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

Rhea-AI Filing Summary

Trinity Capital (TRIN) filed its quarterly report detailing extensive portfolio activity across secured loans, equipment financings, warrants, and equity stakes spanning SaaS, healthcare technology, space technology, green technology, and finance and insurance. The schedule lists primarily floating‑rate loans tied to Prime or SOFR with stated floor rates, alongside select fixed‑rate assets.

Representative entries include secured loans to Steno Agency, Inc. at Prime + 4.0% (floor 12.5%) maturing July 1, 2029, Centivo Corporation at Prime + 4.5% (floor 11.3%) plus 1.0% PIK to August 1, 2029, and Tarana Wireless, Inc. at Prime + 4.5% (floor 12.5%) to October 1, 2029. Fixed‑rate equipment financings include Applied Digital Corporation at 19.0% to 2026 and Rocket Lab USA, Inc. at 14.8% to 2029. The filing also lists multiple warrant positions (e.g., TMRW Life Sciences, Restor3d, Astranis) and equity holdings (e.g., Electric Hydrogen, Mainspring Energy, Openly Holdings). Instruments reference Prime, SOFR 1‑ or 3‑month terms, and CORRA where applicable.

Insights

BDC portfolio analyst

Diversified, rate‑sensitive portfolio with high stated coupons.

The disclosure outlines a broad mix of secured loans and equipment financings alongside warrants and preferred/common equity across sectors such as SaaS, healthcare tech, space, and green technology. Many loans are floating, indexed to Prime or SOFR with explicit floors, indicating income sensitivity to base rates within those constraints.

Select fixed‑rate financings carry double‑digit coupons (e.g., 19.0% and 14.8%), while floating tranches show spreads such as Prime + 4.5% and Prime + 4.0%. Actual earnings impact depends on borrower performance, prepayments, and rate paths. Subsequent filings may provide updates on repayments, restructurings, or new fundings.

