Trinity Capital (NASDAQ: TRIN) discloses loans up to 19.0% interest

Rhea-AI Filing Summary

Trinity Capital Inc. holds a broad mix of debt, equity and warrant positions across technology, healthcare, energy, real estate and other sectors in the United States, Canada and Europe.

Secured loans and equipment financings use fixed and variable rate structures, often tied to Prime or SOFR with stated floor rates and end-of-term (EOT) fees. Examples include an equipment financing to Applied Digital Corporation at a fixed 19.0% rate maturing April 1, 2026, EH Leasing Company, LLC at 14.4% with an 18.7% EOT fee maturing November 1, 2029, and multiple financings to Commonwealth Fusion Systems, LLC, Electric Hydrogen Co. and Uveye, Inc. with fixed rates generally above 11% plus EOT fees.

Equity and warrant investments span preferred and common stock, SAFE notes and member interests in companies such as Axiom Space, Inc., Tarana Wireless, Inc., Nexii, Inc., Nomad Health, Inc., and various financial technology issuers. The portfolio also includes foreign currency forward contracts with City National Bank and Canadian Imperial Bank of Commerce settling on specific future dates, indicating some non-U.S. currency exposure.

Filing Explained

As of June 30, 2026, the filing updates Trinity Capital’s portfolio, but the supplied entries do not establish dollar scale or a common-share ownership change.

A Form 10-Q is an unaudited quarterly report that updates interim financial statements, risks, and liquidity; this filing's supplied schedule records Trinity Capital's debt, equity, warrant, and foreign-currency positions at June 30, 2026. The structural consequence is an updated record of the company's investment exposures and contractual maturities, not a disclosed completed change to its common-share ownership in the supplied portfolio material.

The schedule separates secured loans and equipment financings from equity interests and warrants, with many debt entries carrying stated interest rates, end-of-term fees, and maturity dates. The June-dated entries include additional positions such as debt or equipment financings for ServiceTrade, Torus, Together Computer, and Iantrek, equity in Edeniq, and warrants for Pearl Health and Elucent Medical.

The filing gives terms and dates for many positions, including maturities or expirations extending into 2027 through 2036, but the supplied entries do not provide investment amounts; the scale of these quarter-end additions therefore cannot be established from the provided material.

Key Figures

Applied Digital Corporation equipment financing rate: 19.0% EH Leasing Company equipment financing EOT fee: 18.7% Parafin SPV 2, LLC secured loan benchmark and floor: SOFR 1 Month Term + 10.8% or Floor rate 12.8% +5 more

8 metrics

Applied Digital Corporation equipment financing rate 19.0% Fixed interest rate on equipment financing maturing April 1, 2026

EH Leasing Company equipment financing EOT fee 18.7% End-of-term fee on 14.4% fixed-rate loan maturing November 1, 2029

Parafin SPV 2, LLC secured loan benchmark and floor SOFR 1 Month Term + 10.8% or Floor rate 12.8% Variable-rate secured loan maturing December 21, 2026

Quip NYC, Inc. secured loan pricing Prime + 9.0% or Floor rate 12.3% Variable-rate secured loan maturing September 1, 2028

Foreign currency forward settlement with City National Bank December 24, 2026 Settlement date for foreign currency forward contracts

Foreign currency forward settlement with CIBC April 29, 2027 Settlement date for Canadian Imperial Bank of Commerce forwards

Electric Hydrogen Co. equipment financing rate 12.6% Fixed interest rate on equipment financing maturing January 1, 2029

Commonwealth Fusion Systems, LLC equipment financing rate 13.2% Fixed interest rate on equipment financing maturing July 1, 2030

Key Terms

Equipment Financing, PIK Fixed Interest Rate, SOFR 3 Month Term, Foreign Currency Forward Contracts, +2 more

6 terms

Equipment Financing financial

"Type of Investment Equipment Financing Investment Date June 27, 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.

PIK Fixed Interest Rate financial

"Prime + 2.5% or Floor rate 10.0% + PIK Fixed Interest Rate 3.0%; EOT 4.8%"

SOFR 3 Month Term financial

"Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%"

Foreign Currency Forward Contracts financial

"Foreign Currency Forward Contracts Counterparty City National Bank Settlement Date December 24, 2026"

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.

End-of-term (EOT) fee financial

"Interest Rate Fixed interest rate 14.4%; EOT 18.7%"

SAFE Note financial

"Series SAFE Note"

A safe note is an agreement where an investor gives money now in exchange for a promise to receive company shares later, typically when the company raises a priced funding round or is sold. Think of it as buying a voucher for future ownership: it avoids setting a firm price today, often converting into equity at a discount or with a valuation cap, so it affects future ownership and dilution and is important for valuing early-stage investments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What kinds of investments appear in Trinity Capital (TRIN)'s portfolio?

The portfolio includes secured loans, equipment financings, equity stakes, and warrants across technology, healthcare, energy, real estate and financial services issuers. It also lists foreign currency forward contracts with banking counterparties for non-U.S. exposures.

Which interest benchmarks are used in TRIN’s variable-rate loans?

Variable-rate loans reference Prime, SOFR 1- and 3-Month Terms, base rates and CORRA, typically with stated floor rates. Many facilities combine spreads over these benchmarks with EOT fees to define total return on secured loan and equipment financing positions.

Can you give examples of higher fixed-rate loans in Trinity Capital (TRIN)'s holdings?

Yes. Applied Digital Corporation has equipment financing at a fixed 19.0% rate maturing April 1, 2026. EH Leasing Company, LLC carries a 14.4% fixed rate with an 18.7% EOT fee, maturing November 1, 2029, illustrating higher-yielding structures.

How does TRIN participate in portfolio company upside beyond loan interest?

The portfolio includes numerous warrant positions and preferred or common equity stakes in companies such as Axiom Space, Inc., Tarana Wireless, Inc., Nexii, Inc., Nomad Health, Inc., and others, allowing potential upside participation separate from interest income.

Does Trinity Capital (TRIN) have foreign currency exposure?

Yes. The schedule lists Foreign Currency Forward Contracts with City National Bank settling December 24, 2026, and with Canadian Imperial Bank of Commerce settling April 29, 2027, alongside Canadian and European portfolio investments, indicating managed non-U.S. currency exposure.

