[10-Q] Trinity Capital Inc. Quarterly Earnings Report

Rhea-AI Filing Summary

Trinity Capital Inc. filed its Form 10‑Q for the quarter ended March 31, 2026, detailing a broad portfolio of debt, warrant and equity investments across technology, healthcare, financial services and other sectors in the U.S., Canada and Europe.

The portfolio includes numerous secured loans and equipment financings with high-yield structures such as prime-based variable rates with floors, SOFR-based spreads, and end-of-term (EOT) fees, alongside fixed-rate loans reaching up to 19.0% in some cases. Trinity also holds many warrants and preferred or common equity stakes in growth companies spanning artificial intelligence, space technology, SaaS, medical devices and consumer products.

In addition to direct portfolio holdings, the filing lists foreign currency forward contracts with banking counterparties. As of May 4, 2026, Trinity had 89,887,651 shares of common stock outstanding.

Key Figures

Common shares outstanding: 89,887,651 shares Applied Digital equipment financing rate: 19.0% fixed interest rate Cherry Technologies secured loan terms: Prime + 2.5% or 9.5% floor; EOT 2.0% +3 more

6 metrics

Common shares outstanding 89,887,651 shares As of May 4, 2026

Applied Digital equipment financing rate 19.0% fixed interest rate Maturity March 1, 2026, United States AI & Automation

Cherry Technologies secured loan terms Prime + 2.5% or 9.5% floor; EOT 2.0% Maturity April 1, 2030, Finance and Insurance

ServiceTrade secured loan spread SOFR 3 Month Term + 5.3%; EOT 0.0% Maturity August 15, 2029, SaaS

Zandivio PLC secured loan rate Prime + 5.3% or 13.8% floor; EOT 2.5% Maturity May 1, 2039, Europe Healthcare Technology

Foreign currency forward settlement April 29, 2026 Counterparty Canadian Imperial Bank of Commerce

Key Terms

Secured Loan, Equipment Financing, SOFR 3 Month Term, PIK, +2 more

6 terms

Secured Loan financial

"Type of Investment Secured Loan Investment Date October 1, 2024"

A secured loan is debt backed by a specific asset—such as property, equipment, or inventory—that the lender can seize if the borrower fails to repay. Think of it like pawning a watch for cash: the lender has a tangible fallback. For investors, secured loans matter because they reduce lender risk, typically carry lower interest and higher repayment priority in distress, and can affect a borrower’s credit profile and balance-sheet flexibility.

Equipment Financing financial

"Type of Investment Equipment Financing Investment Date December 12, 2024"

Equipment financing is a way for businesses to pay for costly tools, machines, or technology over time instead of all at once. It works like a loan or lease, allowing companies to use essential equipment while spreading out the cost, which helps manage cash flow. For investors, understanding equipment financing reveals how companies fund their growth and manage expenses without depleting cash reserves.

SOFR 3 Month Term financial

"Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%"

PIK financial

"Interest Rate Variable interest rate Prime + 2.5% or Floor rate 10.0% + PIK"

Payment In Kind (PIK) refers to interest or dividends paid with additional securities instead of cash. The company adds interest to the principal or issues more bonds/shares rather than paying cash. PIK conserves cash short-term but is riskier as debt compounds over time.

End-of-term (EOT) fee financial

"Interest Rate Fixed interest rate 12.5%; EOT 3.0%"

Foreign Currency Forward Contracts financial

"Foreign Currency Forward Contracts Counterparty City National Bank"

A foreign currency forward contract is a private agreement to buy or sell a specific amount of one currency for another at a fixed exchange rate on a set future date. Investors use these contracts to lock in the price they will get when converting foreign cash flows, reducing the risk that currency swings will erode revenue or raise costs; the tradeoff is giving up any benefit if exchange rates move in your favor.