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Type of Investment Warrant Investment Date October 12, 2021 Expiration Date October 12, 2031 Series Common Stock2024-01-012024-12-310001786108us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2024-12-310001786108Portfolio Company Debt Securities- Europe Industrials Aledia, Inc.Type of Investment Equipment Financing Investment Date August 5, 2022 Maturity Date September 1, 2025 Interest Rate Fixed interest rate 10.7%; EOT 7.0%2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Ogee, Inc. Two Type of Investment Warrant Investment Date August 1, 2024 Expiration Date August 1, 2034 Series Preferred Series A-32025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Transportation Technology Zuum Transportation, Inc. Type of Investment Warrant Investment Date April 30, 2024 Maturity Date April 30, 2034 Series Common Stock2025-09-300001786108trin:SupplyChainTechnologyMemberus-gaap:DebtSecuritiesMembercountry:CA2025-09-300001786108Portfolio Company Debt Securities- United States Space Technology Axiom Space, Inc. Type of Investment Secured Loan Investment Date May 28, 2021 Maturity Date June 1, 2026 Interest Rate Variable interest rate Prime + 6.0% or Floor rate 9.3%; EOT 2.5%2024-01-012024-12-310001786108trin:EightPointFivePercentageNotesMember2022-12-050001786108trin:O2025Q2DividendsMember2025-04-012025-06-300001786108Portfolio 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%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Consumer Products & Services VitaCup, Inc. 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Type of Investment Warrant Investment Date April 29, 2021 Expiration Date April 29, 2031 Series Common Stock2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Maxwell Financial Labs, Inc. Type of Investment Secured Loan Investment Date October 2, 2024 Maturity Date October 2, 2026 Interest Rate Fixed interest rate 6.0%; EOT 0.0%2024-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Bestow, Inc. Type of Investment Secured Loan Investment Date August 1, 2024 Maturity Date December 1, 2027 Interest Rate Variable interest rate Prime + 6.0% or Floor rate 13.0%; EOT 1.5%2024-01-012024-12-310001786108Portfolio Company Equity Investments- United States Industrials Digilens, Inc. 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Type of Investment Equity Investment Date September 30, 2025 Series Preferred Series AA-12025-09-300001786108Portfolio Company Debt Securities- Europe Industrials Aledia, Inc.Type of Investment Equipment Financing Investment Date August 5, 2022 Maturity Date September 1, 2025 Interest Rate Fixed interest rate 10.7%; EOT 7.0%2024-12-310001786108us-gaap:WarrantMembercountry:UStrin:MarketingMediaAndEntertainmentMember2025-09-300001786108trin:O2023Q1DividendsMember2023-03-310001786108Portfolio Company Warrant Investments- United States Green Technology Footprint International Holding, Inc. 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Type of Investment Secured Loan Investment Date June 4, 2024 Maturity Date July 4, 2028 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.3%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Artificial Intelligence & Automation Everalbum, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date July 29, 2026 Series Preferred Series A Series Common Stock2024-12-310001786108trin:September2029NotesMember2024-01-012024-09-300001786108Portfolio Company Equity Investments- United States Real Estate Technology Knockaway, Inc. Type of Investment Equity Investment Date September 7, 2023 Series Preferred Series AA-12024-12-310001786108Portfolio Company Debt Securities- United States Transportation Technology EVO Transportation & Energy Services, Inc. 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Type of Investment Warrant Investment Date May 16, 2022 Expiration Date May 16, 2034 Series Common Stock2024-12-310001786108Portfolio Company Debt Securities- United States Healthcare Technology B.Well Connected Health, Inc. Type of Investment Secured Loan Investment Date April 10, 2025 Maturity Date May 1, 2030 Interest Rate Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 3.0%2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Pagaya Structured Products LLC Type of Investment Secured Loan Investment Date August 23, 2024 Maturity Date August 23, 2025 Interest Rate Fixed interest rate 20.0%; EOT 0.0%2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Medical Devices Neurolens, Inc. 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Type of Investment Warrant Investment Date June 27, 2023 Expiration Date June 27, 2033 Series Preferred Series E2025-09-300001786108Portfolio Company Debt Securities- United States Transportation Technology NextCar Holding Company, Inc. Type of Investment Secured Loan Investment Date March 16, 2022 Maturity Date December 31, 2025 Interest Rate Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0%2025-09-300001786108trin:SeniorSecuritiesMembertrin:March2029NotesMember2025-09-300001786108Portfolio 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%2025-09-300001786108Portfolio Company Warrant Investments- United States Medical Devices Apiject Holdings, Inc. 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Type of Investment Secured Loan Investment Date October 15, 2021 Maturity Date June 1, 2026 Interest Rate Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.5%2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Cirrascale Cloud Services, LLC Type of Investment Equipment Financing Investment Date October 22, 2024 Maturity Date April 1, 2027 Interest Rate Fixed interest rate 10.2%; EOT 5.0%2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Applied Digital Corporation Type of Investment Equipment Financing Investment Date March 25, 2024 Maturity Date March 1, 2026 Interest Rate Fixed interest rate 19.0%; EOT 0.0%2025-09-300001786108Portfolio Company Debt Securities- United States Applied Digital Corporation Type of Investment Equipment Financing Investment Date March 13, 2024 Maturity Date October 1, 2025 Fixed interest rate 19.0%; EOT 0.0%2024-12-310001786108trin:CreditSuisseCreditFacilityMembertrin:SeniorSecuritiesMember2020-01-012020-12-310001786108trin:TwoThousandTwentyFiveNotesMember2024-05-170001786108trin:SpaceTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") ServiceTrade, Inc. Type of Investment Secured Loan Investment Date June 3, 2025 Maturity Date August 15, 2029 Variable interest rate SOFR 3 Month Term + 5.8%; EOT 0.0%2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Space Technology Hadrian Automation, Inc. Type of Investment Equipment Financing Investment Date May 6, 2022 Maturity Date November 1, 2025 Interest Rate Fixed interest rate 12.9%; EOT 0.0%2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Transportation Technology Uveye, Inc. Type of Investment Warrant Investment Date December 26, 2024 Maturity Date December 26, 2034 Series Preferred Ordinary2025-09-300001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Portofino Labs, Inc. One Type of Investment Warrant Investment Date April 1, 2021 Expiration Date April 1, 2031 Series Common Stock2025-09-300001786108Portfolio Company Debt Securities- United States Biotechnology Pendulum Therapeutics, Inc. Type of Investment Secured Loan Investment Date December 31, 2021 Maturity Date July 1, 2026 Interest Rate Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Empower Financial, Inc. Type of Investment Secured Loan Investment Date January 05, 2024 Maturity Date May 1, 2028 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Human Resource Technology Nomad Health, Inc. Type of Investment Secured Loan Investment Date September 30, 2025 Maturity Date January 1, 2028 Interest Rate Fixed interest rate 7.5%; EOT 0.0%2025-01-012025-09-300001786108Control Investments Vertical Communications, Inc.2023-12-310001786108Portfolio Company Equity Investments- United States Space Technology Hadrian Automation, Inc. Type of Investment Equity Investment Date March 29, 2022 Series Preferred A-42025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Medical Devices Elucent Medical, Inc. Type of Investment Secured Loan Investment Date October 31, 2024 Maturity Date November 30, 2029 Interest Rate Variable interest rate prime + 3.8% or Floor rate 11.3%; EOT 3.3%2025-01-012025-09-300001786108trin:SeriesANotesMember2025-09-300001786108Portfolio Company Warrant Investments- United States Green Technology Edeniq, Inc. Type of Investment Warrant One Investment Date January 16, 2020 Expiration Date December 23, 2026 Series Preferred Series B2025-09-300001786108Portfolio Company Debt Securities- Canada Real Estate Technology Maple Raptor Acquisition Inc. Type of Investment Secured Loan Investment Date April 28, 2025 Maturity Date April 26, 2030 Interest Rate Variable interest rate CORRA 3 Month Term + 9.4%; EOT 0.0%2025-01-012025-09-300001786108us-gaap:WarrantMembertrin:MetabolonIncMembercountry:UStrin:OtherHealthcareServicesMember2024-12-310001786108Portfolio Company Debt Securities- United States Medical Devices Nalu Medical, Inc Type of Investment Secured Loan Investment Date July 3, 2025 Maturity Date August 1, 2030 Interest Rate Variable interest rate Prime + 3.0% or Floor rate 10.0%; EOT 4.0%2025-01-012025-09-300001786108us-gaap:FairValueMeasurementsRecurringMembertrin:WarrantInvestmentsMember2024-12-310001786108trin:DistributionReinvestmentPlanMember2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Green Technology Footprint International Holding, Inc. Type of Investment Warrant Investment Date October 31, 2024 Expiration Date October 31, 2034 Series Preferred Class F2024-12-310001786108Portfolio 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 Stock2025-09-300001786108Portfolio Company Debt Securities- Europe Medical Devices CMR Surgical Limited Type of Investment Secured Loan Investment Date March 24, 2025 Maturity Date April 1, 2030 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%2025-09-300001786108Portfolio Company Debt Securities- Europe Space Technology All.Space Networks, Limited. Type of Investment Secured Loan Investment Date August 22, 2022 Maturity Date September 1, 2027 Interest Rate Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 2.5%2024-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Gravie, Inc. Type of Investment Secured Loan Investment Date June 4, 2024 Maturity Date July 1, 2029 Interest Rate Variable interest rate Prime + 4.5% or Floor rate 13.0%; EOT 2.5%2025-01-012025-09-300001786108Portfolio 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%2025-09-300001786108trin:SpaceTechnologyMember2025-09-300001786108Portfolio Company Debt Securities- United States Healthcare Technology Lark Technologies, Inc. Type of Investment Secured Loan Investment Date July 7, 2023 Maturity Date January 1, 2028 Interest Rate variable interest rate Prime + 8.3% or Floor rate 11.5% or ceiling rate of 13.5%; EOT 4.0%2024-01-012024-12-310001786108Portfolio Company Debt Securities- Europe Medical Devices CMR Surgical Limited Type of Investment Secured Loan Investment Date March 24, 2025 Maturity Date April 1, 2030 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Mesa Financing I, LLC Type of Investment Secured Loan Investment Date May 7, 2025 Maturity Date May 7, 2028 Interest Rate Variable interest rate SOFR 1 Month Term + 10.8% or Floor rate 12.8%; EOT 0.0%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Medical Devices Lightforce Orthodontics, Inc. 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Type of Investment Warrant Investment Date September 30, 2020 Expiration Date September 30, 2030 Series Common Stock2025-09-300001786108Portfolio Company Debt Securities- United States Education Technology Medical Sales Training Holding Company Type of Investment Secured Loan Investment Date March 18, 2021 Maturity Date April 1, 2025 Interest Rate Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 6.3%2024-01-012024-12-310001786108us-gaap:WarrantMembertrin:GreenTechnologyMembercountry:US2024-12-310001786108Portfolio Company Debt Securities- United States Marketing, Media, and Entertainment Incontext Solutions, Inc. Type of Investment Secured Loan Investment Date September 1, 2025 Maturity Date June 1, 2026 Interest Rate Fixed interest rate 12.0%; EOT 0.0%2025-09-300001786108Portfolio Company Debt Securities- United States Consumer Products & Services Molekule, Inc. Type of Investment Equipment Financing Investment Date December 18, 2020 Maturity Date March 31, 2025 Interest Rate Fixed interest rate 11.9%; EOT 10.0%2024-12-310001786108us-gaap:WarrantMembertrin:MacrofabIncMembertrin:SupplyChainTechnologyMembercountry:US2024-12-310001786108Portfolio Company Equity Investments- United States Finance and Insurance Openly Holdings Corp. Type of Investment Equity Investment Date May 9, 2023 Series Preferred Series D-12025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Consumer Products & Services Molekule, Inc. Type of Investment Equipment Financing Investment Date December 18, 2020 Maturity Date March 31, 2025 Interest Rate Fixed interest rate 11.9%; EOT 10.0%2024-01-012024-12-310001786108trin:IndustrialsMember2025-09-300001786108trin:HealthcareTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2025-09-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Centivo Corporation Type of Investment Secured Loan Investment Date February 3, 2025 Maturity Date August 1, 2029 Interest Rate Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%2025-09-300001786108Portfolio Company Debt Securities- United States Space Technology Hadrian Automation, Inc. Type of Investment Equipment Financing Investment Date March 2, 2022 Maturity Date September 1, 2025 Interest Rate Fixed interest rate 12.6%; EOT 0.0%2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Supply Chain Technology Nucleus RadioPharma, Inc. 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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%; EOT 0.0%2025-01-012025-09-300001786108SOFR 30 Day Forward Rate2024-12-310001786108Portfolio Company Warrant Investments- United States Green Technology RTS Holding, Inc. Type of Investment Warrant Investment Date October 10, 2022 Expiration Date October 10, 2032 Series Preferred Series D2025-01-012025-09-300001786108trin:August2026NotesMemberus-gaap:UnsecuredDebtMember2021-08-240001786108trin:SeniorSecuritiesMembertrin:TwoThousandTwentyFiveNotesMember2024-01-012024-12-310001786108Affiliate Investments Nomad Health, Inc.2025-09-300001786108Portfolio Company Warrant Investments- United States Green Technology Footprint International Holding, Inc. Type of Investment Warrant Investment Date February 18, 2022 Expiration Date February 18, 2032 Series Common Stock2024-12-310001786108Portfolio Company Debt Securities- United States Consumer Products & Services Rinse, Inc. Type of Investment Secured Loan Investment Date September 22, 2023 Maturity Date October 1, 2028 Interest Rate Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%2024-01-012024-12-310001786108us-gaap:WarrantMembertrin:FootprintInternationalHoldingIncMembertrin:GreenTechnologyMembercountry:US2025-09-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Kafene, Inc. Type of Investment Secured Loan Investment Date January 5, 2024 Maturity Date February 1, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 13.0%; EOT 1.0%2025-09-300001786108Portfolio Company Debt Securities- United States Consumer Products & Services Rinse, Inc. Type of Investment Secured Loan Investment Date September 22, 2023 Maturity Date October 1, 2028 Interest Rate Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%2024-12-310001786108Portfolio Company Debt Securities- Europe Other Healthcare Services Zandivio PLC Type of Investment Secured Loan Investment Date October 30, 2024 Maturity Date May 1, 2029 Interest Rate Variable interest rate Prime + 5.3% or Floor rate 13.8%; EOT 2.5%2025-09-300001786108Portfolio Company Equity Investments- United States Green Technology Electric Hydrogen Co. Type of Investment Equity Investment Date April 6, 2023 Series Preferred Series C2025-09-300001786108Portfolio Company Debt Securities- United States Healthcare Technology Paytient Technologies, Inc. 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Type of Investment Secured Loan Investment Date March 29, 2024 Maturity Date April 1, 2029 Interest Rate Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%2025-09-300001786108trin:BiotechnologyMemberus-gaap:WarrantMembercountry:US2024-12-310001786108Portfolio Company Warrant Investments- United States Other Healthcare Services Velentium, Inc. Type of Investment Warrant Investment Date May 24, 2024 Expiration Date May 24, 2034 Series Preferred Class B2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Transportation Technology NextCar Holding Company, Inc. Type of Investment Secured Loan Investment Date April 18, 2022 Maturity Date December 31, 2025 Interest Rate Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0% One2025-01-012025-09-300001786108Portfolio Company Equity Investments- United States Real Estate Technology Knockaway, Inc. 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Type of Investment Warrant Investment Date April 8, 2022 Expiration Date April 8, 2034 Series Preferred Series A2024-12-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembertrin:WarrantInvestmentsMember2025-09-300001786108us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-12-310001786108trin:EducationTechnologyMember2025-09-300001786108Portfolio Company Debt Securities- United States Human Resource Technology Nomad Health, Inc. Type of Investment Secured Loan Investment Date March 29, 2022 Maturity Date December 1, 2026 Interest Rate Variable interest rate Prime + 5.5% or Floor rate 9.3%; EOT 4.0%2024-12-310001786108Portfolio Company Debt Securities- United States Space Technology Hadrian Automation, Inc. Type of Investment Equipment Financing Investment Date December 22, 2022 Maturity Date December 1, 2026 Interest Rate Fixed interest rate 16.4%; EOT 0.0%2024-12-310001786108us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membertrin:MeasurementInputHypotheticalMarketYieldMemberus-gaap:DebtMembersrt:MaximumMember2025-09-300001786108trin:RealEstateTechnologyMembertrin:KnockawayIncMemberus-gaap:EquitySecuritiesMembercountry:US2024-12-310001786108Portfolio Company Debt Securities- United States Marketing, Media, and Entertainment PebblePost, Inc. Type of Investment Secured Loan Investment Date May 7, 2021 Maturity Date June 1, 2026 Interest Rate Variable interest rate Prime + 8.8% or Floor rate 11.5%; EOT 3.8%2024-12-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Maxwell Financial Labs, Inc. 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Type of Investment Warrant Investment Date October 17, 2023 Expiration Date November 21, 2032 Series Preferred A2024-12-310001786108srt:EuropeMember2024-01-012024-12-310001786108Portfolio 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 Interest Rate Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%2025-09-300001786108trin:Ept16LlcMember2024-06-280001786108Portfolio Company Debt Securities- United States Space Technology Hadrian Automation, Inc. Type of Investment Equipment Financing Investment Date March 29, 2023 Maturity Date March 1, 2027 Interest Rate Fixed interest rate 15.7%; EOT 0.0%2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Medical Devices Restor3d, Inc. Type of Investment Secured Loan Investment Date June 4, 2024 Maturity Date July 4, 2028 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.3%2025-09-300001786108Portfolio Company Debt Securities- United States Space Technology Hadrian Automation, Inc. Type of Investment Equipment Financing Investment Date December 22, 2022 Maturity Date June 1, 2026 Interest Rate Fixed interest rate 16.1%; EOT 0.0%2024-01-012024-12-310001786108Portfolio Company Equity Investments- United States Industrials Digilens, Inc. Type of Investment Equity Investment Date May 6, 2024 Series Preferred Series A-12024-01-012024-12-310001786108trin:SeniorSecuritiesMembertrin:KeyBankCreditFacilityMember2021-12-310001786108Portfolio Company Debt Securities- United States Consumer Products & Services Ogee, Inc. Type of Investment Secured Loan Investment Date August 1, 2024 Maturity Date March 1, 2027 Interest Rate Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%2025-09-300001786108trin:SeniorSecuritiesMemberus-gaap:ConvertibleNotesPayableMember2020-01-012020-12-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputMaturityMemberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMember2024-12-310001786108Portfolio Company Warrant Investments- United States Real Estate Technology Maxwell Financial Labs, Inc. Type of Investment Warrant Investment Date July 1, 2024 Expiration Date May 10, 2034 Series Common Stock2024-01-012024-12-310001786108trin:March2029NotesMember2024-03-282024-03-2800017861082025-01-012025-03-310001786108Portfolio Company Warrant Investments- United States Human Resource Technology BetterLeap, Inc. Type of Investment Warrant Investment Date April 20, 2022 Expiration Date April 20, 2032 Series Common Stock2025-09-300001786108Portfolio 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 C2025-09-300001786108Portfolio Company Warrant Investments- United States Finance and Insurance Parafin, Inc. Type of Investment Warrant Investment Date December 23, 2024 Expiration Date December 23, 2034 Series Common Stock2025-01-012025-09-300001786108Control Investments Project Frog, Inc.2025-09-300001786108Portfolio Company Warrant Investments- United States Medical Devices Delphinus, Inc. Type of Investment Warrant Investment Date June 27, 2023 Expiration Date June 27, 2033 Series Preferred Series E2024-12-310001786108Portfolio Company Debt Securities- United States Education Technology Edblox, Inc.Type of Investment Secured Loan Investment Date March 19, 2024 Maturity Date April 1, 2029 Interest Rate Variable interest rate Prime + 4.5% or Floor rate 11.8%; EOT 2.5%2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Connectivity Tarana Wireless, Inc. Type of Investment Secured Loan Investment Date September 23, 2024 Maturity Date October 1, 2029 Interest Rate Variable interest rate Prime + 4.5% or Floor rate 12.5%; EOT 4.0%2024-12-310001786108Portfolio Company Debt Securities- United States Healthcare Technology RXAnte, Inc. Type of Investment Secured Loan Investment Date November 21, 2022 Maturity Date December 1, 2027 Interest Rate Variable interest rate Prime + 4.48% or Floor rate 9.98%+PIK Fixed Interest Rate 1.5%; EOT 3.5%2024-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Beam Technologies, Inc. Type of Investment Warrant Investment Date August 30, 2024 Expiration Date August 30, 2034 Series Common Stock2025-09-300001786108Portfolio Company Debt Securities- United States Biotechnology Pendulum Therapeutics, Inc. Type of Investment Secured Loan Investment Date December 31, 2021 Maturity Date July 1, 2026 Interest Rate Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%2024-12-310001786108us-gaap:WarrantMembertrin:BiotechnologyMembertrin:PendulumTherapeuticsIncMembercountry:US2024-12-310001786108Portfolio Company Warrant Investments- United States Green Technology RTS Holding, Inc. Type of Investment Warrant Investment Date December 10, 2021 Expiration Date December 10, 2031 Series Preferred Series C2024-01-012024-12-310001786108trin:YellowbrickLearningIncMembertrin:EducationTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001786108trin:March2029NotesMember2025-07-012025-09-300001786108Portfolio Company Warrant Investments- United States Finance and Insurance Slope Tech, Inc. Type of Investment Warrant Investment Date September 14, 2022 Expiration Date September 14, 2032 Series Common Stock2025-01-012025-09-300001786108Portfolio Company Equity Investments- United States Healthcare Technology WorkWell Prevention & Care Inc. Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series P2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Steno Agency, Inc. Type of Investment Secured Loan Investment Date January 2, 2025 Maturity Date July 1, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%2025-09-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Centivo Corporation Type of Investment Secured Loan Investment Date July 31, 2024 Maturity Date August 1, 2029 Interest Rate Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%2025-01-012025-09-300001786108trin:EquityOfferingsMember2022-08-182022-08-180001786108trin:HumanResourceTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2025-09-300001786108Portfolio Company Debt Securities- United States Transportation Technology NextCar Holding Company, Inc. Type of Investment Secured Loan Investment Date December 15, 2021 Maturity Date December 31, 2025 Interest Rate Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0%2025-09-300001786108Portfolio Company Warrant Investments- United States SaaS Cart.com, Inc. Type of Investment Warrant Investment Date November 17, 2023 Expiration Date November 17, 2033 Series Common Stock2025-01-012025-09-300001786108Portfolio Company Equity Investments- United States Green Technology Electric Hydrogen Co. Type of Investment Equity Investment Date April 6, 2023 Series Preferred Series C2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Healthcare Lark Technologies, Inc.Type of Investment Warrant Investment Date December 22, 2022 Expiration Date December 22, 2032 Series Common Stock2024-12-310001786108Portfolio Company Debt Securities- United States Consumer Products & Services Eterneva, Inc. Type of Investment Equipment Financing Investment Date June 17, 2022 Maturity Date January 1, 2027 Interest Rate Fixed interest rate 11.9%; EOT 11.5%2024-12-310001786108trin:WorkWellPreventionAndCareIncMembertrin:HealthcareTechnologyMemberus-gaap:EquitySecuritiesMembercountry:US2025-09-3000017861082023-04-012023-06-300001786108Portfolio Company Warrant Investments- United States Healthcare Technology TMRW Life Sciences, Inc. Type of Investment Warrant Investment Date March 3, 2023 Expiration Date April 29, 2032 Series Preferred Class A2025-09-300001786108Portfolio Company Debt Securities- United States Education Technology Total Yellowbrick Learning, Inc. Type of Investment Secured Loan Investment Date August 10, 2021 Maturity Date March 1, 2026 Interest Rate Fixed interest rate 2.0%; EOT 5.0%2025-01-012025-09-300001786108trin:SeniorSecuritiesMemberus-gaap:ConvertibleNotesPayableMember2021-01-012021-12-310001786108Portfolio 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 Stock2024-12-310001786108trin:SpaceTechnologyMembertrin:ImpulseSpaceIncMemberus-gaap:DebtSecuritiesMembercountry:US2025-09-300001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Ambient Photonics, Inc. Type of Investment Secured Loan Investment Date December 20, 2022 Maturity Date June 1, 2025 Interest Rate Variable interest rate Prime + 6.0% or Floor rate 9.5%; EOT 4.0%2024-01-012024-12-310001786108Portfolio Company Equity Investments- United States Finance and Insurance Dynamics, Inc. Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series A2024-01-012024-12-310001786108trin:O2024Q2DividendsMember2024-04-012024-06-300001786108trin:TrinityCapitalAdviserLlcMembertrin:AdviserSubMember2025-07-012025-09-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Empower Financial, Inc. Type of Investment Secured Loan Investment Date October 13, 2023 Maturity Date May 1, 2028 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%2024-12-310001786108trin:SaasMembercountry:USus-gaap:EquitySecuritiesMember2025-09-300001786108Portfolio Company Equity Investments- United States SaaS The Tomorrow Companies, Inc. Type of Investment Equity Investment Date July 5, 2023 Series Preferred Series E-12025-09-300001786108trin:ApijectHoldingsIncMembertrin:MedicalDevicesMemberus-gaap:DebtSecuritiesMembercountry:US2025-09-300001786108Portfolio Company Debt Securities- Canada Construction Technology Nexii, Inc. Type of Investment Secured Loan Investment Date July 24, 2024 Maturity Date July 1, 2027 Interest Rate Fixed interest rate 10.0%; EOT 0.0%2025-09-300001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Applied Digital Corporation Type of Investment Equipment Financing Investment Date June 21, 2024 Maturity Date April 1, 2026 Interest Rate Fixed interest rate 19.0%; EOT 0.0%2025-01-012025-09-300001786108us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Space Technology Astranis Space Technology Corporation Type of Investment Warrant Investment Date September 27, 2024 Expiration Date September 27, 2034 Series Common Stock2024-12-310001786108Portfolio Company Debt Securities- United States Real Estate Technology Homelight Lending, Inc. Type of Investment Secured Loan Investment Date October 15, 2021 Maturity Date June 1, 2026 Interest Rate Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.5%2025-01-012025-09-300001786108Affiliate Investments GoFor Delivers, Inc.2025-09-300001786108Portfolio Company Debt Securities- Europe Industrials Aledia, Inc.Type of Investment Equipment Financing Investment Date March 31, 2022 Maturity Date April 1, 2025 Interest Rate Fixed interest rate 9.0%; EOT 7.0%2024-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Empower Financial, Inc. Type of Investment Secured Loan Investment Date April 9, 2024 Maturity Date May 1, 2028 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%2024-01-012024-12-310001786108trin:HiPowerLLCMembertrin:GreenTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001786108Portfolio Company Debt Securities- United States Healthcare Technology WorkWell Prevention & Care Inc. Type of Investment Secured Loan Investment Date December 31, 2022 Maturity Date January 1, 2027 Interest Rate Variable interest rate Prime + 5.0% or Floor rate 6.0%; EOT 0.0%2025-09-300001786108trin:July2030NotesMember2025-07-012025-09-300001786108Portfolio Company Debt Securities- United States Healthcare Technology TMRW Life Sciences, Inc. Type of Investment Secured Loan Investment Date December 8, 2022 Maturity Date May 1, 2027 Interest Rate Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 4.0%2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Education Technology Edblox, Inc. Type of Investment Warrant Investment Date March 19, 2024 Expiration Date March 19, 2034 Series Common Stock2025-09-300001786108Portfolio 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%2025-09-300001786108Portfolio Company Warrant Investments- United States Healthcare Technology Lark Technologies, Inc. Type of Investment Warrant Investment Date June 30, 2021 Expiration Date June 30, 2031 Series Common Stock2025-09-300001786108Portfolio Company Warrant Investments- United States Finance and Insurance Alt Platform Inc. Type of Investment Warrant Investment Date July 8, 2025 Expiration Date July 8, 2035 Series Common Stock2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Other Healthcare Services Upward Health, Inc. Type of Investment Warrant Investment Date August 6, 2024 Expiration Date August 6, 2034 Class A Common Stock2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States SaaS Steno Agency, Inc. Type of Investment Warrant Investment Date June 21, 2024 Expiration Date June 21, 2034 Series Common Stock2025-01-012025-09-300001786108trin:DigilensIncMembertrin:IndustrialsMemberus-gaap:EquitySecuritiesMembercountry:US2025-09-300001786108Portfolio 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%2025-09-300001786108trin:DirectLending2025LLCMember2025-07-012025-09-300001786108Portfolio Company Equity Investments- United States Food and Agriculture Technologies Emergy, Inc. Type of Investment Equity Investment Date June 28, 2021 Series Common Stock2025-09-300001786108trin:MedicalDevicesMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001786108Portfolio Company Warrant Investments- United States SaaS Cart.com, Inc. Type of Investment Warrant Investment Date November 17, 2023 Expiration Date November 17, 2033 Series Common Stock2025-09-300001786108Portfolio Company Equity Investments- United States SaaS Cart.com, Inc. Type of Investment Equity Investment Date April 17, 2024 Series Preferred Series C2024-12-310001786108us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001786108Portfolio Company Debt Securities- United States Space Technology Astranis Space Technology Corporation Type of Investment Equipment Financing Investment Date September 27, 2024 Maturity Date October 1, 2027 Interest Rate Fixed interest rate 12.6%; EOT 4.0%2025-01-012025-09-300001786108trin:SeniorSecuritiesMember2020-01-012020-12-310001786108us-gaap:DebtSecuritiesMembercountry:CA2025-09-300001786108Portfolio Company Warrant Investments- United States SaaS Reciprocity, Inc. Type of Investment Warrant Investment Date April 29, 2021 Expiration Date April 29, 2031 Series Common Stock2025-09-300001786108Portfolio Company Debt Securities- United States Healthcare Technology Lark Technologies, Inc. Type of Investment Secured Loan Investment Date July 7, 2023 Maturity Date January 1, 2028 Interest Rate variable interest rate Prime + 8.3% or Floor rate 11.5% or ceiling rate of 13.5%; EOT 4.0%2024-12-310001786108srt:EuropeMember2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Applied Digital Corporation Type of Investment Equipment Financing Investment Date April 24, 2024 Maturity Date April 1, 2026 Interest Rate Fixed interest rate 19.0%; EOT 0.0%2025-01-012025-09-300001786108trin:PrivateCommonStockOfferingsMember2020-01-160001786108Portfolio Company Debt Securities- United States Other Healthcare Services Cellares Corporation Type of Investment Equipment Financing Investment Date January 29, 2025 Maturity Date February 1, 2030 Interest Rate Fixed interest rate 12.5%; EOT 4.5%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States SaaS Reciprocity, Inc. Type of Investment Warrant Investment Date September 25, 2020 Expiration Date September 25, 2030 Series Common Stock2024-01-012024-12-310001786108Control Investments WorkWell Prevention and Care Inc.2025-01-012025-09-300001786108trin:DirectLendingMember2025-09-300001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") CCP InterGalactic Buyer, LLC Type of Investment Secured Loan Investment Date September 15, 2025 Maturity Date September 15, 2030 Variable interest rate SOFR 3 Month Term + 5.5%; EOT 0.0%2025-01-012025-09-300001786108trin:FoodAndAgricultureTechnologiesMember2025-09-300001786108us-gaap:WarrantMembertrin:SlopeTechIncMembertrin:FinanceAndInsuranceMembercountry:US2025-09-300001786108trin:NonControlAndNonAffiliateInvestmentsIssuerMember2025-07-012025-09-3000017861082024-12-310001786108Portfolio Company Debt Securities- United States Space Technology Slingshot Aerospace, Inc. Type of Investment Secured Loan Investment Date August 7, 2024 Maturity Date April 30, 2026 Interest Rate Fixed interest rate 10.0%; EOT 0.0%2025-01-012025-09-300001786108Affiliate Investments Nexii, Inc.2025-09-300001786108Portfolio Company Debt Securities- United States Food and Agriculture Technologies Emergy, Inc. Type of Investment Equipment Financing Investment Date December 15, 2021 Maturity Date July 1, 2026 Interest Rate Fixed interest rate 11.2%; EOT 11.5%2025-01-012025-09-300001786108Portfolio Company Equity Investments- Canada Construction Technology Nexii, Inc. Type of Investment Equity Investment Date July 24, 2024 Series Preferred Series A-1 One2025-09-300001786108Portfolio Company Warrant Investments- United States Green Technology Edeniq, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date June 29, 2027 Series Preferred Series C2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Healthcare Technology RXAnte, Inc. Type of Investment Warrant Investment Date October 17, 2023 Expiration Date November 21, 2032 Series Preferred A2025-09-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Tilt Finance, Inc. (dba Empower Financial, Inc.) Type of Investment Secured Loan Investment Date May 15, 2024 Maturity Date May 1, 2028 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Consumer Products & Services Bobbie Baby, Inc. 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Type of Investment Equipment Financing Investment Date April 12, 2022 Maturity Date February 1, 2025 Fixed interest rate 0.0%; EOT 9.0%2024-01-012024-12-310001786108trin:SeniorSecuritiesMembertrin:TwoThousandTwentyFiveNotesMember2021-01-012021-12-310001786108us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembertrin:KeyBankCreditFacilityMembersrt:MaximumMember2021-10-272021-10-270001786108Portfolio Company Debt Securities- United States Transportation Technology Uveye, Inc. 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Type of Investment Warrant Investment Date January 16, 2020 Expiration Date May 16, 2029 Series Common Stock2025-09-300001786108Portfolio 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%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Food and Agriculture Technologies DrinkPak, LLC Type of Investment Warrant Investment Date February 17, 2023 Expiration Date February 17, 2033 Series Common Stock2025-09-300001786108Portfolio Company Debt Securities- United States Space Technology Impulse Space, Inc. Type of Investment Equipment Financing Investment Date September 13, 2024 Maturity Date October 1, 2027 Interest Rate Fixed interest rate 12.5%; EOT 3.0%2025-09-300001786108Portfolio Company Debt Securities- United States Medical Devices Lightforce Orthodontics, Inc. 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Type of Investment Warrant Investment Date January 16, 2020 Expiration Date June 30, 2029 Series Common Stock2024-12-310001786108trin:TransportationTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2025-09-300001786108Affiliate Investments Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC)2025-09-300001786108Portfolio Company Debt Securities- United States Biotechnology Taysha Gene Therapies, Inc. Type of Investment Secured Loan Investment Date November 13,2023 Maturity Date December 01,2028 Interest Rate Variable interest rate Prime + 4.5% or Floor rate 12.8%; EOT 5.0%2024-01-012024-12-310001786108trin:FoodAndAgricultureTechnologiesMemberus-gaap:WarrantMembertrin:IntelligentBrandsIncMembercountry:US2025-09-300001786108Portfolio Company Debt Securities- United States Consumer Products & Services UnTuckIt, Inc. 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Type of Investment Warrant Investment Date September 30, 2020 Expiration Date September 30, 2030 Series Common Stock2025-01-012025-09-300001786108trin:DebtATMProgramMembertrin:March2029NotesMember2025-01-012025-09-300001786108Portfolio Company Warrant Investments- Europe Industrials Aledia, Inc. Type of Investment Warrant Investment Date March 31, 2022 Maturity Date March 31, 2032 Series Ordinary2025-01-012025-09-300001786108trin:EducationTechnologyMembertrin:MedicalSalesTrainingHoldingCompanyMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001786108Portfolio Company Equity Investments- United States Real Estate Technology Maxwell Financial Labs, Inc Type of Investment Equity Investment Date May 10, 2024 Series Preferred Series B-12025-09-300001786108Portfolio Company Warrant Investments- United States Transportation Technology NextCar Holding Company, Inc. 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Type of Investment Equity Investment Date August 30, 2024 Series Preferred Series B2024-12-310001786108Portfolio Company Warrant Investments- United States SaaS Crowdtap, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date December 16, 2025 Series Preferred Series B2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Consumer Products & Services Ogee, Inc. Type of Investment Secured Loan Investment Date August 1, 2024 Maturity Date March 1, 2027 Interest Rate Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Transportation Technology Uveye, Inc. 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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%2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Consumer Products & Services Quip NYC, Inc. Type of Investment Secured Loan Investment Date March 9, 2021 Maturity Date April 1, 2026 Interest Rate Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.0%2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Beam Technologies, Inc. Type of Investment Secured Loan Investment Date August 30, 2024 Maturity Date April 1, 2027 Interest Rate Variable interest rate PRIME + 2.8% or Floor rate 11.0%+PIK Fixed Interest Rate 1.5%; EOT 2.0%2024-01-012024-12-310001786108us-gaap:WarrantMembertrin:SpaceTechnologyMembercountry:US2025-09-300001786108Portfolio Company Warrant Investments- United States Finance and Insurance Mesa Financing I, LLC Type of Investment Warrant Investment Date July 31, 2025 Expiration Date May 7, 2035 Series Common Stock2025-09-300001786108trin:EmergyIncMembertrin:FoodAndAgricultureTechnologiesMemberus-gaap:DebtSecuritiesMembercountry:US2025-09-300001786108Portfolio 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 Stock2024-12-310001786108Portfolio 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%2025-09-300001786108Portfolio Company Equity Investments- United States Construction Technology Project Frog, Inc. Type of Investment Equity Investment Date August 3, 2021 Series Preferred Series CC2024-12-310001786108Portfolio Company Debt Securities- United States Food and Agriculture Technologies Daring Foods, Inc. Type of Investment Equipment Financing Investment Date July 6, 2022 Maturity Date August 1, 2025 Interest Rate Fixed interest rate 10.9%; EOT 7.5%2024-12-310001786108Portfolio Company Equity Investments- United States Supply Chain Technology Macrofab, Inc. Type of Investment Equity Investment Date January 30, 2024 Series Preferred C-1 Preferred2024-01-012024-12-310001786108Portfolio 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 11.5%; EOT 3.0%2024-12-310001786108Portfolio Company Warrant Investments- United States Food and Agriculture Technologies Emergy, Inc. Type of Investment Warrant Investment Date October 5, 2022 Expiration Date October 5, 2032 Series Common Stock2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Green Technology Type of Investment Equipment Financing Investment Date June 27, 2024 Maturity Date July 1, 2030 Interest Rate Fixed interest rate 13.2%; EOT 10.0%2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Under Technologies, Inc. Type of Investment Secured Loan Investment Date September 13, 2024 Maturity Date June 1, 2029 Interest Rate Variable interest rate Prime + 3.8% or Floor rate 12.0%; EOT 4.3%2025-09-3000017861082020-01-160001786108Portfolio Company Warrant Investments- United States Biotechnology Pendulum Therapeutics, Inc. One Type of Investment Warrant Investment Date June 1, 2020 Expiration Date July 15, 2030 Series Preferred Series B2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Other Healthcare Services Cellares Corporation Type of Investment Secured Loan Investment Date August 2, 2024 Maturity Date February 1, 2027 Interest Rate Variable interest rate Prime + 3.3% or Floor rate 11.8%; EOT 4.0%2024-12-310001786108Portfolio Company Warrant Investments- United States Healthcare Hospitalists Now, Inc. 