Slide 1: First Quarter 2026 Investor Presentation
An International Alternative Asset Manager FIRST QUARTER 2026 INVESTOR PRESENTATION TRINITYCAPITAL.COM NASDAQ: TRIN
Slide 2: Forward-Looking Statements | Disclaimer
FO R WA R D - L OO K I N G S T A T E M E N T S | D I S C L A I ME 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
Slide 3: Company Overview
A TRINITY CAPITAL COMPANY OVERVIEW
Slide 4: Trinity Capital Overview
TRINITY CAPITAL OVERVIEW Diversified financial solutions to growth-stage companies | NASDAQ – TRIN, TRINZ, TRINI 18+ YEAR TRACK MARKET CAP / PORTFOLIO(4) LIQUIDITY(4) RECORD(1) DIVIDEND YIELD $5.7B Fundings $1.5B $1,900.2M Secured Loans $282.1M Market Cap(3) 95 Companies Available Liquidity(6) 470 I
Slide 5: The Trinity Platform
THE TRINITY PLATFORM Unique and differentiated structure: publicly traded, internally managed BDC operating five complementary lending verticals – supplemented by strategic, value-add joint ventures and a managed funds platform Trinity Capital Inc. - Publicly Traded Business Development Company (“BD
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 18+ YEAR TRACK RECORD Aligned interests
Slide 8: 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 Origination Pipeline: Initia
Slide 9: Underwriting Approach + Risk Mitigation
U N D E R WR I T I N G A P P R O A C H + R I S K M I T I G A T I O 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 Invest
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 Tilt is a leading designer for wearable *Formerly Empower Finance Companies have raised significant equ
Slide 11: Equipment Finance
EQUIPMENT FINANCE Financing mission-critical manufacturing equipment and hard assets SELECT EXAMPLES EQUIPMENT FINANCINGS COMPANIES WITH CAPEX REQUIREMENTS Mission-critical hard assets JUST-IN-TIME CAPITAL RocketLab Athletic Brewing delivers reliable launch services, brews great tasting Non-Alcoholi
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 CMR Surgical Established or clear “line of sight” to favorable is a should
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 ALT empowers small businesses by providing provides a digital marketplace and secured Companies have
Slide 14: Sponsor Finance
SPONSOR FINANCE 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 support for their members by revolutionizes rental management with a S
Slide 15: Financial Highlights
A TRINITY CAPITAL FINANCIAL HIGHLIGHTS
Slide 16: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS $90.1M $44.5M 11.6% $0.53 ROBUST EARNINGS Total Investment Net Investment Net Interest Margin Net Investment Income Income Income (“NII”) (“NIM”) (“NII”) per share LEADING ORIGINATIONS $395.2M $306.3M $1,242.3 10 PLATFORM Debt & equity commitments in 1Q26 Debt & equity fundings in
Slide 17: Solid Shareholder Returns
SOLID SHAREHOLDER RETURNS 26 straight quarters of a Regular dividend coverage of 103.9% 13.9% annualized total $68.5M of undistributed income consistent regular dividend based on 1Q26 NII per share dividend yield (1) as of March 31, 2026 CUMUL ATIVE DIVIDEND HISTORY $14.00 $12.00 $0.70 $0.70 $10.00
Slide 18: Quarterly Income Statement
QUARTERLY INCOME STATEMENT For the three months ended (In thousands, except per share amounts) 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Total Investment Income $ 90,129 $ 83,235 $ 75,550 $ 69,483 $ 65,385 Interest expense and other debt financing costs 24,104 23,884 20,981 18,044 17,65
Slide 19: Income Source & Portfolio Yield Trends
I N C O M E S O UR C E & P O R T F O L I O Y I EL D T R E N D S SOURCES OF INVESTMENT INCOME P ORTFOLIO Y IELDS (IN $000 S ) $100,000 $2,500 17.0% $90,000 $2,250 15.7% 19.6% 16.0% $80,000 15.3% 12.8% $2,000 15.2% 15.0% 15.8% $70,000 9.1% $1,750 15.0% 13.2% 14.1% 12.8% 10.5% 16.4% $60,000 $1,500 14.0