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Type of Investment Warrant Investment Date January 16, 2020 Expiration Date March 29, 2027 Series Preferred Series C2026-01-012026-06-300001786108Portfolio Company Equity Investments- United States Energy & Resource Technology Crusoe Energy Systems LLC Type of Investment Equity Investment Date November 6, 2024 Series Preferred Series D-12026-06-300001786108trin:TransportationTechnologyMemberus-gaap:EquitySecuritiesMembercountry:US2025-12-310001786108us-gaap:StockOptionMembersrt:MaximumMember2025-01-012025-06-300001786108Portfolio Company Equity Investments- United States Healthcare Technology Emerald Cloud Lab, Inc. Type of Investment Equity Investment Date April 29, 2024 Series Preferred Series B-12025-01-012025-12-310001786108Portfolio 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%2025-12-310001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology RTS Holding, Inc. 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Type of Investment Equipment Financing Investment Date May 1, 2026 Maturity Date December 1, 2029 Interest Rate Fixed interest rate 11.5%; EOT 5.0%2026-06-300001786108trin:SupplyChainTechnologyMemberus-gaap:EquitySecuritiesMembercountry:CA2026-06-300001786108trin:ConstructionTechnologyMemberus-gaap:DebtSecuritiesMembercountry:CA2025-12-310001786108srt:DirectorMembertrin:TwoThousandNineteenRestrictedStockPlanMember2026-06-300001786108trin:DirectLending2025LLCMember2025-01-012025-12-310001786108Portfolio 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%2026-06-300001786108trin:SeniorSecuritiesMember2020-12-310001786108trin:ConstructionTechnologyMembertrin:ProjectFrogIncMemberus-gaap:EquitySecuritiesMembercountry:US2026-06-300001786108trin:March2029NotesMember2024-03-280001786108Portfolio Company Equity Investments- United States Industrials Digilens, Inc. Type of Investment Equity Investment Date March 26, 2025 Series Class B Common Stock2025-12-310001786108trin:UniphoreTechnologiesIncMembertrin:ArtificialIntelligenceAndAutomationMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance PatientFi, Inc. Type of Investment Warrant Investment Date March 14, 2025 Expiration Date March 14, 2035 Series Preferred Series B2025-01-012025-12-310001786108Portfolio Company Equity Investments- United States Real Estate Technology Orchard Technologies, Inc. Type of Investment Equity Investment Date January 24, 2025 Series Preferred Series 12026-01-012026-06-300001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology Bolb, Inc. Type of Investment Warrant Investment Date October 12, 2021 Expiration Date October 12, 2031 Series Common Stock2026-06-300001786108Portfolio Company Equity Investments- United States Industrials Digilens, Inc. Type of Investment Equity Investment Date July 29, 2023 Series Class B Common Stock2026-06-300001786108us-gaap:OverAllotmentOptionMember2020-01-162020-01-160001786108Affiliate Investments Senior Credit Corp 2022 LLC2025-12-310001786108Portfolio Company Debt Securities- United States Space Technology Astranis Space Technology Corporation Type of Investment Equipment Financing Investment Date October 30, 2025 Maturity Date November 1, 2028 Interest Rate Fixed interest rate 11.7%; EOT 4.0%2025-12-310001786108srt:EuropeMember2026-01-012026-06-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Lendflow, Inc. Type of Investment Secured Loan Investment Date December 15, 2025 Maturity Date May 1, 2030 Interest Rate Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 2.7%2025-12-310001786108Portfolio Company Debt Securities- United States Transportation Technology Uveye, Inc. Type of Investment Equipment Financing Investment Date June 25, 2025 Maturity Date July 1, 2028 Interest Rate Fixed interest rate 11.9%; EOT 1.0%2026-06-300001786108Portfolio 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%2025-01-012025-12-310001786108Portfolio 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 Stock2026-06-300001786108Portfolio 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 Stock2025-12-310001786108Portfolio 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%2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Transportation Technology Uveye, Inc. Type of Investment Equipment Financing Investment Date September 26, 2025 Maturity Date October 1, 2028 Interest Rate Fixed interest rate 11.9%; EOT 1.0%2025-12-310001786108Portfolio Company Warrant Investments- United States Transportation Technology NextCar Holding Company, Inc. 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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%2026-01-012026-06-300001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation D-Wave Quantum Inc. Type of Investment Equipment Financing Investment Date August 1, 2025 Maturity Date September 1, 2028 Interest Rate Fixed interest rate 10.8%; EOT 4.0%2025-01-012025-12-310001786108Portfolio 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- United States Supply Chain Technology Macrofab, Inc. 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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%2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services BaubleBar, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date March 29, 2027 Series Preferred Series C2025-12-310001786108Portfolio 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 Stock2025-12-310001786108us-gaap:WarrantMembertrin:LarkTechnologiesIncMembertrin:HealthcareTechnologyMembercountry:US2025-12-310001786108Portfolio Company Equity Investments- United States Human Resource Technology Nomad Health, Inc. Type of Investment Equity Investment Date September 30, 2025 Series Preferred Series AAA2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Alt Lending SPV II, LLC Type of Investment Secured Loan Investment Date July 8, 2025 Maturity Date July 8, 2028 Interest Rate Variable interest rate SOFR 1 Month Term + 9.0% or Floor rate 11.0%; EOT 0.0%2026-01-012026-06-300001786108Portfolio 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%2025-12-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") ServiceTrade, Inc. Type of Investment Secured Loan Investment Date May 29, 2026 Maturity Date August 15, 2029 Variable interest rate SOFR 3 Month Term + 4.8% or Floor rate 5.8%; EOT 0.0%2026-06-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Thrivory, Inc. Type of Investment Secured Loan Investment Date September 9, 2025 Maturity Date October 1, 2027 Interest Rate Variable interest rate SOFR 1 Month Term + 10.5% or Floor rate 12.5%; EOT 0.0%2025-01-012025-12-310001786108trin:CreditSuisseCreditFacilityMembertrin:SeniorSecuritiesMember2020-12-310001786108Portfolio Company Equity Investments- United States Supply Chain Technology Inktavo, LLC Type of Investment Equity Investment Date October 15, 2025 Series Preferred Class A2025-12-310001786108Portfolio Company Debt Securities- United States Connectivity AST & Science, LLC Type of Investment Equipment Financing Investment Date December 23, 2025 Maturity Date January 1, 2031 Interest Rate Fixed interest rate 12.4%; EOT 9.0%2026-01-012026-06-300001786108Portfolio 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%2025-01-012025-12-310001786108us-gaap:WarrantMembertrin:BiotechnologyMembertrin:PendulumTherapeuticsIncMembercountry:US2026-06-300001786108Portfolio Company Equity Investments- United States Energy & Resource Technology Edeniq, Inc. Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series C2026-06-300001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMembersrt:MinimumMemberus-gaap:BlackScholesMertonModelMemberus-gaap:WarrantMember2025-12-310001786108trin:SeniorSecuritiesMembertrin:SeriesANotesMember2026-06-300001786108us-gaap:WarrantMembertrin:IndustrialsMembercountry:US2025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Centivo Corporation Type of Investment Warrant Investment Date July 31, 2024 Expiration Date July 31, 2034 Series Common Stock2025-12-310001786108us-gaap:RetainedEarningsMember2025-01-012025-06-300001786108Portfolio Company Warrant Investments- United States Connectivity Vertical Communications, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date July 11, 2026 Series Preferred Series 12026-01-012026-06-300001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Steno Agency, Inc. Type of Investment Secured Loan Investment Date May 16, 2025 Maturity Date July 1, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%2025-12-310001786108Portfolio 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 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%2025-01-012025-12-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMembertrin:ValuationTechniqueCostApproximatesFairValueMember2026-06-300001786108Portfolio Company Equity Investments- United States Healthcare Technology WorkWell Prevention & Care Inc. Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series P2025-01-012025-12-310001786108Portfolio Company Warrant Investments- Europe Medical Devices CMR Surgical Limited Type of Investment Warrant Investment Date March 24, 2025 Maturity Date March 24, 2030 Series Ordinary2025-12-310001786108Portfolio Company Debt Securities- United States Consumer Products & Services Bobbie Baby, Inc. Type of Investment Equipment Financing Investment Date September 12, 2025 Maturity Date October 1, 2028 Interest Rate Fixed interest rate 11.6%; EOT 3.0%2026-01-012026-06-300001786108us-gaap:WarrantMembertrin:ConsumerProductsAndServicesMembercountry:US2026-06-3000017861082025-04-012025-06-300001786108Portfolio Company Debt Securities- United States Education Technology Yellowbrick Learning, Inc. Type of Investment Secured Loan Investment Date February 1, 2021 Maturity Date March 1, 2026 Interest Rate Fixed interest rate 2.0%; EOT 5.0%2025-01-012025-12-310001786108Control Investments Emergy, Inc.2025-12-310001786108Portfolio Company Warrant Investments- United States Construction Technology Project Frog, Inc. One Type of Investment Warrant Investment Date January 16, 2020 Expiration Date February 28, 2027 Series Common Stock2026-01-012026-06-300001786108Portfolio Company Warrant Investments- United States Finance and Insurance Inshur, Inc. 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Type of Investment Secured Loan Investment Date March 28, 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%2025-01-012025-12-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Cpacket Networks, Inc. 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%2025-12-310001786108trin:ConnectivityMembertrin:VerticalCommunicationsIncMembercountry:USus-gaap:EquitySecuritiesMember2026-06-300001786108trin:MedicalDevicesMemberus-gaap:WarrantMembertrin:ElucentMedicalIncMembercountry:US2026-06-300001786108Portfolio Company Equity Investments- United States Connectivity Vertical Communications, Inc. Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series 12026-06-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Centivo Corporation Type of Investment Secured Loan Investment Date May 20, 2025 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 Equity Investments- United States Space Technology Hadrian Automation, Inc. Type of Investment Equity Investment Date December 11, 2023 Series Preferred B-12026-06-3000017861082022-01-012022-12-310001786108Portfolio Company Equity Investments- United States Energy & Resource Technology Edeniq, Inc. Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series D2026-01-012026-06-300001786108trin:DigitalAssetsTechnologyAndServicesMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Thrivory, Inc. Type of Investment Warrant Investment Date September 9, 2025 Expiration Date September 9, 2035 Series Common Stock2026-01-012026-06-300001786108Portfolio Company Debt Securities- United States Artificial Intelligence ("AI") Automation & Infrastructure Swimlane, Inc. Type of Investment Secured Loan Investment Date May 28, 2025 Maturity Date June 1, 2030 Interest Rate Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.3%2026-06-300001786108Portfolio Company Debt Securities- United States Medical Devices Shoulder Innovations, Inc. 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%2025-12-310001786108Portfolio Company Debt Securities- Canada Real Estate Technology Maple Raptor Acquisition Inc. Type of Investment Secured Loan Investment Date April 28, 2025 Maturity Date April 28, 2030 Interest Rate Variable interest rate CORRA 3 Month Term + 9.4%; EOT 0.0%2026-06-300001786108us-gaap:WarrantMembertrin:BeamTechnologiesIncMembertrin:FinanceAndInsuranceMembercountry:US2026-06-300001786108Portfolio 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%2026-01-012026-06-300001786108Portfolio Company Equity Investments- United States Space Technology Axiom Space, Inc. Type of Investment Equity Investment Date January 18, 2023 Series Preferred Series C-12026-06-300001786108Portfolio Company Debt Securities- United States Medical Devices Monteris Medical US, Inc. Type of Investment Secured Loan Investment Date March 3, 2026 Maturity Date March 1, 2031 Interest Rate Variable interest rate Prime + 4.3% or Floor rate 11.0%; EOT 4.0%2026-01-012026-06-300001786108us-gaap:InvestmentAffiliatedIssuerMember2026-01-012026-06-300001786108Portfolio Company Equity Investments- United States Construction Technology Project Frog, Inc. Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series BB2025-12-310001786108Portfolio 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 C2025-12-310001786108Portfolio Company Equity Investments- United States Industrials Digilens, Inc. 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Type of Investment Secured Loan Investment Date July 12, 2024 Maturity Date August 1, 2029 Interest Rate Variable interest rate Prime + 5.5% or Floor rate 14.0%; EOT 3.0%2025-01-012025-12-310001786108us-gaap:RestrictedStockMembertrin:TwoThousandNineteenLongTermIncentivePlanMember2025-12-310001786108trin:EnergyAndResourceTechnologyMembertrin:CommonwealthFusionSystemsLLCMemberus-gaap:DebtSecuritiesMembercountry:US2026-06-300001786108trin:MedicalDevicesMemberus-gaap:EquitySecuritiesMembercountry:US2026-06-300001786108Portfolio 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 C2026-01-012026-06-300001786108trin:RealEstateTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2025-12-310001786108Portfolio Company Debt Securities- United States Other Healthcare Services Metabolon, Inc. Type of Investment Secured Loan Investment Date March 28, 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%2026-01-012026-06-300001786108Portfolio 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 Stock2026-06-300001786108trin:TransportationTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2026-06-300001786108Portfolio Company Equity Investments- United States Energy & Resource Technology RTS Holding, Inc. Type of Investment Equity Investment Date July 5, 2022 Series Preferred Series E-1D2026-01-012026-06-300001786108trin:TwoThousandTwentyFiveNotesMember2025-01-012025-06-300001786108Portfolio 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%2025-12-310001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Augmented Reality Concepts, Inc. Type of Investment Secured Loan Investment Date June 17, 2024 Maturity Date June 18, 2029 Interest Rate Variable interest rate SOFR 3 Month Term + 7.3% or EOT 0.0%2025-12-310001786108country:UStrin:MarketingMediaAndEntertainmentMemberus-gaap:EquitySecuritiesMember2026-06-300001786108trin:EducationTechnologyMember2025-12-310001786108Portfolio Company Warrant Investments- United States Healthcare Technology Paytient Technologies, Inc. Type of Investment Warrant Investment Date May 27, 2025 Expiration Date May 27, 2035 Series Common Stock2026-01-012026-06-300001786108Portfolio 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 Stock2026-06-300001786108trin:SpaceTechnologyMembertrin:EarthdailyConstellationHoldingsLPMembercountry:CA2025-12-310001786108Portfolio Company Debt Securities- United States Diagnostics & Tools Artera Inc. Type of Investment Secured Loan Investment Date March 13, 2026 Maturity Date February 1, 2031 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 10.0%; EOT 4.5%2026-01-012026-06-300001786108Portfolio Company Warrant Investments- United States Healthcare Technology Dentologie Enterprises, Inc. Type of Investment Warrant Investment Date October 14, 2022 Expiration Date October 14, 2034 Series Common Stock2025-01-012025-12-310001786108trin:SecuredNotesMember2025-12-310001786108Portfolio 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%2026-06-300001786108us-gaap:WarrantMembertrin:FinanceAndInsuranceMembertrin:ParafinIncMembercountry:US2026-06-300001786108us-gaap:CommonStockMember2024-12-310001786108trin:SeniorSecuritiesMember2026-06-300001786108Portfolio Company Equity Investments- United States SaaS Dahlia Clipper SPV, L.P. Type of Investment Equity Investment Date July 25, 2025 Series SPV Member Units2026-01-012026-06-300001786108Portfolio Company Warrant Investments- United States Other Healthcare Services Cellares Corporation Type of Investment Warrant Investment Date August 2, 2024 Expiration Date August 2, 2034 Series Common Stock2025-12-310001786108Portfolio Company Equity Investments- United States Human Resource Technology Nomad Health, Inc. 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Type of Investment Equipment Financing Investment Date June 18, 2024 Maturity Date July 1, 2027 Interest Rate Fixed interest rate 12.7%; EOT 3.0%2025-01-012025-12-310001786108trin:NewJVPartnerMember2026-01-012026-06-300001786108Portfolio Company Debt Securities- United States Transportation Technology Uveye, Inc. Type of Investment Equipment Financing Investment Date August 13, 2025 Maturity Date September 1, 2028 Interest Rate Fixed interest rate 11.6%; EOT 1.0%2025-01-012025-12-310001786108us-gaap:WarrantMembertrin:SpaceTechnologyMembercountry:CA2026-06-300001786108Portfolio Company Debt Securities- Canada Real Estate Technology Maple Raptor Acquisition Inc. Type of Investment Secured Loan Investment Date April 28, 2025 Maturity Date April 28, 2030 Interest Rate Variable interest rate CORRA 3 Month Term + 9.4%; EOT 0.0%2025-12-310001786108Portfolio Company Debt Securities- United States Biotechnology Pendulum Therapeutics, Inc. Type of Investment Secured Loan Investment Date February 1, 2024 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 Debt Securities- United States Energy & Resource Technology Form Energy Inc. Type of Investment Equipment Financing Investment Date October 21, 2024 Maturity Date November 1, 2027 Interest Rate Fixed interest rate 12.7%; EOT 3.0%2026-06-300001786108Portfolio Company Debt Securities- United States Medical Devices Elucent Medical, Inc. Type of Investment Secured Loan Investment Date June 30, 2026 Maturity Date June 1, 2031 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 10.8%; EOT 3.5%2026-06-300001786108trin:TwoThousandNineteenRestrictedStockPlanMember2026-01-012026-06-300001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Super73, Inc. 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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%2025-01-012025-12-310001786108Portfolio 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%2025-12-310001786108trin:SeniorSecuritiesMembertrin:December2026NotesMember2021-12-310001786108Portfolio Company Warrant Investments- United States Connectivity Tarana Wireless, Inc. Type of Investment Warrant Investment Date June 30, 2021 Expiration Date June 30, 2031 Series Common Stock2026-01-012026-06-300001786108Portfolio Company Equity Investments- United States Construction Technology Project Frog, Inc. 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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%2025-01-012025-12-310001786108Affiliate Investments Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC)2025-01-012025-12-310001786108Portfolio Company Equity Investments- United States Energy & Resource Technology RTS Holding, Inc. Type of Investment Equity Investment Date February 7, 2025 Series Preferred Series E-12026-06-300001786108trin:FoodAndAgricultureTechnologiesMemberus-gaap:WarrantMembercountry:US2025-12-310001786108Portfolio Company Debt Securities- United States Energy & Resource Technology Electric Hydrogen Co. 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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%2026-06-300001786108Portfolio Company Debt Securities- United States Space Technology Astranis Space Technology Corporation Type of Investment Equipment Financing Investment Date April 13, 2023 Maturity Date May 1, 2027 Interest Rate Fixed interest rate 12.1%; EOT 6.5%2025-01-012025-12-310001786108Prime Rate2026-06-300001786108Portfolio 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%2025-12-310001786108trin:PatientFiIncMembertrin:FinanceAndInsuranceMemberus-gaap:DebtSecuritiesMembercountry:US2026-06-300001786108Portfolio Company Debt Securities- United States Energy & Resource Technology Electric Hydrogen Co. 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Type of Investment Warrant Investment Date January 16, 2020 Expiration Date September 30, 2028 Series Common Stock2025-12-310001786108trin:O2026M6DividendsMember2026-06-110001786108trin:SaasMember2025-12-310001786108Portfolio Company Debt Securities- United States Healthcare Technology Lightning Step Technologies, LLC Type of Investment Secured Loan Investment Date October 22, 2025 Maturity Date August 6, 2030 Interest Rate Variable interest rate SOFR 1 Month Term + 7.1%; EOT 0.0%2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Construction Technology Project Frog, Inc. Two Type of Investment Warrant Investment Date August 3, 2021 Expiration Date December 31, 2031 Series Preferred Series CC2026-06-300001786108Portfolio 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 Stock2026-01-012026-06-300001786108Portfolio Company Warrant Investments- United States SaaS Gtxcel, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date August 30, 2026 Series Preferred Series D2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services SI Tickets, Inc. Type of Investment Warrant Investment Date May 11, 2022 Expiration Date May 11, 2032 Series Common Stock2025-01-012025-12-310001786108Portfolio Company Equity Investments- United States Industrials Digilens, Inc. Type of Investment Equity Investment Date March 24, 2025 Series Class B Common Stock2025-01-012025-12-310001786108Portfolio 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%2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology Mainspring Energy, Inc. Type of Investment Warrant Investment Date March 18, 2022 Expiration Date March 18, 2032 Series Common Stock2026-06-300001786108us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:BlackScholesMertonModelMemberus-gaap:WarrantMember2025-12-310001786108Portfolio 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 C2025-01-012025-12-310001786108Portfolio Company Equity Investments- United States Space Technology Hadrian Automation, Inc. Type of Investment Equity Investment Date March 29, 2022 Series Preferred A-42026-06-300001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") SOCi, Inc. Type of Investment Secured Loan Investment Date December 30, 2024 Maturity Date October 3, 2029 Interest Rate Variable interest rate SOFR 6 Month Term + 7.9%; EOT 0.0%2026-01-012026-06-300001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Portofino Labs, Inc. Type of Investment Warrant Investment Date December 31, 2020 Expiration Date December 31, 2030 Series Common Stock2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Diagnostics & Tools Rapid Micro Biosystems, Inc. Type of Investment Warrant Investment Date August 8, 2025 Expiration Date August 8, 2035 Series Common Stock2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Ogee, Inc. 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Type of Investment Secured Loan Investment Date August 6, 2024 Maturity Date September 1, 2029 Interest Rate Variable interest rate Prime + 4.3% or Floor rate 12.8%; EOT 3.0%2025-01-012025-12-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMembertrin:MeasurementInputHypotheticalMarketYieldMemberus-gaap:DebtMember2026-06-300001786108trin:August2026NotesMembertrin:SeniorSecuritiesMember2021-12-310001786108Portfolio Company Debt Securities- United States Supply Chain Technology Nucleus RadioPharma, Inc. 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 Equity Investments- United States Industrials Digilens, Inc. 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Type of Investment Warrant Investment Date December 23, 2024 Expiration Date December 23, 2034 Series Common Stock2025-12-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001786108us-gaap:WarrantMembertrin:ConsumerProductsAndServicesMembersrt:EuropeMember2026-06-300001786108Portfolio Company Warrant Investments- United States Medical Devices Apiject Holdings, Inc. Type of Investment Warrant Investment Date June 24, 2024 Expiration Date June 24, 2034 Series Common Stock2025-01-012025-12-310001786108trin:SixPointZeroZeroPercentageConvertibleNotesDueTwoThousandTwentyFiveMember2020-12-102020-12-110001786108trin:SeriesANotesMembertrin:TrancheAMember2024-10-290001786108trin:ConnectivityMemberus-gaap:WarrantMembercountry:US2026-06-300001786108trin:KeyBankCreditFacilityMember2025-04-012025-06-300001786108Portfolio Company Warrant Investments- United States Energy & Resource Technology Form Energy Inc. Type of Investment Warrant Investment Date October 21, 2024 Expiration Date October 21, 2034 Series Common Stock2026-01-012026-06-300001786108Portfolio Company Warrant Investments- United States Medical Devices Convergent Dental, Inc. Type of Investment Warrant Investment Date April 21, 2023 Expiration Date April 21, 2033 Series Preferred Series D2026-06-300001786108Portfolio 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 Debt Securities- United States Finance and Insurance Cherry Technologies, Inc. Type of Investment Secured Loan Investment Date July 31, 2024 Maturity Date April 1, 2030 Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%2025-01-012025-12-310001786108us-gaap:WarrantMembertrin:PatientFiIncMembertrin:FinanceAndInsuranceMembercountry:US2025-12-310001786108Portfolio Company Warrant Investments- United States Artificial Intelligence & Automation Hologram, Inc. Type of Investment Warrant Investment Date January 31, 2020 Expiration Date January 27, 2030 Series Common Stock2025-12-310001786108Portfolio Company Debt Securities- Canada Space Technology Earthdaily Constellation Holdings, LP Type of Investment Equipment Financing Investment Date August 28, 2025 Maturity Date March 1, 2029 Interest Rate Fixed interest rate 13.9%; EOT 7.0%2025-12-310001786108Portfolio Company Equity Investments- United States Space Technology Hadrian Automation, Inc. Type of Investment Equity Investment Date December 11, 2023 Series Preferred Series B-12025-01-012025-12-310001786108Portfolio 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 Stock2025-01-012025-12-310001786108Portfolio Company Warrant Investments- United States Supply Chain Technology Macrofab, Inc. Type of Investment Warrant Investment Date January 14, 2025 Maturity Date July 21, 2035 Series Preferred Series C-12025-12-310001786108trin:September2029NotesMembertrin:DebtATMProgramMember2025-04-012025-06-300001786108trin:ConstructionTechnologyMembertrin:ProjectFrogIncMemberus-gaap:EquitySecuritiesMembercountry:US2025-12-310001786108Portfolio 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%2025-12-310001786108trin:MedicalDevicesMemberus-gaap:DebtSecuritiesMembersrt:EuropeMember2026-06-300001786108us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300001786108Portfolio 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 B2026-01-012026-06-300001786108Portfolio Company Warrant Investments- United States Medical Devices Monteris Medical US, Inc. Type of Investment Warrant Investment Date March 3, 2026 Expiration Date March 3, 2036 Series Preferred Series E2026-06-300001786108Portfolio Company Equity Investments- United States AI Automation & Infrastructure Together Computer, Inc. Type of Investment Equity Investment Date May 15, 2026 Series Preferred Series C2026-01-012026-06-300001786108Portfolio 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%2026-06-300001786108Portfolio 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%2026-06-300001786108us-gaap:CorporateJointVentureMember2025-12-310001786108Portfolio 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 Stock2026-06-300001786108Portfolio 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%2026-01-012026-06-300001786108trin:HealthcareTechnologyMember2026-06-300001786108Control Investments Knockaway, Inc.2025-12-31iso4217:GBPxbrli:sharesiso4217:USDxbrli:sharesxbrli:puretrin:Loantrin:BusinessDaysxbrli:sharesiso4217:EURxbrli:sharestrin:Segmenttrin:Equipmentiso4217:CADxbrli:sharesiso4217:USDutr:Y