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Type of Investment Secured Loan Investment Date April 1, 2024 Maturity Date October 1, 2026 Interest Rate Variable interest rate SOFR 30 Day Forward + 11.5% or Floor rate 13.5%; EOT 0.0%2024-01-012024-12-310001786108Portfolio Company Debt Securities- Europe Space Technology All.Space Networks, Limited. Type of Investment Secured Loan Investment Date August 22, 2022 Maturity Date September 1, 2027 Interest Rate Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 2.5%2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Medical Devices Cagent Vascular, Inc. Type of Investment Secured Loan Investment Date January 24, 2025 Maturity Date February 1, 2030 Interest Rate Variable interest rate prime + 4.0% or Floor rate 11.3%; EOT 3.0%2025-01-012025-09-300001786108trin:September2029NotesMembertrin:DebtATMProgramMember2025-01-012025-09-300001786108us-gaap:WarrantMembertrin:SpaceTechnologyMembertrin:AllSpaceNetworksLimitedMembersrt:EuropeMember2025-09-300001786108Portfolio Company Warrant Investments- United States SaaS Crowdtap, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date December 11, 2027 Series Preferred Series B2025-09-300001786108Portfolio Company Warrant Investments- Europe Space Technology All.Space Networks, Limited. Type of Investment Warrant Investment Date August 19, 2022 Maturity Date August 19, 2032 Series Common Stock2025-09-300001786108Portfolio Company Debt Securities- United States Space Technology Impulse Space, Inc. Type of Investment Equipment Financing Investment Date June 25, 2025 Maturity Date July 1, 2028 Interest Rate Fixed interest rate 12.8%; EOT 3.0%2025-09-300001786108Portfolio Company Warrant Investments- United States Marketing, Media, and Entertainment Grabit Interactive Media, Inc. Type of Investment Warrant Investment Date April 8, 2022 Expiration Date April 8, 2034 Series Preferred Series A2025-09-300001786108trin:MarketingMediaAndEntertainmentMember2024-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Lendflow, Inc. Type of Investment Warrant Investment Date April 24, 2025 Expiration Date April 24, 2035 Series Common Stock2025-01-012025-09-300001786108us-gaap:InvestmentAffiliatedIssuerMember2024-07-012024-09-300001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Uniphore Technologies Inc. Type of Investment Secured Loan Investment Date September 30, 2025 Maturity Date October 1, 2030 Interest Rate Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.0%2025-09-300001786108Portfolio Company Warrant Investments- United States Finance and Insurance Slope Tech, Inc. Type of Investment Warrant Investment Date August 30, 2023 Expiration Date August 30, 2033 Series Common Stock2025-09-300001786108us-gaap:AdditionalPaidInCapitalMember2023-12-310001786108Portfolio Company Debt Securities- United States Space Technology Astranis Space Technology Corporation Type of Investment Equipment Financing Investment Date April 13, 2023 Maturity Date November 1, 2026 Interest Rate Fixed interest rate 12.1%; EOT 5.0%2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Gravie, Inc. 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Type of Investment Secured Loan Investment Date October 1, 2024 Maturity Date April 1, 2029 Interest Rate Variable interest rate Prime + 2.5% or Floor rate 10.0%+PIK Fixed Interest Rate 3.0%; EOT 4.8%2025-09-300001786108Portfolio Company Debt Securities- United States Green Technology Commonwealth Fusion Systems, LLC Type of Investment Equipment Financing Investment Date June 16, 2023 Maturity Date July 1, 2030 Interest Rate Fixed interest rate 13.0%; EOT 10.0%2024-12-310001786108us-gaap:WarrantMembertrin:FootprintInternationalHoldingIncMembertrin:GreenTechnologyMembercountry:US2024-12-310001786108Portfolio 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%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Finance and Insurance RealtyMogul, Co. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date December 18, 2027 Series Preferred Series B2025-01-012025-09-300001786108us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2023-12-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Eyelit Technologies, Inc. Type of Investment Secured Loan Investment Date September 10, 2025 Maturity Date November 4, 2029 Variable interest rate SOFR 1 Month Term + 6.0%; EOT 0.0%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Industrials  Digilens, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date March 24, 2025 Series Preferred Series A-12024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Gravie, Inc. Type of Investment Secured Loan Investment Date June 4, 2024 Maturity Date July 1, 2029 Interest Rate Variable interest rate Prime + 4.5% or Floor rate 13.0%; EOT 2.5%2025-09-300001786108Portfolio Company Warrant Investments- United States Real Estate Technology Orchard Technologies, Inc. Type of Investment Warrant Investment Date February 12, 2025 Expiration Date February 12, 2034 Series Preferred Series 12025-09-300001786108Portfolio Company Warrant Investments- Europe Space Technology All.Space Networks, Limited. Type of Investment Warrant Investment Date August 22, 2024 Maturity Date August 22, 2034 Series Common Stock2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Medical Devices Neuros Medical, Inc. 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Type of Investment Secured Loan Investment Date June 17,2022 Maturity Date July 01,2026 Interest Rate Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%2024-12-310001786108us-gaap:WarrantMembertrin:ConsumerProductsAndServicesMembertrin:MadisonReedIncMembercountry:US2024-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Ogee, Inc. Type of Investment Warrant Investment Date February 14, 2023 Expiration Date February 14, 2033 Series Preferred Series A-32024-01-012024-12-310001786108Portfolio Company Equity Investments- United States Construction Technology Project Frog, Inc. Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series AA-12024-01-012024-12-310001786108trin:KeyBankCreditFacilityMember2025-07-012025-09-300001786108Portfolio Company Equity Investments- United States Green Technology Edeniq, Inc. 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Type of Investment Secured Loan Investment Date May 24, 2024 Maturity Date May 24, 2029 Interest Rate Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 5.3%2025-09-300001786108trin:EquityATMProgramMember2025-07-012025-09-300001786108us-gaap:EquitySecuritiesMember2024-12-310001786108Portfolio Company Warrant Investments- United States Marketing, Media, and Entertainment Firefly Systems, Inc. Type of Investment Warrant Investment Date January 31, 2020 Expiration Date January 29, 2030 Series Common Stock2024-12-310001786108trin:ClassAMembertrin:Ept16LlcMember2025-09-300001786108trin:O2025Q3DividendsMember2025-09-300001786108Portfolio Company Warrant Investments- United States Medical Devices Shoulder Innovations, Inc. Type of Investment Warrant Investment Date August 7, 2023 Expiration Date August 7, 2033 Series Preferred Series D2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") SOCi, Inc. 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Type of Investment Secured Loan Investment Date April 18, 2022 Maturity Date December 31, 2025 Interest Rate Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0% One2025-09-300001786108Portfolio Company Equity Investments- United States Real Estate Technology Maxwell Financial Labs, Inc Type of Investment Equity Investment Date January 22, 2021 Series Preferred Series B2024-12-310001786108us-gaap:WarrantMembertrin:HealthcareTechnologyMembercountry:US2025-09-300001786108Portfolio Company Debt Securities- United States Green Technology Hi-Power, LLC Type of Investment Equipment Financing Investment Date September 30, 2022 Maturity Date April 1, 2026 Interest Rate Fixed interest rate 14.7%; EOT 1.0%2024-01-012024-12-310001786108trin:ValuationRiskMember2025-01-012025-09-300001786108trin:GreenTechnologyMember2024-12-310001786108trin:DirectLending2025LLCMember2025-09-300001786108Portfolio Company Warrant Investments- United States Finance and Insurance One Million Metrics (dba Kinetic) Type of Investment Warrant Investment Date August 25, 2025 Expiration Date August 25, 2035 Series Common Stock2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Real Estate Technology Maxwell Financial Labs, Inc. 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Type of Investment Warrant Investment Date December 14, 2020 Expiration Date December 14, 2030 Series Preferred Series A-12025-01-012025-09-300001786108trin:MedicalDevicesMemberus-gaap:DebtSecuritiesMembersrt:EuropeMember2025-09-300001786108trin:TrinityCapitalAdviserLlcMembertrin:AdviserSubMember2024-07-012024-09-300001786108Portfolio Company Equity Investments- United States Connectivity Tarana Wireless, Inc. Type of Investment Equity Investment Date March 16, 2022 Series Preferred Series 62024-01-012024-12-310001786108Portfolio Company Equity Investments- Canada Construction Technology Nexii, Inc. Type of Investment Equity Investment Date July 24, 2024 Series Preferred Series A-12025-09-300001786108trin:NonControlAndNonAffiliateInvestmentsIssuerMember2025-01-012025-09-300001786108us-gaap:FairValueInputsLevel3Memberus-gaap:DebtMember2024-12-310001786108Portfolio Company Warrant Investments- United States Marketing, Media, and Entertainment Rarefied Atmosphere, Inc. 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Type of Investment Secured Loan Investment Date September 30, 2021 Maturity Date July 1, 2026 Interest Rate Variable interest rate Prime + 6.8% or Floor rate 13.5%; EOT 5.0%2025-09-300001786108trin:MedicalDevicesMembertrin:ApijectHoldingsIncMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001786108Portfolio Company Warrant Investments- United States Green Technology Mainspring Energy, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date July 9, 2029 Series Common Stock2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Education Technology Medical Sales Training Holding Company Type of Investment Warrant Investment Date March 18, 2021 Expiration Date March 18, 2031 Series Common Stock2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Green Technology Dandelion Energy, Inc. 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Type of Investment Equity Investment Date November 1, 2021 Series Preferred Series B-12025-01-012025-09-300001786108trin:TrinityInvestorJVILLCMember2025-09-300001786108Portfolio Company Warrant Investments- Europe Space Technology All.Space Networks, Limited. Type of Investment Warrant Investment Date August 22, 2022 Expiration Date August 22, 2032 Series Common Stock2024-12-310001786108trin:SevenPointZeroZeroNotesDue2025Membertrin:PrivateOfferingsMember2020-01-162020-01-160001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") SOCi, Inc. 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Type of Investment Secured Loan Investment Date January 24, 2025 Maturity Date February 1, 2030 Interest Rate Variable interest rate prime + 4.0% or Floor rate 11.3%; EOT 3.0%2025-09-300001786108Portfolio Company Equity Investments- United States Green Technology Edeniq, Inc. Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series C2025-09-300001786108trin:TMRWLifeSciencesIncMembertrin:HealthcareTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2025-09-300001786108Portfolio Company Debt Securities- United States Marketing, Media, and Entertainment Vox Media Holdings, Inc. Type of Investment Secured Loan Investment Date October 18, 2022 Maturity Date November 1, 2027 Interest Rate Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 2.5%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Medical Devices Shoulder Innovations, Inc. Type of Investment Warrant Investment Date August 7, 2023 Expiration Date August 7, 2033 Series Preferred Series D2025-01-012025-09-300001786108trin:HumanResourceTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001786108trin:SixPointZeroZeroPercentageConvertibleNotesDueTwoThousandTwentyFiveMember2024-01-012024-09-300001786108Portfolio 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%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Finance and Insurance DailyPay, Inc. Type of Investment Warrant Investment Date September 30, 2020 Expiration Date September 30, 2030 Series Common Stock2024-01-012024-12-310001786108Portfolio Company Debt Securities- Canada Construction Technology Nexii, 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%2025-01-012025-09-300001786108Portfolio Company Equity Investments- United States Real Estate Technology Maxwell Financial Labs, Inc Type of Investment Equity Investment Date October 2, 2024 Series Common Stock2025-09-300001786108Portfolio Company Debt Securities- United States Green Technology Electric Hydrogen Co. 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Type of Investment Warrant Investment Date October 1, 2024 Expiration Date March 28, 2034 Preferred Series 32025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Space Technology Hadrian Automation, Inc. Type of Investment Equipment Financing Investment Date December 22, 2022 Maturity Date December 1, 2026 Interest Rate Fixed interest rate 16.4%; EOT 0.0%2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Consumer Products & Services Bobbie Baby, Inc. Type of Investment Equipment Financing Investment Date September 11, 2025 Maturity Date October 1, 2028 Interest Rate Fixed interest rate 11.5%; EOT 3.0%2025-09-300001786108Portfolio Company Debt Securities- United States Space Technology Hadrian Automation, Inc. 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Type of Investment Secured Loan Investment Date October 19, 2023 Maturity Date December 1, 2027 Interest Rate Variable interest rate Prime + 4.48% or Floor rate 9.98%+PIK Fixed Interest Rate 1.5%; EOT 3.5%2024-01-012024-12-310001786108trin:TwoThousandNineteenLongTermIncentivePlanMember2024-01-012024-09-300001786108trin:ArtificialIntelligenceAndAutomationMemberus-gaap:EquitySecuritiesMembercountry:US2025-09-300001786108trin:TMRWLifeSciencesIncMemberus-gaap:WarrantMembertrin:HealthcareTechnologyMembercountry:US2025-09-300001786108trin:SeriesANotesMember2025-07-012025-09-300001786108trin:SpaceTechnologyMembertrin:HadrianAutomationIncMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001786108Portfolio Company Debt Securities- Europe Industrials Aledia, Inc.Type of Investment Equipment Financing Investment Date September 30, 2022 Maturity Date October 1, 2025 Interest Rate Fixed interest rate 12.0%; EOT 7.0%2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Healthcare Technology Hospitalists Now, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date December 6, 2026 Series Preferred Series D-22025-01-012025-09-300001786108us-gaap:RetainedEarningsMember2024-12-310001786108Portfolio Company Debt Securities- United States Finance and Insurance Parafin SPV 2, LLC Type of Investment Secured Loan Investment Date February 22, 2024 Maturity Date December 21, 2026 Interest Rate Variable interest rate SOFR 1 Month Term + 10.8% or Floor rate 12.8%; EOT 0.0%2025-09-300001786108Portfolio Company Warrant Investments- United States Artificial Intelligence & Automation Ambient Photonics, Inc. Type of Investment Warrant Investment Date July 27, 2022 Expiration Date July 27, 2032 Series Common Stock2024-12-310001786108Portfolio Company Warrant Investments- United States SaaS Crowdtap, Inc. 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Type of Investment Warrant Investment Date January 16, 2020 Expiration Date April 20, 2028 Series Preferred Series C2024-01-012024-12-310001786108trin:RxanteIncMembertrin:HealthcareTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2025-09-300001786108Portfolio Company Warrant Investments- United States Healthcare Technology TMRW Life Sciences, Inc. Type of Investment Warrant Investment Date March 3, 2023 Expiration Date April 29, 2032 Series Preferred Class A2025-01-012025-09-300001786108trin:StockRepurchaseProramMemberus-gaap:CommonStockMembersrt:MaximumMember2024-11-070001786108Portfolio Company Debt Securities- Europe Medical Devices CMR Surgical Limited Type of Investment Secured Loan Investment Date March 24, 2025 Maturity Date April 1, 2030 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 4.0%2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Green Technology Electric Hydrogen Co. Type of Investment Equipment Financing Investment Date September 12, 2022 Maturity Date April 1, 2026 Interest Rate Fixed interest rate 9.0%; EOT 10.0%2025-09-300001786108us-gaap:WarrantMembertrin:SlopeTechIncMembertrin:FinanceAndInsuranceMembercountry:US2024-12-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMembersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMember2025-09-300001786108Portfolio Company Debt Securities- United States Green Technology Hi-Power, LLC Type of Investment Equipment Financing Investment Date September 30, 2021 Maturity Date April 1, 2025 Interest Rate Fixed interest rate 12.4%; EOT 1.0%2024-12-310001786108srt:MaximumMember2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Healthcare Technology Moxe Health Corporation Type of Investment Warrant Investment Date December 29, 2023 Expiration Date December 29, 2033 Series Preferred Series B2025-09-300001786108Portfolio Company Debt Securities- United States Healthcare Technology Paytient Technologies, Inc. Type of Investment Secured Loan Investment Date May 27, 2025 Maturity Date June 1, 2030 Interest Rate Variable interest rate Prime + 3.8% or Floor rate 10.8%; EOT 3.0%2025-09-300001786108trin:ArtificialIntelligenceAndAutomationMemberus-gaap:DebtSecuritiesMembercountry:US2025-09-300001786108us-gaap:RetainedEarningsMember2024-07-012024-09-300001786108Portfolio Company Warrant Investments- United States Artificial Intelligence & Automation Everalbum, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date July 29, 2026 Series Preferred Series A Series Common Stock2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Connectivity Vertical Communications, Inc. 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Type of Investment Warrant Investment Date April 1, 2024 Expiration Date April 1, 2034 Series Common Stock2024-12-310001786108Portfolio Company Warrant Investments- United States Healthcare Technology Hospitalists Now, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date March 30, 2026 Series Preferred Series D-22025-01-012025-09-300001786108us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membertrin:MeasurementInputHypotheticalMarketYieldMembersrt:WeightedAverageMemberus-gaap:DebtMember2025-09-300001786108Portfolio Company Equity Investments- United States Supply Chain Technology Macrofab, Inc. 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Type of Investment Equipment Financing Investment Date March 8, 2022 Maturity Date April 1, 2025 Interest Rate Fixed interest rate 9.5%; EOT 7.5%2024-12-310001786108Portfolio Company Debt Securities- United States Transportation Technology NextCar Holding Company, Inc. Type of Investment Secured Loan Investment Date December 15, 2021 Maturity Date December 31, 2025 Interest Rate Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Green Technology Edeniq, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date June 29, 2027 Series Preferred Series C2025-09-300001786108Portfolio Company Warrant Investments- United States Real Estate Technology Homelight Lending, Inc. Type of Investment Warrant Investment Date June 23, 2022 Expiration Date June 23, 2032 Series Common Stock2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Space Technology Kymeta Corporation Type of Investment Warrant Investment Date July 3, 2024 Expiration Date July 3, 2034 Series Common Stock2025-01-012025-09-300001786108trin:TransportationTechnologyMemberus-gaap:DebtSecuritiesMembercountry:US2024-12-310001786108trin:O2020Q3DividendsMember2020-07-012020-09-300001786108Portfolio 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 C-12025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Bobbie Baby, Inc. Type of Investment Warrant Investment Date September 12, 2025 Expiration Date September 12, 2035 Series Common Stock2025-09-300001786108trin:RealEstateTechnologyMembertrin:KnockawayIncMemberus-gaap:EquitySecuritiesMembercountry:US2025-09-300001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Whoop, Inc. Type of Investment Warrant Investment Date May 17, 2023 Expiration Date May 17, 2033 Series Common Stock2025-01-012025-09-300001786108Portfolio Company Equity Investments- United States Multi-Sector Holdings Trinity Capital Adviser, LLC Type of Investment Equity Investment Date June 28, 2024 Series Preferred2025-01-012025-09-300001786108trin:NonControlAndNonAffiliateInvestmentsIssuerMember2024-07-012024-09-300001786108us-gaap:FairValueInputsLevel3Membertrin:ScenarioAnalysisMemberus-gaap:DebtMembertrin:MeasurementInputProbabilityWeightingOfAlternativeOutcomesMembersrt:MaximumMember2024-12-310001786108Portfolio Company Equity Investments- United States Connectivity viaPhoton Inc. Type of Investment Equity Investment Date May 23, 2024 Series SAFE Note2025-09-300001786108Portfolio Company Warrant Investments- United States Marketing, Media, and Entertainment PebblePost, Inc. 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Type of Investment Secured Loan Investment Date December 29, 2022 Maturity Date January 1, 2028 Interest Rate Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 2.5%2025-01-012025-09-300001786108us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMember2024-12-3100017861082025-04-012025-06-300001786108Portfolio Company Warrant Investments- United States Construction Technology Project Frog, Inc. Type of Investment Warrant Investment Date August 3, 2021 Expiration Date December 31, 2031 Series Preferred Series CC2024-12-310001786108us-gaap:WarrantMembertrin:FinanceAndInsuranceMembercountry:US2024-12-310001786108Portfolio Company Warrant Investments- United States Green Technology Mainspring Energy, Inc. 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Type of Investment Warrant Investment Date October 31, 2024 Expiration Date October 31, 2034 Series Preferred Series C-22025-09-300001786108us-gaap:WarrantMembertrin:SupplyChainTechnologyMembercountry:US2024-12-310001786108trin:SaasMemberus-gaap:DebtSecuritiesMembercountry:US2025-09-300001786108Portfolio Company Debt Securities- United States Transportation Technology Uveye, Inc. Type of Investment Equipment Financing Investment Date December 26, 2024 Maturity Date January 1, 2028 Interest Rate Fixed interest rate 11.9%; EOT 1.0%2025-01-012025-09-300001786108Portfolio Company Equity Investments- United States Construction Technology Project Frog, Inc. Type of Investment Investment Date Equity Series January 16, 2020 Preferred Series AA-12025-09-300001786108Portfolio Company Debt Securities- United States Food and Agriculture Technologies Emergy, Inc. 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Type of Investment Secured Loan Investment Date May 6, 2022 Maturity Date July 1, 2026 Interest Rate Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%2025-09-300001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Ogee, Inc. Type of Investment Warrant Investment Date September 29, 2023 Expiration Date September 29, 2033 Series Preferred Series A-32024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Space Technology Hermeus Corporation Type of Investment Warrant Investment Date August 9, 2022 Expiration Date August 9, 2032 Series Common Stock2024-12-310001786108trin:TwoThousandNineteenRestrictedStockPlanMember2024-12-310001786108Portfolio Company Warrant Investments- United States SaaS Reciprocity, Inc. 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Type of Investment Warrant Investment Date March 16, 2022 Expiration Date March 16, 2027 Series Class A Common2024-12-310001786108Portfolio Company Equity Investments- United States Real Estate Technology Maxwell Financial Labs, Inc Type of Investment Equity Investment Date January 22, 2021 Series Preferred Series B2025-01-012025-09-300001786108trin:EquityATMProgramMember2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Steno Agency, Inc. Type of Investment Secured Loan Investment Date June 21, 2024 Maturity Date July 1, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 12.5%; EOT 2.5%2024-12-310001786108Portfolio Company Equity Investments- United States Connectivity viaPhoton Inc. Type of Investment Equity Investment Date May 23, 2024 Series SAFE Note2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Transportation Technology NextCar Holding Company, Inc. Type of Investment Warrant Investment Date February 23, 2022 Expiration Date February 23, 2027 Series Class A Common2024-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Tilt Finance, Inc. (dba Empower Financial, Inc.) Type of Investment Warrant Investment Date October 13, 2023 Expiration Date October 13, 2033 Series Common Stock2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Space Technology Impulse Space, Inc. Type of Investment Warrant Investment Date June 18, 2024 Expiration Date June 18, 2034 Series Common Stock2024-12-310001786108us-gaap:AdditionalPaidInCapitalMember2024-09-300001786108us-gaap:WarrantMembertrin:LarkTechnologiesIncMembertrin:HealthcareTechnologyMembercountry:US2024-12-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:EquityFundsMember2024-12-310001786108Portfolio Company Debt Securities- United States Space Technology Impulse Space, Inc. Type of Investment Equipment Financing Investment Date September 13, 2024 Maturity Date October 1, 2027 Interest Rate Fixed interest rate 12.5%; EOT 3.0%2024-12-310001786108Portfolio Company Debt Securities- United States Green Technology Electric Hydrogen Co. Type of Investment Equipment Financing Investment Date September 19, 2024 Maturity Date October 1, 2028 Interest Rate Fixed interest rate 12.5%; EOT 15.0%2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Green Technology Form Energy Inc. Type of Investment Equipment Financing Investment Date December 12, 2024 Maturity Date January 1, 2028 Interest Rate Fixed interest rate 12.5%; EOT 3.0%2024-01-012024-12-310001786108trin:AppliedDigitalCorporationMembertrin:ArtificialIntelligenceAndAutomationMemberus-gaap:DebtSecuritiesMembercountry:US2025-09-300001786108Portfolio Company Debt Securities- United States Space Technology Impulse Space, Inc. Type of Investment Equipment Financing Investment Date September 13, 2024 Maturity Date October 1, 2027 Interest Rate Fixed interest rate 12.5%; EOT 3.0%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Madison Reed, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date July 18, 2028 Series Common Stock2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Medical Devices Lightforce Orthodontics, Inc. Type of Investment Secured Loan Investment Date September 25, 2024 Maturity Date August 6, 2029 Interest Rate Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 4.0%2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Eyelit Technologies, Inc. Type of Investment Secured Loan Investment Date November 4, 2024 Maturity Date November 4, 2029 Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%2025-09-300001786108Portfolio Company Equity Investments- United States Connectivity Vertical Communications, Inc. Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series 12025-01-012025-09-300001786108trin:December2026NotesMember2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Transportation Technology EVO Transportation & Energy Services, Inc. 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Type of Investment Warrant Investment Date July 12, 2024 Expiration Date July 12, 2034 Series Common Stock2025-09-300001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputMaturityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:WarrantMembersrt:MaximumMember2024-12-310001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Applied Digital Corporation Type of Investment Equipment Financing Investment Date April 24, 2024 Maturity Date April 1, 2026 Interest Rate Fixed interest rate 19.0%; EOT 0.0%2025-09-300001786108Portfolio Company Warrant Investments- United States Space Technology Astranis Space Technology Corporation Type of Investment Warrant Investment Date September 27, 2024 Expiration Date September 27, 2034 Series Common Stock2025-01-012025-09-300001786108trin:FinanceAndInsuranceMemberus-gaap:EquitySecuritiesMembercountry:US2025-09-300001786108us-gaap:WarrantMembertrin:FinanceAndInsuranceMembercountry:US2025-09-300001786108us-gaap:OverAllotmentOptionMember2020-01-160001786108us-gaap:InvestmentAffiliatedIssuerControlledMember2024-12-310001786108Portfolio Company Debt Securities- United States Food and Agriculture Technologies Emergy, Inc. Type of Investment Equipment Financing Investment Date December 15, 2021 Maturity Date July 1, 2026 Interest Rate Fixed interest rate 11.2%; EOT 11.5%2024-01-012024-12-310001786108us-gaap:DebtMembertrin:TrinityInvestorJVILLCMember2025-09-300001786108Portfolio Company Warrant Investments- United States SaaS Crowdtap, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date December 16, 2025 Series Preferred Series B2025-09-300001786108Portfolio 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 Fixed interest rate 12.3%; EOT 4.0%2024-12-310001786108trin:SeniorSecuritiesMember2023-12-310001786108trin:HumanResourceTechnologyMembercountry:USus-gaap:EquitySecuritiesMember2025-09-300001786108Portfolio Company Debt Securities- United States Software as a Service ("SaaS") Silk Technologies, Inc. Type of Investment Secured Loan Investment Date November 4, 2024 Maturity Date December 1, 2029 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.3%; EOT 1.5%2024-12-310001786108trin:SpaceTechnologyMemberus-gaap:DebtSecuritiesMembersrt:EuropeMember2024-12-310001786108Portfolio Company Equity Investments- United States Consumer Products & Services Quip NYC, Inc. Type of Investment Equity Investment Date August 17, 2021 Series Common Stock2025-09-300001786108Portfolio Company Warrant Investments- United States Connectivity viaPhoton, Inc. Type of Investment Warrant Investment Date March 31, 2022 Expiration Date March 31, 2032 Series Common Stock2024-01-012024-12-310001786108trin:RealEstateTechnologyMember2024-12-310001786108Portfolio Company Warrant Investments- United States Diagnostics & Tools Rapid Micro Biosystems, Inc. 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Type of Investment Warrant Investment Date April 8, 2022 Expiration Date April 8, 2034 Series Preferred Series A2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Artificial Intelligence & Automation Applied Digital Corporation Type of Investment Equipment Financing Investment Date March 13, 2024 Maturity Date October 1, 2025 Interest Rate Fixed interest rate 19.0%; EOT 0.0%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Green Technology Form Energy Inc. Type of Investment Warrant Investment Date October 21, 2024 Expiration Date October 21, 2034 Series Common Stock2024-12-310001786108trin:SeniorSecuritiesMemberus-gaap:ConvertibleNotesPayableMember2022-01-012022-12-310001786108Portfolio Company Warrant Investments- United States Green Technology Edeniq, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date December 23, 2026 Series Preferred Series B2024-12-310001786108Portfolio Company Warrant Investments- United States Real Estate Technology Knockaway, Inc. Type of Investment Warrant Investment Date September 16, 2024 Expiration Date September 16, 2034 Series Preferred Series BB2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Real Estate Technology Knockaway, Inc. Type of Investment Warrant Investment Date September 29, 2023 Expiration Date September 29, 2033 Series Common Stock2024-12-310001786108Portfolio Company Equity Investments- United States Industrials Digilens, Inc. Type of Investment Equity Investment Date March 26, 2025 Series Preferred Series A-12025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Medical Devices Delphinus, Inc. 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Type of Investment Secured Loan Investment Date April 14, 2023 Maturity Date December 1, 2027 Interest Rate Variable interest rate Prime + 4.48% or Floor rate 9.98%+PIK Fixed Interest Rate 1.5%; EOT 3.5%2024-01-012024-12-310001786108trin:O2021Q2DividendsMember2021-04-012021-06-300001786108trin:MainspringEnergyIncMemberus-gaap:WarrantMembertrin:GreenTechnologyMembercountry:US2025-09-300001786108Portfolio Company Debt Securities- United States Space Technology Impulse Space, Inc. 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%2025-01-012025-09-300001786108Portfolio 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%2024-01-012024-12-310001786108trin:ConstructionTechnologyMemberus-gaap:DebtSecuritiesMembercountry:CA2025-09-300001786108Portfolio Company Debt Securities- United States Medical Devices Neuros Medical, Inc. Type of Investment Secured Loan Investment Date August 10, 2023 Maturity Date September 1, 2027 Interest Rate Variable interest rate Prime + 6.0% or Floor rate 14.3%; EOT 4.5%2025-09-300001786108us-gaap:RestrictedStockMembertrin:TwoThousandNineteenLongTermIncentivePlanMember2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Biotechnology Pendulum Therapeutics, Inc. 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Type of Investment Secured Loan Investment Date September 29, 2023 Maturity Date March 1, 2027 Interest Rate Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8%2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Mesa Financing I, LLC Type of Investment Warrant Investment Date June 25, 2025 Expiration Date May 7, 2035 Series Common Stock2025-01-012025-09-300001786108Portfolio 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%2025-01-012025-09-300001786108Portfolio Company Debt Securities- United States Marketing, Media, and Entertainment Drone Racing League, Inc. Type of Investment Secured Loan Investment Date October 17, 2022 Maturity Date December 1, 2025 Interest Rate Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.5%2024-12-310001786108trin:SeniorSecuritiesMember2024-12-310001786108Portfolio Company Debt Securities- United States Education Technology Edblox, Inc.Type of Investment Secured Loan Investment Date March 19, 2024 Maturity Date April 1, 2029 Interest Rate Variable interest rate Prime + 4.5% or Floor rate 11.8%; EOT 2.5%2025-09-300001786108trin:BaubleBarIncMemberus-gaap:WarrantMembertrin:ConsumerProductsAndServicesMembercountry:US2024-12-310001786108Portfolio Company Equity Investments- United States Real Estate Technology Knockaway, Inc. Type of Investment Equity Investment Date March 30, 2022 Series Common Stock2025-01-012025-09-300001786108trin:September2029NotesMembertrin:DebtATMProgramMemberus-gaap:SubsequentEventMember2025-11-030001786108trin:SeniorSecuritiesMembertrin:March2029NotesMember2025-01-012025-09-300001786108trin:CreditSuisseCreditFacilityMembertrin:SeniorSecuritiesMember2020-12-310001786108Minimum2025-01-012025-09-300001786108Portfolio Company Equity Investments- United States Space Technology Impulse Space, Inc. Type of Investment Equity Investment Date August 30, 2024 Series Preferred Series B2025-01-012025-09-300001786108trin:SeniorSecuritiesMember2021-12-310001786108trin:S2022ThreeDividendsMember2022-12-310001786108Portfolio Company Warrant Investments- United States Food and Agriculture Technologies Emergy, Inc. 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Type of Investment Warrant Investment Date January 5, 2024 Expiration Date January 5, 2034 Series Common Stock2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Supply Chain Technology Macrofab, Inc. Type of Investment Warrant Investment Date January 14, 2025 Maturity Date January 29, 2034 Series Preferred C-12025-09-300001786108trin:July2030NotesMembertrin:SeniorSecuritiesMember2025-09-300001786108Portfolio Company Warrant Investments- United States Healthcare Hospitalists Now, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date March 30, 2026 Series Preferred Series D-22024-01-012024-12-310001786108Portfolio Company Equity Investments- Canada Construction Technology Nexii, Inc. Type of Investment Equity Investment Date July 24, 2024 Common Stock2024-01-012024-12-310001786108trin:GoldmanSachsFinancialSquareGovernmentInstitutionalFundMember2024-12-310001786108Portfolio Company Equity Investments- United States Finance and Insurance Tilt Finance, Inc.(dba Empower Financial, Inc.) Type of Investment Equity Investment Date January 16, 2024 Series Preferred Series C2025-09-300001786108us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:FairValueInputsLevel3Membertrin:MeasurementInputHypotheticalMarketYieldMemberus-gaap:DebtMembersrt:MaximumMember2024-12-310001786108trin:O2022Q3DividendsMember2022-09-300001786108Portfolio Company Warrant Investments- United States Supply Chain Technology Macrofab, Inc. Type of Investment Warrant Investment Date January 29, 2024 Expiration Date January 29, 2034 Series Common Stock2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Boosted eCommerce, Inc. Type of Investment Warrant Investment Date December 14, 2020 Expiration Date December 14, 2030 Series Preferred Series A-12025-09-300001786108Portfolio Company Equity Investments- United States Connectivity Tarana Wireless, Inc. Type of Investment Equity Investment Date March 16, 2022 Series Preferred Series 62024-12-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:WarrantMember2024-12-310001786108trin:SanDiegoOfficeMember2025-09-300001786108Portfolio Company Equity Investments- United States Finance and Insurance Tilt Finance, Inc. (dba Empower Financial, Inc.) Type of Investment Equity Investment Date May 15, 2024 Series Common Stock2025-09-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Eqis Capital Management, Inc. 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Type of Investment Equity Investment Date January 16, 2020 Series Preferred Series D2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Supply Chain Technology Nucleus RadioPharma, Inc. Type of Investment Warrant Investment Date June 4, 2024 Expiration Date June 4, 2034 Series Common Stock2024-12-310001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputPriceVolatilityMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:EquityFundsMembersrt:MaximumMember2024-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Madison Reed, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date March 23, 2027 Series Preferred Series C2024-12-310001786108Portfolio Company Warrant Investments- United States Green Technology Bolb, Inc. Type of Investment Warrant Investment Date October 12, 2021 Expiration Date October 12, 2031 Series Common Stock2025-09-300001786108Portfolio Company Debt Securities- United States Green 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%2024-12-310001786108trin:TrinityCapitalAdviserLlcMembertrin:AdviserSubMember2025-01-012025-09-300001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:EquityFundsMemberus-gaap:MarketApproachValuationTechniqueMembersrt:MaximumMember2024-12-310001786108Portfolio Company Warrant Investments- United States Finance and Insurance Mesa Financial, Inc. 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Type of Investment Secured Loan Investment Date January 6, 2025 Maturity Date April 1, 2029 Interest Rate Variable interest rate Prime + 2.5% or Floor rate 10.0%+PIK Fixed Interest Rate 3.0%; EOT 4.8%2025-09-300001786108Portfolio 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 11.5%; EOT 3.0%2024-01-012024-12-310001786108trin:PortofinoLabsIncMemberus-gaap:WarrantMembertrin:ConsumerProductsAndServicesMembercountry:US2025-09-300001786108Portfolio Company Warrant Investments- United States Education Technology Medical Sales Training Holding Company Type of Investment Warrant Investment Date March 18, 2021 Expiration Date March 18, 2031 Series Common Stock2025-09-300001786108Portfolio Company Warrant Investments- United States Real Estate Technology Homelight Lending, Inc. 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Type of Investment Secured Loan Investment Date September 9, 2024 Maturity Date December 1, 2027 Interest Rate Variable interest rate Prime + 4.48% or Floor rate 9.98%+PIK Fixed Interest Rate 1.5%; EOT 3.5%2024-12-310001786108Portfolio Company Debt Securities- United States Biotechnology Taysha Gene Therapies, Inc. Type of Investment Secured Loan Investment Date August 7, 2025 Maturity Date September 1, 2030 Interest Rate Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 5.0%2025-01-012025-09-300001786108trin:FoodAndAgricultureTechnologiesMembercountry:USus-gaap:EquitySecuritiesMember2024-12-310001786108Portfolio Company Warrant Investments- United States Green Technology RTS Holding, Inc. Type of Investment Warrant Investment Date October 10, 2022 Expiration Date October 10, 2032 Series Preferred Series D2024-01-012024-12-310001786108Portfolio Company Debt Securities- United States Transportation Technology NextCar Holding Company, Inc. 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Type of Investment Warrant Investment Date April 1, 2021 Expiration Date April 1, 2031 Series Common Stock2024-12-310001786108us-gaap:UnsecuredDebtMembertrin:December2026NotesMember2021-12-150001786108trin:TransportationTechnologyMembercountry:USus-gaap:EquitySecuritiesMember2024-12-310001786108trin:Ept16LlcMembertrin:AdviserSubMember2024-07-012024-09-300001786108Portfolio Company Warrant Investments- United States Medical Devices Convergent Dental, Inc. Type of Investment Warrant Investment Date April 21, 2033 Expiration Date April 21, 2033 Series Preferred Series D2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Space Technology Impulse Space, Inc. Type of Investment Warrant Investment Date June 18, 2024 Expiration Date June 18, 2034 Series Common Stock2025-09-300001786108Portfolio 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%2025-09-300001786108trin:MetabolonIncMemberus-gaap:DebtSecuritiesMembercountry:UStrin:OtherHealthcareServicesMember2024-12-310001786108us-gaap:WarrantMembertrin:SpaceTechnologyMembercountry:CA2025-09-300001786108Portfolio Company Debt Securities- United States Connectivity Vertical Communications, Inc. Type of Investment Secured Loan Investment Date July 16, 2025 Maturity Date October 31, 2025 Interest Rate Fixed interest rate 11.5%; EOT 0.0%2025-01-012025-09-300001786108Portfolio Company Warrant Investments- United States Education Technology Medical Sales Training Holding Company Type of Investment Warrant Investment Date April 17, 2024 Expiration Date April 17, 2034 Series Common Stock2024-12-310001786108Portfolio Company Equity Investments- United States Food and Agriculture Technologies Athletic Brewing Company, LLC Type of Investment Equity Investment Date August 1, 2024 Series Preferred Class B2025-09-300001786108Portfolio 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 CC2025-01-012025-09-300001786108trin:SeniorSecuritiesMembertrin:KeyBankCreditFacilityMember2023-01-012023-12-310001786108trin:SpaceTechnologyMembertrin:AstranisSpaceTechnologyCorporationMemberus-gaap:DebtSecuritiesMembercountry:US2025-09-300001786108Portfolio Company Warrant Investments- United States Marketing, Media, and Entertainment PebblePost, Inc. Type of Investment Warrant Investment Date May 7, 2021 Expiration Date May 7, 2031 Series Common Stock2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Healthcare Technology TMRW Life Sciences, Inc. Type of Investment Warrant Investment Date April 29, 2022 Expiration Date April 29, 2032 Series Preferred Class A2025-09-300001786108us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputRevenueMultipleMemberus-gaap:WarrantMember2024-12-310001786108Portfolio 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%2025-09-300001786108trin:PrivateOfferingsMembertrin:EquityInterestsMember2020-01-160001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Ogee, Inc. Two Type of Investment Warrant Investment Date August 1, 2024 Expiration Date August 1, 2034 Series Preferred Series A-32025-09-300001786108Portfolio Company Debt Securities- United States Finance and Insurance Slope Tech, Inc. Type of Investment Secured Loan Investment Date October 5, 2022 Maturity Date February 27, 2026 Interest Rate Variable interest rate SOFR 1 Month Term + 11.8% or Floor rate 11.8%; EOT 0.0%2024-12-310001786108trin:O2022Q4DividendsMember2022-12-3100017861082024-01-012024-03-310001786108Portfolio Company Warrant Investments- United States Healthcare Dentologie Enterprises, Inc. Type of Investment Warrant Investment Date October 14, 2022 Expiration Date October 14, 2034 Series Common Stock2024-12-310001786108Portfolio Company Warrant Investments- United States Consumer Products & Services Madison Reed, Inc. Type of Investment Warrant Investment Date January 16, 2020 Expiration Date June 30, 2029 Series Common Stock2024-01-012024-12-310001786108Portfolio Company Warrant Investments- United States Space Technology Astranis Space Technology Corporation Type of Investment Warrant Investment Date August 25, 2025 Expiration Date August 25, 2035 Series Common Stock2025-01-012025-09-300001786108Portfolio Company Equity Investments- United States Transportation Technology Get Spiffy, Inc. Type of Investment Equity Investment Date April 14, 2025 Series Preferred Series A-22025-09-300001786108trin:ConnectivityMember2025-09-300001786108Portfolio 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 Stock2024-12-310001786108Portfolio Company Debt Securities- United States Food and Agriculture Technologies Bowery Farming, Inc. Type of Investment Secured Loan Investment Date September 10, 2021 Maturity Date September 10, 2026 Interest Rate Variable interest rate SOFR 1 Month Term + 10.0% or Floor rate 1.0%; EOT 0.0%2024-01-012024-12-31iso4217:USDxbrli:sharesxbrli:puretrin:Loantrin:BusinessDaysxbrli:sharesiso4217:EURxbrli:sharesiso4217:CADtrin: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 September 30, 2025

