Slide 1: Third Quarter 2025 Investor Presentation
A n I n t e r n a t i o n a l A l t er n at i v e A s s e t M a n a g e r THIRD QUARTER 2025 INVESTOR PRESENTATION TRINITYCAPITAL.COM NASDAQ: TRIN
Slide 2: Forward-Looking Statements | Disclaimer
F OR WA RD -L O OK I NG ST AT EM E NT S | D IS CL A IM ER 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-lo
Slide 3: Company Overview
AY TRINITY CAPITAL COMPANY OVERVIEW
Slide 4: Trinity Capital Overview
TRINITY CAP IT AL OVERVIEW Diversified financial solutions to growth-stage companies | NASDAQ – TRIN, TRINZ, TRINI 17+ YEAR TRACK MARKET CAP / PORTFOLIO(4) LIQUIDITY(4) RECORD(1) DIVIDEND YIELD $5.1B Fundings $1,144.3M $1,678.3M Secured Loans $217.9M Market Cap(3) 97 Companies Available Liquidity(6)
Slide 5: The Trinity Platform
THE TRINITY P LATFORM Unique internal managemen t struct ure and cap italization diversification fort ifies th e TR IN p latform an d produces enh anced value p ropo sitio n Trinity Capital (NASDAQ: TRIN) Internally Managed BDC Tech Lending | Equipment Finance | Life Sciences | Asset Based Lending |
Slide 6: Trinity's Complementary Verticals
TRINITY’S COM PLEM ENTARY 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
Slide 7: Why Trinity Capital?
WHY T RINITY 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 17+ YEAR TRACK RECORD Aligned interest
Slide 8: Enriched Industry Relationships
ENRICHED INDUS TRY RELATIO NSH IP S First-call relationships with top industry -partners cultivated over years of experience Broad origination pipeline We have a broa d orig ina tion pipe li ne of pri vate equi ty and venture c api tal fi rms , tec h banks, f or mer c lie nts, ser vi ce provi ders a
Slide 9: Underwriting Approach and Risk Mitigation
UN D E RWR IT I NG APPRO A CH A ND RI SK MI T IG A TI ON Disciplined investment approach keeps our annualized loss rate at 26 bps, which is more than offset by realized gains on warrant and equity investments (1) CAPITALIZATION MANAGEMENT FINANCIALS PRODUCT & MARKET DEBT STRUCTURE Investor Syndicate
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 FINANCE COMPANIES WITH CAPEX REQUIREMENTS Mission-critical hard assets JUST-IN-TIME CAPITAL RocketLab Athletic Brewing delivers reliable launch services, brews great tasting Non-Alcoholic C
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 RxAnte Established or clear “line of sight” to favorable is a shoulder art
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 Denim empowers small businesses by provides comprehensive financial tools, Companies have raised sign
Slide 14: Sponsor Finance
SP ONS OR FINANCE Enterprise value secured term loans to private equity-backed software companies SELECT EXAMPLES TERM LOANS SECURED LOANS Lien on all assets including IP MAJORITY CONTROL BY PRIVATE EQUITY Impel ServiceTrade offers auto dealers, wholesalers, streamlines service and project operation
Slide 15: Financial Highlights
AY TRINITY CAPITAL FINANCIAL HIGHLIGHTS
Slide 16: Q3 2025 Highlights
Q3 2025 HIGHLIGHTS $75.6M $37.0M 10.9% $0.51 per share ROBUST EARNINGS Total Investment Net Investment Net Interest Margin Consistent third quarter Income Income (“NII”) (“NIM”) regular dividend distribution LEADING ORIGINATIONS $773.0M $470.6M $1,208.6M 17 PLATFORM Debt & equity commitments in 3Q25
Slide 17: Solid Shareholder Returns
SO LID SHAREHO LDER RETURNS 23rd consecutive consistent or Regular dividend coverage of 102.0% 13.2% annualized total increased regular dividend based on 3Q25 NII per share dividend yield (1) DI VI DEND G ROWT H $11.00 $0.55 $0.50 $0.51 $0.51 $0.51 $0.51 $0.51 $0.51 $0.51 $0.48 $0.49 $10.00 $0.47 $0
Slide 18: Quarterly Income Statement
QUARTERLY INCOME ST ATEMENT For the three months ended (In thousands, except per share amounts) 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 Total Investment Income $ 75,550 $ 69,483 $ 65,385 $ 70,832 $ 61,766 Interest expense and other debt financing costs 20,981 18,044 17,656 19,052 16,8
Slide 19: Income Source & Portfolio Yield Trends
I NC O ME S OU RC E & PO RT FO L IO YIE LD T RE N DS S OURCE S OF IN VES TMENT I NCOME P ORTFOL IO Y IEL DS ( IN $ 00 0 S ) $80,000 $2,000 16.4% 17.0% 9.1% 16.1% $70,000 12.5% $1,750 15.7% 16.0% 13.2% 15.3% 10.5% 16.4% $60,000 9.7% $1,500 15.0% 17.5% 17.4% 15.0% 18.1% $50,000 18.5% $1,250 14.9% 14.7