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 June 30, 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		New York Stock Exchange
				NYSE Texas, Inc.
7.875% Notes Due March 2029		TRNZ		New York Stock Exchange
				NYSE Texas, Inc.
7.875% Notes Due September 2029		TRNI		New York Stock Exchange
				NYSE Texas, Inc.

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 August 3, 2026, the registrant had 94,693,574 shares of common stock ($0.001 par value per share) outstanding.

Table of Contents

TRINITY CAPITAL INC.

FORM 10‑Q FOR THE QUARTER ENDED JUNE 30, 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 June 30, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2026 and 2025 (unaudited)	5
	Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2026 and 2025 (unaudited)	7
	Consolidated Schedule of Investments as of June 30, 2026 (unaudited)	9
	Consolidated Schedule of Investments as of December 31, 2025	40
	Notes to Consolidated Financial Statements (unaudited)	70
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	120
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	137
Item 4.	Controls and Procedures	139
PART II	OTHER INFORMATION	139
Item 1.	Legal Proceedings	139
Item 1A.	Risk Factors	139
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	139
Item 3.	Defaults Upon Senior Securities	140
Item 4.	Mine Safety Disclosures	140
Item 5.	Other Information	140
Item 6.	Exhibits	140
SIGNATURES		142

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)

		June 30,				December 31,
		2026				2025
		(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost of $140,822 and $107,747, respectively)		$	148,781			$	123,760
Affiliate investments (cost of $97,310 and $63,422, respectively)			65,538				50,495
Non-Control / Non-Affiliate investments (cost of $2,480,088 and $2,225,715, respectively)			2,517,982				2,243,820
Total investments (cost of $2,718,220 and $2,396,883, respectively)			2,732,301				2,418,075
Cash and cash equivalents			22,177				19,110
Interest receivable			19,259				19,031
Deferred credit facility costs			5,053				5,872
Other assets			26,582				22,431
Total assets		$	2,805,372			$	2,484,519
LIABILITIES
Credit Facility		$	282,100			$	373,900
Secured Notes, net of $1,249 and $1,467, respectively, of unamortized deferred financing costs			198,751				198,533
Unsecured Notes, net of $14,469 and $10,118, respectively, of unamortized deferred financing costs and premium/discount			1,017,412				721,763
Distribution payable			—				41,574
Security deposits			2,718				3,008
Accounts payable, accrued expenses and other liabilities			37,542				51,742
Total liabilities			1,538,523				1,390,520
Commitments and contingencies (Note 6)
NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 94,023,371 and 81,518,294 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively)			94				82
Paid-in capital in excess of par			1,287,771				1,100,343
Distributable earnings/(accumulated deficit)			(21,016	)			(6,426	)
Total net assets			1,266,849				1,093,999
Total liabilities and net assets		$	2,805,372			$	2,484,519
NET ASSET VALUE PER SHARE		$	13.47			$	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					Six Months Ended					Six Months Ended
	June 30, 2026					June 30, 2025					June 30, 2026					June 30, 2025
INVESTMENT INCOME:
Interest and dividend income:
Control investments	$		4,048			$		2,430			$		9,649			$		4,758
Affiliate investments			1,774					977					3,893					2,250
Non-Control / Non-Affiliate investments			73,780					63,306					149,378					122,379
Total interest and dividend income			79,602					66,713					162,920					129,387
Fee and other income:
Control investments			633					—					633					—
Affiliate investments			648					597					1,261					1,289
Non-Control / Non-Affiliate investments			6,287					2,173					12,484					4,192
Total fee and other income			7,568					2,770					14,378					5,481
Total investment income			87,170					69,483					177,298					134,868
EXPENSES:
Interest expense and other debt financing costs			24,774					18,044					48,878					35,700
Compensation and benefits			12,428					12,489					29,699					23,134
Professional fees			1,245					1,787					2,464					3,814
General and administrative			2,991					2,246					6,135					4,713
Total gross expenses			41,438					34,566					87,176					67,361
Allocated expenses to Trinity Capital Adviser, LLC			(896	)				(508	)				(2,029	)				(916	)
Total net expenses			40,542					34,058					85,147					66,445
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES			46,628					35,425					92,151					68,423
Excise tax expense			639					621					1,674					1,238
NET INVESTMENT INCOME			45,989					34,804					90,477					67,185
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Affiliate investments			—					—					(3,071	)				—
Non-Control / Non-Affiliate investments			(774	)				(8,262	)				(7,633	)				(10,416	)
Net realized gain/(loss) from investments			(774	)				(8,262	)				(10,704	)				(10,416	)
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments			(3,104	)				7,912					(8,053	)				7,913
Affiliate investments			(3,899	)				52					(12,804	)				482
Non-Control / Non-Affiliate investments			6,193					6,908					15,321					3,335
Net change in unrealized appreciation/(depreciation) from investments			(810	)				14,872					(5,536	)				11,730
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$		44,405			$		41,414			$		74,237			$		68,499
NET INVESTMENT INCOME PER SHARE - BASIC	$		0.51			$		0.53			$		1.04			$		1.05
NET INVESTMENT INCOME PER SHARE - DILUTED	$		0.51			$		0.53			$		1.04			$		1.05
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC	$		0.49			$		0.63			$		0.85			$		1.07
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED	$		0.49			$		0.63			$		0.85			$		1.07
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC			90,464,413					65,911,570					87,072,704					64,242,822
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED			90,464,413					65,911,570					87,072,704					64,242,822

See accompanying notes to unaudited consolidated financial statements.

4

Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended June 30, 2026:

														Distributable
										Paid In Capital				Earnings /
		Common Stock								in Excess of				(Accumulated				Total
		Shares				Par Value				Par Value				Deficit)				Net Assets
Balance as of March 31, 2026			87,903,645			$	88			$	1,185,441			$	(19,274	)		$	1,166,255
Issuance of common stock pursuant to distribution reinvestment plan			26,342				—				452				—				452
Stock-based compensation			—				—				3,346				—				3,346
Issuance of restricted stock awards			24,704				—				—				—				—
Issuance of common stock, net of issuance costs			6,134,888				6				99,475				—				99,481
Retired and forfeited shares of restricted stock			(66,208	)			—				(943	)			—				(943	)
Distributions to stockholders			—				—				—				(46,147	)			(46,147	)
Net increase/(decrease) in net assets resulting from operations			—				—				—				44,405				44,405
Balance as of June 30, 2026			94,023,371			$	94			$	1,287,771			$	(21,016	)		$	1,266,849

Three Months Ended June 30, 2025:

														Distributable
										Paid In Capital				Earnings /
		Common Stock								in Excess of				(Accumulated				Total
		Shares				Par Value				Par Value				Deficit)				Net Assets
Balance as of March 31, 2025			63,880,330			$	64			$	845,531			$	(12,200	)		$	833,395
Issuance of common stock pursuant to distribution reinvestment plan			21,072				—				303				—				303
Stock-based compensation			—				—				3,194				—				3,194
Issuance of restricted stock awards			13,772				—				—				—				—
Issuance of common stock, net of issuance costs			5,717,121				6				81,507				—				81,513
Retired and forfeited shares of restricted stock			(58,149	)			—				(768	)			—				(768	)
Distributions to stockholders			—				—				—				(35,483	)			(35,483	)
Net increase/(decrease) in net assets resulting from operations			—				—				—				41,414				41,414
Balance as of June 30, 2025			69,574,146			$	70			$	929,767			$	(6,269	)		$	923,568

5

Table of Contents

Six Months Ended June 30, 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			72,751				—				1,184				—				1,184
Stock-based compensation			—				—				6,595				—				6,595
Issuance of restricted stock awards			933,243				1				(1	)			—				—
Issuance of common stock, net of issuance costs			11,681,168				11				182,236				—				182,247
Retired and forfeited shares of restricted stock			(182,085	)			—				(2,586	)			—				(2,586	)
Distributions to stockholders			—				—				—				(88,827	)			(88,827	)
Net increase/(decrease) in net assets resulting from operations			—				—				—				74,237				74,237
Balance as of June 30, 2026			94,023,371			$	94			$	1,287,771			$	(21,016	)		$	1,266,849

Six Months Ended June 30, 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			41,421				—				600				—				600
Stock-based compensation			—				—				5,803				—				5,803
Issuance of restricted stock awards			333,728				—				—				—				—
Issuance of common stock, net of issuance costs			7,694,584				8				111,973				—				111,981
Retired and forfeited shares of restricted stock			(164,646	)			—				(2,463	)			—				(2,463	)
Additional paid-in capital in connection with Convertible Notes Redemption			—				—				(15,772	)			—				(15,772	)
Distributions to stockholders			—				—				—				(68,062	)			(68,062	)
Net increase/(decrease) in net assets resulting from operations			—				—				—				68,499				68,499
Balance as of June 30, 2025			69,574,146			$	70			$	929,767			$	(6,269	)		$	923,568

See accompanying notes to unaudited consolidated financial statements.

6

Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

		Six Months Ended				Six Months Ended
		June 30, 2026				June 30, 2025
Cash flows provided by/(used in) operating activities:
Net increase/(decrease) in net assets resulting from operations		$	74,237			$	68,499
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			(765,540	)			(579,821	)
Proceeds from sales and paydowns of investments			467,558				352,098
Net change in unrealized (appreciation)/depreciation from investments			5,536				(11,730	)
Net realized (gain)/loss from investments			10,704				10,416
Accretion of original issue discounts and end of term payments on investments			(29,567	)			(23,406	)
Amortization of deferred financing costs			2,982				2,384
Stock-based compensation			6,595				5,803
Change in operating assets and liabilities
(Increase)/Decrease in interest receivable			(228	)			(1,122	)
(Increase)/Decrease in other assets			(2,160	)			(707	)
Increase/(Decrease) in security deposits			(290	)			(2,554	)
Increase/(Decrease) in accounts payable, accrued expenses and other liabilities			(14,181	)			(6,733	)
Net cash provided by/(used in) operating activities			(244,354	)			(186,873	)
Cash flows provided by/(used in) investing activities:
Disposal/(Acquisition) of fixed assets			(445	)			(286	)
Net cash provided by/(used in) investing activities			(445	)			(286	)
Cash flows provided by/(used in) financing activities
Issuance of common stock, net of issuance costs			177,764				111,981
Retirement of employee shares			(2,586	)			(2,463	)
Cash distributions paid			(129,217	)			(63,430	)
Issuance of Unsecured Notes, net of issuance costs			293,705				5,451
Repayment of Unsecured Notes			—				(217,756	)
Borrowings under Credit Facility			915,800				727,200
Repayments under Credit Facility			(1,007,600	)			(357,200	)
Net cash provided by/(used in) financing activities			247,866				203,783
Net increase/(decrease) in cash, cash equivalents and restricted cash			3,067				16,624
Cash, cash equivalents and restricted cash at beginning of period			19,110				9,627
Cash, cash equivalents and restricted cash at end of period		$	22,177			$	26,251

7

Table of Contents

		Six Months Ended				Six Months Ended
		June 30, 2026				June 30, 2025
Supplemental and non-cash investing and financing activities:
Cash paid for interest		$	45,616			$	33,035
Income tax, including excise tax, paid			2,876				2,722
Non-cash purchase of investments through issuance of common stock			4,483				—
Distribution payable			—				35,483
Distributions reinvested			1,184				600

See accompanying notes to unaudited consolidated financial statements.