OR

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

Commission file number: 001-39958

TRINITY CAPITAL INC.

(Exact name of registrant as specified in its charter)

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

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

(480) 374‑5350

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

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

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

As of November 3, 2025, the registrant had 75,683,355 shares of common stock ($0.001 par value per share) outstanding.

Table of Contents

TRINITY CAPITAL INC.

FORM 10‑Q FOR THE QUARTER ENDED SEPTEMBER 30, 2025

TABLE OF CONTENTS

		PAGE NO.
PART I	FINANCIAL INFORMATION	3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of September 30, 2025 (unaudited) and December 31, 2024	3
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	5
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (unaudited)	7
	Consolidated Schedule of Investments as of September 30, 2025 (unaudited)	9
	Consolidated Schedule of Investments as of December 31, 2024	39
	Notes to Consolidated Financial Statements (unaudited)	70
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	117
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	135
Item 4.	Controls and Procedures	136
PART II	OTHER INFORMATION	136
Item 1.	Legal Proceedings	136
Item 1A.	Risk Factors	137
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	138
Item 3.	Defaults Upon Senior Securities	138
Item 4.	Mine Safety Disclosures	138
Item 5.	Other Information	138
Item 6.	Exhibits	138
SIGNATURES		140

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)

		September 30,				December 31,
		2025				2024
		(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost of $102,382 and $82,391, respectively)		$	116,743			$	89,249
Affiliate investments (cost of $57,095 and $34,309, respectively)			50,153				34,727
Non-Control / Non-Affiliate investments (cost of $2,045,286 and $1,643,526, respectively)			2,025,465				1,601,594
Total investments (cost of $2,204,763 and $1,760,226, respectively)			2,192,361				1,725,570
Cash and cash equivalents			9,467				9,627
Interest receivable			19,464				16,542
Deferred credit facility costs			6,263				6,586
Other assets			19,380				15,916
Total assets		$	2,246,935			$	1,774,241
LIABILITIES
KeyBank Credit Facility		$	481,600			$	113,000
Unsecured Notes, net of $10,858 and $10,327, respectively, of unamortized deferred financing costs and premium/discount			693,041				764,673
Distribution payable			38,244				31,451
Security deposits			4,413				8,472
Accounts payable, accrued expenses and other liabilities			31,373				33,663
Total liabilities			1,248,671				951,259
Commitments and contingencies (Note 6)
NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 74,988,962 and 61,669,059 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)			75				62
Paid-in capital in excess of par			1,015,057				829,626
Distributable earnings/(accumulated deficit)			(16,868	)			(6,706	)
Total net assets			998,264				822,982
Total liabilities and net assets		$	2,246,935			$	1,774,241
NET ASSET VALUE PER SHARE		$	13.31			$	13.35

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					Nine Months Ended					Nine Months Ended
	September 30, 2025					September 30, 2024					September 30, 2025					September 30, 2024
INVESTMENT INCOME:
Interest and dividend income:
Control investments	$		2,809			$		2,287			$		7,567			$		6,223
Affiliate investments			1,866					940					4,116					1,806
Non-Control / Non-Affiliate investments			67,900					55,964					190,278					152,390
Total interest and dividend income			72,575					59,191					201,961					160,419
Fee and other income:
Affiliate investments			731					807					2,020					2,509
Non-Control / Non-Affiliate investments			2,244					1,768					6,436					3,931
Total fee and other income			2,975					2,575					8,456					6,440
Total investment income			75,550					61,766					210,417					166,859
EXPENSES:
Interest expense and other debt financing costs			20,981					16,868					56,681					42,896
Compensation and benefits			13,388					11,528					36,522					31,336
Professional fees			1,936					1,296					5,750					3,354
General and administrative			2,590					2,221					7,303					6,241
Total gross expenses			38,895					31,913					106,256					83,827
Allocated expenses to Trinity Capital Adviser, LLC			(955	)				(126	)				(1,871	)				(126	)
Total net expenses			37,940					31,787					104,385					83,701
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES			37,610					29,979					106,032					83,158
Excise tax expense			644					619					1,881					1,897
NET INVESTMENT INCOME			36,966					29,360					104,151					81,261
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Control investments			—					—					—					(3,916	)
Affiliate investments			(19,039	)				—					(19,039	)				—
Non-Control / Non-Affiliate investments			(986	)				(13,880	)				(11,402	)				(15,100	)
Net realized gain/(loss) from investments			(20,025	)				(13,880	)				(30,441	)				(19,016	)
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments			(411	)				1,151					7,503					7,407
Affiliate investments			308					1,516					(2,153	)				3,442
Non-Control / Non-Affiliate investments			10,807					6,253					17,084					(3,356	)
Net change in unrealized appreciation/(depreciation) from investments			10,704					8,920					22,434					7,493
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$		27,645			$		24,400			$		96,144			$		69,738
NET INVESTMENT INCOME PER SHARE - BASIC	$		0.52			$		0.54			$		1.56			$		1.61
NET INVESTMENT INCOME PER SHARE - DILUTED	$		0.52			$		0.52			$		1.56			$		1.54
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC	$		0.39			$		0.45			$		1.44			$		1.38
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED	$		0.39			$		0.43			$		1.44			$		1.33
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC			71,467,831					54,412,566					66,677,623					50,455,373
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED			71,467,831					58,373,696					66,677,623					54,416,503

