Slide 1: Trinity Capital
rN 7 TRINITY CAPITAL
Slide 2: Second Quarter 2026 Investor Presentation
Second Quarter 2026 Investor Presentation
Slide 3: 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 4: Company Overview
A | Company Overview
Slide 5: Trinity Capital Overview
Trinity Capital Overview Diversified financial solutions to growth-stage companies | NYSE – TRIN, TRNZ, TRNI 18+ Year Track Record (1) Market Cap / Dividend Yield Portfolio (4) Liquidity (4) $6.2B Fundings $1.7B $2,046.9M Secured Loans $430.1M Market Cap (3) 97 Companies Available Liquidity (6) 490
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 Tech Lending Equi
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 Tech Lending technology companies Diverse business verticals with largest credit exposure less than 4% of total debt Equipment Senior sec
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 Diversified Business Experienced Team with an Internally Managed BDC Verticals 18+ Year Track Record Robust & scalabl
Slide 9: Trinity's Origination Capabilities
Trinity’s Origination Capabilities First-call relationships with top industry partners cultivated over decades of experience Indicative Annual Pipeline An Origination Machine 18 Years in the Making • 60+ Investment professionals delivering our partnership-oriented approach 1. Origination Pipeline: I
Slide 10: Underwriting Approach + Risk Mitigation
Underwriting Approach + Risk Mitigation Disciplined investment approach keeps our annualized loss rate at 22 bps, which is more than offset by realized gains on warrant and equity investments (1) Capitalization Management Financials Product & Market Debt Structure Investor Syndicate Industry & Start
Slide 11: Select Examples: Term Loans (Tech Lending)
Tech Lending Equipment Finance Healthcare & Life Sciences Sponsor Finance Asset Based Lending Term Loans: Select Examples: Senior secured term loans to institutionally-backed technology companies Secured Loans Lien on all assets including IP Backed by Institutional Capital WHOOP Tilt Companies have
Slide 12: Select Examples: Equipment Financings
Tech Lending Equipment Finance Healthcare & Life Sciences Sponsor Finance Asset Based Lending Equipment Financings: Select Examples: Financing mission-critical manufacturing equipment and hard assets Companies with CapEx Requirements Mission-critical hard assets Just-In-Time Capital Available as nee
Slide 13: Select Examples: Term Loans (Healthcare & Life Sciences)
Tech Lending Equipment Finance Healthcare & Life Sciences Sponsor Finance Asset Based Lending Term Loans: Select Examples: Senior secured term loans for growth capital to commercial stage life sciences companies Secured Loans Lien on all assets including IP Strong Clinical Data Profile Established o
Slide 14: Select Examples: Term Loans (Sponsor Finance)
Tech Lending Equipment Finance Healthcare & Life Sciences Sponsor Finance Asset Based Lending Term Loans: Select Examples: 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 e
Slide 15: Select Examples: Revolving Credit Lines
Tech Lending Equipment Finance Healthcare & Life Sciences Sponsor Finance Asset Based Lending Revolving Credit Lines: Select Examples: Asset based lending to bankruptcy-remote SPVs Revolving Credit Line Based on eligible assets in SPV Backed by Institutional Capital Parafin ALT Companies have raised
Slide 16: Financial Highlights
A. | Financial Highlights
Slide 17: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights $87.2M $46.0M Robust Earnings Total Investment Income Net Investment Income (“NII”) Leading Originations Platform 10.8% $0.51 Portfolio Assets Net Interest Margin (“NIM”) Net Investment Income (“NII”) per share 17
Slide 18: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights $709.0M $618.7M Robust Earnings Debt & equity commitments Debt & equity fundings in 2Q26 in 2Q26 Leading Originations Platform $1.2B 11 Portfolio Assets Unfunded commitments (1) New portfolio companies as of 6/30/2026 funded in 2Q26 (1) Most of Trinity’s unfunded commitm
Slide 19: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights $2.5B $2.7B Total Debt Investments (at cost) Total Investments (at cost) Robust Earnings Leading Originations Platform $3.2B 15.0% Total Platform Assets Under Effective Yield (2) Management (1) (at fair value) Portfolio Assets 12.8% Core Yield (3) (1) Includes the fair v
Slide 20: Solid Shareholder Returns
Solid Shareholder Returns 27 straight quarters of a Regular dividend coverage of 100% 11.4% annualized total $66.4M of undistributed consistent regular dividend based on 2Q26 NII per share dividend yield (1) income as of June 30, 2026 CUMUL ATIVE DIVIDEND HISTORY $14.00 $12.00 $0.70 $10.00 $0.70 $8.