8

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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 ("AI") Automation & Infrastructure
Augmented Reality Concepts, Inc.		Secured Loan		June 17, 2024		June 18, 2029		Variable interest rate SOFR 3 Month Term + 7.3%; EOT 0.0%		$	14,110			$	13,930			$	14,015			(8)(14)(19)(22)
Cirrascale Cloud Services, LLC		Equipment Financing		June 27, 2024		September 1, 2026		Fixed interest rate 12.7%; EOT 4.0%		$	2,060			$	3,012			$	3,013			(9)(14)(19)
		Equipment Financing		October 22, 2024		April 1, 2027		Fixed interest rate 10.2%; EOT 5.0%			3,349				4,258				4,229			(9)(14)(19)
Total Cirrascale Cloud Services, LLC											5,409				7,270				7,242
D-Wave Quantum Inc.		Equipment Financing		August 1, 2025		September 1, 2028		Fixed interest rate 10.8%; EOT 4.0%		$	143			$	144			$	146			(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%		$	24,875			$	24,580			$	24,817			(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			$	14,876			$	15,263			(8)(14)
Path Robotics, Inc.		Secured Loan		April 28, 2026		May 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 10.8%; EOT 2.8%		$	18,722			$	17,869			$	17,869			(8)(14)(19)
Sortera Technologies, Inc.		Equipment Financing		February 11, 2025		March 1, 2028		Fixed interest rate 12.5%; EOT 4.0%		$	3,305			$	3,350			$	3,393			(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			$	11,287			$	11,067			(8)(9)(14)(19)
Together Computer, Inc.		Equipment Financing		June 29, 2026		July 1, 2029		Fixed interest rate 11.0%; EOT 4.5%		$	49,397			$	49,158			$	49,158			(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			$	6,571			$	6,657			(8)(14)(19)
Trin H OpCo I LLC		Equipment Financing		April 29, 2026		March 1, 2029		Fixed interest rate 14.9%; EOT 0.0%		$	24,025			$	23,760			$	23,760			(25)
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			$	35,383			$	35,269			(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				13,299				13,236			(8)(14)(19)
Total Uniphore Technologies Inc.											49,500				48,682				48,505
Sub-total: AI Automation & Infrastructure (17.5%)*										$	222,486			$	221,477			$	221,892

9

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	42,471			$	42,707			(8)(9)(10)(14)(19)
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			$	43,328			$	44,300			(8)(9)(14)(19)
Sub-total: Biotechnology (6.9%)*										$	86,500			$	85,799			$	87,007
Connectivity
AST & Science, LLC		Equipment Financing		June 27, 2025		July 1, 2030		Fixed interest rate 12.4%; EOT 9.0%		$	13,163			$	13,558			$	13,727			(9)(10)(14)(19)
		Equipment Financing		June 30, 2025		July 1, 2030		Fixed interest rate 12.5%; EOT 9.0%			2,141				2,205				2,232			(9)(10)(14)(19)
		Equipment Financing		September 26, 2025		October 1, 2030		Fixed interest rate 12.4%; EOT 9.0%			4,812				4,907				4,962			(9)(10)(14)(19)
		Equipment Financing		December 23, 2025		January 1, 2031		Fixed interest rate 12.4%; EOT 9.0%			13,561				13,705				13,757			(9)(10)(14)(19)
Total AST & Science, LLC											33,677				34,375				34,678
Vertical Communications, Inc.		Secured Loan		August 23, 2021		December 1, 2027		Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 23.8%		$	12,600			$	15,764			$	13,115			(8)(25)
		Secured Loan		July 16, 2025		December 1, 2026		Fixed interest rate 11.5%; EOT 0.0%			1,000				1,000				832			(25)
		Secured Loan		September 9, 2025		December 1, 2026		Fixed interest rate 11.5%; EOT 0.0%			500				500				416			(25)
Total Vertical Communications, Inc.											14,100				17,264				14,363
Sub-total: Connectivity (3.9%)*										$	47,777			$	51,639			$	49,041
Consumer Products & Services
Bobbie Baby, Inc.		Equipment Financing		September 12, 2025		October 1, 2028		Fixed interest rate 11.6%; EOT 3.0%		$	4,205			$	4,208			$	4,284			(9)(14)(19)(22)
Clutch, Inc.		Secured Loan		June 30, 2026		June 30, 2031		Variable interest rate SOFR 3 Month Term + 6.2% or Floor rate 8.2%; EOT 0.0%		$	30,000			$	29,700			$	29,700			(8)(20)
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			$	4,847			$	4,773			(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				4,840				4,773			(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				4,816				4,773			(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				4,546				4,773			(8)(14)(19)
Total Ogee, Inc.											18,800				19,049				19,092
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%		$	2,742			$	2,739			$	2,736			(8)
Rinse, Inc.		Secured Loan		May 14, 2026		June 1, 2031		Variable interest rate Prime + 6.5% or Floor rate 11.3%; EOT 3.8%		$	8,043			$	8,183			$	7,955			(8)(14)
Sub-total: Consumer Products & Services (5.0%)*										$	63,790			$	63,879			$	63,767

10

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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%		$	6,600			$	6,537			$	6,588			(8)(9)(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			$	13,930			$	14,107			(8)(9)(14)(19)
Sub-total: Diagnostics & Tools (1.6%)*										$	20,800			$	20,467			$	20,695
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			$	5,962			$	6,178
Sub-total: Digital Assets Technology and Services (0.5%)*										$	6,000			$	5,962			$	6,178
Education Technology
Yellowbrick Learning, Inc.		Secured Loan		February 1, 2021		September 1, 2027		Fixed interest rate 2.0%; EOT 5.0%		$	7,500			$	7,865			$	7,176
		Secured Loan		August 10, 2021		September 1, 2027		Fixed interest rate 2.0%; EOT 5.0%			2,500				2,622				2,392
Total Yellowbrick Learning, Inc.											10,000				10,487				9,568
Sub-total: Education Technology (0.8%)*										$	10,000			$	10,487			$	9,568
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%		$	21,547			$	21,223			$	21,224			(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%		$	30,040			$	30,616			$	30,236			(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%			2,406				2,454				2,422			(8)(9)(14)(15)(19)
		Secured Loan		August 7, 2025		December 31, 2029		Fixed interest rate 0.0%; EOT 0.0%			395				395				270			(9)(19)
Total Beam Technologies, Inc.											32,841				33,465				32,928
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%		$	3,822			$	3,807			$	3,871			(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%			3,808				3,719				3,748			(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%			3,803				3,723				3,757			(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%			7,584				7,416				7,485			(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%			3,790				3,702				3,737			(8)(9)(14)(15)(19)
Total Centivo Corporation											22,807				22,367				22,598
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			$	7,448			(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				7,513				7,439			(8)(9)(14)(19)
Total Cherry Technologies, Inc.											14,470				15,021				14,887

11

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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		June 25, 2026		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%		$	73,120			$	74,947			$	74,102			(8)(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			$	24,788			$	24,648			(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			$	12,623			$	12,768			(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 2.9%		$	4,270			$	4,190			$	4,318			(8)(9)(14)(19)
		Secured Loan		May 28, 2026		October 1, 2030		Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.9%			1,220				1,152				1,152			(8)(9)(14)(19)
Total Kard Financial, Inc.											5,490				5,342				5,470
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			$	2,029			$	2,075			(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				1,007				1,016			(8)(9)(14)(19)
Total Lendflow, Inc.											3,060				3,036				3,091
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%		$	16,165			$	16,123			$	16,123			(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			$	6,340			$	6,535			(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%		$	21,130			$	21,130			$	21,130			(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			$	5,656			$	5,602			(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				5,594				5,507			(8)(9)(14)(19)
Total PatientFi, Inc.											11,400				11,250				11,109
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%		$	5,558			$	5,545			$	5,545			(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%		$	6,083			$	6,043			$	6,043			(8)(10)(12)(21)

12

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	12,153			$	12,401			(8)(9)(14)(19)
		Secured Loan		December 9, 2025		September 22, 2027		Fixed interest rate 6.0%; EOT 0.0%			405				405				420			(9)(16)(19)
Total Wisetack, Inc.											12,555				12,558				12,821
Sub-total: Finance and Insurance (23.0%)*										$	290,176			$	291,801			$	291,022
Food and Agriculture Technologies
DrinkPak, LLC		Equipment Financing		February 17, 2023		September 1, 2026		Fixed interest rate 12.9%; EOT 7.0%		$	799			$	1,898			$	1,886			(9)(14)(19)
Sub-total: Food and Agriculture Technologies (0.1%)*										$	799			$	1,898			$	1,886
Energy & Resource Technology
Commonwealth Fusion Systems, LLC		Equipment Financing		June 16, 2023		July 1, 2030		Fixed interest rate 13.0%; EOT 10.0%		$	2,738			$	2,979			$	3,043			(9)(14)(19)
		Equipment Financing		June 27, 2024		July 1, 2030		Fixed interest rate 13.2%; EOT 10.0%			7,927				8,417				8,610			(9)(14)(19)
		Equipment Financing		January 14, 2025		July 1, 2029		Fixed interest rate 11.2%; EOT 6.0%			8,872				9,253				9,338			(9)(14)(19)
		Equipment Financing		December 24, 2025		December 1, 2030		Fixed interest rate 11.4%; EOT 6.0%			53,352				53,688				53,928			(9)(14)(19)
Total Commonwealth Fusion Systems, LLC											72,889				74,337				74,919
Electric Hydrogen Co.		Equipment Financing		December 22, 2023		January 1, 2029		Fixed interest rate 12.5%; EOT 15.0%		$	2,665			$	3,164			$	3,109			(9)(14)(19)
		Equipment Financing		June 27, 2024		January 1, 2029		Fixed interest rate 12.6%; EOT 15.0%			2,186				2,527				2,502			(9)(14)(19)
		Equipment Financing		September 19, 2024		October 1, 2028		Fixed interest rate 12.5%; EOT 15.0%			1,288				1,490				1,466			(9)(14)(19)
		Equipment Financing		November 14, 2024		December 1, 2028		Fixed interest rate 11.9%; EOT 15.0%			314				357				351			(9)(14)(19)
		Equipment Financing		March 31, 2026		April 1, 2030		Fixed interest rate 12.2%; EOT 10.0%			529				533				532			(14)(19)
		Secured Loan		April 30, 2026		April 30, 2027		Fixed interest rate 8.0%; EOT 0.0%			23				23				23			(9)(16)(19)
Total Electric Hydrogen Co.											7,005				8,094				7,983
Form Energy Inc.		Equipment Financing		October 21, 2024		November 1, 2027		Fixed interest rate 12.7%; EOT 3.0%		$	15,818			$	16,427			$	16,489			(9)(14)(19)
		Equipment Financing		December 12, 2024		January 1, 2028		Fixed interest rate 12.5%; EOT 3.0%			4,411				4,541				4,554			(9)(14)(19)
Total Form Energy Inc.											20,229				20,968				21,043
Luxwall, Inc.		Equipment Financing		June 4, 2026		December 1, 2029		Fixed interest rate 10.1%; EOT 3.5%		$	7,800			$	7,720			$	7,720			(14)(19)
SeaOn Global, LLC		Equipment Financing		August 17, 2022		September 1, 2026		Fixed interest rate 9.3%; EOT 11.0%		$	160			$	517			$	511
Torus Inc.		Equipment Financing		February 17, 2026		August 1, 2029		Fixed interest rate 11.9%; EOT 5.0%		$	5,396			$	5,439			$	5,482			(9)(14)(19)(22)
		Equipment Financing		May 1, 2026		December 1, 2029		Fixed interest rate 11.5%; EOT 5.0%			846				848				848			(14)(19)(22)
		Equipment Financing		June 18, 2026		January 1, 2030		Fixed interest rate 11.9%; EOT 5.0%			1,386				1,384				1,384			(14)(19)(22)
Total Torus Inc.											7,628				7,671				7,714
Sub-total: Energy & Resource Technology (9.5%)*										$	115,711			$	119,307			$	119,890

13

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	5,681			$	5,657			(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				2,257				2,244			(8)(9)(14)(19)
		Secured Loan		May 29, 2026		May 1, 2030		Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 3.0%			2,280				2,239				2,239			(8)(9)(14)(19)
Total B.Well Connected Health, Inc.											10,260				10,177				10,140
Lightning Step Technologies, LLC		Secured Loan		August 6, 2025		August 6, 2030		Variable interest rate SOFR 3 Month Term + 7.1%; EOT 0.0%		$	9,000			$	8,850			$	8,788			(8)(14)
		Secured Loan		October 22, 2025		August 6, 2030		Variable interest rate SOFR 3 Month Term + 7.1%; EOT 0.0%			9,000				8,843				8,956			(8)
Total Lightning Step Technologies, LLC											18,000				17,693				17,744
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			$	8,035			$	7,785			(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				8,134				7,893			(8)(9)(14)(19)
Total Paytient Technologies, Inc.											16,250				16,169				15,678
Pearl Health, Inc.		Secured Loan		June 17, 2026		July 1, 2031		Variable interest rate Prime + 5.3% or Floor rate 12.0%; EOT 2.0%		$	18,500			$	18,234			$	18,234			(8)(14)(19)(24)
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			$	21,173			$	21,350			(8)(14)(19)
WorkWell Prevention & Care Inc.		Secured Loan		December 31, 2022		February 1, 2028		Variable interest rate Prime + 5.0% or Floor rate 6.0%; EOT 0.0%		$	500			$	500			$	500			(8)(25)
Sub-total: Healthcare Technology (6.6%)*										$	85,010			$	83,946			$	83,646
Human Resource Technology
Nomad Health, Inc.		Secured Loan		June 12, 2024		September 30, 2027		Fixed interest rate 10.0%; EOT 0.0%		$	500			$	500			$	—			(18)(25)
		Secured Loan		September 30, 2025		September 30, 2027		Fixed interest rate 7.5%; EOT 0.0%			11,401				11,401				—			(18)(25)
Total Nomad Health, Inc.											11,901				11,901				—
Sub-total: Human Resource Technology (0.0%)*										$	11,901			$	11,901			$	—

14

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	—			(18)
Sub-total: Industrials (0.0%)*										$	1,806			$	1,826			$	—
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			$	31,716			$	32,498			(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				11,953				11,526			(8)(9)(14)(19)
Total Angel Studios, Inc.											46,600				43,669				44,024
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%		$	754			$	864			$	864			(8)(14)
Rarefied Atmosphere, Inc.		Secured Loan		June 26, 2026		June 1, 2031		Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.0%		$	58,953			$	60,130			$	59,504			(8)(14)(19)
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%		$	9,974			$	10,115			$	9,880			(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				5,313				5,201			(8)(9)(14)(19)
Total Vox Media Holdings, Inc.											15,225				15,428				15,081
Sub-total: Marketing, Media, and Entertainment (9.4%)*										$	121,532			$	120,091			$	119,473
Medical Devices
Apiject Holdings, Inc.		Equipment Financing		June 24, 2024		July 1, 2028		Fixed interest rate 10.9%; EOT 7.5%		$	12,671			$	14,168			$	12,721			(9)(14)(19)
		Equipment Financing		September 30, 2024		October 1, 2028		Fixed interest rate 11.3%; EOT 7.5%			5,417				6,007				5,403			(9)(14)(19)
Total Apiject Holdings, Inc.											18,088				20,175				18,124
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			$	3,151			$	3,223			(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				3,130				3,159			(8)(9)(19)
Total Cagent Vascular, Inc.											6,300				6,281				6,382
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%		$	25,090			$	24,818			$	24,984			(8)(15)(19)