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 September 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 June 30, 2025			69,574,146			$	70			$	929,767			$	(6,269	)		$	923,568
Issuance of common stock pursuant to distribution reinvestment plan			22,729				—				330				—				330
Stock-based compensation			—				—				3,073				—				3,073
Issuance of restricted stock awards			151,366				—				—				—				—
Issuance of common stock, net of issuance costs			5,318,978				5				82,946				—				82,951
Retired and forfeited shares of restricted stock			(78,257	)			—				(1,059	)			—				(1,059	)
Distributions to stockholders			—				—				—				(38,244	)			(38,244	)
Net increase/(decrease) in net assets resulting from operations			—				—				—				27,645				27,645
Balance as of September 30, 2025			74,988,962			$	75			$	1,015,057			$	(16,868	)		$	998,264

Three Months Ended September 30, 2024:

														Distributable
										Paid In Capital				Earnings /
		Common Stock								in Excess of				(Accumulated				Total
		Shares				Par Value				Par Value				Deficit)				Net Assets
Balance as of June 30, 2024			51,849,429			$	52			$	708,529			$	(28,542	)		$	680,039
Issuance of common stock pursuant to distribution reinvestment plan			23,559				—				333				—				333
Stock-based compensation			—				—				2,835				—				2,835
Issuance of restricted stock awards			103,356				—				—				—				—
Issuance of common stock, net of issuance costs			5,723,189				6				79,378				—				79,384
Retired and forfeited shares of restricted stock			(57,493	)			—				(799	)			—				(799	)
Distributions to stockholders			—				—				—				(29,397	)			(29,397	)
Net increase/(decrease) in net assets resulting from operations			—				—				—				24,400				24,400
Balance as of September 30, 2024			57,642,040			$	58			$	790,276			$	(33,539	)		$	756,795

5

Table of Contents

Nine Months Ended September 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			64,150				—				930				—				930
Stock-based compensation			—				—				8,876				—				8,876
Issuance of restricted stock awards			485,094				—				—				—				—
Issuance of common stock, net of issuance costs			13,013,562				13				194,919				—				194,932
Retired and forfeited shares of restricted stock			(242,903	)			—				(3,522	)			—				(3,522	)
Additional paid-in capital in connection with Convertible Notes Redemption			—				—				(15,772	)			—				(15,772	)
Distributions to stockholders			—				—				—				(106,306	)			(106,306	)
Net increase/(decrease) in net assets resulting from operations			—				—				—				96,144				96,144
Balance as of September 30, 2025			74,988,962			$	75			$	1,015,057			$	(16,868	)		$	998,264

Nine Months Ended September 30, 2024:

														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, 2023			46,323,712			$	46			$	633,740			$	(22,627	)		$	611,159
Issuance of common stock pursuant to distribution reinvestment plan			69,593				—				991				—				991
Stock-based compensation			—				—				8,178				—				8,178
Issuance of restricted stock awards			869,747				1				(1	)			—				—
Issuance of common stock, net of issuance costs			10,600,529				11				150,547				—				150,558
Retired and forfeited shares of restricted stock			(221,541	)			—				(3,179	)			—				(3,179	)
Distributions to stockholders			—				—				—				(80,650	)			(80,650	)
Net increase/(decrease) in net assets resulting from operations			—				—				—				69,738				69,738
Balance as of September 30, 2024			57,642,040			$	58			$	790,276			$	(33,539	)		$	756,795

See accompanying notes to unaudited consolidated financial statements.

6

Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

		Nine Months Ended				Nine Months Ended
		September 30, 2025				September 30, 2024
Cash flows provided by/(used in) operating activities:
Net increase/(decrease) in net assets resulting from operations		$	96,144			$	69,738
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			(1,046,394	)			(924,758	)
Proceeds from sales and paydowns of investments			607,846				527,269
Net change in unrealized (appreciation)/depreciation from investments			(22,434	)			(7,493	)
Net realized (gain)/loss from investments			30,441				19,016
Accretion of original issue discounts and end of term payments on investments			(36,431	)			(25,716	)
Amortization of deferred financing costs			3,653				3,757
Stock-based compensation			8,876				8,178
Change in operating assets and liabilities
(Increase)/Decrease in interest receivable			(2,922	)			(5,741	)
(Increase)/Decrease in other assets			(2,926	)			1,497
Increase/(Decrease) in security deposits			(4,059	)			(2,894	)
Increase/(Decrease) in accounts payable, accrued expenses and other liabilities			(2,290	)			1,832
Net cash provided by/(used in) operating activities			(370,496	)			(335,315	)
Cash flows provided by/(used in) investing activities:
Disposal/(Acquisition) of fixed assets			(357	)			(284	)
Net cash provided by/(used in) investing activities			(357	)			(284	)
Cash flows provided by/(used in) financing activities
Issuance of common stock, net of issuance costs			194,932				150,558
Retirement of employee shares			(3,522	)			(3,179	)
Cash distributions paid			(98,582	)			(73,422	)
Issuance of Unsecured Notes, net of issuance costs			127,021				218,416
Repayment of Unsecured Notes			(217,756	)			(30,000	)
Borrowings under Credit Facility			1,164,200				670,400
Repayments under Credit Facility			(795,600	)			(593,400	)
Net cash provided by/(used in) financing activities			370,693				339,373
Net increase/(decrease) in cash, cash equivalents and restricted cash			(160	)			3,774
Cash, cash equivalents and restricted cash at beginning of period			9,627				4,761
Cash, cash equivalents and restricted cash at end of period		$	9,467			$	8,535

7

Table of Contents

		Nine Months Ended				Nine Months Ended
		September 30, 2025				September 30, 2024
Supplemental and non-cash investing and financing activities:
Cash paid for interest		$	48,394			$	22,996
Income tax, including excise tax, paid			2,722				2,599
Distribution payable			38,244				29,397
Distributions reinvested			930				991

See accompanying notes to unaudited consolidated financial statements.

8

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States
Artificial Intelligence & Automation
Applied Digital Corporation		Equipment Financing		March 13, 2024		October 1, 2025		Fixed interest rate 19.0%; EOT 0.0%		$	449			$	448			$	454			(9)(10)(14)
		Equipment Financing		March 25, 2024		March 1, 2026		Fixed interest rate 19.0%; EOT 0.0%			2,989				2,988				3,043			(9)(10)(14)(19)
		Equipment Financing		April 24, 2024		April 1, 2026		Fixed interest rate 19.0%; EOT 0.0%			1,739				1,739				1,772			(9)(10)(14)(19)
		Equipment Financing		May 28, 2024		May 1, 2026		Fixed interest rate 16.0%; EOT 0.0%			826				826				840			(9)(10)(14)
		Equipment Financing		June 21, 2024		April 1, 2026		Fixed interest rate 19.0%; EOT 0.0%			2,816				2,817				2,870			(9)(10)(14)(19)
Total Applied Digital Corporation											8,819				8,818				8,979
Augmented Reality Concepts, Inc.		Secured Loan		June 17, 2024		June 18, 2029		Variable interest rate SOFR 3 Month Term + 7.3%; EOT 0.0%		$	14,145			$	13,917			$	14,201			(8)(14)(19)(22)
Cirrascale Cloud Services, LLC		Equipment Financing		June 27, 2024		September 1, 2026		Fixed interest rate 12.7%; EOT 4.0%		$	10,811			$	11,599			$	11,665			(9)(14)(19)
		Equipment Financing		October 22, 2024		April 1, 2027		Fixed interest rate 10.2%; EOT 5.0%			10,483				11,149				11,159			(9)(14)(19)
Total Cirrascale Cloud Services, LLC											21,294				22,748				22,824
D-Wave Quantum Inc.		Equipment Financing		August 1, 2025		September 1, 2028		Fixed interest rate 10.8%; EOT 4.0%		$	308			$	300			$	300			(14)(19)(22)
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			$	14,757			$	14,993			(8)
Sortera Technologies, Inc.		Equipment Financing		February 11, 2025		March 1, 2028		Fixed interest rate 12.5%; EOT 4.0%		$	4,583			$	4,442			$	4,502			(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			$	11,184			$	11,355			(8)(9)(14)(19)
Tquila Automation, Inc		Secured Loan		July 2, 2025		August 1, 2030		Variable interest rate Prime + 5.0% or Floor rate 12.3%; EOT 3.0%		$	6,600			$	6,512			$	6,512			(8)(14)(19)
Uniphore Technologies Inc.		Secured Loan		September 30, 2025		October 1, 2030		Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 3.0%		$	36,000			$	35,057			$	35,057			(8)(14)(19)
Sub-total: Artificial Intelligence & Automation (11.9%)*										$	118,149			$	117,735			$	118,723
Biotechnology
Pendulum Therapeutics, Inc.		Secured Loan		December 31, 2021		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%		$	4,292			$	4,296			$	4,291			(8)(14)
		Secured Loan		February 28, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			4,581				4,574				4,573			(8)(14)
		Secured Loan		March 30, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			4,722				4,710				4,712			(8)(14)
		Secured Loan		May 6, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			5,000				4,974				4,982			(8)(14)
		Secured Loan		June 17, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			5,000				4,974				4,982			(8)(14)
		Secured Loan		February 1, 2024		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			1,405				1,398				1,366			(8)(14)
Total Pendulum Therapeutics, Inc.											25,000				24,926				24,906
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%		$	48,000			$	47,974			$	48,828			(8)(14)(19)
Sub-total: Biotechnology (7.4%)*										$	73,000			$	72,900			$	73,734

9

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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
Connectivity
AST & Science, LLC		Equipment Financing		June 27, 2025		June 1, 2030		Fixed interest rate 12.4%; EOT 9.0%		$	14,985			$	15,006			$	15,195			(9)(10)(14)(19)
		Equipment Financing		June 30, 2025		June 1, 2030		Fixed interest rate 12.5%; EOT 9.0%			2,437				2,440				2,471			(9)(10)(14)(19)
		Equipment Financing		September 26, 2025		October 1, 2030		Fixed interest rate 12.4%; EOT 9.0%			6,600				6,554				6,554			(10)(14)(19)
Total AST & Science, LLC											24,022				24,000				24,220
Tarana Wireless, Inc.		Secured Loan		September 23, 2024		October 1, 2029		Variable interest rate Prime + 4.5% or Floor rate 12.5%; EOT 4.0%		$	14,800			$	14,350			$	14,575			(8)(9)(14)(19)
Vertical Communications, Inc.		Secured Loan		August 23, 2021		November 1, 2026		Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 23.8%		$	12,600			$	15,768			$	14,422			(8)(23)
		Secured Loan		July 16, 2025		October 31, 2025		Fixed interest rate 11.5%; EOT 0.0%			1,000				998				1,000			(23)
		Secured Loan		September 9, 2025		October 31, 2025		Fixed interest rate 11.5%; EOT 0.0%			500				497				500			(23)
Total Vertical Communications, Inc.											14,100				17,263				15,922
Sub-total: Connectivity (5.5%)*										$	52,922			$	55,613			$	54,717
Consumer Products & Services
Bobbie Baby, Inc.		Equipment Financing		September 11, 2025		October 1, 2028		Fixed interest rate 11.5%; EOT 3.0%		$	12,900			$	12,665			$	12,666			(14)(19)
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			$	4,804			$	4,789			(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				4,786				4,800			(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				4,724				4,703			(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				4,018				4,018			(8)(14)(19)
Total Ogee, Inc.											18,800				18,332				18,310
Quip NYC, Inc.		Secured Loan		September 30, 2025		September 1, 2028		Variable interest rate Prime + 9.0% or Floor rate 12.3%; EOT 0.0%			3,656				3,655				3,657			(8)
Rinse, Inc.		Secured Loan		May 10, 2022		June 1, 2027		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%		$	2,846			$	2,991			$	3,009			(8)(14)
		Secured Loan		September 22, 2023		October 1, 2028		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%			3,629				3,675				3,733			(8)(14)
Total Rinse, Inc.											6,475				6,666				6,742
UnTuckIt, Inc.		Secured Loan		January 16, 2020		December 1, 2025		Fixed interest rate 12.0%; EOT 5.0%		$	1,320			$	2,315			$	2,302
Sub-total: Consumer Products & Services (4.4%)*										$	43,151			$	43,633			$	43,677
Diagnostics & Tools
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%		$	18,200			$	17,617			$	17,617			(8)(14)(19)
Sub-total: Diagnostics & Tools (1.8%)*										$	18,200			$	17,617			$	17,617

10

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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
Education Technology
Edblox, Inc.		Secured Loan		March 19, 2024		April 1, 2029		Variable interest rate Prime + 4.5% or Floor rate 11.8%; EOT 2.5%		$	15,000			$	14,992			$	13,369			(8)(9)
Medical Sales Training Holding Company		Secured Loan		March 18, 2021		December 31, 2025		Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 6.3%		$	5,175			$	5,547			$	3,549			(8)(18)
		Secured Loan		July 21, 2021		December 31, 2025		Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 6.3%			1,825				1,944				1,251			(8)(18)
Total Medical Sales Training Holding Company											7,000				7,491				4,800
Yellowbrick Learning, Inc.		Secured Loan		February 1, 2021		March 1, 2026		Fixed interest rate 2.0%; EOT 5.0%		$	7,500			$	7,875			$	7,142
		Secured Loan		August 10, 2021		March 1, 2026		Fixed interest rate 2.0%; EOT 5.0%			2,500				2,625				2,381
Total Yellowbrick Learning, Inc.											10,000				10,500				9,523
Sub-total: Education Technology (2.8%)*										$	32,000			$	32,983			$	27,692
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%; EOT 0.0%		$	12,394			$	11,915			$	11,915			(8)(10)(12)(21)
Beam Technologies, Inc.		Secured Loan		August 30, 2024		October 1, 2029		Variable interest rate Prime + 2.8% or Floor rate 11.0%+PIK Fixed Interest Rate 1.5%; EOT 2.0%		$	29,705			$	30,290			$	30,030			(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%			2,379				2,428				2,409			(8)(9)(14)(15)(19)
		Secured Loan		August 7, 2025		December 31, 2029		Fixed interest rate 0.0%; EOT 0.0%			395				395				395			(9)(19)
Total Beam Technologies, Inc.											32,479				33,113				32,834
Busbot, Inc.		Secured Loan		April 1, 2024		October 1, 2026		Variable interest rate SOFR 1 Month Term + 11.5%; EOT 0.0%		$	10,322			$	10,238			$	10,238			(8)(10)(12)(21)
Centivo Corporation		Secured Loan		July 31, 2024		August 1, 2029		Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%		$	3,794			$	3,742			$	3,790			(8)(9)(14)(15)(19)
		Secured Loan		December 20, 2024		August 1, 2029		Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%			3,779				3,624				3,645			(8)(9)(14)(15)(19)
		Secured Loan		February 3, 2025		August 1, 2029		Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%			3,775				3,632				3,657			(8)(9)(14)(15)(19)
		Secured Loan		May 20, 2025		August 1, 2029		Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%			7,528				7,229				7,284			(8)(9)(14)(15)(19)
		Secured Loan		June 13, 2025		August 1, 2029		Variable interest rate Prime + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%			3,761				3,607				3,636			(8)(9)(14)(15)(19)
Total Centivo Corporation											22,637				21,834				22,012
Cherry Technologies, Inc.		Secured Loan		March 29, 2024		April 1, 2029		Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%		$	7,235			$	7,508			$	7,402			(8)(9)(14)(19)
		Secured Loan		July 31, 2024		April 1, 2029		Variable interest rate Prime + 2.5% or Floor rate 9.5%; EOT 2.0%			7,235				7,513				7,392			(8)(9)(14)(19)
Total Cherry Technologies, Inc.											14,470				15,021				14,794

11

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Tilt Finance, Inc. (dba Empower Financial, Inc.)		Secured Loan		October 13, 2023		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%		$	11,622			$	11,652			$	11,774			(8)(9)(14)(19)
		Secured Loan		January 5, 2024		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%			2,902				2,860				2,896			(8)(9)(14)(19)
		Secured Loan		February 8, 2024		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%			4,353				4,288				4,341			(8)(9)(14)(19)
		Secured Loan		April 9, 2024		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%			4,348				4,189				4,230			(8)(9)(14)(19)
		Secured Loan		May 15, 2024		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%			14,495				14,702				14,958			(8)(14)(19)
Total Tilt Finance, Inc. (dba Empower Financial, Inc.)											37,720				37,691				38,199
Gravie, Inc.		Secured Loan		June 4, 2024		July 1, 2029		Variable interest rate Prime + 4.5% or Floor rate 13.0%; EOT 2.5%		$	15,980			$	15,829			$	15,545			(8)(9)(14)(19)
Inshur, Inc.		Secured Loan		June 10, 2025		July 1, 2030		Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 2.5%		$	25,000			$	24,598			$	24,815			(8)
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			$	12,628			$	12,711			(8)(14)
Kard Financial, Inc.		Secured Loan		September 10, 2025		October 1, 2030		Variable interest rate Prime + 5.0% or Floor rate 12.5%; EOT 2.0%		$	6,020			$	5,848			$	5,848			(8)(14)(19)
Lendflow, Inc.		Secured Loan		April 24, 2025		May 1, 2030		Variable interest rate Prime + 4.5% or Floor rate 12.0%; EOT 2.7%		$	2,040			$	2,009			$	2,041			(8)(9)(14)(19)
Mesa Financial, Inc.		Secured Loan		August 29, 2024		February 28, 2027		Variable interest rate SOFR 1 Month Term + 10.3% or Floor rate 13.0%; EOT 0.0%		$	12,041			$	11,922			$	11,922			(8)(10)(12)(21)
Mesa Financing I, LLC		Secured Loan		May 7, 2025		May 7, 2028		Variable interest rate SOFR 1 Month Term + 10.8% or Floor rate 12.8%; EOT 0.0%		$	5,920			$	5,788			$	5,913			(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			$	6,262			$	6,262			(8)(14)(19)
Parafin SPV 2, LLC		Secured Loan		February 22, 2024		December 21, 2026		Variable interest rate SOFR 1 Month Term + 10.8% or Floor rate 12.8%; EOT 0.0%		$	23,806			$	23,634			$	23,634			(8)(10)(12)(21)
Parafin SPV 3, LLC		Secured Loan		July 25, 2024		January 25, 2027		Variable interest rate SOFR 1 Month Term + 10.8% or Floor rate 13.8%; EOT 0.0%		$	15,928			$	15,808			$	15,808			(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			$	5,600			$	5,641			(8)(9)(14)(19)
Slope Tech, Inc.		Secured Loan		October 5, 2022		February 27, 2026		Variable interest rate SOFR 1 Month Term + 11.8% or Floor rate 11.8%; EOT 0.0%		$	3,497			$	3,477			$	3,477			(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 2.0%; EOT 0.0%		$	3,960			$	3,893			$	3,893			(8)(10)(12)(21)
Under Technologies, Inc.		Secured Loan		September 13, 2024		June 1, 2029		Variable interest rate Prime + 3.8% or Floor rate 12.0%; EOT 4.3%		$	7,400			$	7,354			$	7,486			(8)(9)(14)(19)
		Secured Loan		November 27, 2024		June 1, 2029		Variable interest rate Prime + 3.8% or Floor rate 12.0%; EOT 4.3%			7,400				7,334				7,384			(8)(9)(14)(19)
Total Under Technologies, Inc.											14,800				14,688				14,870

12

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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			$	12,049			$	12,218			(8)(9)(14)(19)
Sub-total: Finance and Insurance (29.5%)*										$	295,814			$	293,845			$	294,590
Food and Agriculture Technologies
DrinkPak, LLC		Equipment Financing		February 17, 2023		September 1, 2026		Fixed interest rate 12.9%; EOT 7.0%		$	4,192			$	5,182			$	5,195			(9)(14)(19)
Emergy, Inc.		Equipment Financing		December 15, 2021		July 1, 2026		Fixed interest rate 12.7%; EOT 11.5%		$	3,183			$	3,992			$	786			(18)
		Equipment Financing		December 13, 2022		July 1, 2027		Fixed interest rate 9.4%; EOT 11.5%			6,183				6,970				1,372			(9)(18)
Total Emergy, Inc.											9,366				10,962				2,158
Sub-total: Food and Agriculture Technologies (0.7%)*										$	13,558			$	16,144			$	7,353
Green Technology
Commonwealth Fusion Systems, LLC		Equipment Financing		June 16, 2023		July 1, 2030		Fixed interest rate 13.0%; EOT 10.0%		$	3,111			$	3,292			$	3,366			(9)(14)(19)
		Equipment Financing		June 27, 2024		July 1, 2030		Fixed interest rate 13.2%; EOT 10.0%			9,003				9,282				9,513			(9)(14)(19)
		Equipment Financing		January 14, 2025		July 1, 2029		Fixed interest rate 11.2%; EOT 6.0%			11,003				11,145				11,238			(9)(14)(19)
Total Commonwealth Fusion Systems, LLC											23,117				23,719				24,117
Electric Hydrogen Co.		Equipment Financing		September 12, 2022		April 1, 2026		Fixed interest rate 9.0%; EOT 10.0%		$	329			$	529			$	521			(14)
		Equipment Financing		December 22, 2023		January 1, 2029		Fixed interest rate 12.5%; EOT 15.0%			3,315				3,687				3,646			(9)(14)(19)
		Equipment Financing		June 27, 2024		January 1, 2029		Fixed interest rate 12.6%; EOT 15.0%			2,718				2,938				2,936			(9)(14)(19)
		Equipment Financing		September 19, 2024		October 1, 2028		Fixed interest rate 12.5%; EOT 15.0%			1,643				1,765				1,753			(9)(14)(19)
		Equipment Financing		November 14, 2024		December 1, 2028		Fixed interest rate 11.9%; EOT 15.0%			394				419				415			(9)(14)(19)
Total Electric Hydrogen Co.											8,399				9,338				9,271
Form Energy Inc.		Equipment Financing		October 21, 2024		November 1, 2027		Fixed interest rate 12.7%; EOT 3.0%		$	23,611			$	23,714			$	24,013			(9)(14)(19)
		Equipment Financing		December 12, 2024		January 1, 2028		Fixed interest rate 12.5%; EOT 3.0%			6,327				6,321				6,392			(9)(14)(19)
Total Form Energy Inc.											29,938				30,035				30,405
Hi-Power, LLC		Equipment Financing		September 30, 2022		April 1, 2026		Fixed interest rate 14.7%; EOT 1.0%		$	733			$	774			$	790			(14)
SeaOn Global, LLC		Equipment Financing		June 16, 2022		July 1, 2026		Fixed interest rate 9.3%; EOT 11.0%		$	1,457			$	2,173			$	2,116
		Equipment Financing		August 17, 2022		September 1, 2026		Fixed interest rate 9.3%; EOT 11.0%			851				1,189				1,160
Total SeaOn Global, LLC											2,308				3,362				3,276