Slide 20: NII Returns and Use of Leverage
NII RET URNS AND USE OF LEVERAGE NII RETURN ON AVERAGE ASSETS (ROAA) (1) & NII RETURN ON AVERAGE EQUITY (ROAE) (2) 20.0% 17.3% 15.8% 16.6% 15.9% 15.5% 15.3% 15.0% 10.1% 10.7% 10.0% 6.9% 7.6% 7.5% 7.1% 7.2% 6.9% 4.7% 5.6% 5.0% Delivering strong returns through effective use of 0.0% 2020 2021 2022 202
Slide 21: Net Investment Income (NII) per Share Bridge
N ET IN VE ST ME NT IN CO M E (N I I) PE R SH AR E BR ID G E REC ONC IL IATI ON OF QUARTE RLY NI I PER SHARE Increase Decrease Total $0.70 $0.60 $0.53 $0.00 $0.01 $0.52 $0.50 $(0.02) $0.40 $0.30 $0.20 $0.10 $- 2Q25 NII Change in Change in Change in 3Q25 NII per Share Investment Income Interest Expen
Slide 22: Quarterly Balance Sheet
QUARTERLY BALANCE S HEET For the three months ended (In thousands, except per share amounts) 9/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 Assets Total investments at fair value $2,192,361 $1,978,330 $1,792,689 $1,725,750 $1,686,862 Cash and cash equivalents 9,467 26,251 8,386 9,627 8,535 In
Slide 23: Net Asset Value (NAV) per Share Bridge
NET ASS ET VALUE (NAV) PER SHARE BRIDGE REC ONC IL IATION OF QUARTE RLY NAV PE R SHAR E Increase Decrease Total $14.00 $0.52 $13.50 $13.27 $0.16 $13.31 ($0.51) $0.15 $13.00 ($0.28) $12.50 $12.00 Earnings and Investment Portfolio Share Distributions Performance Impact(1) $11.50 $11.00 2Q25 NAV Net Di
Slide 24: Debt Capital Structure
DEBT CAP IT AL STRUCTURE Diversified Borrowings ($ in millions) as of September 30, 2025 Funding Source Debt Commitment Outstanding Principal Stated Maturity Interest Rate Notes: August 2026 Unsecured Notes $125.0 $125.0 August 24, 2026 4.375% December 2026 Unsecured Notes $75.0 $75.0 December 15, 2
Slide 25: Portfolio Highlights
AY TRINITY CAPITAL PORTFOLIO HIGHLIGHTS
Slide 26: Portfolio Diversification
PO RT FOLIO DIVERSIFICAT ION Diversified across investment type, transaction size, industry and geography INVESTMENT TYPE(1) TRANSACTION SIZE(1)(2) 8.9% 25.1% Loans Equipment Financings Equity & Warrants 39.7% Greater than $30M $15M - $30M Less than $15M 76.6% 14.5% 35.2% INDUSTRY TYPE(1) GEOGRAPHIC
Slide 27: Portfolio Trends
PO RT FOLIO TRENDS F IX ED VS F LOATING DEBT INVESTME NTS ( 1) TOTAL PORTFO LIO BY INVE STMENT TYPE ( 2) Floating Fixed Loans Equipment Financings Equity & Warrants $2,500,000 20.0% 17.6% 23.4% 22.9% 23.1% $2,250,000 8.9% $2,000,000 7.3% 14.5% $1,750,000 7.0% 7.2% 17.3% IN THOUSANDS 6.7% $1,500,000
Slide 28: Disciplined Credit Rating
DISCIP LINED CREDIT RATING Consistent and Disciplined Underwriting Standards $2,250 2.9 2.9 2.9 2.9 2.9 3.0 $2,000 $1,750 2.5 $1,500 $1,250 2.0 Total Debt Investments (FV, $ in million) (1) $1,000 $1,984 $1,822 Weighted Investment Credit Rating $750 $1,562 $1,589 $1,654 $500 1.5 $250 $0 1.0 3Q24 4Q2
Slide 29: Interest Rate Sensitivity
INTEREST RATE S ENSITIVITY ANNUALIZED INTEREST RATE SENSITIVITY ($ in thousands, except per share data) $25,000 $0.31 $0.40 $0.30 $20,000 $0.13 $0.20 82.4% floating rate debt investment $15,000 portfolio as of September 30, 2025 (1) $0.10 $23,287 $10,000 $- $0.01 $(0.01) 40.6% floating rate borrowin
Slide 30: Hypothetical Warrant Upside
HY POTHETICAL WARRANT UPS IDE For Illustration Purposes Only Proceeds of 210 WARRANT POSITIONS i n 133 Portf oli o C om pani es 2X $83.7 million (2X) MULTIPLE Potential gain of $15.2 million or $0.20 per share GAAP fair value ~ $70.1 million GAAP cost ~ $53.4 million Proceeds of ~ $83.7 million in n
Slide 31: Diversified Portfolio
DIVERS IFIED PO RT FOLIO Select List of Current & Historical Investments 31
Slide 32: Analyst Coverage
AY TRINITY CAPITAL ANALYST COVERAGE
Slide 33: Extensive Industry Analyst Coverage
EXTENS IVE INDUST RY ANALYST COVERAG E Followed by eight firms Paul Johnson Finian O’Shea Mitchell 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 Ca sey A lex an der Matt
Slide 34: Supplemental Information
AY 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 Fed eral Income Tax Purposes beginning with its Taxable Year ending December 31, 2020 BUSINESS DEVELOPMENT COMPANY (BDC) REGULATED INVESTMENT COMPANY (RIC)