
EXTENSIVE INDUSTRY ANALYST COVERAGE Followed by eight firms Pa ul Jo hnson Fi ni an O ’ Shea M i tch el l Pen n D oug la s H art er (initiated coverage 2/23/2021) (initiated coverage 2/23/2021) (initiated coverage 5/3/2021) (initiated coverage 2/23/2021) TB D ( 1 ) Chr is top her Nol an Cas ey Al ex
Slide 34: Supplemental Information
S U PPL EME N TA L I NF OR MAT I ON
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 by the SEC under the In
Slide 36: Thank You
THANK YOU A TRINITY CAPITAL TRINITYCAPITAL.COM NASDAQ: TRIN