13

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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
Footprint International Holding, Inc.		Secured Loan		February 18, 2022		March 1, 2027		Variable interest rate Prime + 7.3% or Floor rate 10.5%; EOT 3.5%		$	11,129			$	11,456			$	10,921			(8)(14)
		Secured Loan		April 20, 2022		March 1, 2027		Variable interest rate Prime + 7.3% or Floor rate 10.5%; EOT 3.5%			11,129				11,441				10,903			(8)(14)
Total Footprint International Holding, Inc.											22,258				22,897				21,824
Sub-total: Green Technology (9.0%)*										$	86,753			$	90,125			$	89,683
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			$	5,625			$	5,707			(8)(9)(14)(19)
Lightning Step Technologies, LLC		Secured Loan		August 6, 2025		August 6, 2030		Variable interest rate SOFR 3 Month Term + 7.4%; EOT 0.0%		$	9,000			$	8,822			$	8,822			(8)
Moxe Health Corporation		Secured Loan		December 29, 2023		January 1, 2028		Variable interest rate Prime + 5.5% or Floor rate 13.0%; EOT 4.8%		$	12,500			$	12,698			$	12,692			(8)
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			$	7,956			$	8,021			(8)(9)(14)(19)
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			$	21,016			$	21,016			(8)(14)(19)
RXAnte, Inc.		Secured Loan		November 21, 2022		December 1, 2027		Variable interest rate Prime + 4.48% or Floor rate 9.98%+PIK Fixed Interest Rate 1.5%; EOT 3.5%		$	8,612			$	8,771			$	8,822			(8)(9)(14)(15)(19)
		Secured Loan		April 14, 2023		December 1, 2027		Variable interest rate Prime + 4.48% or Floor rate 9.98%+PIK Fixed Interest Rate 1.5%; EOT 3.5%			2,863				2,899				2,968			(8)(9)(14)(15)(19)
		Secured Loan		October 19, 2023		December 1, 2027		Variable interest rate Prime + 4.48% or Floor rate 9.98%+PIK Fixed Interest Rate 1.5%; EOT 3.5%			2,834				2,866				2,919			(8)(9)(14)(15)(19)
		Secured Loan		September 9, 2024		December 1, 2027		Variable interest rate Prime + 4.48% or Floor rate 9.98%+PIK Fixed Interest Rate 1.5%; EOT 3.5%			2,798				2,826				2,879			(8)(9)(14)(15)(19)
Total RXAnte, Inc.											17,107				17,362				17,588
TMRW Life Sciences, Inc.		Secured Loan		April 29, 2022		May 1, 2027		Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 5.8%		$	5,000			$	5,222			$	4,933			(8)(14)
		Secured Loan		March 3, 2023		May 1, 2027		Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 5.8%			15,000				15,667				14,799			(8)(14)
		Secured Loan		December 8, 2023		May 1, 2027		Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 5.8%			10,000				10,445				9,866			(8)(14)
Total TMRW Life Sciences, Inc.											30,000				31,334				29,598
WorkWell Prevention & Care Inc.		Secured Loan		December 31, 2022		January 1, 2027		Variable interest rate Prime + 5.0% or Floor rate 6.0%; EOT 0.0%		$	500			$	500			$	500			(8)(23)
Sub-total: Healthcare Technology (10.4%)*										$	104,432			$	105,313			$	103,944

14

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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
Human Resource Technology
Nomad Health, Inc.		Secured Loan		June 12, 2024		September 1, 2027		Fixed interest rate 10.0%; EOT 0.0%		$	500			$	500			$	381			(18)(23)
		Secured Loan		September 30, 2025		January 1, 2028		Fixed interest rate 7.5%; EOT 0.0%			11,401				11,401				7,533			(14)(18)(23)
Total Nomad Health, Inc.											11,901				11,901				7,914
Sub-total: Human Resource Technology (0.8%)*										$	11,901			$	11,901			$	7,914
Industrials
3DEO, Inc.		Equipment Financing		February 1, 2025		February 1, 2028		Fixed interest rate 0.1%; EOT 2.2%		$	1,871			$	1,890			$	1,859			(14)
Sub-total: Industrials (0.2%)*										$	1,871			$	1,890			$	1,859
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%		$	38,400			$	34,448			$	34,448			(8)(14)(19)
Drone Racing League, Inc.		Secured Loan		October 17, 2022		December 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.5%		$	2,417			$	2,659			$	2,649			(8)
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%		$	2,001			$	2,100			$	2,077			(8)(14)
Incontext Solutions, Inc.		Secured Loan		September 1, 2025		June 1, 2026		Fixed interest rate 12.0%; EOT 0.0%		$	1,150			$	1,150			$	1,126
Rarefied Atmosphere, Inc.		Secured Loan		May 6, 2025		June 1, 2030		Variable interest rate Prime + 4.3% or Floor rate 11.8%; EOT 2.0%		$	41,645			$	40,929			$	41,562			(8)(9)(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%		$	10,506			$	10,518			$	10,440			(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				5,254				5,220			(8)(9)(14)(19)
Total Vox Media Holdings, Inc.											15,757				15,772				15,660
Sub-total: Marketing, Media, and Entertainment (9.8%)*										$	101,370			$	97,058			$	97,522

15

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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
Medical Devices
Apiject Holdings, Inc.		Equipment Financing		June 24, 2024		July 1, 2028		Fixed interest rate 12.6%; EOT 7.5%		$	14,654			$	15,154			$	15,226			(9)(14)(19)
		Equipment Financing		September 30, 2024		October 1, 2028		Fixed interest rate 12.7%; EOT 7.5%			6,219				6,340				6,351			(9)(14)(19)
Total Apiject Holdings, Inc.											20,873				21,494				21,577
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			$	3,133			$	3,161			(8)(9)(19)
Elucent Medical, Inc.		Secured Loan		October 31, 2024		November 30, 2029		Variable interest rate Prime + 3.8% or Floor rate 11.3%; EOT 3.3%		$	12,150			$	12,027			$	12,254			(8)(9)(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			$	28,072			$	28,460			(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				4,678				4,743			(8)(14)(19)
Total Lightforce Orthodontics, Inc.											32,900				32,750				33,203
Nalu Medical, Inc		Secured Loan		July 3, 2025		August 1, 2030		Variable interest rate Prime + 3.0% or Floor rate 10.0%; EOT 4.0%		$	15,300			$	15,129			$	15,129			(8)(19)(22)
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			$	20,115			$	20,823			(8)
		Secured Loan		January 21, 2025		October 1, 2028		Variable interest rate Prime + 3.5% or Floor rate 11.5%; EOT 3.0%			15,000				14,956				14,895			(8)
Total Neurolens, Inc.											35,000				35,071				35,718
Neuros Medical, Inc.		Secured Loan		August 10, 2023		September 1, 2027		Variable interest rate Prime + 6.0% or Floor rate 14.3%; EOT 4.5%		$	6,000			$	6,122			$	6,146			(8)(9)(14)
		Secured Loan		August 30, 2024		September 1, 2027		Variable interest rate Prime + 6.0% or Floor rate 14.3%; EOT 4.5%			3,000				3,026				3,012			(8)(9)(14)
Total Neuros Medical, Inc.											9,000				9,148				9,158
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			$	4,321			$	4,358			(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			$	3,998			$	4,121			(8)(9)(14)(19)
Shoulder Innovations, Inc.		Secured Loan		August 7, 2023		September 1, 2028		Variable interest rate Prime + 3.5% or Floor rate 11.0%; EOT 3.0%		$	11,250			$	11,589			$	11,446			(8)(9)(14)
Vital Connect, Inc.		Secured Loan		July 3, 2024		July 3, 2029		Variable interest rate Prime + 4.0% or Floor rate 11.5%; EOT 4.0%		$	27,650			$	27,706			$	28,122			(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				7,871				7,993			(8)(9)(14)(19)
Total Vital Connect, Inc.											35,550				35,577				36,115
Sub-total: Medical Devices (18.7%)*										$	183,568			$	184,237			$	186,240
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)(23)
Sub-total: Multi-Sector Holdings (1.3%)*										$	12,885			$	12,885			$	12,885

16

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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		Equipment Financing		August 2, 2024		September 1, 2029		Fixed interest rate 12.0%; EOT 4.5%		$	3,906			$	3,971			$	4,038			(14)(19)
		Equipment Financing		January 10, 2025		February 1, 2030		Fixed interest rate 12.2%; EOT 4.5%			5,386				5,428				5,434			(14)(19)
		Equipment Financing		January 29, 2025		February 1, 2030		Fixed interest rate 12.5%; EOT 4.5%			3,291				3,314				3,319			(14)(19)
		Secured Loan		August 2, 2024		February 1, 2027		Variable interest rate Prime + 3.3% or Floor rate 11.8%; EOT 4.0%			47,000				47,282				48,061			(8)(19)
Total Cellares Corporation											59,583				59,995				60,852
Metabolon, Inc.		Secured Loan		March 28, 2024		April 1, 2029		Variable interest rate Prime + 2.5% or Floor rate 10.0%+PIK Fixed Interest Rate 3.0%; EOT 4.8%		$	44,122			$	43,821			$	44,406			(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%			5,152				5,136				5,127			(8)(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%			2,556				2,534				2,530			(8)(15)
Total Metabolon, Inc.											51,830				51,491				52,063
Upward Health, Inc.		Secured Loan		August 6, 2024		September 1, 2029		Variable interest rate Prime + 4.3% or Floor rate 12.8%; EOT 3.0%		$	5,875			$	5,783			$	5,912			(8)(9)(14)(19)
Renalogic Holdings, Inc.		Secured Loan		June 30, 2025		June 30, 2030		Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%		$	63,341			$	62,139			$	62,411			(8)(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			$	8,497			$	8,440			(8)(9)(14)
Sub-total: Other Healthcare Services (19.0%)*										$	189,129			$	187,905			$	189,678
Real Estate Technology
Homelight Lending, Inc.		Secured Loan		October 15, 2021		June 1, 2026		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.5%		$	2,065			$	2,289			$	2,258			(8)(14)
Knockaway, Inc.		Secured Loan		September 29, 2023		September 1, 2028		Fixed interest rate 10.2%; EOT 0.0%		$	23,644			$	21,257			$	20,567			(8)(14)(23)
		Secured Loan		May 14, 2025		May 14, 2027		Fixed interest rate 4.0%; EOT 0.0%			1,600				1,600				1,626			(16)(23)
Total Knockaway, Inc.											25,244				22,857				22,193
Knockaway Trinity Holdings, LLC		Secured Loan		December 6, 2023		December 27, 2026		Variable interest rate SOFR 1 Month Term + 9.3% or Floor rate 13.8%; EOT 0.0%		$	17,953			$	17,943			$	17,943			(8)(10)(12)(21)(23)
Maxwell Financial Labs, Inc.		Secured Loan		September 30, 2021		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 13.5%; EOT 5.0%		$	15,000			$	15,034			$	14,346			(8)(14)
		Secured Loan		October 2, 2024		October 2, 2026		Fixed interest rate 6.0%; EOT 0.0%			187				187				199			(16)
Total Maxwell Financial Labs, Inc.											15,187				15,221				14,545
Orchard Technologies, Inc.		Secured Loan		January 1, 2024		January 1, 2029		Variable interest rate Prime + 10.0% or Floor rate 17.0%; EOT 4.0%		$	28,540			$	29,572			$	24,592			(8)
Sub-total: Real Estate Technology (8.2%)*										$	88,989			$	87,882			$	81,531

17

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Software as a Service ("SaaS")
Cpacket Networks, Inc.		Secured Loan		January 29, 2024		February 1, 2029		Variable interest rate Prime + 4.8% or Floor rate 12.0%+PIK Fixed Interest Rate 1.3%; EOT 3.0%		$	20,671			$	20,681			$	20,970			(8)(9)(14)(15)
Eyelit Technologies, Inc.		Secured Loan		November 4, 2024		November 4, 2029		Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%		$	3,250			$	3,197			$	3,313			(8)(14)(19)(20)(22)
		Secured Loan		December 27, 2024		November 4, 2029		Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%			5,720				5,623				5,831			(8)(14)(19)(20)(22)
		Secured Loan		June 20, 2025		November 4, 2029		Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%			650				638				670			(8)(14)(19)(20)(22)
		Secured Loan		September 10, 2025		November 4, 2029		Variable interest rate SOFR 1 Month Term + 5.8%; EOT 0.0%			1,625				1,593				1,593			(8)(14)(19)(20)(22)
Total Eyelit Technologies, Inc.											11,245				11,051				11,407
Hometown Ticketing, Inc.		Secured Loan		November 25, 2024		November 25, 2029		Variable interest rate SOFR 3 Month Term + 7.7%; EOT 0.0%		$	24,723			$	24,311			$	24,782			(8)(19)
CCP InterGalactic Buyer, LLC		Secured Loan		September 15, 2025		September 15, 2030		Variable interest rate SOFR 3 Month Term + 5.5%; EOT 0.0%		$	7,500			$	7,362			$	7,362			(8)(20)
ServiceTrade, Inc.		Secured Loan		August 15, 2024		August 15, 2029		Variable interest rate SOFR 3 Month Term + 5.5%; EOT 0.0%		$	17,250			$	16,997			$	17,206			(8)(14)(19)(20)(22)
		Secured Loan		May 2, 2025		August 15, 2029		Variable interest rate SOFR 3 Month Term + 5.8%; EOT 0.0%			1,380				1,357				1,386			(8)(14)(19)(20)(22)
		Secured Loan		June 3, 2025		August 15, 2029		Variable interest rate SOFR 3 Month Term + 5.8%; EOT 0.0%			1,380				1,356				1,385			(8)(14)(19)(20)(22)
		Secured Loan		September 22, 2025		August 15, 2029		Variable interest rate SOFR 3 Month Term + 5.3%; EOT 0.0%			1,380				1,355				1,355			(8)(14)(19)(20)(22)
Total ServiceTrade, Inc.											21,390				21,065				21,332
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			$	15,912			$	15,910			(8)(9)(14)(19)
SOCi, Inc.		Secured Loan		October 3, 2024		October 3, 2029		Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%		$	35,828			$	35,179			$	34,863			(8)(14)(19)(20)
		Secured Loan		December 30, 2024		October 3, 2029		Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%			3,265				3,203				3,179			(8)(14)(19)(20)
		Secured Loan		April 23, 2025		October 3, 2029		Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%			1,641				1,608				1,637			(8)(14)(19)(20)
		Secured Loan		August 5, 2025		October 3, 2029		Variable interest rate SOFR 3 Month Term + 7.9%; EOT 0.0%			1,727				1,691				1,691			(8)(14)(19)(20)
Total SOCi, Inc.											42,461				41,681				41,370
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			$	3,671			$	3,786			(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				3,656				3,707			(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				3,505				3,551			(8)(9)(14)(19)
Total Steno Agency, Inc.											11,040				10,832				11,044
Ticketure		Secured Loan		July 25, 2025		July 25, 2030		Variable interest rate SOFR 3 Month Term + 6.3%; EOT 0.0%		$	25,000			$	24,525			$	24,525			(8)(20)
Xytech Systems, LLC		Secured Loan		February 26, 2025		February 26, 2030		Variable interest rate SOFR 3 Month Term + 6.0%; EOT 0.0%		$	37,600			$	36,966			$	38,137			(8)(19)(20)
		Secured Loan		July 2, 2025		February 26, 2030		Variable interest rate SOFR 3 Month Term + 6.0%; EOT 0.0%			1,880				1,845				1,845			(8)(19)(20)
Total Xytech Systems, LLC											39,480				38,811				39,982
Sub-total: SaaS (21.9%)*										$	219,710			$	216,231			$	218,684

18

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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
Space Technology
Astranis Space Technology Corporation		Equipment Financing		April 13, 2023		May 1, 2027		Fixed interest rate 12.1%; EOT 6.5%		$	5,699			$	6,367			$	6,179			(9)(14)(19)
		Equipment Financing		September 27, 2024		October 1, 2028		Fixed interest rate 13.8%; EOT 6.5%			9,526				10,122				9,815			(9)(14)(19)
		Equipment Financing		September 27, 2024		October 1, 2027		Fixed interest rate 12.6%; EOT 4.0%			2,049				2,032				2,049			(9)(14)(19)
		Equipment Financing		August 25, 2025		September 1, 2028		Fixed interest rate 11.6%; EOT 4.0%			4,653				4,620				4,620			(14)(19)
		Secured Loan		August 25, 2025		August 25, 2030		Variable interest rate Prime + 4.8% or Floor rate 12.3%; EOT 4.0%			48,000				45,941				45,941			(8)(19)
Total Astranis Space Technology Corporation											69,927				69,082				68,604
Impulse Space, Inc.		Equipment Financing		June 18, 2024		July 1, 2027		Fixed interest rate 12.7%; EOT 3.0%		$	529			$	538			$	547			(9)(14)(19)(22)
		Equipment Financing		September 13, 2024		October 1, 2027		Fixed interest rate 12.5%; EOT 3.0%			422				425				432			(9)(14)(19)(22)
		Equipment Financing		December 27, 2024		January 1, 2028		Fixed interest rate 12.9%; EOT 3.0%			419				418				428			(9)(14)(19)(22)
		Equipment Financing		February 12, 2025		March 1, 2028		Fixed interest rate 12.6%; EOT 3.0%			480				477				482			(9)(14)(19)(22)
		Equipment Financing		June 25, 2025		July 1, 2028		Fixed interest rate 12.8%; EOT 3.0%			588				578				586			(9)(14)(19)(22)
		Equipment Financing		September 25, 2025		October 1, 2028		Fixed interest rate 12.8%; EOT 3.0%			3,931				3,840				3,840			(14)(19)(22)
Total Impulse Space, Inc.											6,369				6,276				6,315
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			$	7,704			$	7,901			(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				7,857				7,929			(8)(9)(14)(19)
Total Kymeta Corporation											15,800				15,561				15,830
Rocket Lab USA, Inc.		Equipment Financing		December 29, 2023		January 1, 2029		Fixed interest rate 14.8%; EOT 1.0%		$	21,834			$	21,523			$	22,872			(9)(10)(14)(19)(22)
		Equipment Financing		March 20, 2025		April 1, 2030		Fixed interest rate 12.3%; EOT 1.0%			11,955				11,946				12,215			(9)(10)(14)(19)(22)
Total Rocket Lab USA, Inc.											33,789				33,469				35,087

19

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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			$	23,499			$	23,907			(8)(9)(14)(19)
		Secured Loan		August 7, 2024		April 30, 2026		Fixed interest rate 10.0%; EOT 0.0%			500				500				559
Total Slingshot Aerospace, Inc.											24,200				23,999				24,466
Sub-total: Space Technology (15.1%)*										$	150,085			$	148,387			$	150,302
Supply Chain Technology
Macrofab, Inc.		Secured Loan		July 21, 2023		August 1, 2027		Variable interest rate Prime + 5.5% or Floor rate 13.3%; EOT 4.5%		$	19,495			$	20,307			$	19,035			(8)(14)
Nucleus RadioPharma, Inc.		Equipment Financing		June 4, 2024		June 1, 2027		Fixed interest rate 11.8%; EOT 4.0%		$	266			$	275			$	279			(9)(14)
		Equipment Financing		December 23, 2024		January 1, 2028		Fixed interest rate 12.3%; EOT 4.0%			1,322				1,340				1,352			(9)(14)
		Equipment Financing		September 9, 2025		October 1, 2028		Fixed interest rate 12.0%; EOT 4.0%			1,652				1,636				1,636			(14)
Total Nucleus RadioPharma, Inc.											3,240				3,251				3,267
Sub-total: Supply Chain Technology (2.2%)*										$	22,735			$	23,558			$	22,302
Transportation Technology
EVO Transportation & Energy Services, Inc.		Equipment Financing		May 2, 2025		May 1, 2028		Fixed interest rate 4.5%; EOT 12.0%		$	2,917			$	3,007			$	2,743			(19)
		Equipment Financing		May 23, 2025		June 1, 2028		Fixed interest rate 4.7%; EOT 12.0%			2,248				2,307				2,107			(19)
Total EVO Transportation & Energy Services, Inc.											5,165				5,314				4,850
NextCar Holding Company, Inc.		Secured Loan		December 14, 2021		December 31, 2025		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0%		$	1,830			$	2,092			$	437			(8)(18)
		Secured Loan		December 15, 2021		December 31, 2025		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0%			2,274				2,379				543			(8)(18)
		Secured Loan		February 23, 2022		December 31, 2025		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0%			2,843				2,974				679			(8)(18)
		Secured Loan		March 16, 2022		December 31, 2025		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0%			3,411				3,569				814			(8)(18)
		Secured Loan		April 18, 2022		December 31, 2025		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0%			2,843				2,974				679			(8)(18)
		Secured Loan		April 18, 2022		December 31, 2025		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0%			2,843				2,974				679			(8)(18)
		Secured Loan		May 17, 2022		December 31, 2025		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0%			5,685				5,948				1,357			(8)(18)
		Secured Loan		June 22, 2022		December 31, 2025		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 2.0%			2,843				2,974				679			(8)(18)
Total NextCar Holding Company, Inc.											24,572				25,884				5,867
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%		$	9,332			$	9,569			$	8,287			(8)(9)
		Equipment Financing		July 14, 2023		February 1, 2027		Fixed interest rate 12.1%; EOT 4.0%			194				206				199			(9)
Total Get Spiffy, Inc.											9,526				9,775				8,486