15

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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		June 30, 2026		June 1, 2031		Variable interest rate Prime + 4.0% or Floor rate 10.8%; EOT 3.5%		$	28,200			$	27,803			$	27,812			(8)(14)(19)
Emboline, Inc.		Secured Loan		March 3, 2026		April 1, 2031		Variable interest rate Prime + 4.0% or Floor rate 10.5%; EOT 4.0%		$	9,150			$	9,055			$	9,126			(8)(9)(14)(19)
Iantrek, Inc.		Secured Loan		April 14, 2026		April 14, 2031		Variable interest rate Prime + 3.5% or Floor rate 10.3%; EOT 4.0%		$	4,300			$	4,186			$	4,186			(8)(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			$	28,340			$	28,027			(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				4,723				4,671			(8)(14)(19)
Total Lightforce Orthodontics, Inc.											32,900				33,063				32,698
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			$	32,238			$	32,988			(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			$	20,229			$	20,592			(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				15,074				14,884			(8)
Total Neurolens, Inc.											35,000				35,303				35,476
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			$	13,869			$	13,734			(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			$	4,348			$	4,379			(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			$	4,034			$	4,115			(8)(9)(14)(19)
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			$	27,908			$	28,631			(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				7,937				8,145			(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				7,877				7,944			(8)(9)(14)(19)
Total Vital Connect, Inc.											43,450				43,722				44,720
Sub-total: Medical Devices (20.4%)*										$	257,589			$	258,895			$	258,724
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)(25)
Sub-total: Multi-Sector Holdings (1.0%)*										$	12,885			$	12,885			$	12,885

16

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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		August 31, 2026		Variable interest rate Prime + 3.3% or Floor rate 11.8%; EOT 4.0%		$	47,000			$	48,872			$	48,881			(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%		$	14,400			$	14,331			$	14,371			(8)(9)(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%		$	45,125			$	45,285			$	45,826			(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%			5,269				5,303				5,302			(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%			2,614				2,620				2,620			(8)(15)
Total Metabolon, Inc.											53,008				53,208				53,748
Renalogic Holdings, Inc.		Secured Loan		June 30, 2025		June 30, 2030		Variable interest rate SOFR 3 Month Term + 5.8%; EOT 0.0%		$	62,865			$	61,844			$	62,584			(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			$	8,638			$	8,641			(8)(9)(14)
Sub-total: Other Healthcare Services (14.9%)*										$	185,773			$	186,893			$	188,225
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%		$	24,041			$	23,949			$	20,867			(14)(15)(25)
		Secured Loan		May 14, 2025		May 14, 2027		Fixed interest rate 4.0%; EOT 0.0%			1,600				1,600				1,615			(16)(25)
Total Knockaway, Inc.											25,641				25,549				22,482
Knockaway Trinity Holdings, LLC		Secured Loan		December 6, 2023		December 27, 2027		Variable interest rate SOFR 1 Month Term + 9.3% or Floor rate 13.8%; EOT 0.0%		$	2,958			$	2,955			$	2,955			(8)(10)(12)(21)(25)
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				12,111			(8)(25)
		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				6,115			(8)(16)(25)
Total Orchard Technologies, Inc.											22,540				23,682				18,226
Sub-total: Real Estate Technology (3.4%)*										$	51,139			$	52,186			$	43,663

17

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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")
Consensus Sales, LLC		Secured Loan		June 5, 2026		June 5, 2031		Variable interest rate SOFR 1 Month Term + 7.2% or Floor rate 6.0%; EOT 0.0%		$	26,845			$	26,639			$	26,638			(8)(20)(24)
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%		$	20,866			$	21,053			$	21,133			(8)(9)(14)(15)
CW AcquisitionsCo		Secured Loan		June 12, 2026		June 12, 2032		Variable interest rate SOFR 3 Month Term + 8.5% or Floor rate 9.5%; EOT 0.0%		$	20,000			$	19,796			$	19,796			(8)(20)
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			$	3,206			$	3,203			(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				5,641				5,639			(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				640				646			(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				1,599				1,595			(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				766				762			(8)(14)(19)(20)(22)
Total Eyelit Technologies, Inc.											12,025				11,852				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%		$	24,536			$	24,200			$	24,331			(8)(14)(19)(20)
		Secured Loan		June 23, 2026		December 31, 2026		Variable interest rate SOFR 3 Month Term + 7.8% or Floor rate 8.8%; EOT 0.0%			1,998				1,998				1,998			(8)(19)(20)
Total Hometown Ticketing, Inc.											26,534				26,198				26,329
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			$	7,383			$	7,511			(8)(20)
		Secured Loan		February 9, 2026		September 15, 2030		Variable interest rate SOFR 3 Month Term + 5.5%; EOT 0.0%			6,587				6,476				6,580			(8)(20)
Total CCP InterGalactic Buyer, LLC											14,087				13,859				14,091
Kibo Software, Inc.		Secured Loan		May 22, 2026		May 22, 2031		Variable interest rate SOFR 3 Month Term + 5.8% or Floor rate 6.8%; EOT 0.0%		$	35,000			$	34,658			$	34,658			(8)(20)
OrgChart, LLC		Secured Loan		January 13, 2026		January 13, 2031		Variable interest rate SOFR 1 Month Term + 5.5%; EOT 0.0%		$	24,938			$	24,711			$	25,170			(8)(20)
ServiceTrade, Inc.		Secured Loan		April 17, 2026		August 15, 2029		Variable interest rate SOFR 3 Month Term + 8.0% or Floor rate 9.0%; EOT 0.0%		$	9,790			$	9,790			$	9,986			(8)(14)(19)(20)
		Secured Loan		April 17, 2026		August 15, 2029		Variable interest rate SOFR 3 Month Term + 4.8% or Floor rate 5.8%; EOT 0.0%			890				877				877			(8)(14)(19)(20)
		Secured Loan		May 5, 2026		August 15, 2029		Variable interest rate SOFR 3 Month Term + 4.8% or Floor rate 5.8%; EOT 0.0%			1,780				1,754				1,754			(8)(14)(19)(20)
		Secured Loan		May 29, 2026		August 15, 2029		Variable interest rate SOFR 3 Month Term + 4.8% or Floor rate 5.8%; EOT 0.0%			1,780				1,753				1,753			(8)(14)(19)(20)
		Secured Loan		June 29, 2026		August 15, 2029		Variable interest rate SOFR 3 Month Term + 4.8% or Floor rate 5.8%; EOT 0.0%			8,010				7,886				7,886			(8)(14)(19)(20)
Total ServiceTrade, Inc.											22,250				22,060				22,256
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			$	16,049			$	16,205			(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%		$	35,557			$	35,030			$	35,557			(8)(14)(19)(20)
		Secured Loan		December 30, 2024		October 3, 2029		Variable interest rate SOFR 6 Month Term + 7.9%; EOT 0.0%			3,241				3,190				3,241			(8)(14)(19)(20)
		Secured Loan		April 23, 2025		October 3, 2029		Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%			1,629				1,601				1,629			(8)(14)(19)(20)
		Secured Loan		August 5, 2025		October 3, 2029		Variable interest rate SOFR 6 Month Term + 7.9%; EOT 0.0%			1,714				1,684				1,714			(8)(14)(19)(20)
Total SOCi, Inc.											42,141				41,505				42,141
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			$	3,721			$	3,823			(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				3,682				3,739			(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				3,578				3,627			(8)(9)(14)(19)
Total Steno Agency, Inc.											11,040				10,981				11,189

18

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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%		$	24,813			$	24,407			$	24,205			(8)(14)(20)
		Secured Loan		January 29, 2026		July 25, 2030		Variable interest rate SOFR 3 Month Term + 6.3%; EOT 0.0%			995				977				993			(8)(20)
		Secured Loan		April 9, 2026		July 25, 2030		Variable interest rate SOFR 3 Month Term + 6.3%; EOT 0.0%			13,878				13,836				13,836			(8)(20)
Total Ticketure LLC											39,686				39,220				39,034
Xytech Systems, LLC		Secured Loan		February 26, 2025		February 26, 2030		Variable interest rate SOFR 3 Month Term + 6.3%; EOT 0.0%		$	37,600			$	37,076			$	36,812			(8)(19)(20)
		Secured Loan		July 2, 2025		February 26, 2030		Variable interest rate SOFR 3 Month Term + 6.3%; EOT 0.0%			1,880				1,851				1,814			(8)(14)(19)(20)
		Secured Loan		March 3, 2026		February 26, 2030		Variable interest rate SOFR 3 Month Term + 6.3%; EOT 0.0%			1,645				1,615				1,603			(8)(19)(20)
Total Xytech Systems, LLC											41,125				40,542				40,229
Sub-total: SaaS (27.7%)*										$	352,737			$	349,123			$	350,714
Space Technology
Astranis Space Technology Corporation		Equipment Financing		September 27, 2024		October 1, 2027		Fixed interest rate 12.6%; EOT 4.0%		$	1,340			$	1,402			$	1,409			(9)(14)(19)
		Equipment Financing		August 25, 2025		September 1, 2028		Fixed interest rate 11.6%; EOT 4.0%			3,227				3,284				3,324			(9)(14)(19)
		Equipment Financing		October 30, 2025		November 1, 2028		Fixed interest rate 11.7%; EOT 4.0%			846				856				866			(9)(14)(19)
		Equipment Financing		March 30, 2026		April 1, 2029		Fixed interest rate 11.7%; EOT 4.0%			1,875				1,870				1,885			(14)(19)
		Equipment Financing		June 25, 2026		July 1, 2029		Fixed interest rate 11.6%; EOT 4.0%			1,406				1,393				1,393			(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				41,726				42,906			(8)(9)(14)(19)
Total Astranis Space Technology Corporation											51,694				50,531				51,783
Hermeus Corporation		Equipment Financing		March 23, 2026		October 1, 2029		Fixed interest rate 11.3%; EOT 4.0%		$	14,750			$	14,507			$	14,615			(9)(14)(19)
		Equipment Financing		May 22, 2026		December 1, 2029		Fixed interest rate 11.3%; EOT 4.0%			2,450				2,398				2,398			(14)(19)
Total Hermeus Corporation											17,200				16,905				17,013
Impulse Space, Inc.		Equipment Financing		June 18, 2024		July 1, 2027		Fixed interest rate 12.7%; EOT 3.0%		$	317			$	337			$	340			(9)(14)(19)(22)
		Equipment Financing		September 13, 2024		October 1, 2027		Fixed interest rate 12.5%; EOT 3.0%			276				288				292			(9)(14)(19)(22)
		Equipment Financing		December 27, 2024		January 1, 2028		Fixed interest rate 12.9%; EOT 3.0%			292				301				306			(9)(14)(19)(22)
		Equipment Financing		February 12, 2025		March 1, 2028		Fixed interest rate 12.6%; EOT 3.0%			346				354				357			(9)(14)(19)(22)
		Equipment Financing		June 25, 2025		July 1, 2028		Fixed interest rate 12.8%; EOT 3.0%			448				451				457			(9)(14)(19)(22)
		Equipment Financing		September 25, 2025		October 1, 2028		Fixed interest rate 12.8%; EOT 3.0%			2,225				2,221				2,249			(9)(14)(19)(22)
Total Impulse Space, Inc.											3,904				3,952				4,001
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			$	7,833			$	8,068			(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				7,939				8,089			(8)(9)(14)(19)
Total Kymeta Corporation											15,800				15,772				16,157

19

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	23,766			$	24,263			(8)(9)(14)(19)
		Secured Loan		August 7, 2024		April 30, 2027		Fixed interest rate 10.0%; EOT 0.0%			500				500				533
Total Slingshot Aerospace, Inc.											24,200				24,266				24,796
Sub-total: Space Technology (9.0%)*										$	112,798			$	111,426			$	113,750
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%		$	67,331			$	66,143			$	67,079			(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			$	16,116			(8)(18)
Nucleus RadioPharma, Inc.		Equipment Financing		June 4, 2024		July 1, 2027		Fixed interest rate 11.8%; EOT 4.0%		$	159			$	173			$	174			(9)(14)
		Equipment Financing		December 23, 2024		January 1, 2028		Fixed interest rate 12.3%; EOT 4.0%			921				966				973			(9)(14)
		Equipment Financing		September 9, 2025		October 1, 2028		Fixed interest rate 12.0%; EOT 4.0%			1,095				1,111				1,126			(9)(14)
Total Nucleus RadioPharma, Inc.											2,175				2,250				2,273
Sub-total: Supply Chain Technology (6.7%)*										$	89,432			$	89,156			$	85,468
Transportation Technology
EH Leasing Company, LLC		Equipment Financing		November 1, 2025		November 1, 2029		Fixed interest rate 14.4%; EOT 18.7%		$	4,609			$	5,286			$	4,478			(19)
NextCar Holding Company, Inc.		Secured Loan		November 4, 2025		September 30, 2026		Fixed interest rate 10.0%; EOT 0.0%		$	1,785			$	1,785			$	1,428			(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%		$	9,741			$	10,120			$	9,302			(8)(9)(15)

20

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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%		$	10,914			$	11,007			$	11,115			(14)
		Equipment Financing		March 28, 2025		April 1, 2028		Fixed interest rate 11.9%; EOT 1.0%			3,148				3,163				3,194			(14)
		Equipment Financing		May 15, 2025		June 1, 2028		Fixed interest rate 11.6%; EOT 1.0%			833				835				844			(14)
		Equipment Financing		June 25, 2025		July 1, 2028		Fixed interest rate 11.9%; EOT 1.0%			2,699				2,702				2,731			(14)
		Equipment Financing		August 13, 2025		September 1, 2028		Fixed interest rate 11.6%; EOT 1.0%			7,141				7,133				7,211			(14)
		Equipment Financing		September 26, 2025		October 1, 2028		Fixed interest rate 11.9%; EOT 1.0%			4,767				4,756				4,798			(14)
		Equipment Financing		November 20, 2025		December 1, 2028		Fixed interest rate 11.7%; EOT 1.0%			11,306				11,258				11,330			(14)
		Equipment Financing		December 17, 2025		January 1, 2029		Fixed interest rate 11.6%; EOT 1.0%			7,395				7,356				7,381			(14)
		Equipment Financing		January 30, 2026		February 1, 2029		Fixed interest rate 12.0%; EOT 1.0%			4,297				4,268				4,284			(14)
		Equipment Financing		March 24, 2026		April 1, 2029		Fixed interest rate 11.8%; EOT 1.0%			7,049				6,994				7,015			(14)
		Equipment Financing		May 7, 2026		June 1, 2029		Fixed interest rate 11.4%; EOT 1.0%			6,570				6,511				6,511			(14)
		Equipment Financing		June 18, 2026		July 1, 2029		Fixed interest rate 11.7%; EOT 1.0%			8,379				8,295				8,295			(14)
Total Uveye, Inc.											74,498				74,278				74,709
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			$	1,185			(8)(18)
Sub-total: Transportation Technology (7.2%)*										$	95,269			$	96,200			$	91,102
Total: Debt Securities- United States (175.1%)*										$	2,241,910			$	2,247,244			$	2,218,596
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			$	332			(10)(25)
Sub-total: Construction Technology (0.0%)*										$	365			$	365			$	332
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%		$	19,658			$	19,345			$	19,292			(8)(10)(20)
		Secured Loan		December 23, 2025		April 28, 2030		Variable interest rate CORRA 3 Month Term + 9.4%; EOT 0.0%			7,490				7,356				7,287			(8)(10)(20)
Total Maple Raptor Acquisition Inc. (dba Rentsync)											27,148				26,701				26,579
Sub-total: Real Estate Technology (2.1%)*										$	27,148			$	26,701			$	26,579
Space Technology
Earthdaily Constellation Holdings, LP		Equipment Financing		June 10, 2025		January 1, 2029		Fixed interest rate 13.5%; EOT 7.0%		$	14,324			$	14,630			$	14,511			(9)(10)(14)(19)
		Equipment Financing		August 28, 2025		March 1, 2029		Fixed interest rate 13.9%; EOT 7.0%			2,005				2,022				2,011			(9)(10)(14)(19)
Total Earthdaily Constellation Holdings, LP											16,329				16,652				16,522
Sub-total: Space Technology (1.3%)*										$	16,329			$	16,652			$	16,522
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			$	6,096			$	5,808			(8)(10)(14)(25)
Sub-total: Supply Chain Technology (0.5%)*										$	6,000			$	6,096			$	5,808
Total: Debt Securities- Canada (3.9%)*										$	49,842			$	49,814			$	49,241