10-Q Quarterly Reports: What Changes Quarter to Quarter →

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Type of Investment Warrant Investment Date December 16, 2025 Expiration Date March 14, 2035 Series Preferred Series B2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Other Healthcare Services Metabolon, Inc. Type of Investment Secured Loan Investment Date October 1, 2024 Maturity Date April 1, 2029 Interest Rate Variable interest rate Prime + 2.5% or Floor rate 10.0%+PIK Fixed Interest Rate 3.0%; EOT 4.8%2025-09-300001786108us-gaap:WarrantMembertrin:BiotechnologyMembercountry:US2026-03-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Hometown Ticketing, Inc. Type of Investment Secured Loan Investment Date November 25, 2024 Maturity Date November 25, 2029 Variable interest rate SOFR 3 Month Term + 7.7%; EOT 0.0%2025-12-310001786108Affiliate Investments iTutor.com, Inc2026-03-310001786108Portfolio Company Warrant Investments- United States Space Technology Astranis Space Technology Corporation Type of Investment Warrant Investment Date August 25, 2025 Expiration Date August 25, 2035, Series Common Stock2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") ServiceTrade, Inc. Type of Investment Secured Loan Investment Date August 15, 2024 Maturity Date August 15, 2029 Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%2025-01-012025-12-310001786108Foreign Currency Forward Contracts Counterparty City National Bank Settlement Date December 24, 20262025-01-012025-12-310001786108trin:ConnectivityMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology Mainspring Energy, Inc. Type of Investment Warrant Investment Date November 20, 2020 Expiration Date November 20, 2030 Series Common Stock2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance DailyPay, Inc. Type of Investment Warrant Investment Date September 30, 2020 Expiration Date September 30, 2030 Series Common Stock2025-12-310001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology Edeniq, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date June 29, 2027 Series Preferred Series C2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Medical Devices Lightforce Orthodontics, Inc. Type of Investment Secured Loan Investment Date August 6, 2024 Maturity Date August 6, 2029 Interest Rate Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 4.0%2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Energy & Resource Technology Footprint International Holding, Inc. Type of Investment Secured Loan Investment Date February 18, 2022 Maturity Date March 1, 2027 Interest Rate Variable interest rate Prime + 7.3% or Floor rate 10.5%; EOT 3.5%2025-01-012025-12-310001786108trin:SeniorSecuritiesMembertrin:March2029NotesMember2026-03-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Under Technologies, Inc. Type of Investment Warrant Investment Date May 3, 2024 Expiration Date May 3, 2034 Series Common Stock2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Energy & Resource Technology Form Energy Inc. Type of Investment Equipment Financing Investment Date December 12, 2024 Maturity Date January 1, 2028 Interest Rate Fixed interest rate 12.5%; EOT 3.0%2026-03-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Cherry Technologies, Inc. Type of Investment Secured Loan Investment Date March 29, 2024 Maturity Date April 1, 2030 Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%2025-01-012025-12-310001786108Portfolio Company Warrant Investments- Europe Medical Devices CMR Surgical Limited Type of Investment Warrant Investment Date December 16, 2025 Maturity Date March 24, 2030 Series Ordinary2026-03-310001786108Portfolio Company Warrant Investments- United States Marketing, Media, and Entertainment Drone Racing League, Inc. Type of Investment Warrant Investment Date October 17, 2022 Expiration Date October 17, 2032 Series Common Stock2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Beam Technologies, Inc. Type of Investment Secured Loan Investment Date August 30, 2024 Maturity Date October 1, 2029 Interest Rate Variable interest rate Prime + 2.8% or Floor rate 11.0% + PIK Fixed Interest Rate 1.5%; EOT 2.0%2026-03-310001786108Portfolio Company Debt Securities- United States Biotechnology Taysha Gene Therapies, Inc. Type of Investment Secured Loan Investment Date August 7, 2025 Maturity Date September 1, 2030 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 5.0%2025-01-012025-12-310001786108trin:EquityOfferingsMember2022-04-072022-04-070001786108Portfolio Company Debt Securities- United States Finance and Insurance Beam Technologies, Inc. Type of Investment Secured Loan Investment Date August 30, 2024 Maturity Date October 1, 2029 Interest Rate Variable interest rate Prime + 2.8% or Floor rate 11.0% + PIK Fixed Interest Rate 1.5%; EOT 2.0%2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Centivo Corporation Type of Investment Secured Loan Investment Date February 3, 2025 Maturity Date August 1, 2029 Interest Rate Variable interest rate Prime + 3.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.0%; EOT 2.0%2026-03-310001786108trin:BaubleBarIncMemberus-gaap:WarrantMembertrin:ConsumerProductsAndServicesMembercountry:US2025-12-310001786108Portfolio Company Debt Securities- United States Healthcare Technology B.Well Connected Health, Inc. Type of Investment Secured Loan Investment Date October 29, 2025 Maturity Date May 1, 2030 Interest Rate Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 3.0%2025-12-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Knockaway, Inc. Type of Investment Secured Loan Investment Date May 14, 2025 Maturity Date May 14, 2027 Interest Rate Fixed interest rate 4.0%; EOT 0.0%2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") ServiceTrade, Inc. Type of Investment Secured Loan Investment Date June 3, 2025 Maturity Date August 15, 2029 Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%2026-03-310001786108us-gaap:WarrantMember2026-03-310001786108Portfolio Company Equity Investments- United States Healthcare Technology WorkWell Prevention & Care Inc. 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Type of Investment Secured Loan Investment Date October 1, 2024 Maturity Date April 1, 2029 Interest Rate Variable interest rate Prime + 2.5% or Floor rate 10.0% + PIK Fixed Interest Rate 3.0%; EOT 4.8%2025-12-310001786108Portfolio Company Debt Securities- United States Energy & Resource Technology Commonwealth Fusion Systems, LLC Type of Investment Equipment Financing Investment Date December 24, 2025 Maturity Date December 1, 2030 Interest Rate Fixed interest rate 11.4%; EOT 6.0%2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States SaaS The Tomorrow Companies, Inc. Type of Investment Warrant Investment Date December 14, 2022 Expiration Date December 14, 2032 Series Common Stock2025-01-012025-12-310001786108trin:TwoThousandNineteenLongTermIncentivePlanMember2025-01-012025-03-310001786108Portfolio Company Warrant Investments- United States Real Estate Technology Homelight Lending, Inc. 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Type of Investment Equity Investment Date March 9, 2026 Series Preferred Series A-22026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Medical Devices Neurolens, Inc. Type of Investment Secured Loan Investment Date January 21, 2025 Maturity Date October 1, 2028 Interest Rate Variable interest rate Prime + 3.5% or Floor rate 11.5%; EOT 3.0%2025-12-310001786108trin:SeniorSecuritiesMemberus-gaap:ConvertibleNotesPayableMember2020-12-310001786108Portfolio Company Equity Investments- United States Transportation Technology NextCar Holding Company, Inc. Type of Investment Equity Investment Date April 18, 2023 Series Preferred Series A-62025-12-310001786108trin:SeniorSecuritiesMembertrin:December2026NotesMember2022-01-012022-12-310001786108Portfolio Company Debt Securities- United States Biotechnology Pendulum Therapeutics, Inc. 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Type of Investment Warrant Investment Date October 31, 2024 Expiration Date October 31, 2034 Series Preferred Series C-22026-03-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Beam Technologies, Inc. Type of Investment Secured Loan Investment Date June 25, 2025 Maturity Date October 1, 2029 Interest Rate Variable interest rate Prime + 2.8% or Floor rate 11.0% + PIK Fixed Interest Rate 1.5%; EOT 2.0%2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Marketing, Media, and Entertainment Angel Studios, Inc. Type of Investment Secured Loan Investment Date February 17, 2026 Maturity Date October 1, 2030 Interest Rate Variable interest rate Prime + 6.0% or Floor rate 13.5%; EOT 2.0%2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Healthcare Technology TMRW Life Sciences, Inc. 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Type of Investment Secured Loan Investment Date March 29, 2024 Maturity Date April 1, 2030 Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%2025-12-310001786108us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Steno Agency, Inc. Type of Investment Secured Loan Investment Date June 21, 2024 Maturity Date July 1, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%2026-01-012026-03-310001786108Affiliate Investments2024-12-310001786108trin:DebtATMProgramMembertrin:March2029NotesMember2026-01-012026-03-310001786108Portfolio Company Equity Investments- Canada Supply Chain Technology GoFor Delivers, Inc. 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Type of Investment Secured Loan Investment Date October 5, 2022 Maturity Date February 27, 2028 Interest Rate Variable interest rate SOFR 1 Month Term + 10.8% or Floor rate 11.8%; EOT 0.0%2026-01-012026-03-310001786108Portfolio Company Equity Investments- United States Transportation Technology NextCar Holding Company, Inc. Type of Investment Equity Investment Date April 18, 2023 Series Preferred Series A-62026-01-012026-03-310001786108Portfolio Company Equity Investments- United States Artificial Intelligence & Automation Hydra Host, Inc. Type of Investment Equity Investment Date March 4, 2026 Series Preferred Series A-12026-01-012026-03-310001786108trin:TaranaWirelessIncMembertrin:ConnectivityMemberus-gaap:WarrantMembercountry:US2026-03-310001786108Portfolio Company Debt Securities- United States Marketing, Media, and Entertainment Grabit Interactive Media, Inc. Type of Investment Secured Loan Investment Date April 8, 2022 Maturity Date November 1, 2026 Interest Rate Variable interest rate Prime + 7.5% or Floor rate 10.8%; EOT 2.5%2026-01-012026-03-310001786108us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001786108trin:SeniorSecuritiesMembertrin:December2026NotesMember2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Knockaway Trinity Holdings, LLC Type of Investment Secured Loan Investment Date December 6, 2023 Maturity Date December 27, 2026 Interest Rate Variable interest rate SOFR 1 Month Term + 9.3% or Floor rate 13.8%; EOT 0.0%2026-01-012026-03-310001786108Portfolio Company Equity Investments- United States Human Resource Technology Nomad Health, Inc. 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Type of Investment Equipment Financing Investment Date December 23, 2024 Maturity Date January 1, 2028 Interest Rate Fixed interest rate 12.3%; EOT 4.0%2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation iGrafx, LLC Type of Investment Secured Loan Investment Date November 12, 2025 Maturity Date November 12, 2028 Interest Rate Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%2026-03-310001786108trin:HealthcareTechnologyMembertrin:EmeraldCloudLabIncMemberus-gaap:EquitySecuritiesMembercountry:US2026-03-310001786108us-gaap:InvestmentAffiliatedIssuerControlledMember2025-12-310001786108trin:NucleusRadioPharmaIncMembertrin:SupplyChainTechnologyMembercountry:US2025-12-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Eyelit Technologies, Inc. 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Type of Investment Warrant Investment Date January 16, 2020 Expiration Date May 16, 2029 Series Common Stock2025-12-310001786108Foreign Currency Forward Contracts Counterparty Canadian Imperial Bank of Commerce Settlement Date April 29, 2026 One2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Parafin SPV 2, LLC Type of Investment Secured Loan Investment Date March 17, 2026 Maturity Date March 13, 2029 Interest Rate Variable interest rate SOFR 1 Month Term + 7.3% or Floor rate 9.3%; EOT 0.0%2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Transportation Technology Uveye, Inc. Type of Investment Warrant Investment Date December 26, 2024 Maturity Date December 26, 2034 Series Preferred Ordinary2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Cherry Technologies, Inc. Type of Investment Secured Loan Investment Date March 29, 2024 Maturity Date April 1, 2030 Interest Rate Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%2026-01-012026-03-3100017861082024-12-310001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Tquila Automation, Inc Type of Investment Secured Loan Investment Date July 2, 2025 Maturity Date August 1, 2030 Interest Rate Variable interest rate Prime + 5.0% or Floor rate 12.3%; EOT 3.0%2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Hometown Ticketing, Inc. 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Type of Investment Warrant Investment Date January 14, 2025 Maturity Date January 29, 2034 Series Preferred Series C-12026-01-012026-03-310001786108Portfolio Company Warrant Investments- Europe Medical Devices CMR Surgical Limited Type of Investment Warrant Investment Date December 16, 2025 Maturity Date March 24, 2030 Series Ordinary2025-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Whoop, Inc. 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Type of Investment Warrant Investment Date June 27, 2023 Expiration Date June 27, 2033 Series Preferred Series E2026-01-012026-03-310001786108trin:UpgradeMasterPass-ThruTrustMembertrin:FinanceAndInsuranceMemberus-gaap:EquitySecuritiesMembercountry:US2025-12-310001786108us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-03-310001786108Portfolio Company Equity Investments- Canada Supply Chain Technology GoFor Delivers, Inc. Type of Investment Equity Investment Date June 28, 2024 Series Preferred Series 2 Seed2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Consumer Products & Services Ogee, Inc. 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Type of Investment Warrant Investment Date September 9, 2025 Expiration Date September 9, 2035 Series Common Stock2026-03-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Knockaway, Inc. Type of Investment Secured Loan Investment Date May 14, 2025 Maturity Date May 14, 2027 Interest Rate Fixed interest rate 4.0%; EOT 0.0%2025-12-310001786108Portfolio Company Equity Investments- United States SaaS Crowdtap, Inc. 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Type of Investment Warrant Investment Date July 8, 2025 Expiration Date July 8, 2035 Series Common Stock2026-03-310001786108Portfolio Company Equity Investments- United States Multi-Sector Holdings Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC) Type of Investment Equity Investment Date June 28, 2024 Common Stock2026-03-310001786108trin:YellowbrickLearningIncMembertrin:EducationTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2026-03-310001786108Foreign Currency Forward Contracts Counterparty2025-12-310001786108Portfolio Company Equity Investments- United States Energy & Resource Technology Electric Hydrogen Co. Type of Investment Equity Investment Date April 6, 2023 Series Preferred Series C2026-03-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Eyelit Technologies, Inc. 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Type of Investment Secured Loan Investment Date January 29, 2024 Maturity Date February 1, 2029 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 12.0% + PIK Fixed Interest Rate 1.3%; EOT 3.0%2025-12-310001786108Portfolio Company Debt Securities- United States Biotechnology Pendulum Therapeutics, Inc. Type of Investment Secured Loan Investment Date December 31, 2021 Maturity Date July 1, 2026 Interest Rate Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Biotechnology Pendulum Therapeutics, Inc. Type of Investment Secured Loan Investment Date February 28, 2022 Maturity Date July 1, 2026 Interest Rate Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%2026-03-310001786108Portfolio Company Debt Securities- United States Space Technology Astranis Space Technology Corporation Type of Investment Secured Loan Investment Date August 25, 2025 Maturity Date August 25, 2030 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 4.0%2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Xytech Systems, LLC Type of Investment Secured Loan Investment Date July 2, 2025 Maturity Date February 26, 2030 Interest Rate Variable interest rate SOFR 3 Month Term + 6.0%; EOT 0.0%2025-12-310001786108trin:March2029NotesMember2024-03-280001786108Portfolio Company Debt Securities- United States Finance and Insurance Centivo Corporation Type of Investment Secured Loan Investment Date July 31, 2024 Maturity Date August 1, 2029 Variable interest rate Prime + 4.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.5%; EOT 2.0%2025-12-310001786108Portfolio Company Debt Securities- United States Medical Devices Vital Connect, Inc. 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Type of Investment Warrant Investment Date May 28, 2021 Expiration Date May 28, 2031 Series Common Stock 12026-03-310001786108trin:ConsumerProductsAndServicesMembertrin:RinseIncMemberus-gaap:DebtSecuritiesMembercountry:US2026-03-310001786108us-gaap:FairValueMeasurementsRecurringMember2026-03-310001786108Portfolio Company Debt Securities- United States Transportation Technology NextCar Holding Company, Inc. Type of Investment Secured Loan Investment Date November 4, 2025 Maturity Date March 31, 2026 Interest Rate Fixed interest rate 10.0%; EOT 0.0%2025-12-310001786108Portfolio Company Debt Securities- United States Other Healthcare Services Renalogic Holdings, Inc. Type of Investment Secured Loan Investment Date June 30, 2025 Maturity Date June 30, 2030 Interest Rate Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Space Technology Impulse Space, Inc. 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Type of Investment Warrant Investment Date June 24, 2024 Expiration Date June 24, 2034 Series Common Stock2025-12-3100017861082026-04-012026-05-040001786108trin:KeyBankCreditFacilityMember2021-10-272021-10-270001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Tquila Automation, Inc Type of Investment Secured Loan Investment Date July 2, 2025 Maturity Date August 1, 2030 Interest Rate Variable interest rate Prime + 5.0% or Floor rate 12.3%; EOT 3.0%2025-12-310001786108Portfolio Company Warrant Investments- United States Artificial Intelligence & Automation Ambient Photonics, Inc. Type of Investment Warrant Investment Date July 27, 2022 Expiration Date July 27, 2032 Series Common Stock2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Other Healthcare Services Renalogic Holdings, Inc. 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Type of Investment Warrant Investment Date February 12, 2024 Expiration Date February 12, 2034 Series Preferred Series 12026-01-012026-03-310001786108trin:RealEstateTechnologyMembertrin:KnockawayIncMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001786108Portfolio Company Warrant Investments- United States Real Estate Technology Knockaway, Inc. Type of Investment Warrant Investment Date September 27, 2023 Expiration Date September 27, 2033 Series Preferred Series AA-12025-12-310001786108srt:DirectorMembertrin:TwoThousandNineteenRestrictedStockPlanMember2026-03-310001786108Portfolio Company Warrant Investments- United States Transportation Technology NextCar Holding Company, Inc. 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Type of Investment Secured Loan Investment Date September 22, 2023 Maturity Date October 1, 2028 Interest Rate Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%2026-03-310001786108Portfolio Company Debt Securities- United States Digital Assets Technology and Services Inca Digital, Inc. Type of Investment Secured Loan Investment Date December 2, 2025 Maturity Date December 2, 2026 Interest Rate Fixed interest rate 12.5%; EOT 0.0%2025-12-310001786108Portfolio Company Equity Investments- United States Education Technology iTutor.com, Inc. Type of Investment Equity Investment Date March 9, 2026 Series Preferred Series 1B-12026-03-310001786108Portfolio Company Debt Securities- United States Other Healthcare Services Velentium, Inc. Type of Investment Secured Loan Investment Date May 24, 2024 Maturity Date May 24, 2029 Interest Rate Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 5.3%2025-12-310001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Applied Digital Corporation Type of Investment Equipment Financing Investment Date June 21, 2024 Maturity Date April 1, 2026 Interest Rate Fixed interest rate 19.0%; EOT 0.0%2026-03-310001786108Portfolio Company Equity Investments- United States Industrials Digilens, Inc. Type of Investment Equity Investment Date September 18, 2024 Series Preferred Series A-12026-01-012026-03-310001786108Portfolio Company Debt Securities- Canada Real Estate Technology Maple Raptor Acquisition Inc. 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Type of Investment Secured Loan Investment Date December 17, 2021 Maturity Date January 1, 2027 Interest Rate Variable interest rate Prime + 6.0% or Floor rate 10.8%; EOT 2.5%2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Supply Chain Technology Macrofab, Inc. Type of Investment Warrant Investment Date January 14, 2025 Maturity Date January 14, 2035 Series Preferred Series C-12025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Gravie, Inc. Type of Investment Warrant Investment Date June 4, 2024 Expiration Date June 4, 2034 Series Common Stock2025-01-012025-12-310001786108trin:YellowbrickLearningIncMembertrin:EducationTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001786108trin:IndustrialsMember2025-12-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMembersrt:WeightedAverageMemberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMember2026-03-310001786108Portfolio Company Debt Securities- United States Transportation Technology Uveye, Inc. 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Type of Investment Secured Loan Investment Date August 1, 2024 Maturity Date March 1, 2027 Interest Rate Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%2026-01-012026-03-310001786108trin:BaubleBarIncMemberus-gaap:WarrantMembertrin:ConsumerProductsAndServicesMembercountry:US2026-03-310001786108Portfolio Company Equity Investments- United States Finance and Insurance Mesa Financing I, LLC Type of Investment Equity Investment Date September 17, 2025 Series SAFE Note2025-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Parafin SPV 3, LLC Type of Investment Secured Loan Investment Date July 25, 2024 Maturity Date April 14, 2027 Interest Rate Variable interest rate SOFR 1 Month Term + 10.8% or Floor rate 13.8%; EOT 0.0%2026-03-310001786108Portfolio Company Debt Securities- United States Connectivity AST & Science, LLC Type of Investment Equipment Financing Investment Date June 27, 2025 Maturity Date July 1, 2030 Interest Rate Fixed interest rate 12.4%; EOT 9.0%2025-01-012025-12-310001786108trin:PrivateCommonStockOfferingsMember2020-01-162020-01-160001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Portofino Labs, Inc. 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Type of Investment Warrant Investment Date June 15, 2020 Expiration Date June 15, 2030 Series Common Stock2026-03-310001786108srt:EuropeMember2026-01-012026-03-310001786108Portfolio Company Equity Investments- United States Real Estate Technology Knockaway, Inc. Type of Investment Equity Investment Date September 16, 2024 Series Preferred Series BB2026-03-310001786108Portfolio Company Equity Investments- United States Industrials Digilens, Inc. Type of Investment Equity Investment Date July 29, 2023 Series Class B Common Stock2025-12-310001786108trin:FoodAndAgricultureTechnologiesMemberus-gaap:WarrantMembertrin:DrinkpakLlcMembercountry:US2025-12-310001786108Portfolio Company Warrant Investments- United States Other Healthcare Services Metabolon, Inc. Type of Investment Warrant Investment Date January 6, 2025 Expiration Date March 28, 2034 Series Preferred Series 32025-12-310001786108Portfolio Company Warrant Investments- United States Biotechnology Pendulum Therapeutics, Inc. 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(dba Empower Financial, Inc.) Type of Investment Secured Loan Investment Date October 13, 2023 Maturity Date May 1, 2028 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%2025-01-012025-12-310001786108Portfolio Company Warrant Investments – Canada Space Technology Earthdaily Constellation Holdings, LP Type of Investment Warrant Investment Date June 10, 2025 Expiration Date June 10, 2035 Series Class B Common Stock2025-12-310001786108trin:ConsumerProductsAndServicesMembertrin:OgeeIncMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001786108trin:EducationTechnologyMember2026-03-310001786108Portfolio Company Equity Investments- United States Finance and Insurance Tilt Finance, Inc. (dba Empower Financial, Inc.) Type of Investment Equity Investment Date May 16, 2024 Series Preferred Series C2025-12-3100017861082024-01-012024-03-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Inshur, Inc. 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Type of Investment Equity Investment Date May 9, 2025 Series Preferred Series C2026-01-012026-03-310001786108trin:TMRWLifeSciencesIncMembertrin:HealthcareTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2026-03-310001786108Portfolio Company Warrant Investments- United States Artificial Intelligence & Automation Uniphore Technologies Inc. Type of Investment Warrant Investment Date September 30, 2025 Expiration Date September 30, 2035 Series Common Stock2025-01-012025-12-310001786108Portfolio Company Debt Securities- Europe Real Estate Technology Prospire Technologies LTD Type of Investment Secured Loan Investment Date January 29, 2026 Maturity Date February 1, 2030 Interest Rate Variable interest rate Base Rate + 8.5% or Floor rate 12.2%; EOT 2.0%2026-03-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") SOCi, Inc. Type of Investment Secured Loan Investment Date April 23, 2025 Maturity Date October 3, 2029 Interest Rate Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Centivo Corporation Type of Investment Secured Loan Investment Date July 31, 2024 Maturity Date August 1, 2029 Variable interest rate Prime + 4.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.5%; EOT 2.0%2025-01-012025-12-310001786108trin:August2026NotesMembertrin:SeniorSecuritiesMember2022-01-012022-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Bestow, Inc. Type of Investment Warrant Investment Date August 1, 2024 Expiration Date August 1, 2034 Series Preferred Series C-22026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Real Estate Technology Orchard Technologies, Inc. Type of Investment Warrant Investment Date February 12, 2024 Expiration Date February 12, 2034 Series Preferred Series 12026-03-310001786108trin:August2026NotesMember2025-01-012025-03-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Kafene, Inc. Type of Investment Secured Loan Investment Date January 5, 2024 Maturity Date February 1, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 13.0%; EOT 1.0%2026-01-012026-03-310001786108us-gaap:RestrictedStockMembertrin:TwoThousandNineteenLongTermIncentivePlanMember2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Artificial Intelligence & Automation Everalbum, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date July 29, 2026 Series Class A Common Stock2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Biotechnology Pendulum Therapeutics, Inc. Two Type of Investment Warrant Investment Date May 30, 2025 Expiration Date May 30, 2035 Series Preferred Series C2025-12-3100017861082020-01-162020-01-160001786108Portfolio Company Equity Investments- United States Industrials Digilens, Inc. Type of Investment Equity Investment Date June 9, 2024 Series Preferred Series A-12026-01-012026-03-310001786108trin:MedicalDevicesMemberus-gaap:DebtSecuritiesMembersrt:EuropeMember2025-12-310001786108trin:O2026M6DividendsMember2026-06-110001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology Footprint International Holding, Inc. Type of Investment Warrant Investment Date October 31, 2024 Expiration Date October 31, 2034 Series Preferred Class F2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Transportation Technology Uveye, Inc. Type of Investment Equipment Financing Investment Date November 20, 2025 Maturity Date December 1, 2028 Interest Rate Fixed interest rate 11.7%; EOT 1.0%2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Education Technology Yellowbrick Learning, Inc. Type of Investment Secured Loan Investment Date August 10, 2021 Maturity Date March 1, 2026 Interest Rate Fixed interest rate 2.0%; EOT 5.0%2025-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Beam Technologies, Inc. Type of Investment Secured Loan Investment Date August 7, 2025 Maturity Date December 31, 2029 Interest Rate Fixed interest rate 0.0%; EOT 0.0%2025-12-310001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation iGrafx, LLC Type of Investment Secured Loan Investment Date November 12, 2025 Maturity Date November 12, 2028 Interest Rate Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%2026-01-012026-03-310001786108us-gaap:DebtSecuritiesMembertrin:SupplyChainTechnologyMembercountry:US2025-09-300001786108Portfolio Company Debt Securities- United States Medical Devices Cagent Vascular, Inc. Type of Investment Secured Loan Investment Date January 15, 2026 Maturity Date February 1, 2030 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.3%; EOT 3.0%2026-01-012026-03-310001786108us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:WarrantMember2025-12-310001786108Portfolio Company Warrant Investments- United States Medical Devices Neuros Medical, Inc. Type of Investment Warrant Investment Date August 30, 2024 Expiration Date August 10, 2033 Series Preferred Series C2026-03-310001786108Portfolio Company Debt Securities- United States Healthcare Technology Paytient Technologies, Inc. Type of Investment Secured Loan Investment Date October 2, 2025 Maturity Date June 1, 2030 Interest Rate Variable interest rate Prime + 3.8% or Floor rate 10.8%; EOT 3.0%2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Medical Devices Lightforce Orthodontics, Inc. Type of Investment Warrant Investment Date August 6, 2024 Expiration Date August 6, 2034 Series Preferred Series D2026-03-310001786108Portfolio Company Equity Investments- United States Energy & Resource Technology Edeniq, Inc. Type of Investment Equity Investment Date March 24, 2026 Series Preferred Series C2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Transportation Technology Zuum Transportation, Inc. Type of Investment Warrant Investment Date April 30, 2024 Maturity Date April 30, 2034 Series Common Stock2025-12-310001786108trin:SaasMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001786108trin:CreditSuisseCreditFacilityMembertrin:SeniorSecuritiesMember2020-01-012020-12-310001786108Portfolio Company Warrant Investments- Europe Medical Devices CMR Surgical Limited Type of Investment Warrant Investment Date March 24, 2025 Maturity Date March 24, 2030 Series Ordinary2025-12-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputMaturityMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:WarrantMember2026-03-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") SOCi, Inc. Type of Investment Secured Loan Investment Date April 23, 2025 Maturity Date October 3, 2029 Interest Rate Variable interest rate SOFR 6 Month Term + 7.9%; EOT 0.0%2026-03-310001786108trin:TwoThousandTwentyFiveNotesMember2025-01-012025-03-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Centivo Corporation Type of Investment Secured Loan Investment Date December 20, 2024 Maturity Date August 1, 2029 Variable interest rate Prime + 4.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.5%; EOT 2.0%2025-12-310001786108Portfolio Company Debt Securities- United States Medical Devices Vital Connect, Inc. Type of Investment Secured Loan Investment Date July 3, 2024 Maturity Date July 3, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Healthcare Technology TMRW Life Sciences, Inc. Type of Investment Secured Loan Investment Date April 29, 2022 Maturity Date May 1, 2027 Interest Rate Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 6.5%2026-03-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Bobbie Baby, Inc. Type of Investment Warrant Investment Date September 12, 2025 Expiration Date September 12, 2035 Series Common Stock2026-03-310001786108srt:EuropeMember2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Kafene, Inc. Type of Investment Warrant Investment Date January 5, 2024 Expiration Date January 5, 2034 Series Common Stock2026-01-012026-03-310001786108Portfolio Company Equity Investments- United States Real Estate Technology Orchard Technologies, Inc. Type of Investment Equity Investment Date January 26, 2026 Series Preferred Series E-12026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Food and Agriculture Technologies Intelligent Brands, Inc. (f.k.a. PSB Holdings, Inc.) Type of Investment Warrant Investment Date January 16, 2020 Expiration Date October 5, 2027 Series Common Stock2025-01-012025-12-310001786108trin:TransportationTechnologyMember2026-03-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMembersrt:WeightedAverageMemberus-gaap:BlackScholesMertonModelMemberus-gaap:WarrantMember2026-03-310001786108Portfolio Company Debt Securities- Canada Supply Chain Technology GoFor Delivers, Inc. Type of Investment Secured Loan Investment Date June 28, 2024 Maturity Date July 1, 2028 Interest Rate Variable interest rate Prime + 3.5% or Floor rate 12.0%; EOT 2.5%2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Multi-Sector Holdings Senior Credit Corp 2022 LLC Type of Investment Secured Loan Investment Date January 30, 2023 Maturity Date December 5, 2028 Interest Rate Fixed interest rate 8.5%; EOT 0.0%2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Supply Chain Technology Macrofab, Inc. Type of Investment Secured Loan Investment Date July 21, 2023 Maturity Date August 1, 2027 Interest Rate Variable interest rate Prime + 5.5% or Floor rate 13.3%; EOT 4.5%2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Space Technology Astranis Space Technology Corporation Type of Investment Warrant Investment Date September 27, 2024 Expiration Date September 27, 2034 Series Common Stock2025-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Rinse, Inc. Type of Investment Warrant Investment Date May 10, 2022 Expiration Date May 10, 2032 Series Preferred Series C2026-01-012026-03-310001786108Portfolio Company Equity Investments- United States Energy & Resource Technology RTS Holding, Inc. Type of Investment Equity Investment Date February 15, 2023 Series Preferred Series E-1D12026-03-310001786108Portfolio Company Warrant Investments- United States Real Estate Technology Homelight Lending, Inc. Type of Investment Warrant Investment Date June 23, 2022 Expiration Date June 23, 2032 Series Common Stock2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Artificial Intelligence & Automation Swimlane, Inc. Type of Investment Warrant Investment Date May 28, 2025 Expiration Date May 28, 2037 Series Preferred Series B2025-01-012025-12-310001786108us-gaap:FairValueInputsLevel3Membertrin:ScenarioAnalysisMemberus-gaap:DebtMembertrin:MeasurementInputProbabilityWeightingOfAlternativeOutcomesMember2025-12-310001786108trin:Ept16LlcMembersrt:MaximumMember2025-12-310001786108Portfolio Company Warrant Investments- United States Biotechnology Pendulum Therapeutics, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date October 9, 2029 Series Preferred Series B2026-03-310001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology Mainspring Energy, Inc. 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Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series B2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Xytech Systems, LLC Type of Investment Secured Loan Investment Date July 2, 2025 Maturity Date February 26, 2030 Interest Rate Variable interest rate SOFR 3 Month Term + 6.0%; EOT 0.0%2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Food and Agriculture Technologies The Fynder Group, Inc. Type of Investment Warrant Investment Date October 14, 2020 Expiration Date October 14, 2030 Series Common Stock2025-12-310001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology RTS Holding, Inc. 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Type of Investment Warrant Investment Date September 30, 2020 Expiration Date September 30, 2030 Series Common Stock2026-03-310001786108trin:ControlAndAffiliateInvestmentsOneMember2026-03-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Knockaway Trinity Holdings, LLC Type of Investment Secured Loan Investment Date December 6, 2023 Maturity Date December 27, 2026 Interest Rate Variable interest rate SOFR 1 Month Term + 9.3% or Floor rate 13.8%; EOT 0.0%2025-01-012025-12-310001786108Portfolio Company Equity Investments- United States Finance and Insurance Tilt Finance, Inc.(dba Empower Financial, Inc.) Type of Investment Equity Investment Date January 16, 2024 Series Preferred Series C2026-03-310001786108Portfolio Company Warrant Investments- United States SaaS Lucidworks, Inc. 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Type of Investment Secured Loan Investment Date July 18, 2025 Maturity Date March 1, 2027 Interest Rate Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%2025-12-310001786108trin:TwoThousandNineteenLongTermIncentivePlanMember2025-12-310001786108Portfolio Company Debt Securities- United States Healthcare Technology PurpleLab, Inc. Type of Investment Secured Loan Investment Date September 24, 2025 Maturity Date October 1, 2030 Interest Rate Variable interest rate Prime + 4.5% or Floor rate 11.5%; EOT 2.0%2025-01-012025-12-310001786108trin:SeniorSecuritiesMembertrin:TwoThousandTwentyFiveNotesMember2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Artificial Intelligence & Automation D-Wave Quantum Inc. Type of Investment Warrant Investment Date August 1, 2025 Expiration Date August 1, 2035 Series Common Stock2025-12-310001786108Portfolio Company Warrant Investments- United States Real Estate Technology Knockaway, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date May 24, 2029 Series Common Stock2025-01-012025-12-310001786108trin:HumanResourceTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001786108Portfolio Company Warrant Investments- United States Real Estate Technology Knockaway, Inc. Type of Investment Warrant Investment Date September 16, 2024 Expiration Date September 16, 2034 Series Preferred Series BB2025-12-310001786108trin:SeniorSecuritiesMembertrin:December2026NotesMember2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Human Resource Technology BetterLeap, Inc. Type of Investment Warrant Investment Date April 20, 2022 Expiration Date April 20, 2032 Series Common Stock2026-03-310001786108Portfolio Company Equity Investments- United States Transportation Technology Autonomy Data Services, Inc. Type of Investment Equity Investment Date November 4, 2025 Series Preferred Series Pre-Seed 22026-01-012026-03-310001786108trin:ConstructionTechnologyMemberus-gaap:EquitySecuritiesMembercountry:CA2025-12-310001786108Portfolio Company Warrant Investments- United States Industrials 3DEO, Inc. Type of Investment Warrant Investment Date February 23, 2022 Expiration Date February 23, 2032 Series Common Stock2026-01-012026-03-310001786108trin:SeniorSecuritiesMembertrin:September2029NotesMember2024-01-012024-12-310001786108Portfolio Company Equity Investments- United States Supply Chain Technology Macrofab, Inc. Type of Investment Equity Investment Date January 30, 2024 Series Preferred C-12026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Healthcare Technology TMRW Life Sciences, Inc. Type of Investment Warrant Investment Date April 29, 2022 Expiration Date April 29, 2032 Series Class A Common Stock2026-03-310001786108trin:SpaceTechnologyMembertrin:AstranisSpaceTechnologyCorporationMemberus-gaap:EquitySecuritiesMembercountry:US2026-03-310001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology Edeniq, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date November 2, 2028 Series Preferred Series C2025-12-310001786108Portfolio Company Warrant Investments- United States SaaS Crowdtap, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date December 11, 2027 Series Preferred Series B2026-01-012026-03-310001786108us-gaap:DebtSecuritiesMembertrin:SupplyChainTechnologyMembercountry:CA2025-12-310001786108Portfolio Company Warrant Investments- United States Construction Technology Project Frog, Inc. 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Type of Investment Secured Loan Investment Date September 8, 2025 Maturity Date October 1, 2030 Interest Rate Variable interest rate Prime + 6.0% or Floor rate 13.5%; EOT 2.0%2026-03-310001786108Portfolio Company Debt Securities- Europe Medical Devices CMR Surgical Limited Type of Investment Secured Loan Investment Date December 16, 2025 Maturity Date April 1, 2030 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%2025-12-310001786108Portfolio Company Debt Securities- United States Energy & Resource Technology SeaOn Global, LLC Type of Investment Equipment Financing Investment Date June 16, 2022 Maturity Date July 1, 2026 Interest Rate Fixed interest rate 9.3%; EOT 11.0%2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Energy & Resource Technology Electric Hydrogen Co. 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Type of Investment Equity Investment Date May 20, 2024 Series Preferred Series A-12026-01-012026-03-310001786108Affiliate Investments2025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Centivo Corporation Type of Investment Warrant Investment Date May 20, 2025 Expiration Date July 31, 2034 Series Common Stock2025-01-012025-12-310001786108us-gaap:CommonStockMember2025-01-012025-03-310001786108Portfolio Company Equity Investments- United States Human Resource Technology Nomad Health, Inc. Type of Investment Equity Investment Date September 30, 2025 Series Preferred Series AAA2025-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services BaubleBar, Inc. One Type of Investment Warrant Investment Date January 16, 2020 Expiration Date April 20, 2028 Series Preferred Series C2025-09-300001786108Portfolio Company Warrant Investments- United States Medical Devices Neuros Medical, Inc. 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Type of Investment Secured Loan Investment Date August 7, 2023 Maturity Date September 1, 2028 Interest Rate Variable interest rate Prime + 3.5% or Floor rate 11.0%; EOT 3.0%2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Wisetack, Inc. Type of Investment Warrant Investment Date November 14, 2024 Expiration Date November 14, 2034 Series Common Stock2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Food and Agriculture Technologies GrubMarket, Inc. Type of Investment Warrant Investment Date June 15, 2020 Expiration Date June 15, 2030 Series Common Stock2025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Mesa Financing I, LLC Type of Investment Warrant Investment Date July 31, 2025 Expiration Date May 7, 2035 Series Common Stock2025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Wisetack, Inc. Type of Investment Warrant Investment Date November 14, 2024 Expiration Date November 14, 2034 Series Common Stock2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology Footprint International Holding, Inc. Type of Investment Warrant Investment Date February 18, 2022 Expiration Date February 18, 2032 Series Common Stock2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Biotechnology Pendulum Therapeutics, Inc. Two Type of Investment Warrant Investment Date December 31, 2021 Expiration Date December 31, 2031 Series Preferred Series C2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Marketing, Media, and Entertainment Firefly Systems, Inc. Type of Investment Warrant Investment Date January 29, 2020 Expiration Date January 29, 2030 Series Common Stock2026-01-012026-03-310001786108trin:ConsumerProductsServicesMember2026-03-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputMaturityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMemberus-gaap:WarrantMember2026-03-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Knockaway, Inc. Type of Investment Secured Loan Investment Date September 29, 2023 Maturity Date September 1, 2028 Interest Rate Fixed interest rate 10.2%; EOT 0.0%2025-12-310001786108Control Investments Knockaway, Inc.2026-01-012026-03-310001786108Portfolio Company Equity Investments- United States Energy & Resource Technology Edeniq, Inc. 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Type of Investment Warrant Investment Date October 14, 2022 Expiration Date October 14, 2034 Series Common Stock2026-03-310001786108us-gaap:WarrantMembertrin:EdeniqIncMembertrin:EnergyAndResourceTechnologyMembercountry:US2025-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Beam Technologies, Inc. Type of Investment Secured Loan Investment Date August 30, 2024 Maturity Date October 1, 2029 Interest Rate Variable interest rate Prime + 2.8% or Floor rate 11.0% + PIK Fixed Interest Rate 1.5%; EOT 2.0%2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Freddin Advisors Group LLC Type of Investment Warrant Investment Date June 15, 2022 Expiration Date June 15, 2032 Series Class B Units2025-12-310001786108us-gaap:FairValueInputsLevel3Member2026-03-310001786108Portfolio Company Debt Securities- United States Transportation Technology Uveye, Inc. 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Type of Investment Warrant Investment Date July 14, 2023 Maturity Date July 14, 2033 Series Common Stock2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Space Technology Hermeus Corporation Type of Investment Warrant Investment Date August 9, 2022 Expiration Date August 9, 2032 Series Common Stock2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Transportation Technology Get Spiffy, Inc. Type of Investment Warrant Investment Date July 14, 2023 Maturity Date July 14, 2033 Series Common Stock2025-01-012025-12-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMembersrt:MinimumMemberus-gaap:BlackScholesMertonModelMemberus-gaap:WarrantMember2026-03-310001786108Portfolio Company Equity Investments- United States Healthcare Technology Lark Technologies, Inc. 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Type of Investment Secured Loan Investment Date December 31, 2021 Maturity Date July 1, 2026 Interest Rate Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%2026-03-310001786108us-gaap:UnsecuredDebtMembertrin:TwoThousandTwentyFiveNotesMember2020-01-160001786108Portfolio Company Warrant Investments- United States Healthcare Technology Hospitalists Now, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date December 6, 2026 Series Preferred Series D-22026-01-012026-03-310001786108trin:SpaceTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2026-03-310001786108Portfolio Company Warrant Investments- United States Real Estate Technology Orchard Technologies, Inc. Type of Investment Warrant Investment Date February 12, 2024 Expiration Date February 12, 2034 Series Preferred Series 12025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Space Technology Impulse Space, Inc. Type of Investment Equipment Financing Investment Date February 12, 2025 Maturity Date March 1, 2028 Interest Rate Fixed interest rate 12.6%; EOT 3.0%2025-12-310001786108trin:SeniorCreditCorpMember2025-12-310001786108us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMember2026-03-310001786108Portfolio Company Debt Securities- United States Biotechnology Pendulum Therapeutics, Inc. Type of Investment Secured Loan Investment Date December 31, 2021 Maturity Date July 1, 2026 Interest Rate Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%2025-12-310001786108Portfolio Company Warrant Investments- United States Other Healthcare Services Metabolon, Inc. 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Type of Investment Equipment Financing Investment Date July 14, 2023 Maturity Date February 1, 2027 Interest Rate Fixed interest rate 12.1%; EOT 4.0%2026-03-310001786108trin:SeniorSecuritiesMembertrin:KeyBankCreditFacilityMember2024-12-310001786108Portfolio Company Warrant Investments- United States SaaS Reciprocity, Inc. Type of Investment Warrant Investment Date September 25, 2020 Expiration Date September 25, 2030 Series Common Stock2026-03-310001786108Portfolio Company Debt Securities- United States Food and Agriculture Technologies DrinkPak, LLC Type of Investment Equipment Financing Investment Date February 17, 2023 Maturity Date September 1, 2026 Interest Rate Fixed interest rate 12.9%; EOT 7.0%2026-01-012026-03-310001786108trin:ArtificialIntelligenceAndAutomationMember2025-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Tilt Finance, Inc. (dba Empower Financial, Inc.) Type of Investment Secured Loan Investment Date October 13, 2023 Maturity Date May 1, 2028 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%2025-12-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Steno Agency, Inc. Type of Investment Secured Loan Investment Date January 2, 2025 Maturity Date July 1, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%2026-03-310001786108Portfolio Company Debt Securities- United States Consumer Products & Services Rinse, Inc. Type of Investment Secured Loan Investment Date May 10, 2022 Maturity Date June 1, 2027 Interest Rate Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%2026-01-012026-03-310001786108trin:SaasMemberus-gaap:EquitySecuritiesMembercountry:US2025-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Portofino Labs, Inc. 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Type of Investment Secured Loan Investment Date November 4, 2024 Maturity Date November 4, 2029 Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%2026-01-012026-03-310001786108trin:SeriesANotesMembertrin:TrancheBMember2024-10-290001786108Portfolio Company Equity Investments- United States Energy & Resource Technology Edeniq, Inc. Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series B2025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Inshur, Inc. Type of Investment Warrant Investment Date June 10, 2025 Expiration Date June 10, 2035 Series Common Stock2025-12-310001786108trin:SecuredLoansMember2026-03-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Eyelit Technologies, Inc. Type of Investment Secured Loan Investment Date June 20, 2025 Maturity Date November 4, 2029 Interest Rate Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Tquila Automation, Inc Type of Investment Secured Loan Investment Date July 2, 2025 Maturity Date August 1, 2030 Interest Rate Variable interest rate Prime + 5.0% or Floor rate 12.3%; EOT 3.0%2026-03-310001786108Portfolio Company Equity Investments- United States Multi-Sector Holdings Trinity Capital Adviser, LLC Type of Investment Equity Investment Date June 28, 2024 Series Member Interest2025-12-310001786108Portfolio Company Debt Securities- United States Medical Devices Vital Connect, Inc. Type of Investment Secured Loan Investment Date March 21, 2025 Maturity Date July 3, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%2026-01-012026-03-310001786108us-gaap:WarrantMembercountry:CA2026-03-310001786108trin:SeniorSecuritiesMembertrin:September2029NotesMember2024-12-310001786108Portfolio Company Debt Securities- United States Energy & Resource Technology Footprint International Holding, Inc. Type of Investment Secured Loan Investment Date April 20, 2022 Maturity Date March 1, 2027 Interest Rate Variable interest rate Prime + 7.3% or Floor rate 10.5%; EOT 3.5%2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Energy & Resource Technology Commonwealth Fusion Systems, LLC Type of Investment Equipment Financing Investment Date June 27, 2023 Maturity Date July 1, 2030 Interest Rate Fixed interest rate 13.2%; EOT 10.0%2026-03-310001786108Affiliate Investments Nexii, Inc.2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Biotechnology Pendulum Therapeutics, Inc. Type of Investment Secured Loan Investment Date June 17, 2022 Maturity Date July 1, 2026 Interest Rate Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%2026-03-310001786108Portfolio Company Equity Investments- United States Space Technology Impulse Space, Inc. 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Type of Investment Warrant Investment Date June 15, 2020 Expiration Date June 15, 2030 Series Common Stock2025-01-012025-12-310001786108Portfolio Company Debt Securities- Europe Medical Devices CMR Surgical Limited Type of Investment Secured Loan Investment Date December 16, 2025 Maturity Date April 1, 2030 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%2026-01-012026-03-310001786108Portfolio Company Equity Investments- United States Energy & Resource Technology RTS Holding, Inc. Type of Investment Equity Investment Date July 5, 2022 Series Preferred Series E-1D2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Mesa Financial, Inc. Type of Investment Secured Loan Investment Date August 29, 2024 Maturity Date February 28, 2027 Interest Rate Variable interest rate SOFR 1 Month Term + 10.3% or Floor rate 12.3%; EOT 0.0%2025-01-012025-12-310001786108Portfolio Company Equity Investments- United States Human Resource Technology Nomad Health, Inc. 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Type of Investment Warrant Investment Date February 16, 2024 Expiration Date February 16, 2034 Series Common Stock2026-03-310001786108us-gaap:DebtSecuritiesMembertrin:OtherHealthcareServicesMembersrt:EuropeMember2025-12-310001786108Portfolio Company Debt Securities- United States Energy & Resource Technology Hi-Power, LLC Type of Investment Equipment Financing Investment Date September 30, 2022 Maturity Date April 1, 2026 Interest Rate Fixed interest rate 14.7%; EOT 1.0%2025-12-310001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology Footprint International Holding, Inc. Type of Investment Warrant Investment Date February 14, 2020 Expiration Date February 14, 2030 Series Common Stock2026-01-012026-03-310001786108trin:WarrantInvestmentsMember2026-03-310001786108Portfolio Company Equity Investments- United States SaaS Smartly, Inc. 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Type of Investment Secured Loan Investment Date September 10, 2025 Maturity Date October 1, 2030 Interest Rate Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.0%2025-12-310001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Cirrascale Cloud Services, LLC Type of Investment Equipment Financing Investment Date June 27, 2024 Maturity Date September 1, 2026 Interest Rate Fixed interest rate 12.7%; EOT 4.0%2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Tilt Finance, Inc. (dba Empower Financial, Inc.) Type of Investment Secured Loan Investment Date October 13, 2023 Maturity Date May 1, 2028 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States SaaS Gtxcel, Inc. 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Type of Investment Warrant Investment Date September 12, 2025 Expiration Date September 12, 2035 Series Common Stock2026-01-012026-03-310001786108Portfolio Company Equity Investments- United States SaaS Cart.com, Inc. Type of Investment Equity Investment Date April 17, 2024 Series Preferred Series C2025-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Tilt Finance, Inc. (dba Empower Financial, Inc.) Type of Investment Secured Loan Investment Date February 8, 2024 Maturity Date May 1, 2028 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%2025-12-310001786108Portfolio Company Equity Investments- United States Real Estate Technology Orchard Technologies, Inc. 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Type of Investment Secured Loan Investment Date July 3, 2024 Maturity Date July 3, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%2026-03-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Eyelit Technologies, Inc. Type of Investment Secured Loan Investment Date June 20, 2025 Maturity Date November 4, 2029 Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%2026-03-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Kard Financial, Inc. Type of Investment Secured Loan Investment Date September 10, 2025 Maturity Date October 1, 2030 Interest Rate Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.0%2026-03-310001786108Portfolio Company Debt Securities- United States Transportation Technology Uveye, Inc. Type of Investment Equipment Financing Investment Date March 24, 2026 Maturity Date April 1, 2029 Interest Rate Fixed interest rate 11.8%; EOT 1.0%2026-03-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMembertrin:ValuationTechniqueCostApproximatesFairValueMember2026-03-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Inshur, Inc. Type of Investment Secured Loan Investment Date June 10, 2025 Maturity Date July 1, 2030 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 2.5%2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Medical Devices Emboline, Inc. Type of Investment Secured Loan Investment Date March 3, 2026 Maturity Date April 1, 2031 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 10.5%; EOT 4.0%2026-03-310001786108Portfolio Company Equity Investments- United States Transportation Technology Autonomy Data Services, Inc. Type of Investment Equity Investment Date November 4, 2025 Series Preferred Series Pre-Seed 22026-03-310001786108us-gaap:WarrantMembertrin:LarkTechnologiesIncMembertrin:HealthcareTechnologyMembercountry:US2025-12-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Xytech Systems, LLC Type of Investment Secured Loan Investment Date March 3, 2026 Maturity Date February 26, 2030 Interest Rate Variable interest rate SOFR 3 Month Term + 6.0%; EOT 0.0%2026-03-3100017861082025-07-012025-09-3000017861082026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Real Estate Technology Knockaway, Inc. Type of Investment Warrant Investment Date December 6, 2023 Expiration Date December 6, 2033 Series Preferred Series AA2026-03-310001786108us-gaap:WarrantMembertrin:SpaceTechnologyMembersrt:EuropeMember2025-12-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Orchard Technologies, Inc. Type of Investment Secured Loan Investment Date January 27, 2026 Maturity Date January 1, 2030 Interest Rate Variable interest rate Prime + 0.0% or Floor rate 0.0%; EOT 0.0%2026-03-310001786108trin:TwoThousandNineteenLongTermIncentivePlanMember2025-03-310001786108Portfolio Company Equity Investments- United States Consumer Products & Services Rinse, Inc. Type of Investment Equity Investment Date December 30, 2024 Series Preferred Series D2026-01-012026-03-310001786108Portfolio Company Debt Securities- Europe Consumer Products & Services Motorway Online, Ltd Type of Investment Secured Loan Investment Date December 23, 2025 Maturity Date June 1, 2030 Interest Rate Variable interest rate Base Rate + 7.9% or Floor rate 11.7%; EOT 2.8%2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Healthcare Technology TMRW Life Sciences, Inc. Type of Investment Secured Loan Investment Date April 29, 2022 Maturity Date May 1, 2027 Interest Rate Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 5.8%2025-12-310001786108Portfolio Company Equity Investments- United States Healthcare Technology Emerald Cloud Lab, Inc. Type of Investment Equity Investment Date April 29, 2024 Series Preferred Series B-12026-03-310001786108Portfolio Company Warrant Investments- United States Transportation Technology NextCar Holding Company, Inc. Type of Investment Warrant Investment Date March 16, 2022 Maturity Date March 16, 2027 Series Class A Common Stock2026-03-310001786108Portfolio Company Debt Securities- United States Medical Devices Okami Medical, Inc. Type of Investment Secured Loan Investment Date June 24, 2025 Maturity Date July 1, 2030 Interest Rate Variable interest rate Prime + 3.8% or Floor rate 10.5%; EOT 2.0%2025-12-310001786108Affiliate Investments Emergy, Inc.2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Transportation Technology NextCar Holding Company, Inc. Type of Investment Warrant Investment Date February 23, 2022 Maturity Date February 23, 2027 Series Class A Common Stock2025-12-310001786108trin:DigilensIncMembertrin:IndustrialsMembercountry:USus-gaap:EquitySecuritiesMember2025-12-310001786108trin:O2025Q1DividendsMember2025-01-012025-03-310001786108trin:SoutheastAmericaMember2025-12-310001786108Portfolio Company Equity Investments- United States Real Estate Technology Orchard Technologies, Inc. Type of Investment Equity Investment Date January 26, 2026 Series Preferred Series E-1 One2026-01-012026-03-310001786108trin:TrinityCapitalAdviserLlcMembertrin:AdviserSubMember2025-12-310001786108Portfolio Company Debt Securities- United States Space Technology Astranis Space Technology Corporation Type of Investment Equipment Financing Investment Date September 27, 2024 Maturity Date October 1, 2028 Interest Rate Fixed interest rate 13.8%; EOT 6.5%2025-12-310001786108trin:ArtificialIntelligenceAndAutomationMembertrin:CirrascaleCloudServicesLLCMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001786108trin:ConstructionTechnologyMemberus-gaap:EquitySecuritiesMembercountry:US2025-12-310001786108trin:EquityOfferingsMember2022-08-182022-08-180001786108Portfolio Company Debt Securities- United States Finance and Insurance PatientFi, Inc. Type of Investment Secured Loan Investment Date December 16, 2025 Maturity Date April 1, 2030 Interest Rate Variable interest rate Prime + 3.5% or Floor rate 10.5%; EOT 2.5%2026-01-012026-03-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Happiest Baby, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date May 16, 2029 Series Common Stock2026-03-310001786108trin:Ept16LlcMember2025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Kafene, Inc. Type of Investment Warrant Investment Date January 5, 2024 Expiration Date January 5, 2034 Series Common Stock2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Centivo Corporation Type of Investment Secured Loan Investment Date June 13, 2025 Maturity Date August 1, 2029 Interest Rate Variable interest rate Prime + 3.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.0%; EOT 2.0%2026-03-310001786108Portfolio Company Debt Securities- Canada Construction Technology Nexii, Inc. Type of Investment Secured Loan Investment Date July 24, 2024 Maturity Date July 1, 2027 Interest Rate Fixed interest rate 10.0%; EOT 0.0%2025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Centivo Corporation Type of Investment Warrant Investment Date June 13, 2025 Expiration Date July 31, 2034 Series Common Stock2026-03-310001786108Portfolio Company Equity Investments- United States Multi-Sector Holdings Direct Lending 2025 LLC Type of Investment Equity Investment Date September 24, 2025 Series Preferred2026-03-310001786108us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membertrin:MeasurementInputHypotheticalMarketYieldMemberus-gaap:DebtMember2025-12-310001786108Portfolio Company Warrant Investments- United States Marketing, Media, and Entertainment Vox Media Holdings, Inc. Type of Investment Warrant Investment Date June 25, 2025 Expiration Date June 25, 2035 Series Class A Common Stock2026-01-012026-03-310001786108trin:HealthcareTechnologyMemberus-gaap:DebtSecuritiesMembersrt:EuropeMember2025-09-300001786108Portfolio Company Equity Investments- United States Finance and Insurance Dynamics, Inc. Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series A2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Healthcare Technology Paytient Technologies, Inc. Type of Investment Secured Loan Investment Date October 2, 2025 Maturity Date June 1, 2030 Interest Rate Variable interest rate Prime + 3.8% or Floor rate 10.8%; EOT 3.0%2025-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Portofino Labs, Inc. One Type of Investment Warrant Investment Date April 1, 2021 Expiration Date April 1, 2031 Series Common Stock2025-09-300001786108us-gaap:WarrantMembersrt:EuropeMembertrin:OtherHealthcareServicesMember2026-03-310001786108Portfolio Company Debt Securities- United States Energy & Resource Technology Commonwealth Fusion Systems, LLC Type of Investment Equipment Financing Investment Date June 16, 2023 Maturity Date July 1, 2030 Interest Rate Fixed interest rate 13.0%; EOT 10.0%2025-12-310001786108Portfolio Company Warrant Investments- United States Biotechnology Pendulum Therapeutics, Inc. Two Type of Investment Warrant Investment Date May 30, 2025 Expiration Date May 30, 2035 Series Preferred Series C2026-03-310001786108Portfolio Company Debt Securities- United States Space Technology Astranis Space Technology Corporation Type of Investment Equipment Financing Investment Date September 27, 2024 Maturity Date October 1, 2027 Interest Rate Fixed interest rate 12.6%; EOT 4.0%2025-01-012025-12-310001786108Portfolio Company Equity Investments- United States Energy & Resource Technology RTS Holding, Inc. Type of Investment Equity Investment Date July 5, 2022 Series Preferred Series E-1D2026-01-012026-03-310001786108trin:TwoThousandNineteenLongTermIncentivePlanMember2026-01-012026-03-310001786108trin:KeyBankCreditFacilityMember2026-01-012026-03-310001786108trin:SpaceTechnologyMembertrin:ImpulseSpaceIncMemberus-gaap:DebtSecuritiesMembercountry:US2026-03-310001786108trin:EquityOfferingsMember2023-08-080001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") SOCi, Inc. Type of Investment Secured Loan Investment Date October 3, 2024 Maturity Date October 3, 2029 Interest Rate Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%2025-12-310001786108Portfolio Company Debt Securities- United States Digital Assets Technology and Services Inca Digital, Inc. Type of Investment Secured Loan Investment Date December 2, 2025 Maturity Date December 2, 2026 Interest Rate Fixed interest rate 12.5%; EOT 0.0%2025-01-012025-12-310001786108Portfolio Company Debt Securities- Europe Medical Devices CMR Surgical Limited Type of Investment Secured Loan Investment Date March 24, 2025 Maturity Date April 1, 2030 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%2026-03-310001786108us-gaap:CommonStockMember2024-12-310001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology Mainspring Energy, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date July 9, 2029 Series Common Stock2026-01-012026-03-310001786108Portfolio Company Equity Investments- United States Connectivity Tarana Wireless, Inc. Type of Investment Equity Investment Date March 16, 2022 Series Preferred Senior Series 62026-01-012026-03-310001786108Portfolio Company Warrant Investments – Canada Space Technology Earthdaily Constellation Holdings, LP Type of Investment Warrant Investment Date June 10, 2025 Expiration Date June 10, 2035 Series Class B Common Stock2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Biotechnology Pendulum Therapeutics, Inc. One Type of Investment Warrant Investment Date June 1, 2020 Expiration Date July 15, 2030 Series Preferred Series B2025-12-310001786108Portfolio Company Debt Securities- United States Consumer Products & Services Rinse, Inc. Type of Investment Secured Loan Investment Date September 22, 2023 Maturity Date October 1, 2028 Interest Rate Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Artificial Intelligence & Automation K2View Inc. Type of Investment Warrant Investment Date May 30, 2025 Expiration Date May 30, 2035 Series Ordinary2026-01-012026-03-310001786108Portfolio Company Debt Securities- Europe Other Healthcare Services Zandivio PLC Type of Investment Secured Loan Investment Date October 30, 2024 Maturity Date May 1, 2029 Interest Rate Variable interest rate Prime + 5.3% or Floor rate 13.8%; EOT 2.5%2026-01-012026-03-310001786108us-gaap:WarrantMembertrin:HealthcareTechnologyMembersrt:EuropeMember2025-12-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Knockaway, Inc. Type of Investment Secured Loan Investment Date September 29, 2023 Maturity Date September 1, 2028 Interest Rate Fixed interest rate 5.0% + PIK Fixed Interest Rate 5.0%; EOT 0.0%2026-03-310001786108trin:SpaceTechnologyMember2025-12-310001786108trin:KeyBankSecuredTermLoanFacilityMember2025-12-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") ServiceTrade, Inc. Type of Investment Secured Loan Investment Date January 22, 2026 Maturity Date August 15, 2029 Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%2026-03-310001786108Portfolio Company Equity Investments- United States Food and Agriculture Technologies Athletic Brewing Company, LLC Type of Investment Equity Investment Date August 1, 2024 Class B Units2026-03-310001786108Portfolio Company Warrant Investments- United States Artificial Intelligence & Automation Swimlane, Inc. Type of Investment Warrant Investment Date May 28, 2025 Expiration Date May 28, 2037 Series Preferred Series B2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Medical Devices Elucent Medical, Inc. 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Type of Investment Warrant Investment Date March 13, 2026 Expiration Date March 16, 2036 Series Class B Common Stock2026-01-012026-03-310001786108Portfolio Company Debt Securities- United States Space Technology Kymeta Corporation Type of Investment Secured Loan Investment Date June 11, 2025 Maturity Date August 1, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 3.0%2026-01-012026-03-310001786108Portfolio Company Equity Investments- United States Healthcare Technology Emerald Cloud Lab, Inc. Type of Investment Equity Investment Date June 3, 2022 Series Preferred Series A2025-01-012025-12-310001786108trin:ArtificialIntelligenceAndAutomationMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001786108Portfolio Company Debt Securities- United States Healthcare Technology TMRW Life Sciences, Inc. 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Table of Contents