20

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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%		$	15,689			$	15,654			$	15,754			(14)
		Equipment Financing		March 28, 2025		April 1, 2028		Fixed interest rate 11.9%; EOT 1.0%			4,310				4,289				4,314			(14)
		Equipment Financing		May 15, 2025		June 1, 2028		Fixed interest rate 11.6%; EOT 1.0%			1,112				1,105				1,111			(14)
		Equipment Financing		June 25, 2025		July 1, 2028		Fixed interest rate 11.9%; EOT 1.0%			3,558				3,531				3,553			(14)
		Equipment Financing		August 13, 2025		September 1, 2028		Fixed interest rate 11.6%; EOT 1.0%			9,226				9,142				9,142			(14)
		Equipment Financing		September 26, 2025		October 1, 2028		Fixed interest rate 11.9%; EOT 1.0%			6,145				6,082				6,082			(14)
Total Uveye, Inc.											40,040				39,803				39,956
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%		$	4,682			$	4,776			$	4,451			(8)
Sub-total: Transportation Technology (6.4%)*										$	83,985			$	85,552			$	63,610
Total: Debt Securities- United States (186.7%)*										$	1,904,207			$	1,903,394			$	1,864,257
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			$	307			(10)(23)
Sub-total: Construction Technology (0.0%)*										$	365			$	365			$	307
Real Estate Technology
Maple Raptor Acquisition Inc. (dba Rentsync)		Secured Loan		April 28, 2025		April 26, 2030		Variable interest rate CORRA 3 Month Term + 9.4%; EOT 0.0%		$	19,806			$	19,402			$	20,157			(8)(10)(20)
Sub-total: Real Estate Technology (2.0%)*										$	19,806			$	19,402			$	20,157
Space Technology
Earthdaily Constellation Holdings, LP		Equipment Financing		June 10, 2025		January 1, 2029		Fixed interest rate 13.5%; EOT 7.0%		$	17,765			$	17,419			$	17,610			(9)(10)(14)(19)
		Equipment Financing		August 28, 2025		March 1, 2029		Fixed interest rate 13.9%; EOT 7.0%			3,420				3,317				3,317			(10)(14)(19)
Total Earthdaily Constellation Holdings, LP											21,185				20,736				20,927
Sub-total: Space Technology (2.1%)*										$	21,185			$	20,736			$	20,927
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			$	6,062			$	5,900			(8)(10)(23)
Sub-total: Supply Chain Technology (0.6%)*										$	6,000			$	6,062			$	5,900
Total: Debt Securities- Canada (4.7%)*										$	47,356			$	46,565			$	47,291

21

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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
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			$	19,016			$	19,016			(8)(10)
Sub-total: Healthcare Technology (1.9%)*										$	19,500			$	19,016			$	19,016
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			$	29,161			$	29,942			(8)(10)(14)(19)
Sub-total: Medical Devices (3.0%)*										$	29,375			$	29,161			$	29,942
Other Healthcare Services
Zandivio PLC		Secured Loan		October 30, 2024		May 1, 2029		Variable interest rate Prime + 5.3% or Floor rate 13.8%; EOT 2.5%		$	28,200			$	27,790			$	28,141			(8)(10)(14)(19)
Sub-total: Other Healthcare Services (2.8%)*										$	28,200			$	27,790			$	28,141
Space Technology
All.Space Networks, Limited.		Secured Loan		August 22, 2022		September 1, 2027		Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 2.5%		$	7,936			$	8,109			$	7,894			(8)(10)
Sub-total: Space Technology (0.8%)*										$	7,936			$	8,109			$	7,894
Total: Debt Securities- Europe (8.5%)*										$	85,011			$	84,076			$	84,993
Total: Debt Securities (200.0%)*										$	2,036,574			$	2,034,035			$	1,996,541

22

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Expiration Date		Series		Shares				Strike Price				Cost				Fair Value (6)				Footnotes
Warrant Investments- United States
Artificial Intelligence & Automation
Ambient Photonics, Inc.		Warrant		July 27, 2022		July 27, 2032		Common Stock			15,976			$	5.50			$	48			$	—
D-Wave Quantum Inc.		Warrant		August 1, 2025		August 1, 2035		Common Stock			13,585			$	16.05			$	184			$	287			(19)(22)
Everalbum, Inc.		Warrant		January 16, 2020		July 29, 2026		Class A Common Stock			851,063			$	0.10			$	25			$	—			(17)
Hologram, Inc.		Warrant		January 31, 2020		January 27, 2030		Common Stock			193,054			$	0.26			$	49			$	82
K2View Inc.		Warrant		May 30, 2025		May 30, 2035		Ordinary			252,050			$	1.38			$	150			$	114			(17)
Sortera Technologies, Inc.		Warrant		February 11, 2025		February 11, 2035		Common Stock			38,319			$	5.23			$	286			$	314			(9)(19)
Swimlane, Inc.		Warrant		May 28, 2025		May 28, 2037		Preferred Series B			2,176,343			$	0.19			$	151			$	145			(9)(19)
Tquila Automation, Inc		Warrant		July 2, 2025		July 2, 2037		Common Stock			32,247			$	0.81			$	41			$	35			(19)
Uniphore Technologies Inc.		Warrant		September 30, 2025		September 30, 2035		Common Stock			604,703			$	2.40			$	653			$	639			(19)
Sub-Total: Artificial Intelligence & Automation (0.2%)*																		$	1,587			$	1,616
Biotechnology
Pendulum Therapeutics, Inc.		Warrant		January 16, 2020		October 9, 2029		Preferred Series B			55,263			$	1.90			$	43			$	36			(17)
		Warrant		June 1, 2020		July 15, 2030		Preferred Series B			36,842			$	1.90				36				24			(17)
		Warrant		December 31, 2021		December 31, 2031		Preferred Series C			322,251			$	3.24				118				146			(17)
		Warrant		February 5, 2024		February 5, 2034		Common Stock			1,143,690			$	1.03				588				962
		Warrant		May 30, 2025		May 30, 2035		Preferred Series C			914,565			$	0.01				1,880				1,934			(17)
Total Pendulum Therapeutics, Inc.																			2,665				3,102
Sub-Total: Biotechnology (0.3%)*																		$	2,665			$	3,102
Connectivity
Tarana Wireless, Inc.		Warrant		June 30, 2021		June 30, 2031		Common Stock			5,027,629			$	0.19			$	967			$	1,666
		Warrant		September 23, 2024		September 23, 2034		Common Stock			2,094,922			$	0.51				695				495			(9)(19)
Total Tarana Wireless, Inc.																			1,662				2,161
Vertical Communications, Inc.		Warrant		January 16, 2020		July 11, 2026		Preferred Series A			828,479			$	1.00			$	—			$	—			(11)(17)(23)
viaPhoton, Inc.		Warrant		March 31, 2022		March 31, 2032		Common Stock			15,839			$	0.60			$	22			$	21
Sub-Total: Connectivity (0.2%)*																		$	1,684			$	2,182
Construction Technology
Project Frog, Inc.		Warrant		January 16, 2020		February 28, 2027		Preferred Series AA-1			211,649			$	0.19			$	9			$	—			(17)(23)
		Warrant		January 16, 2020		February 28, 2027		Common Stock			180,340			$	0.19				9				—			(23)
		Warrant		August 3, 2021		December 31, 2031		Preferred Series CC			250,000			$	0.01				20				2			(17)(23)
Total Project Frog, Inc.																			38				3
Sub-total: Construction Technology (0.0%)*																		$	38			$	3

23

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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			$	639			$	10			(17)
		Warrant		January 16, 2020		April 20, 2028		Preferred Series C			60,000			$	1.96				72				1			(17)
Total BaubleBar, Inc.																			711				11
Bobbie Baby, Inc.		Warrant		September 12, 2025		September 12, 2035		Common Stock			94,943			$	4.05			$	126			$	112			(19)
Boosted eCommerce, Inc.		Warrant		December 14, 2020		December 14, 2030		Preferred Series A-1			759,263			$	0.84			$	259			$	—			(17)
Happiest Baby, Inc.		Warrant		January 16, 2020		May 16, 2029		Common Stock			182,554			$	0.33			$	193			$	3
Madison Reed, Inc.		Warrant		January 16, 2020		March 23, 2027		Preferred Series C			194,553			$	2.57			$	185			$	326			(17)
		Warrant		January 16, 2020		July 18, 2028		Common Stock			43,158			$	0.99				71				100
		Warrant		January 16, 2020		June 30, 2029		Common Stock			36,585			$	1.23				56				81
Total Madison Reed, Inc.																			312				507
Ogee, Inc.		Warrant		February 14, 2023		February 14, 2033		Preferred Series A-3			243,668			$	0.68			$	54			$	624			(17)(19)
		Warrant		September 29, 2023		February 14, 2033		Preferred Series A-3			243,668			$	0.68				49				624			(17)(19)
		Warrant		August 1, 2024		August 1, 2034		Preferred Series A-3			243,668			$	0.68				104				624			(17)(19)
		Warrant		July 18, 2025		August 1, 2034		Preferred Series A-3			243,668			$	0.68				780				624			(17)(19)
Total Ogee, Inc.																			987				2,496
Portofino Labs, Inc.		Warrant		December 31, 2020		December 31, 2030		Common Stock			99,148			$	1.53			$	160			$	64
		Warrant		April 1, 2021		April 1, 2031		Common Stock			39,912			$	1.46				99				27
Total Portofino Labs, Inc.																			259				91
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			$	268			(17)
SI Tickets, Inc.		Warrant		May 11, 2022		May 11, 2032		Common Stock			53,029			$	2.52			$	162			$	—
Super73, Inc.		Warrant		December 31, 2020		December 31, 2030		Common Stock			177,305			$	3.16			$	105			$	1
Trendly, Inc.		Warrant		January 16, 2020		August 10, 2026		Preferred Series A			245,506			$	1.14			$	222			$	18			(17)
Whoop, Inc.		Warrant		May 17, 2023		May 17, 2033		Common Stock			2,393,845			$	0.43			$	1,099			$	3,512			(9)(19)
Sub-total: Consumer Products & Services (0.7%)*																		$	4,756			$	7,019
Diagnostics & Tools
Rapid Micro Biosystems, Inc.		Warrant		August 8, 2025		August 8, 2035		Common Stock			162,985			$	3.35			$	443			$	446			(19)
Sub-total: Diagnostics & Tools (0.0%)*																		$	443			$	446
Education Technology
Edblox, Inc.		Warrant		March 19, 2024		March 19, 2034		Common Stock			111,458			$	1.71			$	152			$	—			(9)
Medical Sales Training Holding Company		Warrant		March 18, 2021		March 18, 2031		Common Stock			130,853			$	7.74			$	108			$	—
		Warrant		April 17, 2024		April 17, 2034		Common Stock			32,493			$	7.74				73				—
		Warrant		December 18, 2024		December 18, 2034		Common Stock			21,444			$	7.74				4				—
Total Medical Sales Training Holding Company																			185				—
Yellowbrick Learning, Inc.		Warrant		January 16, 2020		September 30, 2028		Common Stock			222,222			$	0.90			$	120			$	10
Sub-Total: Education Technology (0.0%)*																		$	457			$	10

24

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Expiration Date		Series		Shares				Strike Price				Cost				Fair Value (6)				Footnotes
Warrant Investments- United States, Continued
Finance and Insurance
Alt Platform Inc.		Warrant		July 8, 2025		July 8, 2035		Common Stock			256,692			$	0.74			$	310			$	302			(10)(12)(21)
Beam Technologies, Inc.		Warrant		August 30, 2024		August 30, 2034		Common Stock			47,479			$	17.28			$	629			$	377			(9)(19)
		Warrant		August 7, 2025		August 7, 2032		Preferred Series F Prime			4,083			$	0.00				148				194			(9)(19)
Total Beam Technologies, Inc.																			777				571
Bestow, Inc.		Warrant		August 1, 2024		August 1, 2034		Preferred Series C-2			349,793			$	0.01			$	1,987			$	2,362			(17)
Centivo Corporation		Warrant		July 31, 2024		July 31, 2034		Common Stock			80,578			$	0.76			$	67			$	99			(9)(19)
		Warrant		December 20, 2024		July 31, 2034		Common Stock			80,577			$	0.76				189				99			(9)(19)
		Warrant		February 3, 2025		July 31, 2034		Common Stock			80,578			$	0.76				164				99			(9)(19)
		Warrant		May 20, 2025		July 31, 2034		Common Stock			161,157			$	0.76				290				198			(9)(19)
		Warrant		June 13, 2025		July 31, 2034		Common Stock			80,578			$	0.76				145				99			(9)(19)
Total Centivo Corporation																			855				594
DailyPay, Inc.		Warrant		September 30, 2020		September 30, 2030		Common Stock			89,264			$	3.00			$	151			$	1,572
Tilt Finance, Inc. (dba Empower Financial, Inc.)		Warrant		October 13, 2023		October 13, 2033		Common Stock			404,893			$	1.43			$	953			$	3,298			(9)(19)
Eqis Capital Management, Inc.		Warrant		June 15, 2022		June 15, 2032		Preferred Class B			904,000			$	0.01			$	10			$	88			(17)
Gravie, Inc.		Warrant		June 4, 2024		June 4, 2034		Common Stock			123,816			$	2.68			$	293			$	9			(9)(19)
Inshur, Inc.		Warrant		June 10, 2025		June 10, 2035		Common Stock			32,049			$	6.05			$	234			$	205
Kafene, Inc.		Warrant		January 5, 2024		January 5, 2034		Common Stock			44,448			$	4.03			$	58			$	541
Kard Financial, Inc.		Warrant		September 10, 2025		September 10, 2035		Common Stock			210,899			$	1.36			$	249			$	238			(19)
One Million Metrics (dba Kinetic)		Warrant		August 25, 2025		August 25, 2035		Common Stock			168,871			$	0.51			$	134			$	118			(19)
Lendflow, Inc.		Warrant		April 24, 2025		April 24, 2035		Common Stock			85,778			$	0.70			$	79			$	108			(9)(19)
Mesa Financial, Inc.		Warrant		August 29, 2024		August 29, 2034		Common Stock			62,422			$	0.73			$	28			$	41			(10)(12)(21)
Mesa Financing I, LLC		Warrant		May 7, 2025		May 7, 2035		Common Stock			22,519			$	0.01			$	8			$	14			(10)(12)(21)
		Warrant		June 25, 2025		May 7, 2035		Common Stock			61,926			$	0.01				21				38			(10)(12)(21)
		Warrant		July 31, 2025		May 7, 2035		Common Stock			28,148			$	0.01				11				17			(10)(12)(21)
Total Mesa Financing I, LLC																			40				69
Parafin, Inc.		Warrant		February 16, 2024		February 16, 2034		Common Stock			24,616			$	7.09			$	118			$	357			(10)(12)(21)
		Warrant		July 25, 2024		July 25, 2034		Common Stock			24,641			$	7.09				108				357			(10)(12)(21)
		Warrant		December 23, 2024		December 23, 2034		Common Stock			3,657			$	11.14				49				47			(10)(12)(21)
Total Parafin, Inc.																			275				761
PatientFi, Inc.		Warrant		March 14, 2025		March 14, 2035		Preferred Series B			60,995			$	3.10			$	84			$	108			(9)(17)(19)
RealtyMogul, Co.		Warrant		January 16, 2020		December 18, 2027		Preferred Series B			954,979			$	0.95			$	285			$	946			(17)
Slope Tech, Inc.		Warrant		September 14, 2022		September 14, 2032		Common Stock			90,971			$	0.88			$	109			$	445			(10)(12)(21)
		Warrant		August 30, 2023		August 30, 2033		Common Stock			21,303			$	0.88				112				104			(10)(12)(21)
Total Slope Tech, Inc.																			221				549
Thrivory, Inc.		Warrant		September 9, 2025		September 9, 2035		Common Stock			484,952			$	0.01			$	18			$	14			(10)(12)(21)
Under Technologies, Inc.		Warrant		May 3, 2024		May 3, 2034		Common Stock			76,133			$	2.90			$	210			$	189			(9)(19)
Wisetack, Inc.		Warrant		November 14, 2024		November 14, 2034		Common Stock			111,153			$	1.58			$	102			$	113			(9)(19)
Sub-Total: Finance and Insurance (1.3%)*																		$	7,353			$	12,796

25

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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
Food and Agriculture Technologies
Athletic Brewing Company, LLC		Warrant		October 28, 2022		October 28, 2032		Preferred Class B			3,741			$	140.21			$	287			$	440			(17)
DrinkPak, LLC		Warrant		September 13, 2022		September 13, 2032		Common Stock			2,387			$	19.12			$	7			$	53			(9)
		Warrant		February 17, 2023		February 17, 2033		Common Stock			12,010			$	18.89				26				270			(9)(19)
Total DrinkPak, LLC																			33				323
Emergy, Inc.		Warrant		October 5, 2022		October 5, 2032		Common Stock			4,051			$	39.60			$	181			$	—			(9)
GrubMarket, Inc.		Warrant		June 15, 2020		June 15, 2030		Common Stock			405,000			$	1.10			$	115			$	7,525
Intelligent Brands, Inc. (f.k.a. PSB Holdings, Inc.)		Warrant		January 16, 2020		October 5, 2027		Common Stock			103,636			$	21.42			$	111			$	—
		Warrant		December 31, 2020		December 29, 2032		Common Stock			33,348			$	3.17				546				—
Total Intelligent Brands, Inc.																			657				—
The Fynder Group, Inc.		Warrant		October 14, 2020		October 14, 2030		Common Stock			36,445			$	0.49			$	68			$	11
Zero Acre Farms, Inc.		Warrant		December 23, 2022		December 23, 2032		Class A Common Stock			20,181			$	2.13			$	79			$	2			(17)
Sub-Total: Food and Agriculture Technologies (0.8%)*																		$	1,420			$	8,301
Green Technology
Bolb, Inc.		Warrant		October 12, 2021		October 12, 2031		Common Stock			181,784			$	0.07			$	35			$	—
Edeniq, Inc.		Warrant		January 16, 2020		December 23, 2026		Preferred Series B			2,685,501			$	0.22			$	—			$	593			(11)(17)(23)
		Warrant		January 16, 2020		December 23, 2026		Preferred Series B			2,184,672			$	0.01				—				930			(11)(17)(23)
		Warrant		January 16, 2020		June 29, 2027		Preferred Series C			5,106,972			$	0.44				—				281			(11)(17)(23)
		Warrant		January 16, 2020		November 2, 2028		Preferred Series C			3,850,294			$	0.01				—				1,816			(11)(17)(23)
		Warrant		November 29, 2021		November 29, 2031		Preferred Series D			154,906,320			$	0.01				7				8,525			(17)(23)
Total Edeniq, Inc.																			7				12,145
Footprint International Holding, Inc.		Warrant		February 14, 2020		February 14, 2030		Common Stock			38,171			$	0.31			$	9			$	—
		Warrant		February 18, 2022		February 18, 2032		Common Stock			77,524			$	0.01				4,246				—
		Warrant		June 23, 2022		June 23, 2032		Common Stock			14,624			$	0.01				359				—
		Warrant		October 31, 2024		October 31, 2034		Preferred Class F			250			$	25,000.00				—				—			(17)
Total Footprint International Holding, Inc.																			4,614				—
Form Energy Inc.		Warrant		October 21, 2024		October 21, 2034		Common Stock			85,556			$	8.03			$	796			$	606			(9)(19)
Mainspring Energy, Inc.		Warrant		January 16, 2020		July 9, 2029		Common Stock			140,186			$	1.15			$	283			$	253
		Warrant		November 20, 2020		November 20, 2030		Common Stock			81,294			$	1.15				226				147
		Warrant		March 18, 2022		March 18, 2032		Common Stock			137,692			$	1.66				344				237
Total Mainspring Energy, Inc.																			853				637
RTS Holding, Inc.		Warrant		December 10, 2021		December 10, 2031		Preferred Series C			2,314			$	205.28			$	75			$	64			(9)(17)
		Warrant		October 10, 2022		October 10, 2032		Preferred Series D			917			$	196.50				87				29			(9)(17)
		Warrant		January 19, 2024		January 19, 2034		Preferred Series D-1			2,876			$	203.47				418				92			(9)(17)
Total RTS Holding, Inc.																			580				185
Sub-Total: Green Technology (1.4%)*																		$	6,885			$	13,573

26

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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			$	108			$	81			(9)(19)
Dentologie Enterprises, Inc.		Warrant		October 14, 2022		October 14, 2034		Common Stock			51,632			$	0.76			$	66			$	101			(9)
Exer Holdings, LLC		Warrant		November 19, 2021		November 19, 2031		Common Stock			281			$	527.51			$	93			$	4
Hospitalists Now, Inc.		Warrant		January 16, 2020		March 30, 2026		Preferred Series D-2			135,807			$	5.89			$	71			$	14			(17)
		Warrant		January 16, 2020		December 6, 2026		Preferred Series D-2			750,000			$	5.89				391				78			(17)
Total Hospitalists Now, Inc.																			462				92
Lark Technologies, Inc.		Warrant		September 30, 2020		September 30, 2030		Common Stock			76,231			$	1.76			$	177			$	13
		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				40
Moxe Health Corporation		Warrant		December 29, 2023		December 29, 2033		Preferred Series B			155,438			$	3.62			$	135			$	62			(17)
Paytient Technologies, Inc.		Warrant		May 27, 2025		May 27, 2035		Common Stock			31,216			$	1.01			$	43			$	42			(9)(19)
PurpleLab, Inc.		Warrant		September 24, 2025		September 24, 2035		Common Stock			10,157			$	23.09			$	273			$	286			(19)
RXAnte, Inc.		Warrant		November 21, 2022		November 21, 2032		Preferred A			16,517			$	10.00			$	89			$	183			(9)(17)(19)
		Warrant		April 7, 2023		November 21, 2032		Preferred A			5,518			$	10.00				25				61			(9)(17)(19)
		Warrant		October 17, 2023		November 21, 2032		Preferred A			5,506			$	10.00				37				61			(9)(17)(19)
Total RXAnte, Inc.																			151				305
TMRW Life Sciences, Inc.		Warrant		April 29, 2022		April 29, 2032		Preferred Class A			268,983			$	2.09			$	80			$	3			(17)
		Warrant		March 3, 2023		April 29, 2032		Preferred Class A			268,983			$	2.09				80				3			(17)
Total TMRW Life Sciences, Inc.																			160				6
Sub-Total: Healthcare Technology (0.1%)*																		$	1,984			$	1,019
Human Resource Technology
BetterLeap, Inc.		Warrant		April 20, 2022		April 20, 2032		Common Stock			88,435			$	2.26			$	38			$	4
Sub-Total: Human Resource Technology (0.0%)*																		$	38			$	4
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

