Slide 1: Fourth Quarter 2025 Investor Presentation
A n I n te rn a ti on a l A l te rna tive A sse t M an a ge r FOURTH QUARTER 2025 INVESTOR PRESENTATION TRINITYCAPITAL.COM NASDAQ: TRIN
Slide 2: Forward-Looking Statements | Disclaimer
F O RW A R D - L O O K IN G STA TE M EN T S | D ISC L A IM 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. The forwa
Slide 3: Company Overview
A TRINITY CAPITAL COMPANY OVERVIEW
Slide 4: Trinity Capital Overview
TRINI TY CAPI TAL O VERV IEW Diversified financial solutions to growth-stage companies | NASDAQ – TRIN, TRINZ, TRINI 17+ YEAR TRACK MARKET CAP / PORTFOLIO(4) LIQUIDITY(4) RECORD(1) DIVIDEND YIELD $5.5B Fundings $1,222.7M $1,863.2M Secured Loans $335.2M Market Cap(3) 95 Companies Available Liquidity(
Slide 5: The Trinity Platform
TH E TRINI TY PL ATF O RM 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
Slide 6: Trinity's Complementary Verticals
TRINI TY’ S CO M P LEM ENTARY V ER TICAL S Diversified across investment type, transaction size, industry and geography LIFE SCIENCES & TECH LENDING EQUIPMENT FINANCE ASSET BASED LENDING SPONSOR FINANCE HEALTHCARE Senior secured term loans to Financing mission-critical Senior secured term loans for
Slide 7: Why Trinity Capital?
W HY T RINITY CAP ITAL ? 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 inter
Slide 8: Trinity's Origination Capabilities
TRINI TY’ S O RIG INATIO N CAP AB IL ITI ES First-call relationships with top industry partners cultivated over decades of experience Indicative Annual Pipeline An origination machine 17 years in the making 60+ Investment professionals delivering our partnership-oriented approach Origination Pipelin
Slide 9: Underwriting Approach + Risk Mitigation
U N D ER W R ITIN G A P P RO A C H + R IS K M ITI G A TIO N Disciplined investment approach keeps our annualized loss rate at 25 bps, which is more than offset by realized gains on warrant and equity investments (1) CAPITALIZATION MANAGEMENT FINANCIALS PRODUCT & MARKET DEBT STRUCTURE Investor Syndic
Slide 10: Tech Lending
TECH L ENDING 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 Tilt is a leading designer for wearable *Formerly Empower Finance Companies have raised significant eq
Slide 11: Equipment Finance
EQ UIP M ENT F INANCE 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-Alcohol
Slide 12: Life Sciences
L IF E SC IENCES 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 CMR Surgical Established or clear “line of sight” to favorable is a sho
Slide 13: Asset Based Lending
ASS ET B ASED L ENDING 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 ALT Companies have raised significant equity empowers small businesses by provides a digital marke
Slide 14: Sponsor Finance
SP O NSO R FI NANC E Enterprise value secured term loans to private equity-backed growth companies SELECT EXAMPLES TERM LOANS SECURED LOANS Lien on all assets including IP MAJORITY CONTROL BY PRIVATE EQUITY Renalogic Rentsync provides comprehensive support for self- revolutionizes rental management
Slide 15: Financial Highlights
A TRINITY CAPITAL FINANCIAL HIGHLIGHTS
Slide 16: Q4 2025 Highlights
Q 4 2 0 2 5 HI G HL IG HTS $83.2M $39.9M 10.9% $0.51 per share ROBUST EARNINGS Total Investment Net Investment Net Interest Margin Consistent fourth quarter Income Income (“NII”) (“NIM”) regular dividend distribution LEADING ORIGINATIONS $543.1M $434.8M $1,151.9 5 PLATFORM Debt & equity commitments
Slide 17: Solid Shareholder Returns
SO L ID SH AREHO L DER RETURNS 24th consecutive consistent or Regular dividend coverage of 102.0% 13.9% annualized total $68.7M of Undistributed income increased regular dividend based on 4Q25 NII per share dividend yield (1) as of December 31, 2025 DIVIDEND G ROWTH $12.00 $0.55 $0.51 $0.51 $0.51 $0
Slide 18: Quarterly Income Statement
Q UARTERL Y INCO M E STATEM ENT For the three months ended (In thousands, except per share amounts) 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 Total Investment Income $ 83,235 $ 75,550 $ 69,483 $ 65,385 $ 70,832 Interest expense and other debt fin an cing co sts 23,884 20,981 18,044 17,6
Slide 19: Income Source & Portfolio Yield Trends