21

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	19,786			$	20,086			(8)(10)
Sub-total: Consumer Products & Services (1.6%)*										$	20,205			$	19,786			$	20,086
Finance and Insurance
Wayflyer Limited		Secured Loan		June 9, 2026		August 1, 2030		Variable interest rate SOFR 1 Month Term + 8.3% or Floor rate 11.7%; EOT 4.3%		$	35,000			$	34,806			$	34,806			(8)(10)(12)
Sub-total: Finance and Insurance (2.7%)*										$	35,000			$	34,806			$	34,806
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			$	19,336			$	19,522			(8)(10)
Sub-total: Healthcare Technology (1.5%)*										$	19,500			$	19,336			$	19,522
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			$	29,444			$	30,198			(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				11,619				11,875			(8)(10)(14)(19)
		Secured Loan		June 2, 2026		April 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%			11,750				11,550				11,550			(8)(10)(14)(19)
Total CMR Surgical Limited											52,875				52,613				53,623
Sub-total: Medical Devices (4.2%)*										$	52,875			$	52,613			$	53,623
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%		$	27,563			$	27,517			$	27,974			(8)(10)(14)(19)
Sub-total: Other Healthcare Services (2.2%)*										$	27,563			$	27,517			$	27,974
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			$	13,663			$	13,477			(8)(10)
Sub-total: Real Estate Technology (1.1%)*										$	13,797			$	13,663			$	13,477
Total: Debt Securities- Europe (13.4%)*										$	168,940			$	167,721			$	169,488
Total: Debt Securities (192.4%)*										$	2,460,692			$	2,464,779			$	2,437,325

22

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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
AI Automation & Infrastructure
D-Wave Quantum Inc.		Warrant		August 1, 2025		August 1, 2035		Common Stock			13,391			$	16.05			$	182			$	264			(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			$	57
K2View Inc.		Warrant		May 30, 2025		May 30, 2035		Ordinary			252,050			$	1.38			$	150			$	312
Path Robotics, Inc.		Warrant		April 28, 2026		April 28, 2036		Common Stock			155,231			$	3.77			$	737			$	669			(19)
Sortera Technologies, Inc.		Warrant		February 11, 2025		February 11, 2035		Common Stock			38,319			$	5.23			$	286			$	303			(9)(19)
Swimlane, Inc.		Warrant		May 28, 2025		May 28, 2037		Preferred Series B			2,176,343			$	0.19			$	151			$	50			(9)(17)(19)
Tquila Automation, Inc		Warrant		July 2, 2025		July 2, 2037		Common Stock			32,247			$	0.81			$	41			$	6			(19)
Uniphore Technologies Inc.		Warrant		September 30, 2025		September 30, 2035		Common Stock			604,703			$	2.40			$	653			$	689			(19)
		Warrant		October 2, 2025		September 30, 2035		Common Stock			226,763			$	2.40				201				258			(19)
Total Uniphore Technologies Inc.																			854				947
Sub-total: AI Automation & Infrastructure (0.2%)*																		$	2,475			$	2,608
Biotechnology
Candel Therapeutics, Inc.		Warrant		October 14, 2025		October 14, 2035		Common Stock			221,539			$	5.89			$	1,176			$	2,203			(9)(10)(19)
Pendulum Therapeutics, Inc.		Warrant		January 16, 2020		October 9, 2029		Preferred Series B			55,263			$	1.90			$	44			$	10			(17)
		Warrant		June 1, 2020		July 15, 2030		Preferred Series B			36,842			$	1.90				36				6			(17)
		Warrant		December 31, 2021		December 31, 2031		Preferred Series C			322,251			$	3.24				118				31			(17)
		Warrant		February 5, 2024		February 5, 2034		Common Stock			1,143,690			$	1.03				588				298
		Warrant		May 30, 2025		May 30, 2035		Preferred Series C			914,565			$	0.01				1,880				1,254			(17)
Total Pendulum Therapeutics, Inc.																			2,666				1,599
Sub-total: Biotechnology (0.3%)*																		$	3,842			$	3,802
Connectivity
Tarana Wireless, Inc.		Warrant		June 30, 2021		June 30, 2031		Common Stock			5,027,629			$	0.19			$	967			$	1,380
		Warrant		September 23, 2024		September 23, 2034		Common Stock			2,094,922			$	0.51				695				315			(9)(19)
Total Tarana Wireless, Inc.																			1,662				1,695
Vertical Communications, Inc.		Warrant		January 16, 2020		July 11, 2026		Preferred Series 1			828,479			$	1.00			$	—			$	—			(11)(17)(25)
Sub-total: Connectivity (0.1%)*																		$	1,662			$	1,695
Construction Technology
Project Frog, Inc.		Warrant		January 16, 2020		February 28, 2027		Preferred Series AA-1			211,649			$	0.19			$	9			$	1			(17)(25)
		Warrant		January 16, 2020		February 28, 2027		Common Stock			180,340			$	0.19				9				1			(25)
		Warrant		August 3, 2021		December 31, 2031		Preferred Series CC			250,000			$	0.01				20				8			(17)(25)
Total Project Frog, Inc.																			38				10
Sub-total: Construction Technology (0.0%)*																		$	38			$	10

23

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	59			(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			$	1
Madison Reed, Inc.		Warrant		January 16, 2020		March 23, 2027		Preferred Series C			194,553			$	2.57			$	185			$	322			(17)
		Warrant		January 16, 2020		July 18, 2028		Common Stock			43,158			$	0.99				71				102
		Warrant		January 16, 2020		June 30, 2029		Common Stock			36,585			$	1.23				56				82
Total Madison Reed, Inc.																			312				506
Ogee, Inc.		Warrant		February 14, 2023		February 14, 2033		Preferred Series A-3			243,668			$	0.68			$	54			$	351			(17)(19)
		Warrant		September 29, 2023		February 14, 2033		Preferred Series A-3			243,668			$	0.68				49				351			(17)(19)
		Warrant		August 1, 2024		August 1, 2034		Preferred Series A-3			243,668			$	0.68				104				351			(17)(19)
		Warrant		July 18, 2025		August 1, 2034		Preferred Series A-3			243,668			$	0.68				780				351			(17)(19)
Total Ogee, Inc.																			987				1,404
Portofino Labs, Inc.		Warrant		December 31, 2020		December 31, 2030		Common Stock			99,148			$	1.53			$	160			$	10
		Warrant		April 1, 2021		April 1, 2031		Common Stock			39,912			$	1.46				99				4
Total Portofino Labs, Inc.																			259				14
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			$	217			(17)
		Warrant		May 14, 2026		May 14, 2036		Common Stock			292,992			$	0.61				207				150
Total Rinse, Inc.																			325				367
SI Tickets, Inc.		Warrant		May 11, 2022		May 11, 2032		Common Stock			53,029			$	2.52			$	162			$	184
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			$	14,830			(9)(19)
Sub-total: Consumer Products & Services (1.4%)*																		$	4,889			$	17,365
Diagnostics & Tools
Artera Inc.		Warrant		March 13, 2026		March 16, 2036		Class B Common Stock			48,417			$	4.77			$	25			$	27			(9)(19)(22)
Rapid Micro Biosystems, Inc.		Warrant		August 8, 2025		August 8, 2035		Common Stock			127,165			$	3.35			$	346			$	160			(9)(19)
Sub-total: Diagnostics & Tools (0.0%)*																		$	371			$	187
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			$	—
Energy & Resource Technology
Bolb, Inc.		Warrant		October 12, 2021		October 12, 2031		Common Stock			181,784			$	0.07			$	35			$	—

24

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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
Edeniq, Inc.		Warrant		January 16, 2020		December 23, 2026		Preferred Series B			537			$	1,117.11			$	—			$	453			(11)(17)(25)
		Warrant		January 16, 2020		June 29, 2027		Preferred Series C			1,021			$	2,210.21				—				188			(11)(17)(25)
Total Edeniq, Inc.																			—				641
Footprint International Holding, Inc.		Warrant		February 14, 2020		February 14, 2030		Common Stock			38,171			$	0.31			$	11			$	—
		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.																			4,616				—
Form Energy Inc.		Warrant		October 21, 2024		October 21, 2034		Common Stock			85,556			$	8.03			$	796			$	8			(9)(19)
Luxwall, Inc.		Warrant		June 4, 2026		June 4, 2036		Common Stock			73,711			$	2.65			$	61			$	63			(19)
Mainspring Energy, Inc.		Warrant		January 16, 2020		July 9, 2029		Common Stock			140,186			$	1.15			$	283			$	360
		Warrant		November 20, 2020		November 20, 2030		Common Stock			81,294			$	1.15				226				209
		Warrant		March 18, 2022		March 18, 2032		Common Stock			137,692			$	1.66				344				336
Total Mainspring Energy, Inc.																			853				905
RTS Holding, Inc.		Warrant		December 10, 2021		December 10, 2031		Preferred Series C			2,314			$	205.28			$	75			$	79			(9)(17)
		Warrant		October 10, 2022		October 10, 2032		Preferred Series D			917			$	196.50				87				35			(9)(17)
		Warrant		January 19, 2024		January 19, 2034		Preferred Series D-1			2,876			$	203.47				418				109			(9)(17)
Total RTS Holding, Inc.																			580				223
Sub-total: Energy & Resource Technology (0.1%)*																		$	6,941			$	1,840
Finance and Insurance
Alt Platform Inc.		Warrant		July 8, 2025		July 8, 2035		Common Stock			256,692			$	0.74			$	310			$	328			(10)(12)(21)
Beam Technologies, Inc.		Warrant		August 30, 2024		August 30, 2034		Common Stock			47,479			$	17.28			$	629			$	327			(9)(19)
		Warrant		August 7, 2025		August 7, 2032		Preferred Series F Prime			4,083			$	0.00				148				141			(9)(17)(19)
Total Beam Technologies, Inc.																			777				468
Bestow, Inc.		Warrant		August 1, 2024		August 1, 2034		Preferred Series C-2			349,793			$	0.01			$	1,987			$	2,060			(17)
Centivo Corporation		Warrant		July 31, 2024		July 31, 2034		Common Stock			80,578			$	0.76			$	67			$	32			(9)(19)
		Warrant		December 20, 2024		July 31, 2034		Common Stock			80,577			$	0.76				189				32			(9)(19)
		Warrant		February 3, 2025		July 31, 2034		Common Stock			80,577			$	0.76				164				32			(9)(19)
		Warrant		May 20, 2025		July 31, 2034		Common Stock			161,157			$	0.76				290				64			(9)(19)
		Warrant		June 13, 2025		July 31, 2034		Common Stock			80,577			$	0.76				145				32			(9)(19)
Total Centivo Corporation																			855				192
DailyPay, Inc.		Warrant		September 30, 2020		September 30, 2030		Common Stock			89,264			$	3.00			$	151			$	1,975
Tilt Finance, Inc. (dba Empower Financial, Inc.)		Warrant		October 13, 2023		October 13, 2033		Common Stock			404,893			$	1.43			$	953			$	4,224			(9)(19)
Freedom Advisors Group LLC		Warrant		June 15, 2022		June 15, 2032		Class B Units			904,000			$	0.01			$	10			$	34
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			$	336

25

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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
Kafene, Inc.		Warrant		January 5, 2024		January 5, 2034		Common Stock			44,448			$	4.03			$	58			$	891
Kard Financial, Inc.		Warrant		September 10, 2025		September 10, 2035		Common Stock			149,592			$	1.36			$	177			$	262			(9)(19)
		Warrant		May 28, 2026		May 28, 2036		Common Stock			74,796			$	0.01			$	105			$	179			(9)(19)
Total Kard Financial, Inc.																			282				441
One Million Metrics (dba Kinetic)		Warrant		August 25, 2025		August 25, 2035		Common Stock			168,871			$	0.51			$	134			$	117			(19)
Lendflow, Inc.		Warrant		April 24, 2025		April 24, 2035		Common Stock			85,778			$	0.70			$	79			$	138			(9)(19)
Mesa Financial, Inc.		Warrant		August 29, 2024		August 29, 2034		Common Stock			62,422			$	0.73			$	28			$	34			(10)(12)(21)
Parafin, Inc.		Warrant		February 16, 2024		February 16, 2034		Common Stock			24,616			$	7.09			$	118			$	274			(10)(12)(21)
		Warrant		July 25, 2024		July 25, 2034		Common Stock			24,641			$	7.09				108				274			(10)(12)(21)
		Warrant		December 23, 2024		December 23, 2034		Common Stock			3,657			$	11.14				49				34			(10)(12)(21)
Total Parafin, Inc.																			275				582
PatientFi, Inc.		Warrant		March 14, 2025		March 14, 2035		Preferred Series B			60,995			$	3.10			$	84			$	199			(9)(17)(19)
		Warrant		December 16, 2025		March 14, 2035		Preferred Series B			60,994			$	3.10				95				199			(9)(17)(19)
Total PatientFi, Inc.																			179				398
Slope Tech, Inc.		Warrant		September 14, 2022		September 14, 2032		Common Stock			90,971			$	0.88			$	109			$	204			(10)(12)(21)
		Warrant		August 30, 2023		August 30, 2033		Common Stock			21,303			$	0.88				112				48			(10)(12)(21)
Total Slope Tech, Inc.																			221				252
Thrivory, Inc.		Warrant		September 9, 2025		September 9, 2035		Common Stock			484,952			$	0.01			$	18			$	35			(10)(12)(21)
Under Technologies, Inc.		Warrant		May 3, 2024		May 3, 2034		Common Stock			76,133			$	2.90			$	210			$	172			(9)(19)
Wisetack, Inc.		Warrant		November 14, 2024		November 14, 2034		Common Stock			111,153			$	1.58			$	102			$	168			(9)(19)
Sub-total: Finance and Insurance (1.0%)*																		$	7,156			$	12,856
Food and Agriculture Technologies
Athletic Brewing Company, LLC		Warrant		October 28, 2022		October 28, 2032		Class B Units			3,741			$	140.21			$	288			$	432
DrinkPak, LLC		Warrant		September 13, 2022		September 13, 2032		Common Units			2,387			$	19.12			$	7			$	58			(9)
		Warrant		February 17, 2023		February 17, 2033		Common Units			12,010			$	18.89				26				291			(9)(19)
Total DrinkPak, LLC																			33				349
GrubMarket, Inc.		Warrant		June 15, 2020		June 15, 2030		Common Stock			405,000			$	1.10			$	115			$	8,636
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 (0.7%)*																		$	583			$	9,421