PRewhwwrecw20112

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-39958

TRINITY CAPITAL INC.

(Exact name of registrant as specified in its charter)

Maryland	35-2670395
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

1 N. 1st Street Suite 302 Phoenix, Arizona	85004
(Address of principal executive offices)	(Zip Code)

(480) 374‑5350

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		TRIN		Nasdaq Global Select Market
7.875% Notes Due March 2029		TRINZ		Nasdaq Global Select Market
7.875% Notes Due September 2029		TRINI		Nasdaq Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the Exchange Act:

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Act). Yes ☐ No ☒

As of May 4, 2026, the registrant had 89,887,651 shares of common stock ($0.001 par value per share) outstanding.

Table of Contents

TRINITY CAPITAL INC.

FORM 10‑Q FOR THE QUARTER ENDED MARCH 31, 2026

TABLE OF CONTENTS

		PAGE NO.
PART I	FINANCIAL INFORMATION	3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2026 and 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited)	6
	Consolidated Schedule of Investments as of March 31, 2026 (unaudited)	8
	Consolidated Schedule of Investments as of December 31, 2025	39
	Notes to Consolidated Financial Statements (unaudited)	69
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	116
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	132
Item 4.	Controls and Procedures	134
PART II	OTHER INFORMATION	134
Item 1.	Legal Proceedings	134
Item 1A.	Risk Factors	134
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	134
Item 3.	Defaults Upon Senior Securities	135
Item 4.	Mine Safety Disclosures	135
Item 5.	Other Information	135
Item 6.	Exhibits	135
SIGNATURES		136

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements
 

TRINITY CAPITAL INC.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)

		March 31,				December 31,
		2026				2025
		(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost of $91,431 and $107,747, respectively)		$	102,495			$	123,760
Affiliate investments (cost of $96,967 and $63,422, respectively)			69,093				50,495
Non-Control / Non-Affiliate investments (cost of $2,279,982 and $2,225,715, respectively)			2,311,966				2,243,820
Total investments (cost of $2,468,380 and $2,396,883, respectively)			2,483,554				2,418,075
Cash and cash equivalents			19,631				19,110
Interest receivable			18,074				19,031
Deferred credit facility costs			5,463				5,872
Other assets			29,110				22,431
Total assets		$	2,555,832			$	2,484,519
LIABILITIES
Credit Facility		$	427,500			$	373,900
Secured Notes, net of $1,333 and $1,467, respectively, of unamortized deferred financing costs			198,667				198,533
Unsecured Notes, net of $9,273 and $10,118, respectively, of unamortized deferred financing costs and premium/discount			722,608				721,763
Distribution payable			—				41,574
Security deposits			2,234				3,008
Accounts payable, accrued expenses and other liabilities			38,568				51,742
Total liabilities			1,389,577				1,390,520
Commitments and contingencies (Note 6)
NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 87,903,645 and 81,518,294 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)			88				82
Paid-in capital in excess of par			1,185,441				1,100,343
Distributable earnings/(accumulated deficit)			(19,274	)			(6,426	)
Total net assets			1,166,255				1,093,999
Total liabilities and net assets		$	2,555,832			$	2,484,519
NET ASSET VALUE PER SHARE		$	13.27			$	13.42

See accompanying notes to unaudited consolidated financial statements.

3

Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)
 

	Three Months Ended					Three Months Ended
	March 31, 2026					March 31, 2025
INVESTMENT INCOME:
Interest and dividend income:
Control investments	$		5,602			$		2,328
Affiliate investments			2,119					1,272
Non-Control / Non-Affiliate investments			75,598					59,073
Total interest and dividend income			83,319					62,673
Fee and other income:
Affiliate investments			613					693
Non-Control / Non-Affiliate investments			6,197					2,019
Total fee and other income			6,810					2,712
Total investment income			90,129					65,385
EXPENSES:
Interest expense and other debt financing costs			24,104					17,656
Compensation and benefits			17,270					10,645
Professional fees			1,219					2,027
General and administrative			3,146					2,466
Total gross expenses			45,739					32,794
Allocated expenses to Trinity Capital Adviser, LLC			(1,133	)				(408	)
Total net expenses			44,606					32,386
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES			45,523					32,999
Excise tax expense			1,035					616
NET INVESTMENT INCOME			44,488					32,383
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Affiliate investments			(3,071	)				—
Non-Control / Non-Affiliate investments			(6,859	)				(2,154	)
Net realized gain/(loss) from investments			(9,930	)				(2,154	)
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments			(4,949	)				2
Affiliate investments			(8,905	)				430
Non-Control / Non-Affiliate investments			9,128					(3,574	)
Net change in unrealized appreciation/(depreciation) from investments			(4,726	)				(3,142	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$		29,832			$		27,087
NET INVESTMENT INCOME PER SHARE - BASIC	$		0.53			$		0.52
NET INVESTMENT INCOME PER SHARE - DILUTED	$		0.53			$		0.52
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC	$		0.36			$		0.43
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED	$		0.36			$		0.43
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC			83,643,311					62,555,531
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED			83,643,311					62,555,531

See accompanying notes to unaudited consolidated financial statements.