Slide 20: NII Returns and Use of Leverage
NII RETURNS AND USE OF LEVERAGE NII RETURN ON AVERAGE EQUITY (ROAE) (1) & NII RETURN ON AVERAGE ASSETS (ROAA) (2) 20.0% 17.3% 15.8% 16.6% 15.8% 15.5% 15.0% 10.1% 10.7% 10.0% 6.9% 7.6% 7.5% 7.0% 7.0% 4.7% 5.6% 5.0% Delivering strong returns through effective use of 0.0% 2020 2021 2022 2023 2024 2025
Slide 21: Net Investment Income (NII) Per Share Bridge
NET INVESTMENT INCOME (NII) PER SHARE BRIDGE RECONCILIATION OF QUARTERLY NII P ER SHARE Increase Decrease Total $0.70 $0.60 $0.02 $0.53 $0.52 $- $0.50 $(0.01) $0.40 $0.30 $0.20 $0.10 $- 4Q25 NII Change in Change in Change in 1Q26 NII per Share Investment Income Interest Expense Operating Expenses pe
Slide 22: Quarterly Balance Sheet
QUARTERLY BALANCE SHEET For the three months ended (In thousands, except per share amounts) 03/31/2026 12/31/2025 9/30/2025 06/30/2025 03/31/2025 Assets Total investments at fair value $2,483,554 $2,418,075 $2,192,361 $1,978,330 $1,792,689 Cash and cash equivalents 19,631 19,110 9,467 26,251 8,386 I
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 $14.20 $14.00 0.53 $13.80 $13.60 0.15 13.42 $13.40 (0.51) 0.01 13.27 (0.12) $13.20 (0.21) $13.00 $12.80 Earnings and Investment Portfolio Share $12.60 Distributions Performance Impact(1) $12.40 $
Slide 24: Debt Capital Structure
DEBT CAPITAL STRUCTURE Diversified Borrowings ($ in millions) as of March 31, 2026 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 December 1
Slide 25: Portfolio Highlights
A TRINITY CAPITAL PORTFOLIO HIGHLIGHTS
Slide 26: Portfolio Diversification
PORTFOLIO DIVERSIFICATION Diversified across investment type, transaction size, industry and geography INVESTMENT TYPE(1) TRANSACTION SIZE(1)(2) 17.8% 10.3% 76.4% Loans Equipment Financings Equity & Warrants 49.0% Greater than $30M $15M - $30M Less than $15M 13.3% 33.2% INDUSTRY TYPE(1) GEOGRAPHIC A
Slide 27: Portfolio Trends
PORTFOLIO TRENDS FIXED VS FLOATING DEBT INVESTMENTS (1) TOTAL PORTFOLIO BY INVESTMENT TYPE (2) Floating Fixed Loans Equipment Financings Equity & Warrants $2,750,000 20.0% 17.6% 17.1% 17.5% 23.1% $2,500,000 9.0% 10.3% $2,250,000 8.9% 13.9% 13.3% $2,000,000 7.3% 14.5% IN THOUSANDS $1,750,000 7.0% 17.
Slide 28: Disciplined Credit Rating
DISCIPLINED CREDIT RATING Consistent and Disciplined Underwriting Standards $2,500 3.5 $2,250 2.9 2.9 2.9 2.9 3.0 $2,000 3.0 $1,750 $1,500 2.5 $1,250 Total Debt Investments (FV, $ in million) (1) $2,187 $2,217 $1,000 $1,984 2.0 Weighted Investment Credit Rating $1,654 $1,822 $750 $500 1.5 $250 $0 1.
Slide 29: Interest Rate Sensitivity
INTEREST RATE SENSITIVITY ANNUALIZED INTEREST RATE SENSITIVITY ($ in thousands, except per share data) $20,000 $0.18 $0.20 $0.15 $15,000 82.5% floating rate debt investment $0.10 portfolio as of March 31, 2026 (1) $10,000 $0.06 $15,498 $0.05 $5,000 $0.01 $0.00 46.2% floating rate borrowings as of $4
Slide 30: Hypothetical Warrant Upside
HYPOTHETICAL WARRANT UPSIDE For Illustration Purposes Only Proceeds of 197 WARRANT POSITIONS in 127 Portfolio Companies 2X $78.4 million (2X) MULTIPLE Potential gain of $12.3 million or $0.14 per share GAAP fair value ~ $71.2 million GAAP cost ~ $53.8 million Proceeds of ~ $78.4 million in nominal e
Slide 31: Diversified Portfolio
DIVERSIFIED PORTFOLIO Select List of Current & Historical Investments 31
Slide 32: Analyst Coverage
A TRINITY CAPITAL ANALYST COVERAGE
Slide 33: Extensive Industry Analyst Coverage
EXTENSIVE INDUSTRY ANALYST COVERAGE 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 Hecht
Slide 34: Supplemental Information
A TRINITY CAPITAL SUPPLEMENTAL INFORMATION
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)