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	353			(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			$	4
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			$	12
		Warrant		June 30, 2021		June 30, 2031		Common Stock			79,325			$	1.76				258				13
		Warrant		December 22, 2022		December 22, 2032		Common Stock			97,970			$	2.49				58				14
Total Lark Technologies, Inc.																			493				39
Paytient Technologies, Inc.		Warrant		May 27, 2025		May 27, 2035		Common Stock			31,216			$	1.01			$	43			$	38			(9)(19)
		Warrant		October 2, 2025		May 27, 2035		Common Stock			31,214			$	1.01				43				38			(9)(19)
Total Paytient Technologies, Inc.																			86				76
Pearl Health, Inc.		Warrant		June 17, 2026		June 17, 2036		Common Stock			1,029,339			$	0.22			$	206			$	205			(19)(24)
PurpleLab, Inc.		Warrant		September 24, 2025		September 24, 2035		Common Stock			10,157			$	23.09			$	273			$	257			(19)
Sub-total: Healthcare Technology (0.1%)*																		$	1,715			$	934
Human Resource Technology
BetterLeap, Inc.		Warrant		April 20, 2022		April 20, 2032		Common Stock			88,435			$	2.26			$	38			$	1
Sub-total: Human Resource Technology (0.0%)*																		$	38			$	1
Industrials
3DEO, Inc.		Warrant		February 23, 2022		February 23, 2032		Common Stock			37,218			$	1.81			$	93			$	—
Sub-total: Industrials (0.0%)*																		$	93			$	—

27

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	835			(9)(19)
		Warrant		February 17, 2026		September 11, 2030		Common Stock			178,448			$	7.29				187				297			(9)(19)
Total Angel Studios, Inc.																			3,453				1,132
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			$	177
Grabit Interactive Media, Inc.		Warrant		April 8, 2022		April 8, 2034		Preferred Series A			142,828			$	1.00			$	40			$	28			(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			$	149
Rarefied Atmosphere, Inc.		Warrant		May 6, 2025		May 6, 2037		Common Stock			174,032			$	7.35			$	571			$	732			(9)(19)
Vox Media Holdings, Inc.		Warrant		June 25, 2025		June 25, 2035		Class A Common Stock			1,580,142			$	0.37			$	464			$	171			(9)(19)
Sub-total: Marketing, Media, and Entertainment (0.2%)*																		$	5,287			$	2,389
Medical Devices
Apiject Holdings, Inc.		Warrant		June 24, 2024		June 24, 2034		Common Stock			937,604			$	0.01			$	613			$	30			(9)(19)
Cala Health, Inc.		Warrant		February 24, 2026		February 24, 2036		Preferred Series C-1			1,518,095			$	0.33			$	124			$	88			(17)(19)
Convergent Dental, Inc.		Warrant		April 21, 2023		April 21, 2033		Preferred Series D			446,982			$	1.61			$	493			$	90			(9)(17)
Delphinus, Inc.		Warrant		June 27, 2023		June 27, 2033		Preferred Series E			294,288			$	0.69			$	29			$	13			(9)(17)
Elucent Medical, Inc.		Warrant		October 31, 2024		October 31, 2034		Preferred Series C-2			1,628,141			$	0.30			$	144			$	151			(9)(17)(19)
		Warrant		January 15, 2026		October 31, 2034		Preferred Series C-2			1,085,428			$	0.30				62				101			(9)(17)(19)
		Warrant		June 30, 2026		June 30, 2036		Preferred Series C-2			3,778,895			$	0.30				350				350			(17)(19)
Total Elucent Medical, Inc.																			556				602
Emboline, Inc.		Warrant		March 3, 2026		March 3, 2036		Preferred Series D			93,225			$	3.93			$	41			$	61			(9)(17)(19)
Iantrek, Inc.		Warrant		April 14, 2026		April 14, 2036		Preferred Series C-3			35,728			$	3.61			$	83			$	74			(17)(19)
Lightforce Orthodontics, Inc.		Warrant		August 6, 2024		August 6, 2034		Preferred Series D			62,627			$	18.01			$	249			$	17			(17)(19)
		Warrant		September 25, 2024		August 6, 2034		Preferred Series D			10,438			$	18.01				37				3			(17)(19)
Total Lightforce Orthodontics, Inc.																			286				20
Monteris Medical US, Inc.		Warrant		March 3, 2026		March 3, 2036		Preferred Series E			6,310,742			$	0.23			$	499			$	1,576			(17)(19)
Neuros Medical, Inc.		Warrant		August 10, 2023		August 10, 2033		Preferred Series C			798,085			$	0.38			$	71			$	49			(9)(17)
		Warrant		August 30, 2024		August 10, 2033		Preferred Series C			399,042			$	0.38				39				25			(9)(17)
Total Neuros Medical, Inc.																			110				74
Okami Medical, Inc.		Warrant		June 24, 2025		June 24, 2035		Preferred Series F-1			38,529			$	2.86			$	46			$	42			(17)(19)
Restor3d, Inc.		Warrant		June 4, 2024		June 4, 2034		Preferred Series A			95,688			$	5.01			$	51			$	12			(9)(17)(19)
Shoulder Innovations, Inc.		Warrant		August 7, 2023		August 7, 2033		Common Stock			32,684			$	10.33			$	120			$	509			(9)
Sub-total: Medical Devices (0.3%)*																		$	3,051			$	3,191

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	1,277			(19)
Upward Health, Inc.		Warrant		August 6, 2024		August 6, 2034		Class A Common Stock			763,137			$	0.28			$	251			$	569			(9)(19)
Metabolon, Inc.		Warrant		March 28, 2024		March 28, 2034		Preferred Series 3			2,288,461			$	0.65			$	644			$	217			(17)
		Warrant		October 1, 2024		March 28, 2034		Preferred Series 3			384,615			$	0.65				33				36			(17)
		Warrant		January 6, 2025		March 28, 2034		Preferred Series 3			192,308			$	0.65				23				18			(17)
Total Metabolon, Inc.																			700				271
Velentium, Inc.		Warrant		May 24, 2024		May 24, 2034		Class B Units			7,958			$	53.40			$	129			$	17			(9)
Sub-total: Other Healthcare Services (0.2%)*																		$	1,921			$	2,134
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			$	—			(25)
		Warrant		November 10, 2021		November 10, 2031		Common Stock			16,350			$	2.20				265				—			(25)
		Warrant		September 29, 2023		September 29, 2033		Common Stock			2,804,355			$	0.01				—				—			(25)
		Warrant		December 6, 2023		December 6, 2033		Preferred Series AA			457,778			$	0.01				—				—			(10)(12)(17)(21)(25)
		Warrant		September 16, 2024		September 16, 2034		Preferred Series BB			93,951,849			$	0.00				2,391				207			(17)(25)
		Warrant		September 27, 2023		September 27, 2033		Preferred Series AA-1			5,084,804			$	0.09				—				—			(17)(25)
Total Knockaway, Inc.																			2,865				207
Orchard Technologies, Inc.		Warrant		February 12, 2024		February 12, 2034		Preferred Series 1			228,000			$	0.01			$	—			$	216			(17)(25)
		Warrant		February 12, 2025		February 12, 2034		Preferred Series 1			228,000			$	0.01				126				216			(17)(25)
Total Orchard Technologies, Inc.																			126				432
Sub-total: Real Estate Technology (0.1%)*																		$	2,992			$	639
SaaS
Cart.com, Inc.		Warrant		November 17, 2023		November 17, 2033		Common Stock			31,572			$	15.87			$	442			$	521			(9)
Cpacket Networks, Inc.		Warrant		January 29, 2024		January 29, 2034		Class B Common Stock			499,366			$	0.36			$	166			$	174			(9)
Crowdtap, Inc.		Warrant		January 16, 2020		December 11, 2027		Preferred Series B			100,000			$	1.09			$	9			$	44			(17)
Gtxcel, Inc.		Warrant		January 16, 2020		August 30, 2026		Preferred Series D			1,000,000			$	0.21			$	83			$	—			(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			$	566			(9)(19)
Smartly, Inc.		Warrant		May 16, 2022		May 16, 2034		Common Stock			48,097			$	1.10			$	84			$	38
Steno Agency, Inc.		Warrant		June 21, 2024		June 21, 2034		Common Stock			55,818			$	1.98			$	136			$	230			(9)(19)
		Warrant		May 16, 2025		June 21, 2034		Common Stock			54,476			$	1.98				164				225			(9)(19)
Total Steno Agency, Inc.																			300				455
The Tomorrow Companies, Inc.		Warrant		December 14, 2022		December 14, 2032		Common Stock			26,124			$	1.70			$	49			$	49			(9)
Sub-total: SaaS (0.1%)*																		$	1,719			$	1,847

29

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	1,179			(9)(19)
		Warrant		September 27, 2024		September 27, 2034		Common Stock			156,677			$	2.27				683				2,401			(9)(19)
		Warrant		June 26, 2025		June 26, 2035		Common Stock			39,557			$	0.01				191				635			(9)(19)
		Warrant		August 25, 2025		August 25, 2035		Common Stock			422,048			$	2.33				1,604				6,460			(9)(19)
Total Astranis Space Technology Corporation																			2,561				10,675
Axiom Space, Inc.		Warrant		May 28, 2021		May 28, 2031		Common Stock			1,773			$	169.24			$	121			$	36
		Warrant		May 28, 2021		May 28, 2031		Common Stock			882			$	340.11				39				10
Total Axiom Space, Inc.																			160				46
Hermeus Corporation		Warrant		August 9, 2022		August 9, 2032		Common Stock			19,286			$	6.24			$	144			$	242			(9)(19)
		Warrant		March 20, 2026		March 20, 2036		Common Stock			42,491			$	8.83				460				482			(9)(19)
Total Hermeus Corporation																			604				724
Impulse Space, Inc.		Warrant		June 18, 2024		June 18, 2034		Common Stock			27,893			$	1.91			$	113			$	1,414			(9)(19)(22)
Slingshot Aerospace, Inc.		Warrant		July 12, 2024		July 12, 2036		Common Stock			328,416			$	0.46			$	400			$	349			(9)(19)
Kymeta Corporation		Warrant		July 3, 2024		July 3, 2034		Common Stock			3,995,407			$	0.11			$	331			$	260			(9)(19)
Sub-total: Space Technology (1.1%)*																		$	4,169			$	13,468
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				5			(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				20
Nucleus RadioPharma, Inc.		Warrant		June 4, 2024		June 4, 2034		Common Stock			43,086			$	1.99			$	68			$	—			(9)
Sub-total: Supply Chain Technology (0.0%)*																		$	933			$	20
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			$	4,122
Zuum Transportation, Inc.		Warrant		April 30, 2024		April 30, 2034		Common Stock			41,271			$	4.34			$	95			$	—
Sub-total: Transportation Technology (0.3%)*																		$	1,260			$	4,122
Total: Warrant Investments- United States (6.2%)*																		$	51,255			$	78,529

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	301			(9)(10)(19)
Sub-total: Space Technology (0.0%)*																		$	971			$	301
Total: Warrant Investments- Canada (0.0%)*																		$	971			$	301
Warrant Investments- Europe
Consumer Products & Services
Motorway Online, Ltd		Warrant		December 23, 2025		December 23, 2035		Ordinary			172,869			£	0.01			$	391			$	381			(10)
Sub-Total: Consumer Products & Services (0.0%)*																		$	391			$	381
Healthcare Technology
Unmind LTD		Warrant		July 7, 2025		July 7, 2035		Ordinary			122,340			€	5.09			$	518			$	237			(10)
Sub-total: Healthcare Technology (0.0%)*																		$	518			$	237
Industrials
Aledia, Inc.		Warrant		March 31, 2022		March 31, 2032		Ordinary			11,771			€	149.02			$	130			$	24			(10)
Sub-total: Industrials (0.0%)*																		$	130			$	24
Medical Devices
CMR Surgical Limited		Warrant		March 24, 2025		March 24, 2030		Ordinary			7,520			£	0.01			$	121			$	298			(10)(19)
		Warrant		December 16, 2025		March 24, 2030		Ordinary			3,008			£	0.01				127				119			(10)(19)
		Warrant		June 2, 2026		March 24, 2030		Ordinary			3,008			£	0.01				100				119			(10)(19)
Total CMR Surgical Limited																			348				536
Sub-total: Medical Devices (0.0%)*																		$	348			$	536
Other Healthcare Services
Zandivio PLC		Warrant		October 29, 2024		October 29, 2034		Common Stock			132,042			€	0.01			$	771			$	380			(10)(19)
Sub-total: Other Healthcare Services (0.0%)*																		$	771			$	380
Real Estate Technology
Prospire Technologies LTD		Warrant		January 29, 2026		January 29, 2036		Preferred Series A1			3,831			£	50.69			$	62			$	134			(10)(17)
Sub-total: Real Estate Technology (0.0%)*																		$	62			$	134
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 (0.1%)*																		$	2,334			$	1,692
Total: Warrant Investments- (6.4%)*																		$	54,560			$	80,522