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TRINITY CAPITAL INC.

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended March 31, 2026:

														Distributable
										Paid In Capital				Earnings /
		Common Stock								in Excess of				(Accumulated				Total
		Shares				Par Value				Par Value				Deficit)				Net Assets
Balance as of December 31, 2025			81,518,294			$	82			$	1,100,343			$	(6,426	)		$	1,093,999
Issuance of common stock pursuant to distribution reinvestment plan			46,409				—				732				—				732
Stock-based compensation			—				—				3,249				—				3,249
Issuance of restricted stock awards			908,539				1				(1	)			—				—
Issuance of common stock, net of issuance costs			5,546,280				5				82,761				—				82,766
Retired and forfeited shares of restricted stock			(115,877	)			—				(1,643	)			—				(1,643	)
Distributions to stockholders			—				—				—				(42,680	)			(42,680	)
Net increase/(decrease) in net assets resulting from operations			—				—				—				29,832				29,832
Balance as of March 31, 2026			87,903,645			$	88			$	1,185,441			$	(19,274	)		$	1,166,255

Three Months Ended March 31, 2025:

														Distributable
										Paid In Capital				Earnings /
		Common Stock								in Excess of				(Accumulated				Total
		Shares				Par Value				Par Value				Deficit)				Net Assets
Balance as of December 31, 2024			61,669,059			$	62			$	829,626			$	(6,706	)		$	822,982
Issuance of common stock pursuant to distribution reinvestment plan			20,349				—				297				—				297
Stock-based compensation			—				—				2,609				—				2,609
Issuance of restricted stock awards			319,956				—				—				—				—
Issuance of common stock, net of issuance costs			1,977,463				2				30,466				—				30,468
Retired and forfeited shares of restricted stock			(106,497	)			—				(1,695	)			—				(1,695	)
Additional paid-in capital in connection with Convertible Notes Redemption			—				—				(15,772	)			—				(15,772	)
Distributions to stockholders			—				—				—				(32,581	)			(32,581	)
Net increase/(decrease) in net assets resulting from operations			—				—				—				27,087				27,087
Balance as of March 31, 2025			63,880,330			$	64			$	845,531			$	(12,200	)		$	833,395

See accompanying notes to unaudited consolidated financial statements.

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TRINITY CAPITAL INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Cash flows provided by/(used in) operating activities:
Net increase/(decrease) in net assets resulting from operations		$	29,832			$	27,087
Adjustments to reconcile net increase/(decrease) in net assets resulting from operation to net cash provided by/(used in) operating activities:
Purchase of investments, net of deferred fees			(299,632	)			(218,458	)
Proceeds from sales and paydowns of investments			238,315				157,087
Net change in unrealized (appreciation)/depreciation from investments			4,726				3,142
Net realized (gain)/loss from investments			9,930				2,154
Accretion of original issue discounts and end of term payments on investments			(15,627	)			(11,044	)
Amortization of deferred financing costs			1,406				1,276
Stock-based compensation			3,249				2,609
Change in operating assets and liabilities
(Increase)/Decrease in interest receivable			957				(84	)
(Increase)/Decrease in other assets			(5,017	)			(17,323	)
Increase/(Decrease) in security deposits			(774	)			(1,457	)
Increase/(Decrease) in accounts payable, accrued expenses and other liabilities			(13,130	)			(8,330	)
Net cash provided by/(used in) operating activities			(45,765	)			(63,341	)
Cash flows provided by/(used in) investing activities:
Disposal/(Acquisition) of fixed assets			(415	)			(106	)
Net cash provided by/(used in) investing activities			(415	)			(106	)
Cash flows provided by/(used in) financing activities
Issuance of common stock, net of issuance costs			78,283				30,468
Retirement of employee shares			(1,643	)			(1,695	)
Cash distributions paid			(83,522	)			(31,154	)
Issuance of Secured Notes, net of issuance costs			40				—
Issuance of Unsecured Notes, net of issuance costs			(57	)			3,343
Repayment of Unsecured Notes			—				(217,756	)
Borrowings under Credit Facility			347,800				398,000
Repayments under Credit Facility			(294,200	)			(119,000	)
Net cash provided by/(used in) financing activities			46,701				62,206
Net increase/(decrease) in cash, cash equivalents and restricted cash			521				(1,241	)
Cash, cash equivalents and restricted cash at beginning of period			19,110				9,627
Cash, cash equivalents and restricted cash at end of period		$	19,631			$	8,386

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		Three Months Ended				Three Months Ended
		March 31, 2026				March 31, 2025
Supplemental and non-cash investing and financing activities:
Cash paid for interest		$	23,415			$	13,966
Income tax, including excise tax, paid			2,876				2,722
Non-cash purchase of investments through issuance of common stock			4,483				—
Distribution payable			—				32,579
Distributions reinvested			732				297

See accompanying notes to unaudited consolidated financial statements.

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States
Artificial Intelligence & Automation
Applied Digital Corporation		Equipment Financing		April 24, 2024		April 1, 2026		Fixed interest rate 19.0%; EOT 0.0%		$	260			$	260			$	264			(9)(10)(14)(19)
		Equipment Financing		May 28, 2024		May 1, 2026		Fixed interest rate 16.0%; EOT 0.0%			215				215				218			(9)(10)(14)
		Equipment Financing		June 21, 2024		April 1, 2026		Fixed interest rate 19.0%; EOT 0.0%			422				422				428			(9)(10)(14)(19)
Total Applied Digital Corporation											897				897				910
Augmented Reality Concepts, Inc.		Secured Loan		June 17, 2024		June 18, 2029		Variable interest rate SOFR 3 Month Term + 7.3%; EOT 0.0%		$	14,145			$	13,949			$	14,058			(8)(14)(19)(22)
Cirrascale Cloud Services, LLC		Equipment Financing		June 27, 2024		September 1, 2026		Fixed interest rate 12.7%; EOT 4.0%		$	5,070			$	5,994			$	6,010			(9)(14)(19)
		Equipment Financing		October 22, 2024		April 1, 2027		Fixed interest rate 10.2%; EOT 5.0%			5,788				6,645				6,627			(9)(14)(19)
Total Cirrascale Cloud Services, LLC											10,858				12,639				12,637
D-Wave Quantum Inc.		Equipment Financing		August 1, 2025		September 1, 2028		Fixed interest rate 10.8%; EOT 4.0%		$	158			$	157			$	159			(9)(10)(14)(19)(22)
iGrafx, LLC		Secured Loan		November 12, 2025		November 12, 2028		Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%		$	24,938			$	24,611			$	24,907			(8)(20)
K2View Inc.		Secured Loan		May 30, 2025		June 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 2.5%		$	15,000			$	14,836			$	15,248			(8)(14)
Sortera Technologies, Inc.		Equipment Financing		February 11, 2025		March 1, 2028		Fixed interest rate 12.5%; EOT 4.0%		$	3,745			$	3,735			$	3,796			(9)(14)(19)
Swimlane, Inc.		Secured Loan		May 28, 2025		June 1, 2030		Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.3%		$	11,400			$	11,253			$	11,536			(8)(9)(14)(19)
Tquila Automation, Inc		Secured Loan		July 2, 2025		August 1, 2030		Variable interest rate Prime + 5.0% or Floor rate 12.3%; EOT 3.0%		$	6,600			$	6,551			$	6,644			(8)(14)(19)
Uniphore Technologies Inc.		Secured Loan		September 30, 2025		October 1, 2030		Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.0%		$	36,000			$	35,251			$	35,140			(8)(14)(19)
		Secured Loan		October 2, 2025		October 1, 2030		Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.0%			13,500				13,252				13,189			(8)(14)(19)
Total Uniphore Technologies Inc.											49,500				48,503				48,329
Sub-total: Artificial Intelligence & Automation (11.9%)*										$	137,241			$	137,131			$	138,224

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Biotechnology
Candel Therapeutics, Inc.		Secured Loan		October 14, 2025		October 1, 2030		Variable interest rate Prime + 3.0% or Floor rate 9.8%; EOT 4.3%		$	43,500			$	42,258			$	42,534			(8)(9)(10)(14)(19)
Pendulum Therapeutics, Inc.		Secured Loan		December 31, 2021		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%		$	4,292			$	4,448			$	4,460			(8)(14)
		Secured Loan		February 28, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			4,581				4,734				4,749			(8)(14)
		Secured Loan		March 30, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			4,722				4,874				4,891			(8)(14)
		Secured Loan		May 6, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			5,000				5,149				5,169			(8)(14)
		Secured Loan		June 17, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			5,000				5,149				5,169			(8)(14)
		Secured Loan		February 1, 2024		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			1,405				1,447				1,442			(8)(14)
Total Pendulum Therapeutics, Inc.											25,000				25,801				25,880
Taysha Gene Therapies, Inc.		Secured Loan		August 7, 2025		September 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 5.0%		$	43,000			$	43,211			$	44,240			(8)(9)(14)(19)
Sub-total: Biotechnology (9.7%)*										$	111,500			$	111,270			$	112,654
Connectivity
AST & Science, LLC		Equipment Financing		June 27, 2025		July 1, 2030		Fixed interest rate 12.4%; EOT 9.0%		$	13,789			$	14,066			$	14,290			(9)(10)(14)(19)
		Equipment Financing		June 30, 2025		July 1, 2030		Fixed interest rate 12.5%; EOT 9.0%			2,243				2,287				2,324			(9)(10)(14)(19)
		Equipment Financing		September 26, 2025		October 1, 2030		Fixed interest rate 12.4%; EOT 9.0%			5,024				5,075				5,150			(9)(10)(14)(19)
		Equipment Financing		December 23, 2025		January 1, 2031		Fixed interest rate 12.4%; EOT 9.0%			14,116				14,138				14,236			(9)(10)(14)(19)
Total AST & Science, LLC											35,172				35,566				36,000
Vertical Communications, Inc.		Secured Loan		August 23, 2021		November 1, 2026		Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 23.8%		$	12,600			$	15,765			$	12,907			(8)(24)
		Secured Loan		July 16, 2025		June 30, 2026		Fixed interest rate 11.5%; EOT 0.0%			1,000				1,000				819			(24)
		Secured Loan		September 9, 2025		June 30, 2026		Fixed interest rate 11.5%; EOT 0.0%			500				500				409			(24)
Total Vertical Communications, Inc.											14,100				17,265				14,135
Sub-total: Connectivity (4.3%)*										$	49,272			$	52,831			$	50,135
Consumer Products & Services
Bobbie Baby, Inc.		Equipment Financing		September 12, 2025		October 1, 2028		Fixed interest rate 11.6%; EOT 3.0%		$	4,608			$	4,576			$	4,665			(9)(14)(19)(22)
Ogee, Inc.		Secured Loan		February 14, 2023		March 1, 2027		Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%		$	4,700			$	4,832			$	4,839			(8)(14)(19)
		Secured Loan		September 29, 2023		March 1, 2027		Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%			4,700				4,822				4,846			(8)(14)(19)
		Secured Loan		August 1, 2024		March 1, 2027		Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%			4,700				4,785				4,786			(8)(14)(19)
		Secured Loan		July 18, 2025		March 1, 2027		Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%			4,700				4,369				4,347			(8)(14)(19)
Total Ogee, Inc.											18,800				18,808				18,818
Quip NYC, Inc.		Secured Loan		September 30, 2025		September 1, 2028		Variable interest rate Prime + 9.0% or Floor rate 12.3%; EOT 0.0%		$	3,046			$	3,044			$	3,044			(8)
Rinse, Inc.		Secured Loan		May 10, 2022		June 1, 2027		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%		$	2,108			$	2,273			$	2,281			(8)(14)
		Secured Loan		September 22, 2023		October 1, 2028		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%			3,148				3,223				3,263			(8)(14)
Total Rinse, Inc.											5,256				5,496				5,544
Sub-total: Consumer Products & Services (2.7%)*										$	31,710			$	31,924			$	32,071

9

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Diagnostics & Tools
Artera Inc.		Secured Loan		March 13, 2026		February 1, 2031		Variable interest rate Prime + 4.0% or Floor rate 10.0%; EOT 4.5%		$	9,900			$	9,771			$	9,771			(8)(14)(19)(22)
Rapid Micro Biosystems, Inc.		Secured Loan		August 8, 2025		September 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%		$	14,200			$	13,867			$	14,062			(8)(9)(14)(19)
Sub-total: Diagnostics & Tools (2.0%)*										$	24,100			$	23,638			$	23,833
Digital Assets Technology and Services
Inca Digital, Inc.		Secured Loan		December 2, 2025		December 2, 2026		Fixed interest rate 12.5%; EOT 0.0%		$	6,000			$	5,940			$	6,165
Sub-total: Digital Assets Technology and Services (0.5%)*										$	6,000			$	5,940			$	6,165
Education Technology
Yellowbrick Learning, Inc.		Secured Loan		February 1, 2021		September 1, 2027		Fixed interest rate 2.0%; EOT 5.0%		$	7,500			$	7,873			$	7,043
		Secured Loan		August 10, 2021		September 1, 2027		Fixed interest rate 2.0%; EOT 5.0%			2,500				2,624				2,348
Total Yellowbrick Learning, Inc.											10,000				10,497				9,391
Sub-total: Education Technology (0.8%)*										$	10,000			$	10,497			$	9,391
Finance and Insurance
Alt Lending SPV II, LLC		Secured Loan		July 8, 2025		July 8, 2028		Variable interest rate SOFR 1 Month Term + 9.0% or Floor rate 11.0%; EOT 0.0%		$	19,047			$	18,671			$	18,666			(8)(10)(12)(21)
Beam Technologies, Inc.		Secured Loan		August 30, 2024		October 1, 2029		Variable interest rate Prime + 2.8% or Floor rate 11.0% + PIK Fixed Interest Rate 1.5%; EOT 2.0%		$	29,928			$	30,506			$	30,062			(8)(9)(14)(15)(19)
		Secured Loan		June 25, 2025		October 1, 2029		Variable interest rate Prime + 2.8% or Floor rate 11.0% + PIK Fixed Interest Rate 1.5%; EOT 2.0%			2,397				2,445				2,408			(8)(9)(14)(15)(19)
		Secured Loan		August 7, 2025		December 31, 2029		Fixed interest rate 0.0%; EOT 0.0%			395				395				263			(9)(19)
Total Beam Technologies, Inc.											32,720				33,346				32,733
Centivo Corporation		Secured Loan		July 31, 2024		August 1, 2029		Variable interest rate Prime + 3.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.0%; EOT 2.0%		$	3,813			$	3,786			$	3,860			(8)(9)(14)(15)(19)
		Secured Loan		December 20, 2024		August 1, 2029		Variable interest rate Prime + 3.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.0%; EOT 2.0%			3,798				3,689				3,737			(8)(9)(14)(15)(19)
		Secured Loan		February 3, 2025		August 1, 2029		Variable interest rate Prime + 3.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.0%; EOT 2.0%			3,794				3,694				3,746			(8)(9)(14)(15)(19)
		Secured Loan		May 20, 2025		August 1, 2029		Variable interest rate Prime + 3.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.0%; EOT 2.0%			7,565				7,356				7,462			(8)(9)(14)(15)(19)
		Secured Loan		June 13, 2025		August 1, 2029		Variable interest rate Prime + 3.5% or Floor rate 11.3% + PIK Fixed Interest Rate 1.0%; EOT 2.0%			3,780				3,671				3,726			(8)(9)(14)(15)(19)
Total Centivo Corporation											22,750				22,196				22,531
Cherry Technologies, Inc.		Secured Loan		March 29, 2024		April 1, 2030		Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%		$	7,235			$	7,508			$	7,440			(8)(9)(14)(19)
		Secured Loan		July 31, 2024		April 1, 2030		Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%			7,235				7,512				7,430			(8)(9)(14)(19)
Total Cherry Technologies, Inc.											14,470				15,020				14,870

10

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Tilt Finance, Inc. (dba Empower Financial, Inc.)		Secured Loan		October 13, 2023		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%		$	11,622			$	11,742			$	11,851			(8)(9)(14)(19)
		Secured Loan		January 5, 2024		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%			2,902				2,894				2,924			(8)(9)(14)(19)
		Secured Loan		February 8, 2024		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%			4,353				4,339				4,383			(8)(9)(14)(19)
		Secured Loan		April 9, 2024		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%			4,348				4,263				4,293			(8)(9)(14)(19)
		Secured Loan		May 15, 2024		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%			14,495				14,775				14,996			(8)(14)(19)
Total Tilt Finance, Inc. (dba Empower Financial, Inc.)											37,720				38,013				38,447
Gravie, Inc.		Secured Loan		June 4, 2024		July 1, 2029		Variable interest rate Prime + 4.5% or Floor rate 13.0%; EOT 2.5%		$	15,980			$	15,940			$	15,844			(8)(9)(14)(19)
Inshur, Inc.		Secured Loan		June 10, 2025		July 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 2.5%		$	25,000			$	24,723			$	24,572			(8)(14)
Kafene, Inc.		Secured Loan		January 5, 2024		February 1, 2029		Variable interest rate Prime + 4.0% or Floor rate 13.0%; EOT 1.0%		$	12,500			$	12,625			$	12,824			(8)(14)
Kard Financial, Inc.		Secured Loan		September 10, 2025		October 1, 2030		Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.0%		$	4,270			$	4,175			$	4,294			(8)(9)(14)(19)
Lendflow, Inc.		Secured Loan		April 24, 2025		May 1, 2030		Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 2.7%		$	2,040			$	2,022			$	2,073			(8)(9)(14)(19)
		Secured Loan		December 15, 2025		May 1, 2030		Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 2.7%			1,020				1,003				1,013			(8)(9)(14)(19)
Total Lendflow, Inc.											3,060				3,025				3,086
Mesa Financial, Inc.		Secured Loan		August 29, 2024		February 28, 2027		Variable interest rate SOFR 1 Month Term + 10.3% or Floor rate 12.3%; EOT 0.0%		$	15,809			$	15,742			$	15,742			(8)(10)(12)(21)
One Million Metrics (dba Kinetic)		Secured Loan		August 25, 2025		September 1, 2030		Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 3.0%		$	6,450			$	6,314			$	6,524			(8)(14)(19)
Parafin SPV 2, LLC		Secured Loan		March 17, 2026		March 13, 2029		Variable interest rate SOFR 1 Month Term + 7.3% or Floor rate 9.3%; EOT 0.0%		$	17,808			$	17,808			$	17,808			(8)(10)(12)(21)
Parafin SPV 3, LLC		Secured Loan		July 25, 2024		April 14, 2027		Variable interest rate SOFR 1 Month Term + 10.8% or Floor rate 13.8%; EOT 0.0%		$	14,345			$	14,289			$	14,289			(8)(10)(12)(21)
PatientFi, Inc.		Secured Loan		March 14, 2025		April 1, 2030		Variable interest rate Prime + 3.5% or Floor rate 10.5%; EOT 2.5%		$	5,700			$	5,637			$	5,577			(8)(9)(14)(19)
		Secured Loan		December 16, 2025		April 1, 2030		Variable interest rate Prime + 3.5% or Floor rate 10.5%; EOT 2.5%			5,700				5,572				5,479			(8)(9)(14)(19)
Total PatientFi, Inc.											11,400				11,209				11,056
Slope Tech, Inc.		Secured Loan		October 5, 2022		February 27, 2028		Variable interest rate SOFR 1 Month Term + 10.8% or Floor rate 11.8%; EOT 0.0%		$	8,590			$	8,573			$	8,573			(8)(10)(12)(21)
Thrivory, Inc.		Secured Loan		September 9, 2025		October 1, 2027		Variable interest rate SOFR 1 Month Term + 10.5% or Floor rate 12.5%; EOT 0.0%		$	6,478			$	6,430			$	6,430			(8)(10)(12)(21)
Under Technologies, Inc.		Secured Loan		September 13, 2024		June 1, 2029		Variable interest rate Prime + 3.8% or Floor rate 12.0%; EOT 4.3%		$	7,400			$	7,418			$	7,715			(8)(9)(14)(19)
		Secured Loan		November 27, 2024		June 1, 2029		Variable interest rate Prime + 3.8% or Floor rate 12.0%; EOT 4.3%			7,400				7,401				7,715			(8)(9)(14)(19)
Total Under Technologies, Inc.											14,800				14,819				15,430

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Wisetack, Inc.		Secured Loan		November 14, 2024		December 1, 2029		Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.5%		$	12,150			$	12,118			$	12,387			(8)(9)(14)(19)
		Secured Loan		December 9, 2025		September 22, 2027		Fixed interest rate 6.0%; EOT 0.0%			405				405				415			(9)(16)(19)
Total Wisetack, Inc.											12,555				12,523				12,802
Sub-total: Finance and Insurance (25.4%)*										$	295,752			$	295,441			$	296,521
Food and Agriculture Technologies
DrinkPak, LLC		Equipment Financing		February 17, 2023		September 1, 2026		Fixed interest rate 12.9%; EOT 7.0%		$	1,966			$	3,046			$	3,034			(9)(14)(19)
Sub-total: Food and Agriculture Technologies (0.3%)*										$	1,966			$	3,046			$	3,034
Energy & Resource Technology
Commonwealth Fusion Systems, LLC		Equipment Financing		June 16, 2023		July 1, 2030		Fixed interest rate 13.0%; EOT 10.0%		$	2,867			$	3,088			$	3,168			(9)(14)(19)
		Equipment Financing		June 27, 2024		July 1, 2030		Fixed interest rate 13.2%; EOT 10.0%			8,297				8,720				8,956			(9)(14)(19)
		Equipment Financing		January 14, 2025		July 1, 2029		Fixed interest rate 11.2%; EOT 6.0%			9,602				9,910				10,021			(9)(14)(19)
		Equipment Financing		December 24, 2025		December 1, 2030		Fixed interest rate 11.4%; EOT 6.0%			56,413				56,303				56,691			(9)(14)(19)
Total Commonwealth Fusion Systems, LLC											77,179				78,021				78,836
Electric Hydrogen Co.		Equipment Financing		December 22, 2023		January 1, 2029		Fixed interest rate 12.5%; EOT 15.0%		$	2,888			$	3,348			$	3,305			(9)(14)(19)
		Equipment Financing		June 27, 2024		January 1, 2029		Fixed interest rate 12.6%; EOT 15.0%			2,369				2,673				2,660			(9)(14)(19)
		Equipment Financing		September 19, 2024		October 1, 2028		Fixed interest rate 12.5%; EOT 15.0%			1,410				1,588				1,570			(9)(14)(19)
		Equipment Financing		November 14, 2024		December 1, 2028		Fixed interest rate 11.9%; EOT 15.0%			341				379				374			(9)(14)(19)
		Equipment Financing		March 31, 2026		April 1, 2030		Fixed interest rate 12.2%; EOT 10.0%			562				560				560			(14)(19)
Total Electric Hydrogen Co.											7,570				8,548				8,469
Form Energy Inc.		Equipment Financing		October 21, 2024		November 1, 2027		Fixed interest rate 12.7%; EOT 3.0%		$	18,498			$	18,961			$	19,056			(9)(14)(19)
		Equipment Financing		December 12, 2024		January 1, 2028		Fixed interest rate 12.5%; EOT 3.0%			5,070				5,160				5,179			(9)(14)(19)
Total Form Energy Inc.											23,568				24,121				24,235
SeaOn Global, LLC		Equipment Financing		June 16, 2022		July 1, 2026		Fixed interest rate 9.3%; EOT 11.0%		$	497			$	1,237			$	1,218
		Equipment Financing		August 17, 2022		September 1, 2026		Fixed interest rate 9.3%; EOT 11.0%			396				750				736
Total SeaOn Global, LLC											893				1,987				1,954
Torus Inc.		Equipment Financing		February 17, 2026		August 1, 2029		Fixed interest rate 11.9%; EOT 5.0%		$	9,520			$	9,529			$	9,529			(14)(19)(22)
Sub-total: Energy & Resource Technology (10.5%)*										$	118,730			$	122,206			$	123,023