Slide 21: Quarterly Income Statement
Quarterly Income Statement For the three months ended (In thousands, except per share amounts) 06/30/2025 09/30/2025 12/31/2025 03/31/2026 06/30/2026 Total Investment Income $ 69,483 $ 75,550 $ 83,235 $ 90,129 $ 87,170 Interest expense and other debt financing costs 18,044 20,981 23,884 24,104 24,77
Slide 22: Income Source & Portfolio Yield Trends
Income Source & Portfolio Yield Trends SOURCES OF INVESTMENT INCOME PORTFOLIO YIELDS (IN $000 S ) $2,500 17.0% $100,000 $2,250 15.7% 15.8% $90,000 16.0% $2,000 15.2% $80,000 19.6% 16.8% 15.0% 15.0% 12.8% 15.0% 9.1% $1,750 $70,000 14.0% 13.2% 14.1% 12.8% 13.9% 13.9% 16.4% $1,500 $60,000 13.5% 13.6% 1
Slide 23: NII Returns & Use of Leverage
NII Returns & Use of Leverage NII RETURN ON AVERAGE EQUITY (ROAE) (1) & NII RETURN ON AVERAGE ASSETS (ROAA) (2) 17.3% Delivering strong 20.0% 16.6% 15.8% 15.5% 15.8% 15.2% returns through 15.0% 10.7% effective use of 10.1% 10.0% 7.6% 7.5% leverage 6.9% 7.0% 7.0% 6.9% 4.7% 5.6% 5.0% 0.0% 2020 2021 20
Slide 24: 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 $0.53 $0.08 $0.51 $0.50 $0.01 $0.40 $(0.11) $0.30 $0.20 $0.10 $- 1Q26 NII Change in Change in Change in 1Q26 NII per Share Investment Income Interest Expense Operating Expenses
Slide 25: Quarterly Balance Sheet
Quarterly Balance Sheet For the three months ended (In thousands, except per share amounts) 06/30/2025 09/30/2025 12/31/2025 03/31/2026 06/30/2026 Assets Total investments at fair value $1,978,330 $2,192,361 $2,418,075 $2,483,554 $2,732,301 Cash and cash equivalents 26,251 9,467 19,110 19,631 22,177
Slide 26: Net Asset Value (NAV) per Share Bridge
Net Asset Value (NAV) per Share Bridge RECONCILIATION OF QUARTERLY NAV PER SHARE Increase Decrease Total $14.20 $14.00 $13.80 0.51 $13.60 0.22 13.47 $13.40 13.27 0.01 $13.20 (0.51) (0.01) (0.02) $13.00 $12.80 $12.60 Earnings and Investment Portfolio Share Distributions Performance Impact(1) $12.40 $
Slide 27: Debt Capital Structure
Debt Capital Structure Diversified Borrowings ($ in millions) as of June 30, 2026 Outstanding Funding Source Debt Commitment Stated Maturity Interest Rate Principal Unsecured Notes: August 2026 Unsecured Notes $125.0 $125.0 August 24, 2026 4.375% December 2026 Unsecured Notes $75.0 $75.0 December 15
Slide 28: Debt Capital Structure (Contd.)
Debt Capital Structure (Contd.) Diversified Borrowings ($ in millions) as of June 30, 2026 Debt Maturities ($ in millions) $1,000 $900 $800 $760.5 $700 March 2029 Notes $600 September 2029 Notes $500 Series A 2029 Notes $400 KeyBank Credit Facility $300.0 $300 $200.0 $200 $125.0 Aug 2026 Notes May 2
Slide 29: Portfolio Highlights
A | Portfolio Highlights
Slide 30: Portfolio Diversification
Portfolio Diversification Diversified across investment type, transaction size, industry and geography Investment Type (1) Transaction Size (1) (2) 15.8% 10.7% 75.0% Loans Equipment Financings Equity & Warrants 51.4% Greater than $30M $15M - $30M Less than $15M 14.3% 32.8% Industry Type (1) Geograph
Slide 31: Portfolio Trends
Portfolio Trends FIXED VS FLOATING DEBT INVESTMENTS ( 1) TOTAL P ORTFOLIO BY INVESTMENT TY P E ( 2) (IN $000 S ) $3,000,000 20.0% 17.6% 17.1% 17.5% 18.5% $2,750,000 10.7% $2,500,000 9.0% 10.3% $2,250,000 14.3% 8.9% 13.9% 13.3% $2,000,000 7.3% 14.5% $1,750,000 17.3% $1,500,000 80.0% 82.4% 82.9% 82.5%
Slide 32: Disciplined Credit Rating
Disciplined Credit Rating $2,750 3.5 $2,500 3.0 $2,250 2.9 2.9 2.9 3.0 3.0 Total Debt Consistent and $2,000 $1,750 Investments (FV, 2.5 $ in million) Disciplined $1,500 $1,250 $2,424 $2,187 $2,217 2.0 Underwriting $1,000 $1,822 $1,984 Weighted Investment $750 Credit Rating Standards $500 1.5 $250 $0
Slide 33: Interest Rate Sensitivity
Interest Rate Sensitivity ANNUALIZED INTEREST RATE SENSITIVITY ($ IN THOUSANDS, EXCEPT PER SHARE DATA) $25,000 $0.23 $0.25 81.5% floating rate debt investment portfolio as $20,000 $0.20 of June 30, 2026 (1) $0.15 $15,000 $0.09 $22,043 $0.10 32.1% floating rate $10,000 borrowings as of $0.05 June 30,
Slide 34: Hypothetical Warrant Upside
Hypothetical Warrant Upside For Illustration Purposes Only 202 Warrant Positions Hypothetical Models in 129 Portfolio Companies of Potential Warrant Gains at 6/30/2026 GAAP fair value ~ $80.5 million Assume that only 50% of warrants will monetize GAAP cost ~ $54.6 million Cost of exercised warrants
Slide 35: Diversified Portfolio
Diversified Portfolio Select List of Current & Historical Investments 35
Slide 36: Analyst Coverage
A | Analyst Coverage
Slide 37: Extensive Industry Analyst Coverage
Extensive Industry Analyst Coverage Followed by Eleven Firms Paul Johnson Finian O’Shea Christopher Nolan Coverage Paused (initiated coverage 2/23/2021) (initiated coverage 2/23/2021) (initiated coverage 2/23/2021) (initiated coverage 2/23/2021) Jason Stewart Mitchel Penn Sean-Paul Adams John Hecht
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
rN 7 TRINITY CAPITAL