IN C O M E S O U RC E & P O R TF O L IO YI EL D TR EN D S SOURCES OF INVEST MEN T INCOME PORT FOLIO YIELDS (IN $000 S ) $90,000 $2,500 16.4% 17.0% $80,000 12.8% $2,250 15.7% 16.0% $70,000 9.1% 15.3% $2,000 15.2% 12.5% 14.1% 15.0% 13.2% 10.5% 16.4% $1,750 15.0% $60,000 17.5% 17.4% 18.1% $1,500 14.7%
Slide 20: NII Returns and Use of Leverage
NII RETURNS AND US E O F L EVERAG E NII RETURN ON AVERAGE ASSETS (ROAA) (1) & NII RETURN ON AVERAGE EQUITY (ROAE) (2) 20.0% 17.3% 16.6% 15.8% 15.5% 15.0% 10.1% 10.7% 10.0% 6.9% 7.6% 7.5% 7.0% 4.7% 5.6% 5.0% Delivering strong returns through effective use of 0.0% 2020 2021 2022 2023 2024 2025 leverag
Slide 21: Net Investment Income (NII) per Share Bridge
N E T I N VE S TM E N T IN C O M E ( N I I) P E R S H A RE BR ID G E RECONCILIAT ION OF QUA RT ERLY NII PER SH ARE Increase Decrease Total $0.70 $0.60 $0.03 $0.52 $0.52 $0.50 $(0.02) $(0.01) $0.40 $0.30 $0.20 $0.10 $- 3Q25 NII Change in Change in Change in 4Q25 NII per Share Investment Income Intere
Slide 22: Quarterly Balance Sheet
Q UARTERL Y B ALANC E SH EET For the three months ended (In thousands, except per share amounts) 12/31/2025 9/30/2025 06/30/2025 03/31/2025 12/31/2024 Asset s Total in vestments at fair value $2,418,075 $2,192,361 $1,978,330 $1,792,689 $1,725,570 Cash and cash equivalen ts 19,110 9,467 26,251 8,386
Slide 23: Net Asset Value (NAV) per Share Bridge
NET AS SET VAL UE (NAV ) PER SH ARE B RIDG E RECONCILIAT ION OF QUART ERLY NAV PER SHARE Increase Decrease Total $14.00 $0.52 $13.50 $0.10 $13.42 $13.31 $0.40 $0.04 ($0.51) $13.00 ($0.44) $12.50 $12.00 Earnings and Investment Portfolio Share Distributions Performance Impact(1) $11.50 $11.00 3Q25 NAV
Slide 24: Debt Capital Structure
DEB T CAPI TAL STRU CTURE Diversified Borrowings ($ in millions) as of December 31, 2025 Funding Source Debt Commitment Outstanding Principal Stated Maturity Interest Rate Unsecured Notes: August 2026 Unsecured Notes $125.0 $125.0 August 24, 2026 4.375% December 2026 Unsecured Notes $75.0 $75.0 Dece
Slide 25: Portfolio Highlights
A TRINITY CAPITAL PORTFOLIO HIGHLIGHTS
Slide 26: Portfolio Diversification
P ORT FO L IO D IVERS IF ICATIO N Diversified across investment type, transaction size, industry and geography INVESTMENT TYPE(1) TRANSACTION SIZE(1)(2) 19.6% 9.0% 77.1% Loans Equipment Financings Equity & Warrants 48.4% Greater than $30M $15M - $30M Less than $15M 13.9% 32.0% INDUSTRY TYPE(1) GEOGR
Slide 27: Portfolio Trends
P ORT FO L IO TR END S FIX E D VS FLO ATIN G DE BT INV ESTME N TS (1) TOTAL PO R TFO LIO BY INV ESTME N T T YPE (2) Floating Fixed Loans Equipment Financings Equity & Warrants $2,750,000 20.0% 17.6% 17.1% 22.9% 23.1% $2,500,000 $2,250,000 9.0% 8.9% 13.9% $2,000,000 7.3% 14.5% IN THOUSANDS $1,750,000
Slide 28: Disciplined Credit Rating
DI SCIP L INED CREDIT RATING Consistent and Disciplined Underwriting Standards $2,500 2.9 2.9 2.9 2.9 $2.9 3.0 $2,250 $2,000 2.5 $1,750 $1,500 $1,250 2.0 Total Debt Investments (FV, $ in million) (1) $1,000 $2,187 $1,822 $1,984 Weighted Investment Credit Rating $750 $1,589 $1,654 1.5 $500 $250 $0 1.
Slide 29: Interest Rate Sensitivity
INTERES T RATE SENSI TIVI TY ANNUALIZED INTEREST RATE SENSITIVITY ($ in thousands, except per share data) $30,000 $0.35 $0.31 $0.30 $25,000 $0.25 $20,000 82.9% floating rate debt investment $0.20 portfolio as of December 31, 2025 (1) $15,000 $0.12 $0.15 $24,922 $10,000 $0.10 44.0% floating rate borr
Slide 30: Hypothetical Warrant Upside
H YP O THETIC AL W ARRANT U PS IDE For Illustration Purposes Only Proceeds of 209 WARRANT POSITIONS in 130 Por tfolio Companies 2X $80.7 million (2X) MULTIPLE Potential gain of $13.1 million or $0.16 per share GAAP fair value ~ $77.9 million GAAP cost ~ $54.4 million Proceeds of ~ $80.7 million in n
Slide 31: Diversified Portfolio
DI VERSI FI ED P O RTF OL IO Select List of Current & Historical Investments 31
Slide 32: Analyst Coverage
A TRINITY CAPITAL ANALYST COVERAGE
Slide 33: Extensive Industry Analyst Coverage
EXTENS IVE INDUS TRY ANAL YS T CO V ERAG E Followed by eleven firms Paul Johnson Finian O’Shea Mitchel 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 Christopher Nolan Casey Alexander John
Slide 34: Supplemental Information
A TRINITY CAPITAL SUPPLEMENTAL INFORMATION
Slide 35: Regulation & Structure
REG UL ATIO N & STRU CTURE 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 (R