12

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Healthcare Technology
B.Well Connected Health, Inc.		Secured Loan		April 10, 2025		May 1, 2030		Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 3.0%		$	5,700			$	5,662			$	5,800			(8)(9)(14)(19)
		Secured Loan		October 29, 2025		May 1, 2030		Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 3.0%			2,280				2,249				2,296			(8)(9)(14)(19)
Total B.Well Connected Health, Inc.											7,980				7,911				8,096
Lightning Step Technologies, LLC		Secured Loan		August 6, 2025		August 6, 2030		Variable interest rate SOFR 1 Month Term + 7.1%; EOT 0.0%		$	9,000			$	8,841			$	8,797			(8)(14)
		Secured Loan		October 22, 2025		August 6, 2030		Variable interest rate SOFR 1 Month Term + 7.1%; EOT 0.0%			9,000				8,833				8,949			(8)
Total Lightning Step Technologies, LLC											18,000				17,674				17,746
Paytient Technologies, Inc.		Secured Loan		May 27, 2025		June 1, 2030		Variable interest rate Prime + 3.8% or Floor rate 10.8%; EOT 3.0%		$	8,125			$	8,008			$	8,116			(8)(9)(14)(19)
		Secured Loan		October 2, 2025		June 1, 2030		Variable interest rate Prime + 3.8% or Floor rate 10.8%; EOT 3.0%			8,125				8,115				8,238			(8)(9)(14)(19)
Total Paytient Technologies, Inc.											16,250				16,123				16,354
PurpleLab, Inc.		Secured Loan		September 24, 2025		October 1, 2030		Variable interest rate Prime + 4.5% or Floor rate 11.5%; EOT 2.0%		$	21,500			$	21,120			$	21,305			(8)(14)(19)
TMRW Life Sciences, Inc.		Secured Loan		April 29, 2022		May 1, 2027		Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 6.5%		$	5,000			$	5,266			$	5,325			(8)(14)
		Secured Loan		March 3, 2023		May 1, 2027		Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 6.5%			15,000				15,797				15,975			(8)(14)
		Secured Loan		December 8, 2023		May 1, 2027		Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 6.5%			10,000				10,531				10,650			(8)(14)
Total TMRW Life Sciences, Inc.											30,000				31,594				31,950
WorkWell Prevention & Care Inc.		Secured Loan		December 31, 2022		January 1, 2027		Variable interest rate Prime + 5.0% or Floor rate 6.0%; EOT 0.0%		$	500			$	500			$	500			(8)(24)
Sub-total: Healthcare Technology (8.2%)*										$	94,230			$	94,922			$	95,951
Human Resource Technology
Nomad Health, Inc.		Secured Loan		June 12, 2024		September 30, 2027		Fixed interest rate 10.0%; EOT 0.0%		$	500			$	500			$	275			(18)(24)
		Secured Loan		September 30, 2025		September 30, 2027		Fixed interest rate 7.5%; EOT 0.0%			11,401				11,401				3,362			(18)(24)
Total Nomad Health, Inc.											11,901				11,901				3,637
Sub-total: Human Resource Technology (0.3%)*										$	11,901			$	11,901			$	3,637

13

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Industrials
3DEO, Inc.		Equipment Financing		February 1, 2025		February 1, 2028		Fixed interest rate 0.1%; EOT 2.2%		$	1,806			$	1,826			$	997			(18)
Sub-total: Industrials (0.1%)*										$	1,806			$	1,826			$	997
Marketing, Media, and Entertainment
Angel Studios, Inc.		Secured Loan		September 8, 2025		October 1, 2030		Variable interest rate Prime + 6.0% or Floor rate 13.5%; EOT 2.0%		$	34,400			$	31,429			$	32,048			(8)(9)(14)(19)
		Secured Loan		February 17, 2026		October 1, 2030		Variable interest rate Prime + 6.0% or Floor rate 13.5%; EOT 2.0%			12,200				11,912				11,912			(8)(9)(14)(19)
Total Angel Studios, Inc.											46,600				43,341				43,960
Grabit Interactive Media, Inc.		Secured Loan		April 8, 2022		November 1, 2026		Variable interest rate Prime + 7.5% or Floor rate 10.8%; EOT 2.5%		$	1,185			$	1,293			$	1,287			(8)(14)
Incontext Solutions, Inc.		Secured Loan		September 1, 2025		June 1, 2026		Fixed interest rate 12.0%; EOT 0.0%		$	395			$	395			$	396
Rarefied Atmosphere, Inc.		Secured Loan		May 6, 2025		June 1, 2030		Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.0%		$	41,645			$	41,155			$	42,204			(8)(9)(14)(19)
		Secured Loan		January 29, 2026		June 1, 2030		Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.0%			3,950				3,872				3,872			(8)(9)(14)(19)
Total Rarefied Atmosphere, Inc.											45,595				45,027				46,076
Vox Media Holdings, Inc.		Secured Loan		October 18, 2022		November 1, 2027		Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 2.5%		$	10,506			$	10,604			$	10,489			(8)(9)(14)(19)
		Secured Loan		December 29, 2022		January 1, 2028		Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 2.5%			5,251				5,293				5,228			(8)(9)(14)(19)
Total Vox Media Holdings, Inc.											15,757				15,897				15,717
Sub-total: Marketing, Media, and Entertainment (9.2%)*										$	109,532			$	105,953			$	107,436
Medical Devices
Apiject Holdings, Inc.		Equipment Financing		June 24, 2024		July 1, 2028		Fixed interest rate 10.9%; EOT 7.5%		$	13,365			$	14,861			$	13,288			(9)(14)(19)
		Equipment Financing		September 30, 2024		October 1, 2028		Fixed interest rate 11.3%; EOT 7.5%			5,675				6,266				5,630			(9)(14)(19)
Total Apiject Holdings, Inc.											19,040				21,127				18,918
Cagent Vascular, Inc.		Secured Loan		January 24, 2025		February 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.3%; EOT 3.0%		$	3,150			$	3,145			$	3,220			(8)(9)(14)(19)
		Secured Loan		January 15, 2026		February 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.3%; EOT 3.0%			3,150				3,123				3,123			(8)(9)(19)
Total Cagent Vascular, Inc.											6,300				6,268				6,343
Cala Health, Inc.		Secured Loan		February 24, 2026		March 1, 2031		Variable interest rate Prime + 1.5% or Floor rate 10.0% + PIK Fixed Interest Rate 1.5%; EOT 4.5%		$	24,996			$	24,654			$	24,654			(8)(15)(19)

14

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Elucent Medical, Inc.		Secured Loan		October 31, 2024		November 30, 2029		Variable interest rate Prime + 3.8% or Floor rate 11.3%; EOT 3.3%		$	12,150			$	12,105			$	12,023			(8)(9)(14)(19)
		Secured Loan		January 15, 2026		November 30, 2029		Variable interest rate Prime + 3.8% or Floor rate 11.3%; EOT 3.3%			8,100				7,978				7,978			(8)(9)(14)(19)
Total Elucent Medical, Inc.											20,250				20,083				20,001
Emboline, Inc.		Secured Loan		March 3, 2026		April 1, 2031		Variable interest rate Prime + 4.0% or Floor rate 10.5%; EOT 4.0%		$	12,900			$	12,725			$	12,725			(8)(14)(19)
Lightforce Orthodontics, Inc.		Secured Loan		August 6, 2024		August 6, 2029		Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 4.0%		$	28,200			$	28,251			$	27,909			(8)(14)(19)
		Secured Loan		September 25, 2024		August 6, 2029		Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 4.0%			4,700				4,708				4,651			(8)(14)(19)
Total Lightforce Orthodontics, Inc.											32,900				32,959				32,560
Monteris Medical US, Inc.		Secured Loan		March 3, 2026		March 1, 2031		Variable interest rate Prime + 4.3% or Floor rate 11.0%; EOT 4.0%		$	32,900			$	32,110			$	32,110			(8)(14)(19)
Neurolens, Inc.		Secured Loan		September 29, 2023		October 1, 2028		Variable interest rate Prime + 3.5% or Floor rate 11.5%; EOT 3.0%		$	20,000			$	20,191			$	20,707			(8)(14)
		Secured Loan		January 21, 2025		October 1, 2028		Variable interest rate Prime + 3.5% or Floor rate 11.5%; EOT 3.0%			15,000				15,035				14,913			(8)
Total Neurolens, Inc.											35,000				35,226				35,620
Neuros Medical, Inc.		Secured Loan		December 11, 2025		January 1, 2031		Variable interest rate Prime + 3.8% or Floor rate 10.5%; EOT 4.0%		$	13,816			$	13,843			$	13,703			(8)(19)
Okami Medical, Inc.		Secured Loan		June 24, 2025		July 1, 2030		Variable interest rate Prime + 3.8% or Floor rate 10.5%; EOT 2.0%		$	4,400			$	4,338			$	4,371			(8)(14)(19)
Restor3d, Inc.		Secured Loan		June 4, 2024		July 4, 2028		Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.3%		$	3,995			$	4,022			$	4,109			(8)(9)(14)(19)
Shoulder Innovations, Inc.		Secured Loan		August 7, 2023		September 1, 2028		Variable interest rate Prime + 3.5% or Floor rate 11.0%; EOT 3.0%		$	11,250			$	11,587			$	11,603			(8)(9)(14)
Vital Connect, Inc.		Secured Loan		July 3, 2024		July 3, 2029		Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%		$	27,650			$	27,840			$	28,604			(8)(9)(14)(19)
		Secured Loan		March 21, 2025		July 3, 2029		Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%			7,900				7,915				8,134			(8)(9)(14)(19)
		Secured Loan		December 17, 2025		July 3, 2029		Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%			7,900				7,850				7,921			(8)(9)(14)(19)
Total Vital Connect, Inc.											43,450				43,605				44,659
Sub-total: Medical Devices (22.4%)*										$	261,197			$	262,547			$	261,376
Multi-Sector Holdings
Senior Credit Corp 2022 LLC		Secured Loan		January 30, 2023		December 5, 2028		Fixed interest rate 8.5%; EOT 0.0%		$	12,885			$	12,885			$	12,885			(10)(24)
Sub-total: Multi-Sector Holdings (1.1%)*										$	12,885			$	12,885			$	12,885

15

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Other Healthcare Services
Cellares Corporation		Secured Loan		August 2, 2024		May 30, 2026		Variable interest rate Prime + 3.3% or Floor rate 11.8%; EOT 4.0%		$	47,000			$	48,831			$	49,201			(8)(19)
LHV Newco LLC		Secured Loan		February 5, 2026		February 1, 2031		Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%		$	18,400			$	18,253			$	18,253			(8)(14)(19)
Metabolon, Inc.		Secured Loan		March 28, 2024		April 1, 2029		Variable interest rate Prime + 2.5% or Floor rate 10.0% + PIK Fixed Interest Rate 3.0%; EOT 4.8%		$	44,788			$	44,794			$	45,601			(8)(15)
		Secured Loan		October 1, 2024		April 1, 2029		Variable interest rate Prime + 2.5% or Floor rate 10.0% + PIK Fixed Interest Rate 3.0%; EOT 4.8%			5,230				5,247				5,272			(8)(14)(15)
		Secured Loan		January 6, 2025		April 1, 2029		Variable interest rate Prime + 2.5% or Floor rate 10.0% + PIK Fixed Interest Rate 3.0%; EOT 4.8%			2,595				2,591				2,604			(8)(15)
Total Metabolon, Inc.											52,613				52,632				53,477
Renalogic Holdings, Inc.		Secured Loan		June 30, 2025		June 30, 2030		Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%		$	63,024			$	61,936			$	62,461			(8)(14)(20)
Velentium, Inc.		Secured Loan		May 24, 2024		May 24, 2029		Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 5.3%		$	8,500			$	8,590			$	8,635			(8)(9)(14)
Sub-total: Other Healthcare Services (16.5%)*										$	189,537			$	190,242			$	192,027
Real Estate Technology
Knockaway, Inc.		Secured Loan		September 29, 2023		September 1, 2028		Fixed interest rate 5.0% + PIK Fixed Interest Rate 5.0%; EOT 0.0%		$	23,743			$	23,644			$	20,529			(14)(15)(24)
		Secured Loan		May 14, 2025		May 14, 2027		Fixed interest rate 4.0%; EOT 0.0%			1,600				1,600				1,587			(16)(24)
Total Knockaway, Inc.											25,343				25,244				22,116
Knockaway Trinity Holdings, LLC		Secured Loan		December 6, 2023		December 27, 2026		Variable interest rate SOFR 1 Month Term + 9.3% or Floor rate 13.8%; EOT 0.0%		$	4,785			$	4,781			$	4,781			(8)(10)(12)(21)(24)
Orchard Technologies, Inc.		Secured Loan		January 27, 2026		January 31, 2030		Variable interest rate Prime + 4.5% or Floor rate 11.5%; EOT 8.0%			14,240				15,382				11,711			(8)(24)
		Secured Loan		January 27, 2026		January 1, 2030		Variable interest rate Prime + 0.0% or Floor rate 0.0%; EOT 0.0%			8,300				8,300				5,862			(8)(16)(24)
Total Orchard Technologies, Inc.											22,540				23,682				17,573
Sub-total: Real Estate Technology (3.8%)*										$	52,668			$	53,707			$	44,470

16

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Software as a Service ("SaaS")
Cpacket Networks, Inc.		Secured Loan		January 29, 2024		February 1, 2029		Variable interest rate Prime + 3.5% or Floor rate 12.0% + PIK Fixed Interest Rate 1.3%; EOT 3.0%		$	20,801			$	20,929			$	21,005			(8)(9)(14)(15)
Eyelit Technologies, Inc.		Secured Loan		November 4, 2024		November 4, 2029		Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%		$	3,250			$	3,203			$	3,202			(8)(14)(19)(20)(22)
		Secured Loan		December 27, 2024		November 4, 2029		Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%			5,720				5,635				5,637			(8)(14)(19)(20)(22)
		Secured Loan		June 20, 2025		November 4, 2029		Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%			650				639				647			(8)(14)(19)(20)(22)
		Secured Loan		September 10, 2025		November 4, 2029		Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%			1,625				1,597				1,594			(8)(14)(19)(20)(22)
		Secured Loan		March 2, 2026		November 4, 2029		Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%			780				765				765			(8)(14)(19)(20)(22)
Total Eyelit Technologies, Inc.											12,025				11,839				11,845
Hometown Ticketing, Inc.		Secured Loan		November 25, 2024		November 25, 2029		Variable interest rate SOFR 3 Month Term + 7.7%; EOT 0.0%		$	24,599			$	24,237			$	24,378			(8)(14)(19)
CCP InterGalactic Buyer, LLC		Secured Loan		September 15, 2025		September 15, 2030		Variable interest rate SOFR 3 Month Term + 5.5%; EOT 0.0%		$	7,500			$	7,376			$	7,522			(8)
		Secured Loan		February 9, 2026		September 15, 2030		Variable interest rate SOFR 3 Month Term + 5.5%; EOT 0.0%			6,587				6,469				6,469			(8)(20)
Total CCP InterGalactic Buyer, LLC											14,087				13,845				13,991
OrgChart, LLC		Secured Loan		January 13, 2026		January 13, 2031		Variable interest rate SOFR 1 Month Term + 5.5%; EOT 0.0%		$	25,000			$	24,761			$	24,761			(8)(20)
ServiceTrade, Inc.		Secured Loan		August 15, 2024		August 15, 2029		Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%		$	17,250			$	17,030			$	17,112			(8)(14)(19)(20)(22)
		Secured Loan		May 2, 2025		August 15, 2029		Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%			1,380				1,360				1,377			(8)(14)(19)(20)(22)
		Secured Loan		June 3, 2025		August 15, 2029		Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%			1,380				1,359				1,377			(8)(14)(19)(20)(22)
		Secured Loan		September 22, 2025		August 15, 2029		Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%			1,380				1,358				1,376			(8)(14)(19)(20)(22)
		Secured Loan		January 22, 2026		August 15, 2029		Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%			690				678				678			(8)(14)(19)(20)(22)
		Secured Loan		February 17, 2026		August 15, 2029		Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%			1,380				1,355				1,355			(8)(14)(19)(20)(22)
		Secured Loan		March 9, 2026		August 15, 2029		Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%			690				677				677			(8)(14)(19)(20)(22)
Total ServiceTrade, Inc.											24,150				23,817				23,952
Silk Technologies, Inc.		Secured Loan		November 4, 2024		December 1, 2029		Variable interest rate Prime + 4.0% or Floor rate 11.3%; EOT 1.5%		$	16,200			$	16,003			$	16,167			(8)(9)(14)(19)
SOCi, Inc.		Secured Loan		October 3, 2024		October 3, 2029		Variable interest rate SOFR 6 Month Term + 7.9%; EOT 0.0%		$	35,647			$	35,080			$	34,180			(8)(14)(19)(20)
		Secured Loan		December 30, 2024		October 3, 2029		Variable interest rate SOFR 6 Month Term + 7.9%; EOT 0.0%			3,249				3,195				3,138			(8)(14)(19)(20)
		Secured Loan		April 23, 2025		October 3, 2029		Variable interest rate SOFR 6 Month Term + 7.9%; EOT 0.0%			1,633				1,603				1,598			(8)(14)(19)(20)
		Secured Loan		August 5, 2025		October 3, 2029		Variable interest rate SOFR 1 Month Term + 7.9%; EOT 0.0%			1,719				1,686				1,645			(8)(14)(19)(20)
Total SOCi, Inc.											42,248				41,564				40,561
Steno Agency, Inc.		Secured Loan		June 21, 2024		July 1, 2029		Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%		$	3,740			$	3,704			$	3,831			(8)(9)(14)(19)
		Secured Loan		January 2, 2025		July 1, 2029		Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%			3,650				3,673				3,748			(8)(9)(14)(19)
		Secured Loan		May 16, 2025		July 1, 2029		Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%			3,650				3,553				3,620			(8)(9)(14)(19)
Total Steno Agency, Inc.											11,040				10,930				11,199

17

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Ticketure LLC		Secured Loan		July 25, 2025		July 25, 2030		Variable interest rate SOFR 3 Month Term + 6.3%; EOT 0.0%		$	24,875			$	24,444			$	24,276			(8)(14)(20)
		Secured Loan		January 29, 2026		July 25, 2030		Variable interest rate SOFR 3 Month Term + 6.3%; EOT 0.0%			998				978				978			(8)(20)
Total Ticketure LLC											25,873				25,422				25,254
Xytech Systems, LLC		Secured Loan		February 26, 2025		February 26, 2030		Variable interest rate SOFR 3 Month Term + 6.0%; EOT 0.0%		$	37,600			$	37,042			$	36,792			(8)(19)(20)
		Secured Loan		July 2, 2025		February 26, 2030		Variable interest rate SOFR 3 Month Term + 6.0%; EOT 0.0%			1,880				1,849				1,812			(8)(14)(19)(20)
		Secured Loan		March 3, 2026		February 26, 2030		Variable interest rate SOFR 3 Month Term + 6.0%; EOT 0.0%			1,645				1,613				1,613			(8)(19)(20)
Total Xytech Systems, LLC											41,125				40,504				40,217
Sub-total: SaaS (21.7%)*										$	257,148			$	253,851			$	253,330
Space Technology
Astranis Space Technology Corporation		Equipment Financing		September 27, 2024		October 1, 2027		Fixed interest rate 12.6%; EOT 4.0%		$	1,584			$	1,625			$	1,636			(9)(14)(19)
		Equipment Financing		August 25, 2025		September 1, 2028		Fixed interest rate 11.6%; EOT 4.0%			3,550				3,581				3,632			(9)(14)(19)
		Equipment Financing		October 30, 2025		November 1, 2028		Fixed interest rate 11.7%; EOT 4.0%			924				927				939			(9)(14)(19)
		Equipment Financing		March 30, 2026		April 1, 2029		Fixed interest rate 11.7%; EOT 4.0%			2,036				2,016				2,016			(14)(19)
		Secured Loan		August 25, 2025		August 25, 2030		Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 4.0%			43,000				41,502				42,779			(8)(9)(14)(19)
Total Astranis Space Technology Corporation											51,094				49,651				51,002
Hermeus Corporation		Equipment Financing		March 23, 2026		October 1, 2029		Fixed interest rate 11.3%; EOT 4.0%		$	21,496			$	20,989			$	20,989			(14)(19)
Impulse Space, Inc.		Equipment Financing		June 18, 2024		July 1, 2027		Fixed interest rate 12.7%; EOT 3.0%		$	390			$	407			$	412			(9)(14)(19)(22)
		Equipment Financing		September 13, 2024		October 1, 2027		Fixed interest rate 12.5%; EOT 3.0%			326				335				341			(9)(14)(19)(22)
		Equipment Financing		December 27, 2024		January 1, 2028		Fixed interest rate 12.9%; EOT 3.0%			336				341				349			(9)(14)(19)(22)
		Equipment Financing		February 12, 2025		March 1, 2028		Fixed interest rate 12.6%; EOT 3.0%			392				396				402			(9)(14)(19)(22)
		Equipment Financing		June 25, 2025		July 1, 2028		Fixed interest rate 12.8%; EOT 3.0%			496				495				503			(9)(14)(19)(22)
		Equipment Financing		September 25, 2025		October 1, 2028		Fixed interest rate 12.8%; EOT 3.0%			2,435				2,411				2,446			(9)(14)(19)(22)
Total Impulse Space, Inc.											4,375				4,385				4,453
Kymeta Corporation		Secured Loan		July 3, 2024		August 1, 2029		Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 3.0%		$	7,900			$	7,790			$	8,053			(8)(9)(14)(19)
		Secured Loan		June 11, 2025		August 1, 2029		Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 3.0%			7,900				7,912				8,077			(8)(9)(14)(19)
Total Kymeta Corporation											15,800				15,702				16,130