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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
AI Automation & Infrastructure
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			$	996			(17)
Path Robotics, Inc.		Equity		April 28, 2026			118,627			Preferred Series D-2		$	920			$	933			(17)(19)
Together Computer, Inc.		Equity		May 15, 2026			2,418			Preferred Series C		$	500			$	499			(17)
Trin H OpCo I LLC		Equity		April 28, 2026			-			Member Interest		$	8,831			$	8,831			(23)(25)
Sub-total: AI Automation & Infrastructure (0.9%)*												$	11,751			$	11,759
Connectivity
Tarana Wireless, Inc.		Equity		March 16, 2022			611,246			Preferred Senior Series 6		$	500			$	446			(17)
		Equity		October 9, 2025			361,231			Preferred Series 8			386				612			(9)(17)(19)
Total Tarana Wireless, Inc.													886				1,058
Vertical Communications, Inc.		Equity		January 16, 2020			3,892,485			Preferred Series 1		$	—			$	—			(11)(17)(25)
		Equity		January 16, 2020		$	5,500			Convertible Note			3,966				—			(16)(25)
Total Vertical Communications, Inc.													3,966				—
Sub-total: Connectivity (0.1%)*												$	4,852			$	1,058
Construction Technology
Project Frog, Inc.		Equity		January 16, 2020			4,383,497			Preferred Series AA-1		$	352			$	46			(17)(25)
		Equity		January 16, 2020			3,401,678			Preferred Series BB			1,333				67			(17)(25)
		Equity		August 3, 2021			6,633,486			Common Stock			1,684				53			(25)
		Equity		August 3, 2021			3,129,887			Preferred Series CC			1,253				104			(17)(25)
Total Project Frog, Inc.													4,622				270
Sub-total: Construction Technology (0.0%)*												$	4,622			$	270
Consumer Products & Services
Portofino Labs, Inc.		Equity		November 1, 2021			256,291			Preferred Series B-1		$	500			$	296			(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			$	499			(17)
Sub-total: Consumer Products & Services (0.1%)*												$	1,500			$	795
Education Technology
iTutor.com, Inc.		Equity		March 9, 2026			1,200,000			Preferred Series A-2		$	982			$	975			(9)(17)(25)
		Equity		March 9, 2026			4,653,709			Preferred Series 1B-1			4,810				4,771			(9)(17)(25)
Total iTutor.com, Inc.													5,792				5,746
Sub-total: Education Technology (0.5%)*												$	5,792			$	5,746
Energy & Resource Technology
Crusoe Energy Systems LLC		Equity		November 6, 2024			11,140			Preferred Series D-1		$	325			$	583			(9)(17)(19)
Edeniq, Inc.		Equity		January 16, 2020			1,561			Preferred Series B		$	—			$	2,753			(11)(17)(25)
		Equity		January 16, 2020			731			Preferred Series C			—				1,567			(11)(17)(25)
		Equity		January 16, 2020			26,753			Preferred Series D			—				6,510			(11)(17)(25)
		Equity		March 24, 2026			436			Preferred Series B			22				769			(17)(25)
		Equity		March 24, 2026			770			Preferred Series C			38				1,650			(17)(25)
		Equity		March 24, 2026			30,981			Preferred Series D			2,003				7,538			(17)(25)
Total Edeniq, Inc.													2,063				20,787
Electric Hydrogen Co.		Equity		April 6, 2023			87,112			Preferred Series C		$	500			$	366			(17)
Mainspring Energy, Inc.		Equity		March 30, 2022			65,614			Preferred Series E-1		$	500			$	329			(17)
RTS Holding, Inc.		Equity		July 5, 2022			2,035			Preferred Series E-1D		$	334			$	355			(9)(17)
		Equity		February 15, 2023			1,966			Preferred Series E-1D1			405				353			(9)(17)
		Equity		February 7, 2025			2,054			Preferred Series E-1			328				306			(9)(17)
Total RTS Holding, Inc.													1,067				1,014

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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
Torus Inc.		Equity		June 26, 2026			14,435			Preferred Series C		$	315			$	314			(9)(17)(19)
Sub-total: Energy & Resource Technology (1.8%)*												$	4,770			$	23,393
Finance and Insurance
Centivo Corporation		Equity		December 20, 2024			128,393			Preferred Series B-1		$	374			$	214			(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		$	9,486			$	9,511			(25)
Tilt Finance, Inc. (dba Empower Financial, Inc.)		Equity		May 16, 2024			2,810,235			Preferred Series C		$	20,000			$	35,086			(17)
		Equity		May 15, 2024			146,905			Common Stock			1,968				1,721
Total Tilt Finance, Inc. (dba Empower Financial, Inc.)													21,968				36,807
Openly Holdings Corp.		Equity		May 9, 2023			44,725			Preferred Series D-1 Prime		$	500			$	344			(17)
Slope Tech, Inc.		Equity		June 20, 2023			64,654			Preferred Series A-3		$	500			$	356			(10)(12)(17)(21)
Upgrade Master Pass - Thru Trust		Equity		August 11, 2025		$	7,000			Series 2025-ST5		$	4,107			$	4,803			(10)(12)(21)
		Equity		October 17, 2025		$	12,000			Series 2025-ST7			7,622				8,110			(10)(12)(21)
		Equity		November 19, 2025		$	10,000			Series 2025-ST8			6,795				7,150			(10)(12)(21)
		Equity		February 9, 2026		$	3,000			Series 2026-ST1			2,427				2,508			(10)(12)(21)
Total Upgrade Master Pass - Thru Trust													20,951				22,571
Sub-total: Finance and Insurance (5.5%)*												$	54,169			$	69,803
Food and Agriculture Technologies
Emergy, Inc.		Equity		October 30, 2025			348			Common Stock		$	755			$	755			(9)(25)
Athletic Brewing Company, LLC		Equity		August 1, 2024			1,214			Class B Units		$	283			$	249			(9)(19)
Sub-total: Food and Agriculture Technologies (0.1%)*												$	1,038			$	1,004
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			$	48			(17)
		Equity		April 29, 2024			617,890			Preferred Series B-1			129				57			(17)
Total Emerald Cloud Lab, Inc.													629				105
Lark Technologies, Inc.		Equity		August 19, 2021			32,416			Preferred Series D		$	500			$	114			(17)
WorkWell Prevention & Care Inc.		Equity		January 16, 2020			7,000,000			Common Stock		$	51			$	—			(25)
		Equity		January 16, 2020			3,450			Preferred Series P			3,450				—			(17)(25)
		Equity		January 16, 2020		$	3,170			Convertible Note			3,219				—			(16)(25)
Total WorkWell Prevention & Care Inc.													6,720				—
Sub-total: Healthcare Technology (0.0%)*												$	8,149			$	219

33

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	—			(25)
		Equity		September 30, 2025			16,314,426			Preferred Series AA-1			3,781				—			(17)(25)
		Equity		September 30, 2025			2,392,230			Preferred Series AAA			1,000				—			(17)(25)
Total Nomad Health, Inc.													5,281				—
Sub-total: Human Resource Technology (0.0%)*												$	5,281			$	—
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			$	—
Marketing, Media, and Entertainment
Angel Studios, Inc.		Equity		April 13, 2026			457,143			Common Stock		$	960			$	1,678			(7)(19)
Sub-total: Marketing, Media, and Entertainment (0.1%)*												$	960			$	1,678
Medical Devices
Elucent Medical, Inc.		Equity		April 10, 2026			1,356,783			Preferred Series C-2		$	405			$	369			(9)(17)(19)
Sub-total: Medical Devices (0.0%)*												$	405			$	369
Multi-Sector Holdings
AZ-VC Fund I, LLC		Equity		June 30, 2022			—			Member Interest		$	750			$	729			(7)(10)
CapTrin Partners, LLC		Equity		April 22, 2026			—			Member Interest		$	21,000			$	21,000			(10)(25)
Direct Lending 2025 LLC		Equity		September 24, 2025			—			Member Interest		$	12,612			$	12,901			(7)(10)(25)
Senior Credit Corp 2022 LLC		Equity		January 30, 2023			—			Member Interest		$	5,522			$	5,944			(7)(10)(25)
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)(25)
Trinity Capital Adviser, LLC		Equity		June 28, 2024			—			Member Interest		$	1			$	10,617			(25)
Trinity Capital SBIC LP		Equity		April 2, 2026			—			Member Interest		$	331			$	331			(10)(25)
Sub-total: Multi-Sector Holdings (4.9%)*												$	50,216			$	61,758
Real Estate Technology
Knockaway, Inc.		Equity		March 30, 2022			30,458			Common Stock		$	501			$	—			(25)
		Equity		September 29, 2023			2,956,224			Preferred Series AA			250				—			(17)(25)
		Equity		September 16, 2024			97,866,510			Preferred Series BB			2,500				226			(17)(25)
		Equity		September 7, 2023			3,409,997			Preferred Series AA-1			—				—			(17)(25)
Total Knockaway Inc.													3,251				226
Orchard Technologies, Inc.		Equity		August 6, 2021			2,938			Preferred Series 2		$	29			$	—			(17)(25)
		Equity		March 16, 2023			97,060			Preferred Series 1			971				92			(17)(25)
		Equity		January 24, 2025			3,009			Preferred Series 1			1				3			(17)(25)
		Equity		January 26, 2026			22,379,709			Preferred Series E-1			2,929				2,163			(17)(25)
		Equity		January 26, 2026			40,656			Preferred Series E-1			5				4			(17)(25)
Total Orchard Technologies, Inc.													3,935				2,262
Place, Inc.		Equity		January 29, 2026			3,959,521			Common Stock		$	18,806			$	17,314
Sub-total: Real Estate Technology (1.6%)*												$	25,992			$	19,802

34

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	443			(9)(17)
Crowdtap, Inc.		Equity		December 5, 2025			94,407			Preferred Series B		$	42			$	86			(17)
Dahlia Clipper SPV, L.P.		Equity		July 25, 2025		n/a				SPV Member Units		$	2,000			$	1,863			(23)
		Equity		April 6, 2026		n/a				SPV Member Units			1,500				1,451			(23)
Total Dahlia Clipper SPV, L.P.													3,500				3,314
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			$	451			(17)
The Tomorrow Companies, Inc.		Equity		July 5, 2023			108,088			Preferred Series E-1		$	325			$	325			(9)(17)
OrgChart, LLC		Equity		February 4, 2026			500,000			Class A Common Units		$	500			$	496
Sub-total: SaaS (0.4%)*												$	5,772			$	5,520
Space Technology
Astranis Space Technology Corporation		Equity		April 5, 2023			13,685			Preferred Series C Prime		$	300			$	297			(9)(17)
		Equity		March 19, 2024			64,223			Preferred Series D			600				1,208			(9)(17)
		Equity		April 21, 2026			44,713			Preferred Series E			860				1,009			(9)(17)(19)
Total Astranis Space Technology Corporation													1,760				2,514
Axiom Space, Inc.		Equity		January 18, 2023			3,624			Preferred Series C-1		$	521			$	302			(16)(17)
Hadrian Automation, Inc.		Equity		March 29, 2022			53,154			Preferred Series A-4		$	500			$	756			(17)
		Equity		December 11, 2023			31,831			Preferred Series B-1			300				453			(9)(17)
Total Hadrian Automation, Inc.													800				1,209
Impulse Space, Inc.		Equity		August 30, 2024			23,240			Preferred Series B		$	325			$	1,265			(9)(17)(19)
		Equity		May 9, 2025			8,503			Preferred Series C			325				525			(9)(17)(19)
		Equity		April 21, 2026			8,028			Preferred Series D			650				646			(9)(17)(19)
Total Impulse Space, Inc.													1,300				2,436
Sub-total: Space Technology (0.5%)*												$	4,381			$	6,461
Supply Chain Technology
Inktavo, LLC		Equity		October 15, 2025			1,228,883			Preferred Class A		$	2,000			$	2,018			(17)
Macrofab, Inc.		Equity		January 30, 2024			247,173			Preferred Series C-1		$	500			$	5			(17)
Sub-total: Supply Chain Technology (0.2%)*												$	2,500			$	2,023

35

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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			$	931			(17)(25)
Sub-total: Transportation Technology (0.1%)*												$	931			$	931
Total: Equity Investments- United States (16.8%)*												$	193,298			$	212,589
Equity Investments- Canada
Construction Technology
Nexii, Inc.		Equity		July 24, 2024			6,126			Preferred Series A-1		$	3,048			$	50			(10)(17)(25)
		Equity		July 24, 2024			50,000			Preferred Series A-1			1,370				409			(10)(17)(25)
Total Nexii, Inc.													4,418				459
Sub-total: Construction Technology (0.0%)*												$	4,418			$	459
Supply Chain Technology
GoFor Delivers, Inc.		Equity		June 28, 2024			194,329			Preferred Series 2 Seed		$	660			$	910			(10)(17)(25)
Sub-total: Supply Chain Technology (0.1%)*												$	660			$	910
Total: Equity Investments- Canada (0.1%)*												$	5,078			$	1,369
Equity Investments- Europe
Real Estate Technology
Prospire Technologies LTD		Equity		April 10, 2026			3,641			Preferred Series B		$	505			$	496			(10)(17)
Sub-total: Real Estate Technology (0.0%)*												$	505			$	496
Total: Equity Investments- Europe (0.0%)*												$	505			$	496
Total: Equity Investments (16.9%)*												$	198,881			$	214,454
Total Investment in Securities (215.7%)*												$	2,718,220			$	2,732,301
Cash and Cash Equivalents
Goldman Sachs Financial Square Government Institutional Fund												$	1,359			$	1,359
Other cash accounts													20,818				20,818
Cash and Cash Equivalents (1.8%)*													22,177				22,177
Total Portfolio Investments and Cash and Cash Equivalents (217.4%) of net assets)												$	2,740,397			$	2,754,478

36

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 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, 2027

Canadian Imperial Bank of Commerce

CAD

37,202

Sold

27,482

857

Great British Pounds (GBP)

December 24, 2026

City National Bank

GBP

15,000

Sold

20,127

236

Great British Pounds (GBP)

December 24, 2026

City National Bank

GBP

10,000

Sold

13,751

490

Total Foreign Currency Forward (0.1%)*

$

62,202

$

61,360

$

1,583

* Value as a percent of net assets
 

(1)All portfolio companies are located in North America or Europe. As of June 30, 2026, Trinity Capital Inc. (the “Company”) had twelve foreign domiciled portfolio companies, four of which are based in Canada and eight of which are based in Europe. As of June 30, 2026, these foreign domiciled portfolio investments represented 17.6% 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 June 30, 2026, the U.S. Prime Rate (“Prime”) was 6.75%, the Secured Overnight Financing Rate (“SOFR”) 30 Day Forward Rate was 3.65%, the SOFR 3-Month Term Rate was 3.73%, the SOFR 6-Month Term Rate was 3.85%, 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 16.5% of the Company’s total assets as of June 30, 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”).

(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.

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Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)

(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 June 30, 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 June 30, 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.

(24)Trinity Capital SBIC LP owns an additional portion of this security. See “Note 1 – Organization and Basis of Presentation” for further discussion.

(25)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 June 30, 2026, along with transactions during the six months ended June 30, 2026 in these control and affiliate investments are as follows:

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Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2026

(In thousands, except share and per share data)

(Unaudited)

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Filing: 10-Q - Trinity Capital Inc. (TRIN,TRINI,TRINZ)
Accession Number: 0001193125-26-333907

																		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				June 30, 2026				Dividend Income
For the Six Months Ended June 30, 2026
Control Investments
Edeniq, Inc.		$	26,044			$	2,060			$	(4	)		$	—			$	(6,672	)		$	21,428			$	3,149
Vertical Communications, Inc.			13,890				(5	)			—				—				478				14,363				831
WorkWell Prevention and Care Inc.			500				—				—				—				—				500				29
Knockaway, Inc.			58,421				3,705				(33,508	)			—				(2,748	)			25,870				3,798
Direct Lending 2025 LLC			15,030				900				(3,150	)			—				122				12,901				950
Equipment Leasing Services, LLC			—				9,486				—				—				25				9,511				—
CapTrin Partners, LLC			—				21,000				—				—				—				21,000				233
Trin H OpCo I LLC			—				33,765				(1,174	)			—				—				32,591				659
Trinity Capital Adviser, LLC			9,875				—				—				—				742				10,617				—
Total Control Investments		$	123,760			$	70,911			$	(37,836	)