18

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Slingshot Aerospace, Inc.		Secured Loan		July 12, 2024		August 1, 2029		Variable interest rate Prime + 5.5% or Floor rate 14.0%; EOT 3.0%		$	23,700			$	23,676			$	24,225			(8)(9)(14)(19)
		Secured Loan		August 7, 2024		April 30, 2026		Fixed interest rate 10.0%; EOT 0.0%			500				500				588
Total Slingshot Aerospace, Inc.											24,200				24,176				24,813
Sub-total: Space Technology (10.1%)*										$	116,965			$	114,903			$	117,387
Supply Chain Technology
Inktavo, LLC		Secured Loan		October 15, 2025		October 15, 2031		Variable interest rate SOFR 3 Month Term + 6.8%; EOT 0.0%		$	67,500			$	66,254			$	67,737			(8)(20)
Macrofab, Inc.		Secured Loan		July 21, 2023		August 1, 2027		PIK Variable interest rate Prime + 5.5% or Floor rate 13.3%; EOT 4.5%		$	19,926			$	20,763			$	16,184			(8)(18)
Nucleus RadioPharma, Inc.		Equipment Financing		June 4, 2024		July 1, 2027		Fixed interest rate 11.8%; EOT 4.0%		$	195			$	209			$	211			(9)(14)
		Equipment Financing		December 23, 2024		January 1, 2028		Fixed interest rate 12.3%; EOT 4.0%			1,059				1,096				1,106			(9)(14)
		Equipment Financing		September 9, 2025		October 1, 2028		Fixed interest rate 12.0%; EOT 4.0%			1,200				1,207				1,226			(9)(14)
Total Nucleus RadioPharma, Inc.											2,454				2,512				2,543
Sub-total: Supply Chain Technology (7.4%)*										$	89,880			$	89,529			$	86,464
Transportation Technology
EH Leasing Company, LLC		Equipment Financing		November 1, 2025		November 1, 2029		Fixed interest rate 14.4%; EOT 18.7%		$	4,803			$	5,442			$	5,007			(19)
NextCar Holding Company, Inc.		Secured Loan		November 4, 2025		June 30, 2026		Fixed interest rate 10.0%; EOT 0.0%		$	1,969			$	1,969			$	1,575			(18)
Get Spiffy, Inc.		Secured Loan		July 14, 2023		January 14, 2028		Variable interest rate Prime + 4.5% or Floor rate 12.3%; EOT 6.0%		$	9,635			$	9,968			$	9,097			(8)(9)(15)
		Equipment Financing		July 14, 2023		February 1, 2027		Fixed interest rate 12.1%; EOT 4.0%			125				141				138			(9)
Total Get Spiffy, Inc.											9,760				10,109				9,235

19

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Uveye, Inc.		Equipment Financing		December 26, 2024		January 1, 2028		Fixed interest rate 11.9%; EOT 1.0%		$	12,553			$	12,608			$	12,738			(14)
		Equipment Financing		March 28, 2025		April 1, 2028		Fixed interest rate 11.9%; EOT 1.0%			3,547				3,551				3,588			(14)
		Equipment Financing		May 15, 2025		June 1, 2028		Fixed interest rate 11.6%; EOT 1.0%			929				928				938			(14)
		Equipment Financing		June 25, 2025		July 1, 2028		Fixed interest rate 11.9%; EOT 1.0%			2,994				2,988				3,021			(14)
		Equipment Financing		August 13, 2025		September 1, 2028		Fixed interest rate 11.6%; EOT 1.0%			7,856				7,825				7,915			(14)
		Equipment Financing		September 26, 2025		October 1, 2028		Fixed interest rate 11.9%; EOT 1.0%			5,223				5,196				5,244			(14)
		Equipment Financing		November 20, 2025		December 1, 2028		Fixed interest rate 11.7%; EOT 1.0%			12,304				12,219				12,298			(14)
		Equipment Financing		December 17, 2025		January 1, 2029		Fixed interest rate 11.6%; EOT 1.0%			8,023				7,960				7,985			(14)
		Equipment Financing		January 30, 2026		February 1, 2029		Fixed interest rate 12.0%; EOT 1.0%			4,647				4,604				4,604			(14)
		Equipment Financing		March 24, 2026		April 1, 2029		Fixed interest rate 11.8%; EOT 1.0%			7,639				7,561				7,561			(14)
Total Uveye, Inc.											65,715				65,440				65,892
Zuum Transportation, Inc.		Secured Loan		December 17, 2021		January 1, 2027		Variable interest rate Prime + 6.0% or Floor rate 10.8%; EOT 2.5%		$	4,636			$	4,731			$	2,000			(8)(18)
Sub-total: Transportation Technology (7.2%)*										$	86,883			$	87,691			$	83,709
Total: Debt Securities- United States (176.2%)*										$	2,070,903			$	2,073,881			$	2,054,720
Debt Securities- Canada
Construction Technology
Nexii, Inc.		Secured Loan		July 24, 2024		July 1, 2027		Fixed interest rate 10.0%; EOT 0.0%		$	365			$	365			$	324			(10)(24)
Sub-total: Construction Technology (0.0%)*										$	365			$	365			$	324
Real Estate Technology
Maple Raptor Acquisition Inc. (dba Rentsync)		Secured Loan		April 28, 2025		April 28, 2030		Variable interest rate CORRA 3 Month Term + 9.4%; EOT 0.0%		$	19,707			$	19,353			$	19,724			(8)(10)(20)
		Secured Loan		December 23, 2025		April 28, 2030		Variable interest rate CORRA 3 Month Term + 9.4%; EOT 0.0%			7,509				7,355				7,477			(8)(10)
Total Maple Raptor Acquisition Inc. (dba Rentsync)											27,216				26,708				27,201
Sub-total: Real Estate Technology (2.3%)*										$	27,216			$	26,708			$	27,201
Space Technology
Earthdaily Constellation Holdings, LP		Equipment Financing		June 10, 2025		January 1, 2029		Fixed interest rate 13.5%; EOT 7.0%		$	15,510			$	15,614			$	15,724			(9)(10)(14)(19)
		Equipment Financing		August 28, 2025		March 1, 2029		Fixed interest rate 13.9%; EOT 7.0%			2,158				2,146				2,169			(9)(10)(14)(19)
Total Earthdaily Constellation Holdings, LP											17,668				17,760				17,893
Sub-total: Space Technology (1.5%)*										$	17,668			$	17,760			$	17,893
Supply Chain Technology
GoFor Delivers, Inc.		Secured Loan		June 28, 2024		July 1, 2028		Variable interest rate Prime + 3.5% or Floor rate 12.0%; EOT 2.5%		$	6,000			$	6,085			$	5,728			(8)(10)(14)(24)
Sub-total: Supply Chain Technology (0.5%)*										$	6,000			$	6,085			$	5,728
Total: Debt Securities- Canada (4.4%)*										$	51,249			$	50,918			$	51,146

20

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- Europe
Consumer Products & Services
Motorway Online, Ltd		Secured Loan		December 23, 2025		June 1, 2030		Variable interest rate Base Rate + 7.9% or Floor rate 11.7%; EOT 2.8%		$	20,205			$	19,697			$	19,816			(8)(10)
Sub-total: Consumer Products & Services (1.7%)*										$	20,205			$	19,697			$	19,816
Healthcare Technology
Unmind LTD		Secured Loan		July 8, 2025		August 1, 2029		Variable interest rate Prime + 3.8% or Floor rate 11.3%; EOT 3.0%		$	19,500			$	19,229			$	19,604			(8)(10)
Sub-total: Healthcare Technology (1.7%)*										$	19,500			$	19,229			$	19,604
Medical Devices
CMR Surgical Limited		Secured Loan		March 24, 2025		April 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%		$	29,375			$	29,351			$	30,188			(8)(10)(14)(19)
		Secured Loan		December 16, 2025		April 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%			11,750				11,568				11,870			(8)(10)(14)(19)
Total CMR Surgical Limited											41,125				40,919				42,058
Sub-total: Medical Devices (3.6%)*										$	41,125			$	40,919			$	42,058
Other Healthcare Services
Zandivio PLC		Secured Loan		October 30, 2024		May 1, 2029		Variable interest rate Prime + 5.3% or Floor rate 13.8%; EOT 2.5%		$	28,200			$	28,034			$	28,545			(8)(10)(14)(19)
Sub-total: Other Healthcare Services (2.4%)*										$	28,200			$	28,034			$	28,545
Real Estate Technology
Prospire Technologies LTD		Secured Loan		January 29, 2026		February 1, 2030		Variable interest rate Base Rate + 8.5% or Floor rate 12.2%; EOT 2.0%		$	13,797			$	13,624			$	13,624			(8)(10)
Sub-total: Real Estate Technology (1.2%)*										$	13,797			$	13,624			$	13,624
Total: Debt Securities- Europe (10.6%)*										$	122,827			$	121,503			$	123,647
Total: Debt Securities (191.2%)*										$	2,244,979			$	2,246,302			$	2,229,513

21

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Expiration Date		Series		Shares				Strike Price				Cost				Fair Value (6)				Footnotes
Warrant Investments- United States
Artificial Intelligence & Automation
D-Wave Quantum Inc.		Warrant		August 1, 2025		August 1, 2035		Common Stock			13,391			$	16.05			$	182			$	155			(9)(10)(19)(22)
Everalbum, Inc.		Warrant		January 16, 2020		July 29, 2026		Class A Common Stock			851,063			$	0.10			$	25			$	—
Hologram, Inc.		Warrant		January 31, 2020		January 27, 2030		Common Stock			193,054			$	0.26			$	49			$	100
K2View Inc.		Warrant		May 30, 2025		May 30, 2035		Ordinary			252,050			$	1.38			$	150			$	52
Sortera Technologies, Inc.		Warrant		February 11, 2025		February 11, 2035		Common Stock			38,319			$	5.23			$	286			$	281			(9)(19)
Swimlane, Inc.		Warrant		May 28, 2025		May 28, 2037		Preferred Series B			2,176,343			$	0.19			$	151			$	113			(9)(17)(19)
Tquila Automation, Inc		Warrant		July 2, 2025		July 2, 2037		Common Stock			32,247			$	0.81			$	41			$	20			(19)
Uniphore Technologies Inc.		Warrant		September 30, 2025		September 30, 2035		Common Stock			604,703			$	2.40			$	653			$	256			(19)
		Warrant		October 2, 2025		September 30, 2035		Common Stock			226,764			$	2.40				201				96			(19)
Total Uniphore Technologies Inc.																			854				352
Sub-total: Artificial Intelligence & Automation (0.1%)*																		$	1,738			$	1,073
Biotechnology
Candel Therapeutics, Inc.		Warrant		October 14, 2025		October 14, 2035		Common Stock			221,539			$	5.89			$	1,176			$	1,034			(9)(10)(19)
Pendulum Therapeutics, Inc.		Warrant		January 16, 2020		October 9, 2029		Preferred Series B			55,263			$	1.90			$	44			$	25			(17)
		Warrant		June 1, 2020		July 15, 2030		Preferred Series B			36,842			$	1.90				36				17			(17)
		Warrant		December 31, 2021		December 31, 2031		Preferred Series C			322,251			$	3.24				118				92			(17)
		Warrant		February 5, 2024		February 5, 2034		Common Stock			1,143,690			$	1.03				588				717
		Warrant		May 30, 2025		May 30, 2035		Preferred Series C			914,565			$	0.01				1,880				1,801			(17)
Total Pendulum Therapeutics, Inc.																			2,666				2,652
Sub-total: Biotechnology (0.3%)*																		$	3,842			$	3,686
Connectivity
Tarana Wireless, Inc.		Warrant		June 30, 2021		June 30, 2031		Common Stock			5,027,629			$	0.19			$	967			$	1,769
		Warrant		September 23, 2024		September 23, 2034		Common Stock			2,094,922			$	0.51				695				454			(9)(19)
Total Tarana Wireless, Inc.																			1,662				2,223
Vertical Communications, Inc.		Warrant		January 16, 2020		July 11, 2026		Preferred Series A			828,479			$	1.00			$	—			$	—			(11)(17)(24)
Sub-total: Connectivity (0.2%)*																		$	1,662			$	2,223
Construction Technology
Project Frog, Inc.		Warrant		January 16, 2020		February 28, 2027		Preferred Series AA-1			211,649			$	0.19			$	9			$	1			(17)(24)
		Warrant		January 16, 2020		February 28, 2027		Common Stock			180,340			$	0.19				9				1			(24)
		Warrant		August 3, 2021		December 31, 2031		Preferred Series CC			250,000			$	0.01				20				8			(17)(24)
Total Project Frog, Inc.																			38				10
Sub-total: Construction Technology (0.0%)*																		$	38			$	10

22

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Expiration Date		Series		Shares				Strike Price				Cost				Fair Value (6)				Footnotes
Warrant Investments- United States, Continued
Consumer Products & Services
BaubleBar, Inc.		Warrant		January 16, 2020		March 29, 2027		Preferred Series C			531,806			$	1.96			$	638			$	—			(17)
		Warrant		January 16, 2020		April 20, 2028		Preferred Series C			60,000			$	1.96				72				—			(17)
Total BaubleBar, Inc.																			710				—
Bobbie Baby, Inc.		Warrant		September 12, 2025		September 12, 2035		Common Stock			39,745			$	4.05			$	53			$	46			(9)(19)(22)
Boosted eCommerce, Inc.		Warrant		December 14, 2020		December 14, 2030		Common Stock			763,480			$	0.84			$	259			$	—
Happiest Baby, Inc.		Warrant		January 16, 2020		May 16, 2029		Common Stock			182,554			$	0.33			$	193			$	—
Madison Reed, Inc.		Warrant		January 16, 2020		March 23, 2027		Preferred Series C			194,553			$	2.57			$	185			$	275			(17)
		Warrant		January 16, 2020		July 18, 2028		Common Stock			43,158			$	0.99				71				93
		Warrant		January 16, 2020		June 30, 2029		Common Stock			36,585			$	1.23				56				75
Total Madison Reed, Inc.																			312				443
Ogee, Inc.		Warrant		February 14, 2023		February 14, 2033		Preferred Series A-3			243,668			$	0.68			$	54			$	472			(17)(19)
		Warrant		September 29, 2023		February 14, 2033		Preferred Series A-3			243,668			$	0.68				49				472			(17)(19)
		Warrant		August 1, 2024		August 1, 2034		Preferred Series A-3			243,668			$	0.68				104				472			(17)(19)
		Warrant		July 18, 2025		August 1, 2034		Preferred Series A-3			243,668			$	0.68				780				472			(17)(19)
Total Ogee, Inc.																			987				1,888
Portofino Labs, Inc.		Warrant		December 31, 2020		December 31, 2030		Common Stock			99,148			$	1.53			$	160			$	22
		Warrant		April 1, 2021		April 1, 2031		Common Stock			39,912			$	1.46				99				9
Total Portofino Labs, Inc.																			259				31
Quip NYC, Inc.		Warrant		March 9, 2021		March 9, 2031		Common Stock			10,833			$	48.46			$	203			$	—
Rinse, Inc.		Warrant		May 10, 2022		May 10, 2032		Preferred Series C			278,761			$	1.13			$	118			$	266			(17)
SI Tickets, Inc.		Warrant		May 11, 2022		May 11, 2032		Common Stock			53,029			$	2.52			$	162			$	—
Super73, Inc.		Warrant		December 31, 2020		December 31, 2030		Common Stock			177,305			$	3.16			$	105			$	—
Trendly, Inc.		Warrant		January 16, 2020		August 10, 2026		Preferred Series A			245,506			$	1.14			$	222			$	—			(17)
Whoop, Inc.		Warrant		May 17, 2023		May 17, 2033		Common Stock			2,393,845			$	0.43			$	1,099			$	13,213			(9)(19)
Sub-total: Consumer Products & Services (1.4%)*																		$	4,682			$	15,887
Diagnostics & Tools
Artera Inc.		Warrant		March 13, 2026		March 16, 2036		Class B Common Stock			72,625			$	4.77			$	37			$	35			(19)(22)
Rapid Micro Biosystems, Inc.		Warrant		August 8, 2025		August 8, 2035		Common Stock			127,165			$	3.35			$	346			$	217			(9)(19)
Sub-total: Diagnostics & Tools (0.0%)*																		$	383			$	252
Education Technology
Yellowbrick Learning, Inc.		Warrant		January 16, 2020		September 30, 2028		Common Stock			222,222			$	0.90			$	120			$	—
Sub-total: Education Technology (0.0%)*																		$	120			$	—

23

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Expiration Date		Series		Shares				Strike Price				Cost				Fair Value (6)				Footnotes
Warrant Investments- United States, Continued
Finance and Insurance
Alt Platform Inc.		Warrant		July 8, 2025		July 8, 2035		Common Stock			256,692			$	0.74			$	308			$	314			(10)(12)(21)
Beam Technologies, Inc.		Warrant		August 30, 2024		August 30, 2034		Common Stock			47,479			$	17.28			$	629			$	280			(9)(19)
		Warrant		August 7, 2025		August 7, 2032		Preferred Series F Prime			4,083			$	0.00				148				139			(9)(17)(19)
Total Beam Technologies, Inc.																			777				419
Bestow, Inc.		Warrant		August 1, 2024		August 1, 2034		Preferred Series C-2			349,793			$	0.01			$	1,987			$	2,117			(17)
Centivo Corporation		Warrant		July 31, 2024		July 31, 2034		Common Stock			80,578			$	0.76			$	67			$	83			(9)(19)
		Warrant		December 20, 2024		July 31, 2034		Common Stock			80,577			$	0.76				189				83			(9)(19)
		Warrant		February 3, 2025		July 31, 2034		Common Stock			80,577			$	0.76				164				83			(9)(19)
		Warrant		May 20, 2025		July 31, 2034		Common Stock			161,157			$	0.76				290				166			(9)(19)
		Warrant		June 13, 2025		July 31, 2034		Common Stock			80,577			$	0.76				145				83			(9)(19)
Total Centivo Corporation																			855				498
DailyPay, Inc.		Warrant		September 30, 2020		September 30, 2030		Common Stock			89,264			$	3.00			$	151			$	1,924
Tilt Finance, Inc. (dba Empower Financial, Inc.)		Warrant		October 13, 2023		October 13, 2033		Common Stock			404,893			$	1.43			$	953			$	3,446			(9)(19)
Freedom Advisors Group LLC		Warrant		June 15, 2022		June 15, 2032		Class B Units			904,000			$	0.01			$	10			$	31
Gravie, Inc.		Warrant		June 4, 2024		June 4, 2034		Common Stock			123,816			$	2.68			$	293			$	11			(9)(19)
Inshur, Inc.		Warrant		June 10, 2025		June 10, 2035		Common Stock			32,049			$	6.05			$	234			$	417
Kafene, Inc.		Warrant		January 5, 2024		January 5, 2034		Common Stock			44,448			$	4.03			$	58			$	786
Kard Financial, Inc.		Warrant		September 10, 2025		September 10, 2035		Common Stock			149,592			$	1.36			$	177			$	197			(9)(19)
One Million Metrics (dba Kinetic)		Warrant		August 25, 2025		August 25, 2035		Common Stock			168,871			$	0.51			$	134			$	118			(19)
Lendflow, Inc.		Warrant		April 24, 2025		April 24, 2035		Common Stock			85,778			$	0.70			$	79			$	45			(9)(19)
Mesa Financial, Inc.		Warrant		August 29, 2024		August 29, 2034		Common Stock			62,422			$	0.73			$	28			$	36			(10)(12)(21)
Parafin, Inc.		Warrant		February 16, 2024		February 16, 2034		Common Stock			24,616			$	7.09			$	118			$	278			(10)(12)(21)
		Warrant		July 25, 2024		July 25, 2034		Common Stock			24,641			$	7.09				108				278			(10)(12)(21)
		Warrant		December 23, 2024		December 23, 2034		Common Stock			3,657			$	11.14				49				35			(10)(12)(21)
Total Parafin, Inc.																			275				591
PatientFi, Inc.		Warrant		March 14, 2025		March 14, 2035		Preferred Series B			60,995			$	3.10			$	84			$	169			(9)(17)(19)
		Warrant		December 16, 2025		March 14, 2035		Preferred Series B			60,994			$	3.10				95				169			(9)(17)(19)
Total PatientFi, Inc.																			179				338

24

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Expiration Date		Series		Shares				Strike Price				Cost				Fair Value (6)				Footnotes
Warrant Investments- United States, Continued
Slope Tech, Inc.		Warrant		September 14, 2022		September 14, 2032		Common Stock			90,971			$	0.88			$	109			$	301			(10)(12)(21)
		Warrant		August 30, 2023		August 30, 2033		Common Stock			21,303			$	0.88				112				71			(10)(12)(21)
Total Slope Tech, Inc.																			221				372
Thrivory, Inc.		Warrant		September 9, 2025		September 9, 2035		Common Stock			484,952			$	0.01			$	18			$	101			(10)(12)(21)
Under Technologies, Inc.		Warrant		May 3, 2024		May 3, 2034		Common Stock			76,133			$	2.90			$	210			$	178			(9)(19)
Wisetack, Inc.		Warrant		November 14, 2024		November 14, 2034		Common Stock			111,153			$	1.58			$	103			$	62			(9)(19)
Sub-total: Finance and Insurance (1.0%)*																		$	7,050			$	12,001
Food and Agriculture Technologies
Athletic Brewing Company, LLC		Warrant		October 28, 2022		October 28, 2032		Class B Units			3,741			$	140.21			$	288			$	392
DrinkPak, LLC		Warrant		September 13, 2022		September 13, 2032		Common Units			2,387			$	19.12			$	7			$	52			(9)
		Warrant		February 17, 2023		February 17, 2033		Common Units			12,010			$	18.89				26				262			(9)(19)
Total DrinkPak, LLC																			33				314
GrubMarket, Inc.		Warrant		June 15, 2020		June 15, 2030		Common Stock			405,000			$	1.10			$	115			$	8,572
The Fynder Group, Inc.		Warrant		October 14, 2020		October 14, 2030		Common Stock			36,445			$	0.49			$	68			$	2
Zero Acre Farms, Inc.		Warrant		December 23, 2022		December 23, 2032		Class A Common Stock			20,181			$	2.13			$	79			$	2
Sub-total: Food and Agriculture Technologies (0.8%)*																		$	583			$	9,282
Energy & Resource Technology
Bolb, Inc.		Warrant		October 12, 2021		October 12, 2031		Common Stock			181,784			$	0.07			$	35			$	—
Edeniq, Inc.		Warrant		January 16, 2020		December 23, 2026		Preferred Series B			537			$	1,117.11			$	—			$	514			(11)(17)(24)
		Warrant		January 16, 2020		June 29, 2027		Preferred Series C			1,021			$	2,210.21				—				235			(11)(17)(24)
Total Edeniq, Inc.																			—				749
Footprint International Holding, Inc.		Warrant		February 14, 2020		February 14, 2030		Common Stock			38,171			$	0.31			$	9			$	—
		Warrant		February 18, 2022		February 18, 2032		Common Stock			77,524			$	0.01				4,246				—
		Warrant		June 23, 2022		June 23, 2032		Common Stock			14,624			$	0.01				359				—
		Warrant		October 31, 2024		October 31, 2034		Preferred Class F			250			$	25,000.00				—				—			(17)
Total Footprint International Holding, Inc.																			4,614				—
Form Energy Inc.		Warrant		October 21, 2024		October 21, 2034		Common Stock			85,556			$	8.03			$	798			$	134			(9)(19)
Mainspring Energy, Inc.		Warrant		January 16, 2020		July 9, 2029		Common Stock			140,186			$	1.15			$	283			$	269
		Warrant		November 20, 2020		November 20, 2030		Common Stock			81,294			$	1.15				226				156
		Warrant		March 18, 2022		March 18, 2032		Common Stock			137,692			$	1.66				344				252
Total Mainspring Energy, Inc.																			853				677
RTS Holding, Inc.		Warrant		December 10, 2021		December 10, 2031		Preferred Series C			2,314			$	205.28			$	75			$	82			(9)(17)
		Warrant		October 10, 2022		October 10, 2032		Preferred Series D			917			$	196.50				87				36			(9)(17)
		Warrant		January 19, 2024		January 19, 2034		Preferred Series D-1			2,876			$	203.47				418				113			(9)(17)
Total RTS Holding, Inc.																			580				231
Sub-total: Energy & Resource Technology (0.2%)*																		$	6,880			$	1,791

25

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Expiration Date		Series		Shares				Strike Price				Cost				Fair Value (6)				Footnotes
Warrant Investments- United States, Continued
Healthcare Technology
B.Well Connected Health, Inc.		Warrant		April 10, 2025		April 10, 2035		Common Stock			64,777			$	0.79			$	107			$	14			(9)(19)
Dentologie Enterprises, Inc.		Warrant		October 14, 2022		October 14, 2034		Common Stock			51,632			$	0.76			$	66			$	—			(9)
Exer Holdings, LLC		Warrant		November 19, 2021		November 19, 2031		Common Units			281			$	527.51			$	93			$	1
Hospitalists Now, Inc.		Warrant		January 16, 2020		December 6, 2026		Preferred Series D-2			750,000			$	5.89			$	391			$	—			(17)
Lark Technologies, Inc.		Warrant		September 30, 2020		September 30, 2030		Common Stock			76,231			$	1.76			$	177			$	16
		Warrant		June 30, 2021		June 30, 2031		Common Stock			79,325			$	1.76				258				17
		Warrant		December 22, 2022		December 22, 2032		Common Stock			97,970			$	2.49				58				19
Total Lark Technologies, Inc.																			493				52
Paytient Technologies, Inc.		Warrant		May 27, 2025		May 27, 2035		Common Stock			31,216			$	1.01			$	43			$	32			(9)(19)
		Warrant		October 2, 2025		May 27, 2035		Common Stock			31,214			$	1.01				43				32			(9)(19)
Total Paytient Technologies, Inc.																			86				64
PurpleLab, Inc.		Warrant		September 24, 2025		September 24, 2035		Common Stock			10,157			$	23.09			$	273			$	254			(19)
TMRW Life Sciences, Inc.		Warrant		April 29, 2022		April 29, 2032		Class A Common Stock			268,983			$	2.09			$	80			$	—
		Warrant		March 3, 2023		April 29, 2032		Class A Common Stock			268,983			$	2.09				80				—
Total TMRW Life Sciences, Inc.																			160				—
Sub-total: Healthcare Technology (0.0%)*																		$	1,669			$	385
Human Resource Technology
BetterLeap, Inc.		Warrant		April 20, 2022		April 20, 2032		Common Stock			88,435			$	2.26			$	38			$	2
Sub-total: Human Resource Technology (0.0%)*																		$	38			$	2
Industrials
3DEO, Inc.		Warrant		February 23, 2022		February 23, 2032		Common Stock			37,218			$	1.81			$	93			$	—
Sub-total: Industrials (0.0%)*																		$	93			$	—

26

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Expiration Date		Series		Shares				Strike Price				Cost				Fair Value (6)				Footnotes
Warrant Investments- United States, Continued
Marketing, Media, and Entertainment
Angel Studios, Inc.		Warrant		September 8, 2025		September 11, 2030		Common Stock			503,163			$	7.29			$	3,266			$	457			(9)(19)
		Warrant		February 17, 2026		September 11, 2030		Common Stock			178,448			$	7.29				187				162			(9)(19)
Total Angel Studios, Inc.																			3,453				619
Drone Racing League, Inc.		Warrant		October 17, 2022		October 17, 2032		Common Stock			253,824			$	6.76			$	375			$	—
Firefly Systems, Inc.		Warrant		January 29, 2020		January 29, 2030		Common Stock			133,147			$	1.14			$	282			$	164
Grabit Interactive Media, Inc.		Warrant		April 8, 2022		April 8, 2034		Preferred Series A			142,828			$	1.00			$	40			$	27			(17)
Incontext Solutions, Inc.		Warrant		January 16, 2020		September 28, 2028		Common Stock			2,219			$	220.82			$	34			$	—
PebblePost, Inc.		Warrant		May 7, 2021		May 7, 2031		Common Stock			657,343			$	0.52			$	68			$	299
Rarefied Atmosphere, Inc.		Warrant		May 6, 2025		May 6, 2037		Common Stock			174,032			$	7.35			$	571			$	539			(9)(19)
Vox Media Holdings, Inc.		Warrant		June 25, 2025		June 25, 2035		Class A Common Stock			1,580,142			$	0.37			$	464			$	352			(9)(19)
Sub-total: Marketing, Media, and Entertainment (0.2%)*																		$	5,287			$	2,000
Medical Devices
Apiject Holdings, Inc.		Warrant		June 24, 2024		June 24, 2034		Common Stock			937,604			$	0.01			$	612			$	29			(9)(19)
Cala Health, Inc.		Warrant		February 24, 2026		February 24, 2036		Preferred Series C-1			1,518,095			$	0.33			$	124			$	129			(17)(19)
Convergent Dental, Inc.		Warrant		April 21, 2023		April 21, 2033		Preferred Series D			446,982			$	1.61			$	493			$	98			(9)(17)
Delphinus, Inc.		Warrant		June 27, 2023		June 27, 2033		Preferred Series E			294,288			$	0.69			$	29			$	17			(9)(17)
Elucent Medical, Inc.		Warrant		October 31, 2024		October 31, 2034		Preferred Series C-2			1,628,141			$	0.30			$	144			$	83			(9)(17)(19)
		Warrant		January 15, 2026		October 31, 2034		Preferred Series C-2			1,085,428			$	0.30				62				56			(9)(17)(19)
Total Elucent Medical, Inc.																			206				139
Emboline, Inc.		Warrant		March 3, 2026		March 3, 2036		Preferred Series D			131,431			$	3.93			$	58			$	52			(17)(19)
Lightforce Orthodontics, Inc.		Warrant		August 6, 2024		August 6, 2034		Preferred Series D			62,627			$	18.01			$	249			$	31			(17)(19)
		Warrant		September 25, 2024		August 6, 2034		Preferred Series D			10,438			$	18.01				37				5			(17)(19)
Total Lightforce Orthodontics, Inc.																			286				36
Monteris Medical US, Inc.		Warrant		March 3, 2026		March 3, 2036		Preferred Series E			6,310,742			$	0.23			$	499			$	504			(17)(19)
Neuros Medical, Inc.		Warrant		August 10, 2023		August 10, 2033		Preferred Series C			798,085			$	0.38			$	71			$	107			(9)(17)
		Warrant		August 30, 2024		August 10, 2033		Preferred Series C			399,042			$	0.38				39				53			(9)(17)
Total Neuros Medical, Inc.																			110				160
Okami Medical, Inc.		Warrant		June 24, 2025		June 24, 2035		Preferred Series F-1			38,529			$	2.86			$	46			$	43			(17)(19)
Restor3d, Inc.		Warrant		June 4, 2024		June 4, 2034		Preferred Series A			95,688			$	5.01			$	51			$	21			(9)(17)(19)
Shoulder Innovations, Inc.		Warrant		August 7, 2023		August 7, 2033		Common Stock			32,684			$	10.33			$	121			$	357			(9)
Sub-total: Medical Devices (0.1%)*																		$	2,635			$	1,585

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Expiration Date		Series		Shares				Strike Price				Cost				Fair Value (6)				Footnotes
Warrant Investments- United States, Continued
Other Healthcare Services
Cellares Corporation		Warrant		August 2, 2024		August 2, 2034		Common Stock			243,868			$	4.77			$	841			$	1,238			(19)
Upward Health, Inc.		Warrant		August 6, 2024		August 6, 2034		Class A Common Stock			763,137			$	0.28			$	251			$	634			(9)(19)
Metabolon, Inc.		Warrant		March 28, 2024		March 28, 2034		Preferred Series 3			2,288,461			$	0.65			$	644			$	134			(17)
		Warrant		October 1, 2024		March 28, 2034		Preferred Series 3			384,615			$	0.65				33				22			(17)
		Warrant		January 6, 2025		March 28, 2034		Preferred Series 3			192,308			$	0.65				23				11			(17)
Total Metabolon, Inc.																			700				167
Velentium, Inc.		Warrant		May 24, 2024		May 24, 2034		Class B Units			7,958			$	53.40			$	129			$	119			(9)
Sub-total: Other Healthcare Services (0.2%)*																		$	1,921			$	2,158
Real Estate Technology
Homelight Lending, Inc.		Warrant		June 23, 2022		June 23, 2032		Common Stock			5,434			$	18.40			$	1			$	—
Knockaway, Inc.		Warrant		January 16, 2020		May 24, 2029		Common Stock			880			$	85.27			$	209			$	—			(24)
		Warrant		November 10, 2021		November 10, 2031		Common Stock			16,350			$	2.20				265				—			(24)
		Warrant		September 29, 2023		September 29, 2033		Common Stock			2,804,355			$	0.01				—				—			(24)
		Warrant		December 6, 2023		December 6, 2033		Preferred Series AA			457,778			$	0.01				—				—			(10)(12)(17)(21)(24)
		Warrant		September 16, 2024		September 16, 2034		Preferred Series BB			93,951,849			$	0.00				2,391				363			(17)(24)
		Warrant		September 27, 2023		September 27, 2033		Preferred Series AA-1			5,084,804			$	0.09				—				—			(17)(24)
Total Knockaway, Inc.																			2,865				363
Orchard Technologies, Inc.		Warrant		February 12, 2024		February 12, 2034		Preferred Series 1			228,000			$	0.01			$	—			$	192			(17)(24)
		Warrant		February 12, 2025		February 12, 2034		Preferred Series 1			228,000			$	0.01				126				192			(17)(24)
Total Orchard Technologies, Inc.																			126				384
Sub-total: Real Estate Technology (0.1%)*																		$	2,992			$	747
SaaS
Cart.com, Inc.		Warrant		November 17, 2023		November 17, 2033		Common Stock			31,572			$	15.87			$	443			$	519			(9)
Cpacket Networks, Inc.		Warrant		January 29, 2024		January 29, 2034		Class B Common Stock			499,366			$	0.36			$	166			$	93			(9)
Crowdtap, Inc.		Warrant		January 16, 2020		December 11, 2027		Preferred Series B			100,000			$	1.09			$	9			$	52			(17)
Gtxcel, Inc.		Warrant		January 16, 2020		August 30, 2026		Preferred Series D			1,000,000			$	0.21			$	83			$	—			(17)
Lucidworks, Inc.		Warrant		January 16, 2020		June 27, 2026		Preferred Series D			619,435			$	0.77			$	806			$	354			(17)
Reciprocity, Inc.		Warrant		September 25, 2020		September 25, 2030		Common Stock			114,678			$	4.17			$	99			$	—
		Warrant		April 29, 2021		April 29, 2031		Common Stock			57,195			$	4.17				54				—
Total Reciprocity, Inc.																			153				—
Silk Technologies, Inc.		Warrant		November 4, 2024		November 4, 2034		Common Stock			204,760			$	1.98			$	433			$	324			(9)(19)
Smartly, Inc.		Warrant		May 16, 2022		May 16, 2034		Common Stock			48,097			$	1.10			$	84			$	45
Steno Agency, Inc.		Warrant		June 21, 2024		June 21, 2034		Common Stock			55,818			$	1.98			$	136			$	48			(9)(19)
		Warrant		May 16, 2025		June 21, 2034		Common Stock			54,476			$	1.98				164				47			(9)(19)
Total Steno Agency, Inc.																			300				95
The Tomorrow Companies, Inc.		Warrant		December 14, 2022		December 14, 2032		Common Stock			26,124			$	1.70			$	49			$	50			(9)
Sub-total: SaaS (0.1%)*																		$	2,526			$	1,532

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Expiration Date		Series		Shares				Strike Price				Cost				Fair Value (6)				Footnotes
Warrant Investments- United States, Continued
Space Technology
Astranis Space Technology Corporation		Warrant		April 13, 2023		April 13, 2033		Common Stock			85,644			$	7.89			$	83			$	1,210			(9)(19)
		Warrant		September 27, 2024		September 27, 2034		Common Stock			156,677			$	2.27				683				2,411			(9)(19)
		Warrant		June 26, 2025		June 26, 2035		Common Stock			39,557			$	0.01				191				631			(9)(19)
		Warrant		August 25, 2025		August 25, 2035		Common Stock			422,048			$	2.33				1,604				6,489			(9)(19)
Total Astranis Space Technology Corporation																			2,561				10,741
Axiom Space, Inc.		Warrant		May 28, 2021		May 28, 2031		Common Stock			1,773			$	169.24			$	121			$	20
		Warrant		May 28, 2021		May 28, 2031		Common Stock			882			$	340.11				39				4
Total Axiom Space, Inc.																			160				24
Hermeus Corporation		Warrant		August 9, 2022		August 9, 2032		Common Stock			19,286			$	6.24			$	144			$	233			(9)(19)
		Warrant		March 20, 2026		March 20, 2036		Common Stock			50,110			$	8.83				542				541			(19)
Total Hermeus Corporation																			686				774
Impulse Space, Inc.		Warrant		June 18, 2024		June 18, 2034		Common Stock			27,893			$	1.91			$	113			$	1,236			(9)(19)(22)
Slingshot Aerospace, Inc.		Warrant		July 12, 2024		July 12, 2036		Common Stock			328,416			$	0.46			$	400			$	466			(9)(19)
Kymeta Corporation		Warrant		July 3, 2024		July 3, 2034		Common Stock			3,995,407			$	0.11			$	331			$	158			(9)(19)
Sub-total: Space Technology (1.1%)*																		$	4,251			$	13,399
Supply Chain Technology
Macrofab, Inc.		Warrant		January 14, 2025		July 21, 2035		Preferred Series C-1			311,176			$	0.01			$	166			$	4			(17)
		Warrant		January 14, 2025		January 29, 2034		Preferred Series C-1			392,157			$	0.01				254				6			(17)
		Warrant		January 14, 2025		April 11, 2036		Preferred Series C-1			161,006			$	0.01				64				2			(17)
		Warrant		January 14, 2025		July 21, 2035		Preferred Series C-1			311,177			$	0.01				166				4			(17)
		Warrant		January 14, 2025		April 11, 2036		Preferred Series C-1			161,007			$	0.01				64				2			(17)
		Warrant		January 14, 2025		January 14, 2035		Preferred Series C-1			247,173			$	0.01				151				3			(17)
Total Macrofab, Inc.																			865				21.00
Nucleus RadioPharma, Inc.		Warrant		June 4, 2024		June 4, 2034		Common Stock			43,086			$	1.99			$	68			$	22			(9)
Sub-total: Supply Chain Technology (0.0%)*																		$	933			$	43
Transportation Technology
Get Spiffy, Inc.		Warrant		July 14, 2023		July 14, 2033		Common Stock			874,527			$	0.70			$	408			$	—			(9)
NextCar Holding Company, Inc.		Warrant		December 14, 2021		December 14, 2026		Class A Common Stock			6,211			$	64.42			$	35			$	—			(13)
		Warrant		February 23, 2022		February 23, 2027		Class A Common Stock			486			$	64.42				3				—			(13)
		Warrant		March 16, 2022		March 16, 2027		Class A Common Stock			583			$	64.42				3				—			(13)
		Warrant		April 18, 2022		April 18, 2027		Class A Common Stock			5,336			$	64.42				7				—			(13)
		Warrant		September 29, 2022		September 29, 2027		Preferred Series A-2			1,224,752			$	0.22				170				—			(13)(17)
Total NextCar Holding Company, Inc.																			218				—
Uveye, Inc.		Warrant		December 26, 2024		December 26, 2034		Ordinary			476,031			$	4.38			$	539			$	467
Zuum Transportation, Inc.		Warrant		April 30, 2024		April 30, 2034		Common Stock			41,271			$	4.34			$	95			$	—
Sub-total: Transportation Technology (0.0%)*																		$	1,260			$	467
Total: Warrant Investments- United States (5.9%)*																		$	50,583			$	68,523

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Expiration Date		Series		Shares				Strike Price				Cost				Fair Value (6)				Footnotes
Warrant Investments- Canada
Space Technology
Earthdaily Constellation Holdings, LP		Warrant		June 10, 2025		June 10, 2035		Class B Common Stock			1,736,139			$	0.81			$	971			$	784			(9)(10)(19)
Sub-total: Space Technology (0.1%)*																		$	971			$	784
Total: Warrant Investments- Canada (0.1%)*																		$	971			$	784
Warrant Investments- Europe
Consumer Products & Services
Motorway Online, Ltd		Warrant		December 23, 2025		December 23, 2035		Ordinary			172,869			€	0.01			$	391			$	368			(10)
Sub-Total: Consumer Products & Services (0.0%)*																		$	391			$	368
Healthcare Technology
Unmind LTD		Warrant		July 7, 2025		July 7, 2035		Ordinary			122,340			€	149.02			$	518			$	499			(10)
Sub-total: Healthcare Technology (0.0%)*																		$	518			$	499
Industrials
Aledia, Inc.		Warrant		March 31, 2022		March 31, 2032		Ordinary			11,771			€	149.02			$	130			$	25			(10)
Sub-total: Industrials (0.0%)*																		$	130			$	25
Medical Devices
CMR Surgical Limited		Warrant		March 24, 2025		March 24, 2030		Ordinary			7,520			€	0.01			$	122			$	323			(10)(19)
		Warrant		December 16, 2025		March 24, 2030		Ordinary			3,008			€	0.01				126				129			(10)(19)
Total CMR Surgical Limited																			248				452
Sub-total: Medical Devices (0.0%)*																		$	248			$	452
Other Healthcare Services
Zandivio PLC		Warrant		October 29, 2024		October 29, 2034		Common Stock			132,042			€	0.01			$	771			$	404			(10)(19)
Sub-total: Other Healthcare Services (0.0%)*																		$	771			$	404
Real Estate Technology
Prospire Technologies LTD		Warrant		January 29, 2026		January 29, 2036		Preferred Series A1			3,831			€	149.02			$	62			$	151			(17)
Sub-total: Real Estate Technology (0.0%)*																		$	62			$	151
Space Technology
All.Space Networks, Limited.		Warrant		August 19, 2022		August 19, 2032		Common Stock			35,602			$	21.79			$	113			$	—			(10)
		Warrant		August 22, 2024		August 22, 2034		Common Stock			35,601			$	8.90				1				—			(10)
Total All.Space Networks, Limited.																			114				—
Sub-total: Space Technology (0.0%)*																		$	114			$	—
Total: Warrant Investments- Europe (0.2%)*																		$	2,234			$	1,899
Total: Warrant Investments- (6.1%)*																		$	53,788			$	71,206

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Shares / Principal				Series		Cost				Fair Value (6)				Footnotes
Equity Investments- United States
Artificial Intelligence & Automation
Cabernet AI, Inc.		Equity		February 27, 2025		$	500			SAFE Note		$	500			$	500
Hydra Host, Inc.		Equity		March 4, 2026			40,912			Preferred Series A-1		$	1,000			$	997			(17)
Sub-total: Artificial Intelligence & Automation (0.1%)*												$	1,500			$	1,497
Connectivity
Tarana Wireless, Inc.		Equity		March 16, 2022			611,246			Preferred Senior Series 6		$	500			$	476			(17)
		Equity		October 9, 2025			361,231			Preferred Series 8			386				618			(9)(17)(19)
Total Tarana Wireless, Inc.													886				1,094
Vertical Communications, Inc.		Equity		January 16, 2020			3,892,485			Preferred Series 1		$	—			$	—			(11)(17)(24)
		Equity		January 16, 2020		$	5,500			Convertible Note			3,966				—			(16)(24)
Total Vertical Communications, Inc.													3,966				—
Sub-total: Connectivity (0.1%)*												$	4,852			$	1,094
Construction Technology
Project Frog, Inc.		Equity		January 16, 2020			4,383,497			Preferred Series AA-1		$	351			$	37			(17)(24)
		Equity		January 16, 2020			3,401,678			Preferred Series BB			1,333				54			(17)(24)
		Equity		August 3, 2021			6,633,486			Common Stock			1,684				42			(24)
		Equity		August 3, 2021			3,129,887			Preferred Series CC			1,254				107			(17)(24)
Total Project Frog, Inc.													4,622				240
Sub-total: Construction Technology (0.0%)*												$	4,622			$	240
Consumer Products & Services
Portofino Labs, Inc.		Equity		November 1, 2021			256,291			Preferred Series B-1		$	500			$	363			(17)
Quip NYC, Inc.		Equity		August 17, 2021			3,321			Common Stock		$	500			$	—
Rinse, Inc.		Equity		December 30, 2024			290,242			Preferred Series D		$	500			$	526			(17)
Sub-total: Consumer Products & Services (0.1%)*												$	1,500			$	889
Education Technology
iTutor.com, Inc.		Equity		March 9, 2026			1,200,000			Preferred Series A-2		$	981			$	1,003			(9)(17)(24)
		Equity		March 9, 2026			4,653,709			Preferred Series 1B-1			4,811				4,875			(9)(17)(24)
Total iTutor.com, Inc.													5,792				5,878
Sub-total: Education Technology (0.5%)*												$	5,792			$	5,878
Finance and Insurance
Centivo Corporation		Equity		December 20, 2024			128,393			Preferred Series B-1		$	373			$	312			(9)(17)(19)
Dynamics, Inc.		Equity		January 16, 2020			17,726			Preferred Series A		$	390			$	—			(17)
Equipment Leasing Services, LLC		Equity		January 30, 2026			1,000			Membership Interest		$	9,009			$	9,009			(24)
Tilt Finance, Inc. (dba Empower Financial, Inc.)		Equity		May 16, 2024			2,810,235			Preferred Series C		$	20,000			$	30,442			(17)
		Equity		May 15, 2024			146,905			Common Stock			1,968				1,438
Total Tilt Finance, Inc. (dba Empower Financial, Inc.)													21,968				31,880
Openly Holdings Corp.		Equity		May 9, 2023			44,725			Preferred Series D-1 Prime		$	500			$	375			(17)
Slope Tech, Inc.		Equity		June 20, 2023			64,654			Preferred Series A-3		$	500			$	427			(10)(12)(17)(21)

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Shares / Principal				Series		Cost				Fair Value (6)				Footnotes
Equity Investments- United States, Continued
Upgrade Master Pass - Thru Trust		Equity		August 11, 2025		$	7,000			Series 2025-ST5		$	4,700			$	5,463			(10)(12)(21)
		Equity		October 17, 2025		$	12,000			Series 2025-ST7			9,032				9,150			(10)(12)(21)
		Equity		November 19, 2025		$	10,000			Series 2025-ST8			7,918				8,100			(10)(12)(21)
		Equity		February 9, 2026		$	3,000			Series 2026-ST1			2,890				2,890			(10)(12)(21)
Total Upgrade Master Pass - Thru Trust													24,540				25,603
Sub-total: Finance and Insurance (5.8%)*												$	57,280			$	67,606
Food and Agriculture Technologies
Emergy, Inc.		Equity		October 30, 2025			348			Common Stock		$	755			$	755			(9)(24)
Athletic Brewing Company, LLC		Equity		August 1, 2024			1,214			Class B Units		$	283			$	244			(9)(19)
Sub-total: Food and Agriculture Technologies (0.1%)*												$	1,038			$	999
Energy & Resource Technology
Crusoe Energy Systems LLC		Equity		November 6, 2024			11,140			Preferred Series D-1		$	325			$	589			(9)(17)(19)
Edeniq, Inc.		Equity		January 16, 2020			1,561			Preferred Series B		$	—			$	3,034			(11)(17)(24)
		Equity		January 16, 2020			731			Preferred Series C			—				1,652			(11)(17)(24)
		Equity		January 16, 2020			26,753			Preferred Series D			—				7,757			(11)(17)(24)
		Equity		March 24, 2026			436			Preferred Series B			22				847			(17)(24)
		Equity		March 24, 2026			770			Preferred Series C			39				1,740			(17)(24)
		Equity		March 24, 2026			30,981			Preferred Series D			2,006				8,985			(17)(24)
Total Edeniq, Inc.													2,067				24,015
Electric Hydrogen Co.		Equity		April 6, 2023			87,112			Preferred Series C		$	500			$	354			(17)
Mainspring Energy, Inc.		Equity		March 30, 2022			65,614			Preferred Series E-1		$	500			$	244			(17)
RTS Holding, Inc.		Equity		July 5, 2022			2,035			Preferred Series E-1D		$	334			$	362			(9)(17)
		Equity		February 15, 2023			1,966			Preferred Series E-1D1			405				359			(9)(17)
		Equity		February 7, 2025			2,054			Preferred Series E-1			328				311			(9)(17)
Total RTS Holding, Inc.													1,067				1,032
Sub-total: Energy & Resource Technology (2.3%)*												$	4,459			$	26,234
Healthcare Technology
Dentologie Enterprises, Inc.		Equity		August 3, 2023			72,338			Common Stock		$	300			$	—			(9)
Emerald Cloud Lab, Inc.		Equity		June 3, 2022			499,999			Preferred Series A		$	500			$	41			(17)
		Equity		April 29, 2024			617,890			Preferred Series B-1			129				51			(17)
Total Emerald Cloud Lab, Inc.													629				92
Lark Technologies, Inc.		Equity		August 19, 2021			32,416			Preferred Series D		$	500			$	115			(17)
WorkWell Prevention & Care Inc.		Equity		January 16, 2020			7,000,000			Common Stock		$	51			$	—			(24)
		Equity		January 16, 2020			3,450			Preferred Series P			3,450				—			(17)(24)
		Equity		January 16, 2020		$	3,170			Convertible Note			3,219				—			(16)(24)
Total WorkWell Prevention & Care Inc.													6,720				—
Sub-total: Healthcare Technology (0.0%)*												$	8,149			$	207

32

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Shares / Principal				Series		Cost				Fair Value (6)				Footnotes
Equity Investments- United States, Continued
Human Resource Technology
Nomad Health, Inc.		Equity		May 27, 2022			37,920			Common Stock		$	500			$	—			(24)
		Equity		September 30, 2025			16,314,426			Preferred Series AA-1			3,781				400			(17)(24)
		Equity		September 30, 2025			2,392,230			Preferred Series AAA			1,000				362			(17)(24)
Total Nomad Health, Inc.													5,281				762
Sub-total: Human Resource Technology (0.1%)*												$	5,281			$	762
Industrials
Digilens, Inc.		Equity		July 29, 2023			2,460			Class B Common Stock		$	13			$	—
		Equity		September 18, 2024			1,076			Class B Common Stock			8				—
		Equity		January 12, 2024			1,382			Class B Common Stock			7				—
		Equity		March 24, 2025			508			Class B Common Stock			4				—
		Equity		October 10, 2023			717			Class B Common Stock			4				—
		Equity		May 6, 2024			466			Class B Common Stock			4				—
		Equity		June 9, 2024			296			Class B Common Stock			2				—
		Equity		May 20, 2024			14,339			Class B Common Stock			110				—
		Equity		March 26, 2025			8,364			Class B Common Stock			65				—
Total Digilens, Inc.													217				—
Sub-total: Industrials (0.0%)*												$	217			$	—
Multi-Sector Holdings
AZ-VC Fund I, LLC		Equity		June 30, 2022			—			Member Interest		$	670			$	655			(7)(10)
Direct Lending 2025 LLC		Equity		September 24, 2025			—			Member Interest		$	15,762			$	16,003			(7)(10)(24)
Senior Credit Corp 2022 LLC		Equity		January 30, 2023			—			Member Interest		$	5,522			$	5,825			(7)(10)(24)
Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC)		Equity		June 28, 2024			1,002,204			Common Stock		$	10,000			$	10,236			(7)(10)(24)
Trinity Capital Adviser, LLC		Equity		June 28, 2024			—			Member Interest		$	1			$	10,435			(24)
Sub-total: Multi-Sector Holdings (3.7%)*												$	31,955			$	43,154
Real Estate Technology
Knockaway, Inc.		Equity		March 30, 2022			30,458			Common Stock		$	500			$	—			(24)
		Equity		September 29, 2023			2,956,224			Preferred Series AA			250				1			(17)(24)
		Equity		September 16, 2024			97,866,510			Preferred Series BB			2,500				388			(17)(24)
		Equity		September 7, 2023			3,409,997			Preferred Series AA-1			—				—			(17)(24)
Total Knockaway Inc.													3,250				389
Orchard Technologies, Inc.		Equity		August 6, 2021			2,938			Preferred Series 2		$	29			$	—			(17)(24)
		Equity		March 16, 2023			97,060			Preferred Series 1			971				82			(17)(24)
		Equity		January 24, 2025			3,009			Preferred Series 1			1				3			(17)(24)
		Equity		January 26, 2026			22,379,709			Preferred Series E-1			2,930				2,244			(17)(24)
		Equity		January 26, 2026			40,656			Preferred Series E-1			5				4			(17)(24)
Total Orchard Technologies, Inc.													3,936				2,333
Place, Inc.		Equity		January 29, 2026			3,959,521			Common Stock		$	18,806			$	18,227
Sub-total: Real Estate Technology (1.8%)*												$	25,992			$	20,949

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Shares / Principal				Series		Cost				Fair Value (6)				Footnotes
Equity Investments- United States, Continued
SaaS
Cart.com, Inc.		Equity		April 17, 2024			11,533			Preferred Series C		$	500			$	440			(9)(17)
Crowdtap, Inc.		Equity		December 5, 2025			94,407			Preferred Series B		$	42			$	92			(17)
Dahlia Clipper SPV, L.P.		Equity		July 25, 2025		n/a				SPV Member Units		$	2,000			$	2,005			(23)
Silk Technologies, Inc.		Equity		November 9, 2025		$	405			SAFE Note		$	405			$	405			(9)(19)
Smartly, Inc.		Equity		March 29, 2023			136,388			Preferred Series B		$	500			$	431			(17)
The Tomorrow Companies, Inc.		Equity		July 5, 2023			108,088			Preferred Series E-1		$	325			$	320			(9)(17)
OrgChart, LLC		Equity		February 4, 2026			500,000			Class A Common Units		$	500			$	503
Sub-total: SaaS (0.4%)*												$	4,272			$	4,196
Space Technology
Astranis Space Technology Corporation		Equity		April 5, 2023			13,685			Preferred Series C Prime		$	300			$	293			(9)(17)
		Equity		March 19, 2024			64,223			Preferred Series D			600				1,199			(9)(17)
Total Astranis Space Technology Corporation													900				1,492
Axiom Space, Inc.		Equity		January 18, 2023			3,624			Preferred Series C-1		$	521			$	287			(16)(17)
Hadrian Automation, Inc.		Equity		March 29, 2022			53,154			Preferred Series A-4		$	500			$	760			(17)
		Equity		December 11, 2023			31,831			Preferred Series B-1			300				455			(9)(17)
Total Hadrian Automation, Inc.													800				1,215
Impulse Space, Inc.		Equity		August 30, 2024			23,240			Preferred Series B		$	325			$	1,112			(9)(17)(19)
		Equity		May 9, 2025			8,503			Preferred Series C			325				478			(9)(17)(19)
Total Impulse Space, Inc.													650				1,590
Sub-total: Space Technology (0.4%)*												$	2,871			$	4,584
Supply Chain Technology
Inktavo, LLC		Equity		October 15, 2025			1,228,883			Preferred Class A		$	2,000			$	2,015			(17)
Macrofab, Inc.		Equity		January 30, 2024			247,173			Preferred Series C-1		$	500			$	6			(17)
Sub-total: Supply Chain Technology (0.2%)*												$	2,500			$	2,021

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Shares / Principal				Series		Cost				Fair Value (6)				Footnotes
Equity Investments- United States
Transportation Technology
Get Spiffy, Inc.		Equity		April 14, 2025			16,024,208			Preferred Series A-2		$	31			$	—			(9)(17)
NextCar Holding Company, Inc.		Equity		April 18, 2023			2,688,971			Preferred Series A-6		$	—			$	—			(17)
Autonomy Data Services, Inc.		Equity		November 4, 2025			2,628,348			Preferred Series Pre-Seed 2		$	900			$	848			(17)(24)
Sub-total: Transportation Technology (0.1%)*												$	931			$	848
Total: Equity Investments- United States (15.5%)*												$	163,211			$	181,158
Equity Investments- Canada
Construction Technology
Nexii, Inc.		Equity		July 24, 2024			6,126			Preferred Series A-1		$	3,049			$	85			(10)(17)(24)
		Equity		July 24, 2024			50,000			Preferred Series A-1			1,370				699			(10)(17)(24)
Total Nexii, Inc.													4,419				784
Sub-total: Construction Technology (0.1%)*												$	4,419			$	784
Supply Chain Technology
GoFor Delivers, Inc.		Equity		June 28, 2024			194,329			Preferred Series 2 Seed		$	660			$	893			(10)(17)(24)
Sub-total: Supply Chain Technology (0.1%)*												$	660			$	893
Total: Equity Investments- Canada (0.1%)*												$	5,079			$	1,677
Total: Equity Investments (15.7%)*												$	168,290			$	182,835
Total Investment in Securities (213.0%)*												$	2,468,380			$	2,483,554
Cash and Cash Equivalents
Goldman Sachs Financial Square Government Institutional Fund												$	519			$	519
Other cash accounts													19,112				19,112
Cash and Cash Equivalents (1.7%)*													19,631				19,631
Total Portfolio Investments and Cash and Cash Equivalents (214.6%) of net assets)												$	2,488,011			$	2,503,185

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

								Notional Amount						Notional Amount
Foreign Currency Forward Contracts	Settlement Date		Counterparty			Currency		to be Sold				Transaction		to be Purchased				Fair Value
Canadian Dollars (CAD)		April 29, 2026		Canadian Imperial Bank of Commerce		CAD		$	26,762			Sold		$	19,584			$	322
Canadian Dollars (CAD)		April 29, 2026		Canadian Imperial Bank of Commerce		CAD			2,246			Sold			1,615				(2	)
Canadian Dollars (CAD)		April 29, 2026		Canadian Imperial Bank of Commerce		CAD			8,547			Sold			6,249				97
Great British Pounds (GBP)		December 24, 2026		City National Bank		GBP			15,000			Sold			20,127				330
Great British Pounds (GBP)		December 24, 2026		City National Bank		GBP			10,000			Sold			13,751				553
Total Foreign Currency Forward (0.1%)*								$	62,555					$	61,326			$	1,300

* Value as a percent of net assets
 

(1)All portfolio companies are located in North America or Europe. As of March 31, 2026, Trinity Capital Inc. (the “Company”) had eleven foreign domiciled portfolio companies, four of which are based in Canada and seven of which are based in Europe. As of March 31, 2026, these foreign domiciled portfolio investments represented 15.4% of total net asset value based on fair value. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale and may be deemed to be “restricted securities” under the Securities Act.

(2)All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. Equipment financed under our equipment financing investments relates to operational equipment essential to revenue production for the portfolio company in the industry noted.

(3)Investment date represents the date of initial investment date, either purchases or funding, not adjusted for modifications. For assets purchased from the Legacy Funds as part of the Formation Transactions (both terms as defined in “Note 1 – Organization and Basis of Presentation”), the investment date is January 16, 2020, the date of the Formation Transactions.

(4)Interest rate is the fixed or variable rate of the debt investments and does not include any original issue discount, end-of-term (“EOT”) payment, or additional fees related to such investments, such as deferred interest, commitment fees, prepayment fees or exit fees. EOT payments are contractual payments due in cash at the maturity date of the loan, including upon prepayment, and are a fixed rate determined at the inception of the loan. The EOT payment is amortized and recognized as non-cash income over the term of the loan or equipment financing prior to its payment and is included as a component of the cost basis of the Company’s current debt securities.

(5)Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.

(6)Except as noted, all investments were valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board”) using Level 3 inputs.

(7)Asset is valued at fair value as determined in good faith by the Company's Board using Level 1 and Level 2 inputs.

(8)The interest rate on variable interest rate investments represents a benchmark rate plus spread. The benchmark interest rate is subject to an interest rate floor. As of March 31, 2026, the U.S. Prime Rate (“Prime”) was 6.75%, the Secured Overnight Financing Rate (“SOFR”) 30 Day Forward Rate was 3.66%, the SOFR 3-Month Term Rate was 3.68%, the SOFR 6-Month Term Rate was 3.70%, the Canadian Overnight Repo Rate Average (“CORRA”) 3-Month Term rate was 2.29% and the Bank of England Base Rate (“Base Rate”) was 3.75%.

(9)Senior Credit Corp 2022 LLC owns an additional portion of this security. See “Note 12 – Related Party Transactions” for further discussion.

(10)Indicates a “non-qualifying asset” under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s percentage of non-qualifying assets at fair value represents 16.4% of the Company’s total assets as of March 31, 2026. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets.

(11)Investment has zero cost basis as it was purchased at a fair value of zero as part of the Formation Transactions (as defined in “Note 1 – Organization and Basis of Presentation”).

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

(12)Investment is a secured loan warehouse facility collateralized by interest in specific assets that meet the eligibility requirements under the facility during the warehouse period. Repayment of the facility will occur over the amortizing period unless otherwise prepaid.

(13)Company has been issued warrants with pricing and number of shares dependent upon a future round of equity issuance by the portfolio company.

(14)Investment is pledged as collateral supporting amounts outstanding under the Company's credit facility with KeyBank, National Association (the “KeyBank Credit Facility”) or the Company's secured term loan facility with KeyBank (the “KeyBank Secured Term Loan Facility”). See “Note 5 – Borrowings” for more information.

(15)Interest on this loan includes a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally collected through amortization, is recorded on an accrual basis to the extent such amounts are expected to be collected.

(16)Convertible notes represent investments through which the Company will participate in future equity rounds at preferential rates. There are no principal or interest payments made against the note unless conversion does not occur.

(17)Preferred stock represents investments through which the Company will have preference in liquidation rights and do not contain any cumulative preferred dividends.

(18)Investment is on non-accrual status as of March 31, 2026 and is therefore considered non-income producing.

(19)Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC) owns an additional portion of this security. See “Note 12 – Related Party Transactions” for further discussion.

(20)Investment has an unfunded commitment as of March 31, 2026 (see “Note 6 – Commitments and Contingencies”). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

(21)Borrower is a wholly owned, special purpose vehicle subsidiary of named portfolio company.

(22)Direct Lending 2025 LLC owns an additional portion of this security. See “Note 12-Related Party Transactions” for further discussion.

(23)Investment is held through a wholly-owned domestic limited liability company taxed as a C-corporation (a “Holding Company”). The Holding Company's stock constitutes a qualifying asset under the 1940 Act and generates qualifying dividend income under Section 851(b)(2) of the Code. Fair value equals the underlying investment value; no deferred tax liability exists as of the balance sheet date.

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2026

(In thousands, except share and per share data)

(Unaudited)

(24)This investment is deemed to be a “Control Investment” or an “Affiliate Investment.” The Company classifies its investment portfolio in accordance with the requirements of the 1940 Act. The 1940 Act defines Control Investments as investments in companies in which the Company owns beneficially, either directly or indirectly, more than 25% of the voting securities, or maintains greater than 50% of the board representation. Affiliate Investments are defined by the 1940 Act as investments in companies in which the Company owns beneficially, either directly or indirectly, between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation. Fair value as of March 31, 2026, along with transactions during the three months ended March 31, 2026 in these control and affiliate investments are as follows:

																		Net change in
																		Unrealized
		Fair Value at				Gross				Gross				Realized				(Depreciation)/				Fair Value at				Interest and
		December 31, 2025				Additions (1)				Reductions (2)				Gain/(Loss)				Appreciation				March 31, 2026				Dividend Income
For the Three Months Ended March 31, 2026
Control Investments
Edeniq, Inc.		$	26,044			$	2,060			$	—			$	—			$	(3,341	)		$	24,763			$	3,149
Vertical Communications, Inc.			13,890				(4	)			—				—				249				14,135				342
WorkWell Prevention and Care Inc.			500				—				—				—				—				500				15
Knockaway, Inc.			58,421				1,934				(30,215	)			—				(2,490	)			27,650				1,546
Direct Lending 2025 LLC			15,030				900				—				—				73				16,003				550
Equipment Leasing Services, LLC			—				9,009				—				—				—				9,009				—
Trinity Capital Adviser, LLC			9,875				—				—				—				560				10,435				—
Total Control Investments		$	123,760			$	13,899			$	(30,215	)		$	—			$	(4,949	)		$	102,495			$	5,602
Affiliate Investments
Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC)			10,259				—				—				—				(23	)			10,236				253
Emergy, Inc.			755				—				—				—				—				755				—
Autonomy Data Services, Inc.			951				—				—				—				(103	)			848				—
Project Frog, Inc.			240				—				—				—				10				250				—
GoFor Delivers, Inc.			6,322				9				—				—				290				6,621				189
Nexii, Inc.			1,707				—				—				—				(599	)			1,108				9
Nomad Health, Inc.			11,409				—				—				—				(7,010	)			4,399				—
iTutor.com, Inc.			—				5,792				—				—				86				5,878				—
Orchard Technologies, Inc.			24,671				102				—				(3,071	)			(1,414	)			20,288				757
Senior Credit Corp 2022 LLC			18,852				—				—				—				(142	)			18,710				911
Total Affiliate Investments		$	75,166			$	5,903			$	—			$	(3,071	)		$	(8,905	)		$	69,093			$	2,119
Total Control and Affiliate Investments		$	198,926			$	19,802			$	(30,215	)		$	(3,071	)		$	(13,854	)		$	171,588			$	7,721

(1)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States
Artificial Intelligence & Automation
Applied Digital Corporation		Equipment Financing		March 25, 2024		March 1, 2026		Fixed interest rate 19.0%; EOT 0.0%		$	1,530			$	1,531			$	1,554			(9)(10)(14)(19)
		Equipment Financing		April 24, 2024		April 1, 2026		Fixed interest rate 19.0%; EOT 0.0%			1,017				1,017				1,035			(9)(10)(14)(19)
		Equipment Financing		May 28, 2024		May 1, 2026		Fixed interest rate 16.0%; EOT 0.0%			527				527				535			(9)(10)(14)
		Equipment Financing		June 21, 2024		April 1, 2026		Fixed interest rate 19.0%; EOT 0.0%			1,647				1,648				1,677			(9)(10)(14)(19)
Total Applied Digital Corporation											4,721				4,723				4,801
Augmented Reality Concepts, Inc.		Secured Loan		June 17, 2024		June 18, 2029		Variable interest rate SOFR 3 Month Term + 7.3%; EOT 0.0%		$	14,145			$	13,933			$	14,204			(8)(14)(19)(22)
Cirrascale Cloud Services, LLC		Equipment Financing		June 27, 2024		September 1, 2026		Fixed interest rate 12.7%; EOT 4.0%		$	7,986			$	8,858			$	8,901			(9)(14)(19)
		Equipment Financing		October 22, 2024		April 1, 2027		Fixed interest rate 10.2%; EOT 5.0%			8,165				8,944				8,946			(9)(14)(19)
Total Cirrascale Cloud Services, LLC											16,151				17,802				17,847
D-Wave Quantum Inc.		Equipment Financing		August 1, 2025		September 1, 2028		Fixed interest rate 10.8%; EOT 4.0%		$	172			$	169			$	172			(9)(14)(19)(22)
iGrafx, LLC		Secured Loan		November 12, 2025		November 12, 2028		Variable interest rate SOFR 3 Month Term + 5.8%; EOT 0.0%		$	25,000			$	24,642			$	24,642			(8)(20)
K2View Inc.		Secured Loan		May 30, 2025		June 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 2.5%		$	15,000			$	14,802			$	15,234			(8)(14)
Sortera Technologies, Inc.		Equipment Financing		February 11, 2025		March 1, 2028		Fixed interest rate 12.5%; EOT 4.0%		$	4,170			$	4,100			$	4,161			(9)(14)(19)
Swimlane, Inc.		Secured Loan		May 28, 2025		June 1, 2030		Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.3%		$	11,400			$	11,222			$	11,522			(8)(9)(14)(19)
Tquila Automation, Inc		Secured Loan		July 2, 2025		August 1, 2030		Variable interest rate Prime + 5.0% or Floor rate 12.3%; EOT 3.0%		$	6,600			$	6,534			$	6,631			(8)(14)(19)
Uniphore Technologies Inc.		Secured Loan		September 30, 2025		October 1, 2030		Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.0%		$	36,000			$	35,133			$	35,774			(8)(14)(19)
		Secured Loan		October 2, 2025		October 1, 2030		Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.0%			13,500				13,211				13,211			(8)(14)(19)
Total Uniphore Technologies Inc.											49,500				48,344				48,985
Sub-total: Artificial Intelligence & Automation (13.5%)*										$	146,859			$	146,271			$	148,199

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2025

(In thousands, except share and per share data)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Biotechnology
Candel Therapeutics, Inc.		Secured Loan		October 14, 2025		October 1, 2030		Variable interest rate Prime + 3.0% or Floor rate 9.8%; EOT 4.3%		$	48,500			$	46,900			$	46,898			(8)(10)(14)(19)
Pendulum Therapeutics, Inc.		Secured Loan		December 31, 2021		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%		$	4,292			$	4,372			$	4,360			(8)(14)
		Secured Loan		February 28, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			4,581				4,653				4,646			(8)(14)
		Secured Loan		March 30, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			4,722				4,791				4,787			(8)(14)
		Secured Loan		May 6, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			5,000				5,060				5,062			(8)(14)
		Secured Loan		June 17, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			5,000				5,060				5,062			(8)(14)
		Secured Loan		February 1, 2024		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			1,405				1,422				1,388			(8)(14)
Total Pendulum Therapeutics, Inc.											25,000				25,358				25,305
Taysha Gene Therapies, Inc.		Secured Loan		August 7, 2025		September 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 5.0%		$	43,000			$	43,108			$	44,181			(8)(9)(14)(19)
Sub-total: Biotechnology (10.6%)*										$	116,500			$	115,366			$	116,384
Connectivity
AST & Science, LLC		Equipment Financing		June 27, 2025		July 1, 2030		Fixed interest rate 12.4%; EOT 9.0%		$	14,396			$	14,555			$	14,836			(9)(10)(14)(19)
		Equipment Financing		June 30, 2025		July 1, 2030		Fixed interest rate 12.5%; EOT 9.0%			2,341				2,366				2,412			(9)(10)(14)(19)
		Equipment Financing		September 26, 2025		October 1, 2030		Fixed interest rate 12.4%; EOT 9.0%			5,229				5,237				5,332			(9)(10)(14)(19)
⚠️ Filing Content Truncated This filing was too large to display in its entirety (original size: 28.81 MB). The content has been truncated to fit within database limits. To view the complete filing, please visit the original source: View Complete Filing on SEC Website Filing: 10-Q - Trinity Capital Inc. (TRIN,TRINI,TRINZ) Accession Number: 0001193125-26-207620