September 30, 2025

(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			561,670			$	7.29			$	3,645			$	1,720			(19)
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			$	171
Grabit Interactive Media, Inc.		Warrant		April 8, 2022		April 8, 2034		Preferred Series A			142,828			$	1.00			$	40			$	42			(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			$	393
Rarefied Atmosphere, Inc.		Warrant		May 6, 2025		May 6, 2037		Common Stock			174,032			$	7.35			$	571			$	557			(9)(19)
Vox Media Holdings, Inc.		Warrant		June 25, 2025		June 25, 2035		Class A Common Stock			1,580,142			$	0.37			$	464			$	455			(9)(17)(19)
Sub-Total: Marketing, Media, and Entertainment (0.3%)*																		$	5,479			$	3,338
Medical Devices
Apiject Holdings, Inc.		Warrant		June 24, 2024		June 24, 2034		Common Stock			937,604			$	0.99			$	612			$	459			(9)(19)
Convergent Dental, Inc.		Warrant		April 21, 2023		April 21, 2033		Preferred Series D			446,982			$	1.61			$	493			$	127			(9)(17)
Delphinus, Inc.		Warrant		June 27, 2023		June 27, 2033		Preferred Series E			294,288			$	0.69			$	29			$	18			(9)(17)
Elucent Medical, Inc.		Warrant		October 31, 2024		October 31, 2034		Preferred Series C-2			1,628,141			$	0.30			$	144			$	343			(9)(19)
Lightforce Orthodontics, Inc.		Warrant		August 6, 2024		August 6, 2034		Preferred Series D			62,627			$	18.01			$	249			$	72			(17)(19)
		Warrant		September 25, 2024		August 6, 2034		Preferred Series D			10,438			$	18.01				37				12			(17)(19)
Total Lightforce Orthodontics, Inc.																			286				84
Nalu Medical, Inc		Warrant		July 3, 2025		July 3, 2035		Preferred Series E			71,043			$	4.85			$	115			$	108			(17)(19)(22)
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			$	52			(19)
Restor3d, Inc.		Warrant		June 4, 2024		June 4, 2034		Preferred Series A			95,688			$	5.01			$	51			$	152			(9)(17)(19)
Shoulder Innovations, Inc.		Warrant		August 7, 2023		August 7, 2033		Preferred Series D			32,684			$	10.33			$	120			$	281			(9)(17)
Sub-Total: Medical Devices (0.2%)*																		$	2,006			$	1,698
Other Healthcare Services
Cellares Corporation		Warrant		August 2, 2024		August 2, 2034		Common Stock			243,868			$	4.77			$	841			$	1,332			(19)
Upward Health, Inc.		Warrant		August 6, 2024		August 6, 2034		Class A Common Stock			763,137			$	0.28			$	251			$	951			(9)(17)(19)
Metabolon, Inc.		Warrant		March 28, 2024		March 28, 2034		Preferred Series 3			2,288,461			$	0.65			$	644			$	247			(17)
		Warrant		October 1, 2024		March 28, 2034		Preferred Series 3			384,615			$	0.65				33				42			(17)
		Warrant		January 6, 2025		March 28, 2034		Preferred Series 3			192,308			$	0.65				23				21			(17)
Total Metabolon, Inc.																			700				310
Velentium, Inc.		Warrant		May 24, 2024		May 24, 2034		Preferred Class B			7,958			$	53.40			$	129			$	113			(9)(17)
Sub-Total: Other Healthcare Services (0.3%)*																		$	1,921			$	2,706

28

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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
Real Estate Technology
Homelight Lending, Inc.		Warrant		June 23, 2022		June 23, 2032		Common Stock			5,434			$	18.40			$	1			$	7
Knockaway, Inc.		Warrant		January 16, 2020		May 24, 2029		Common Stock			880			$	85.27			$	208			$	—			(23)
		Warrant		November 10, 2021		November 10, 2031		Common Stock			16,350			$	2.20				265				—			(23)
		Warrant		September 29, 2023		September 29, 2033		Common Stock			2,804,355			$	0.01				—				1			(23)
		Warrant		December 6, 2023		December 6, 2033		Preferred Series AA			457,778			$	0.01				—				1			(10)(12)(17)(21)(23)
		Warrant		September 16, 2024		September 16, 2034		Preferred Series BB			93,951,849			$	0.00				2,391				904			(17)(23)
		Warrant		September 27, 2023		September 27, 2033		Preferred Series AA-1			5,084,804			$	0.09				—				—			(17)(23)
Total Knockaway, Inc.																			2,864				906
Maxwell Financial Labs, Inc.		Warrant		October 8, 2020		October 8, 2030		Common Stock			106,735			$	0.29			$	21			$	13
		Warrant		December 22, 2020		December 22, 2030		Common Stock			110,860			$	0.29				34				14
		Warrant		September 30, 2021		September 30, 2031		Common Stock			79,135			$	1.04				148				6
		Warrant		May 10, 2024		May 10, 2034		Common Stock			303,562			$	0.27				83				38
		Warrant		July 1, 2024		May 10, 2034		Common Stock			303,562			$	0.27				91				38
		Warrant		January 1, 2025		May 10, 2034		Common Stock			308,162			$	0.27				13				39
Total Maxwell Financial Labs, Inc.																			390				148
Orchard Technologies, Inc.		Warrant		February 12, 2024		February 12, 2034		Preferred Series 1			228,000			$	0.01			$	—			$	84			(17)
		Warrant		February 12, 2025		February 12, 2034		Preferred Series 1			228,000			$	0.01				126				84			(17)
Total Orchard Technologies, Inc.																			126				168
Sub-Total: Real Estate Technology (0.1%)*																		$	3,381			$	1,229
SaaS
All Seated, Inc.		Warrant		February 28, 2022		February 28, 2032		Common Stock			5,101			$	15.72			$	22			$	—
Cart.com, Inc.		Warrant		November 17, 2023		November 17, 2033		Common Stock			31,572			$	15.87			$	440			$	744			(9)
Cpacket Networks, Inc.		Warrant		January 29, 2024		January 29, 2034		Class B Common			499,366			$	0.36			$	166			$	96			(9)(17)
Crowdtap, Inc.		Warrant		January 16, 2020		December 16, 2025		Preferred Series B			442,233			$	1.09			$	42			$	627			(17)
		Warrant		January 16, 2020		December 11, 2027		Preferred Series B			100,000			$	1.09				9				142			(17)
Total Crowdtap, Inc.																			51				769
Gtxcel, Inc.		Warrant		January 16, 2020		August 30, 2026		Preferred Series D			1,000,000			$	0.21				83				—			(17)
Lucidworks, Inc.		Warrant		January 16, 2020		June 27, 2026		Preferred Series D			619,435			$	0.77			$	806			$	440			(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			$	304			(9)(19)
Smartly, Inc.		Warrant		May 16, 2022		May 16, 2034		Common Stock			48,097			$	1.10			$	84			$	86
Steno Agency, Inc.		Warrant		June 21, 2024		June 21, 2034		Common Stock			55,818			$	1.98			$	136			$	181			(9)(19)
		Warrant		May 16, 2025		June 21, 2034		Common Stock			54,476			$	1.98				164				177			(9)(19)
Total Steno Agency, Inc.																			300				358
The Tomorrow Companies, Inc.		Warrant		December 14, 2022		December 14, 2032		Common Stock			26,124			$	1.70			$	49			$	14			(9)
Sub-Total: SaaS (0.3%)*																		$	2,587			$	2,811

29

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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			$	281			(9)(19)
		Warrant		September 27, 2024		September 27, 2034		Common Stock			156,677			$	2.27				683				717			(9)(19)
		Warrant		June 26, 2025		June 26, 2035		Common Stock			39,557			$	0.01				191				206			(9)(19)
		Warrant		August 25, 2025		August 25, 2035		Common Stock			439,662			$	2.33				1,671				2,006			(19)
Total Astranis Space Technology Corporation																			2,628				3,210
Axiom Space, Inc.		Warrant		May 28, 2021		May 28, 2031		Common Stock			1,773			$	169.24			$	121			$	19
		Warrant		May 28, 2021		May 28, 2031		Common Stock			882			$	340.11				39				3
Total Axiom Space, Inc.																			160				22
Hermeus Corporation		Warrant		August 9, 2022		August 9, 2032		Common Stock			19,286			$	6.24			$	144			$	145			(9)(19)
Impulse Space, Inc.		Warrant		June 18, 2024		June 18, 2034		Common Stock			32,877			$	1.91			$	133			$	843			(9)(19)(22)
Slingshot Aerospace, Inc.		Warrant		July 12, 2024		July 12, 2034		Common Stock			328,416			$	0.46			$	400			$	459			(9)(19)
Kymeta Corporation		Warrant		July 3, 2024		July 3, 2034		Common Stock			3,995,407			$	0.11			$	331			$	229			(9)(19)
Sub-Total: Space Technology (0.5%)*																		$	3,796			$	4,908
Supply Chain Technology
Macrofab, Inc.		Warrant		January 14, 2025		July 21, 2035		Common Stock			311,176			$	0.01			$	166			$	2
		Warrant		January 14, 2025		January 29, 2034		Preferred C-1			392,157			$	0.01				254				125			(17)
		Warrant		January 14, 2025		April 11, 2036		Common Stock			161,006			$	0.01				64				1
		Warrant		January 14, 2025		July 21, 2035		Preferred C-1			311,177			$	0.01				166				99			(17)
		Warrant		January 14, 2025		April 11, 2036		Preferred C-1			161,007			$	0.01				64				52			(17)
		Warrant		January 14, 2025		January 14, 2035		Preferred C-1			247,173			$	0.01				151				78			(17)
Total Macrofab, Inc.																			865				357
Nucleus RadioPharma, Inc.		Warrant		June 4, 2024		June 4, 2034		Common Stock			43,636			$	1.99			$	69			$	14			(9)
Sub-Total: Supply Chain Technology (0.0%)*																		$	934			$	371
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			6,211			$	64.42				35				—			(13)
		Warrant		February 23, 2022		February 23, 2027		Class A Common			486			$	64.42				3				—			(13)
		Warrant		March 16, 2022		March 16, 2027		Class A Common			583			$	64.42				3				—			(13)
		Warrant		April 18, 2022		April 18, 2027		Class A Common			5,336			$	64.42				7				—			(13)
		Warrant		September 29, 2022		September 29, 2027		Preferred Stock			1,224,752			$	0.22				170				—			(13)(17)
Total NextCar Holding Company, Inc.																			218				—
Uveye, Inc.		Warrant		December 26, 2024		December 26, 2034		Preferred Ordinary			476,031			$	4.38			$	539			$	393			(17)
Zuum Transportation, Inc.		Warrant		April 30, 2024		April 30, 2034		Common Stock			41,271			$	4.34			$	95			$	52
Sub-Total: Transportation Technology (0.0%)*																		$	1,260			$	445
Total: Warrant Investments- United States (6.8%)*																		$	50,767			$	67,577

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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			1,775,329			$	0.81			$	993			$	1,219			(9)(10)(17)(19)
Sub-Total: Space Technology (0.1%)*																		$	993			$	1,219
Total: Warrant Investments- Canada (0.1%)*																		$	993			$	1,219
Warrant Investments- Europe
Healthcare Technology
Unmind LTD		Warrant		July 7, 2025		July 7, 2035		Ordinary			122,340			€	149.02			$	518			$	527			(10)(17)
Sub-Total: Healthcare Technology (0.1%)*																		$	518			$	527
Industrials
Aledia, Inc.		Warrant		March 31, 2022		March 31, 2032		Ordinary			11,771			€	149.02			$	130			$	119			(10)(17)
Sub-Total: Industrials (0.0%)*																		$	130			$	119
Medical Devices
CMR Surgical Limited		Warrant		March 24, 2025		March 24, 2030		Ordinary			7,520			€	0.01			$	122			$	125			(10)(17)(19)
Sub-Total: Medical Devices (0.0%)*																		$	122			$	125
Other Healthcare Services
Zandivio PLC		Warrant		October 29, 2024		October 29, 2034		Common Stock			132,042			€	0.01			$	771			$	516			(10)(19)
Sub-Total: Other Healthcare Services (0.1%)*																		$	771			$	516
Space Technology
All.Space Networks, Limited.		Warrant		August 19, 2022		August 19, 2032		Common Stock			71,203			$	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%)*																		$	1,655			$	1,287
Total: Warrant Investments- (7.0%)*																		$	53,415			$	70,083

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Shares / Principal				Series		Cost				Fair Value (6)				Footnotes
Equity Investments- United States
Artificial Intelligence & Automation
Cabernet AI, Inc.		Equity		February 27, 2025		$	500			SAFE Note		$	500			$	500			(17)
Sub-Total: Artificial Intelligence & Automation (0.1%)*												$	500			$	500
Connectivity
Tarana Wireless, Inc.		Equity		March 16, 2022			611,246			Preferred Series 6		$	500			$	419			(17)
Vertical Communications, Inc.		Equity		January 16, 2020			3,892,485			Preferred Series 1		$	—			$	—			(11)(17)(23)
		Equity		January 16, 2020		$	5,500			Convertible Note			3,966				—			(16)(23)
Total Vertical Communications, Inc.													3,966				—
viaPhoton Inc.		Equity		May 23, 2024		$	740			SAFE Note		$	370			$	370			(17)
Sub-Total: Connectivity (0.1%)*												$	4,836			$	789
Construction Technology
Project Frog, Inc.		Equity		January 16, 2020			4,383,497			Preferred Series AA-1		$	352				6			(17)(23)
		Equity		January 16, 2020			3,401,678			Preferred Series BB			1,333				11			(17)(23)
		Equity		August 3, 2021			6,633,486			Common Stock			1,684				6			(23)
		Equity		August 3, 2021			3,129,887			Preferred Series CC			1,253				32			(17)(23)
Total Project Frog, Inc.													4,622				55
Sub-Total: Construction Technology (0.0%)*												$	4,622			$	55
Consumer Products & Services
Portofino Labs, Inc.		Equity		November 1, 2021			256,291			Preferred Series B-1		$	500			$	530			(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			$	547			(17)
Sub-Total: Consumer Products & Services (0.1%)*												$	1,500			$	1,077
Finance and Insurance
Centivo Corporation		Equity		December 20, 2024			128,393			Preferred Series B-1		$	375			$	320			(9)(17)(19)
Dynamics, Inc.		Equity		January 16, 2020			17,726			Preferred Series A		$	390			$	—			(17)
Tilt Finance, Inc. (dba Empower Financial, Inc.)		Equity		May 16, 2024			2,810,235			Preferred Series C		$	20,000			$	30,037			(17)
		Equity		May 15, 2024			300,285			Common Stock			4,023				2,816
Total Tilt Finance, Inc. (dba Empower Financial, Inc.)													24,023				32,853
Mesa Financing I, LLC		Equity		September 17, 2025		$	500			SAFE Note		$	500			$	500			(10)(12)(17)(21)
Openly Holdings Corp.		Equity		May 9, 2023			44,725			Preferred Series D-1		$	500			$	516			(17)
Slope Tech, Inc.		Equity		June 20, 2023			64,654			Preferred Series A-3		$	500			$	513			(10)(12)(17)(21)
Upgrade Master Pass - Thru Trust, Series 2025-ST5 (Estimated Yield 15.08%, maturity July 15, 2030)		Equity		August 11, 2025		$	7,000			Series Certificate		$	6,506			$	6,506			(10)(12)(17)(21)
Sub-Total: Finance and Insurance (4.1%)*												$	32,794			$	41,208
Food and Agriculture Technologies
Emergy, Inc.		Equity		June 28, 2021			7,595			Common Stock		$	500			$	—
Athletic Brewing Company, LLC		Equity		August 1, 2024			1,214			Preferred Class B		$	283			$	261			(9)(17)(19)
Sub-Total: Food and Agriculture Technologies (0.0%)*												$	783			$	261

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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
Green Technology
Crusoe Energy Systems LLC		Equity		November 6, 2024			11,140			Preferred Series D-1		$	325			$	340			(9)(17)(19)
Edeniq, Inc.		Equity		January 16, 2020			7,807,499			Preferred Series B		$	—			$	3,397			(11)(17)(23)
		Equity		January 16, 2020			3,657,487			Preferred Series C			—				1,760			(11)(17)(23)
		Equity		January 16, 2020			133,766,138			Preferred Series D			—				9,027			(11)(17)(23)
Total Edeniq, Inc.													—				14,184
Electric Hydrogen Co.		Equity		April 6, 2023			87,112			Preferred Series C		$	500			$	437			(17)
Mainspring Energy, Inc.		Equity		March 30, 2022			65,614			Preferred Series E-1		$	500			$	231			(17)
RTS Holding, Inc.		Equity		July 5, 2022			2,035			Preferred Series E-1D		$	334			$	400			(9)(17)
		Equity		February 15, 2023			1,966			Preferred Series E-1D1			405				398			(9)(17)
		Equity		February 7, 2025			2,054			Preferred Series E-1			328				340			(9)(17)
Total RTS Holding, Inc.													1,067				1,138
Sub-Total: Green Technology (1.6%)*												$	2,392			$	16,330
Healthcare Technology
Dentologie Enterprises, Inc.		Equity		August 3, 2023			72,338			Preferred Series B-1		$	300			$	260			(9)(17)
Emerald Cloud Lab, Inc.		Equity		June 3, 2022			499,999			Preferred Series A		$	500			$	77			(17)
		Equity		April 29, 2024			617,890			Preferred Series B-1			129				75			(17)
Total Emerald Cloud Lab, Inc.													629				152
Lark Technologies, Inc.		Equity		August 19, 2021			32,416			Preferred Series D		$	500			$	101			(17)
WorkWell Prevention & Care Inc.		Equity		January 16, 2020			7,000,000			Common Stock		$	51			$	—			(23)
		Equity		January 16, 2020			3,450			Preferred Series P			3,450				—			(17)(23)
		Equity		January 16, 2020		$	3,170			Convertible Note			3,219				—			(16)(23)
Total WorkWell Prevention & Care Inc.													6,720				—
Sub-Total: Healthcare Technology (0.1%)*												$	8,149			$	513

33

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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			$	—			(23)
		Equity		September 30, 2025			16,314,426			Preferred Series AA-1			3,781				3,781			(23)
		Equity		September 30, 2025			2,392,230			Preferred Series AAA			1,000				661			(23)
Total Nomad Health, Inc.													5,281				4,442
Sub-Total: Human Resource Technology (0.4%)*												$	5,281			$	4,442
Industrials
Digilens, Inc.		Equity		July 29, 2023			21,730			Preferred Series A-1		$	13			$	19			(17)
		Equity		September 18, 2024			9,498			Preferred Series A-1			8				9			(17)
		Equity		January 12, 2024			12,205			Preferred Series A-1			7				11			(17)
		Equity		March 24, 2025			4,489			Preferred Series A-1			4				4			(17)
		Equity		October 10, 2023			6,332			Preferred Series A-1			4				6			(17)
		Equity		May 6, 2024			4,117			Preferred Series A-1			4				4			(17)
		Equity		June 9, 2024			2,617			Preferred Series A-1			2				2			(17)
		Equity		May 20, 2024			126,641			Preferred Series A-1			110				114			(17)
		Equity		March 26, 2025			73,873			Preferred Series A-1			65				66			(17)
Total Digilens, Inc.													217				235
Sub-Total: Industrials (0.0%)*												$	217			$	235
Multi-Sector Holdings
AZ-VC Fund I, LLC		Equity		June 30, 2022			—			Preferred		$	570			$	571			(7)(10)(17)
Direct Lending 2025 LLC		Equity		September 24, 2025			—			Preferred		$	22,350			$	22,350			(7)(10)(17)(23)
Senior Credit Corp 2022 LLC		Equity		January 30, 2023			—			Preferred		$	5,522			$	5,878			(7)(10)(17)(23)
Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC)		Equity		June 28, 2024			—			Preferred		$	10,000			$	10,176			(7)(10)(17)(23)
Trinity Capital Adviser, LLC		Equity		June 28, 2024			—			Preferred		$	1			$	9,586			(17)(23)
Sub-Total: Multi-Sector Holdings (4.9%)*												$	38,443			$	48,561
Real Estate Technology
Knockaway, Inc.		Equity		March 30, 2022			30,458			Common Stock		$	501			$	—			(23)
		Equity		September 29, 2023			2,956,224			Preferred Series AA			250				6			(17)(23)
		Equity		September 16, 2024			97,866,510			Preferred Series BB			2,500				951			(17)(23)
		Equity		September 7, 2023			3,409,997			Preferred Series AA-1			—				2			(17)(23)
Total Knockaway Inc.													3,251				959
Orchard Technologies, Inc.		Equity		August 6, 2021			2,938			Preferred Series 2		$	29			$	—			(17)
		Equity		March 16, 2023			97,060			Preferred Series 1			971				37			(17)
		Equity		January 24, 2025			3,009			Preferred Series 1			1				1			(17)
		Equity		January 24, 2025		$	10,900			SAFE Note			5				5			(17)
Total Orchard Technologies, Inc.													1,006				43
Maxwell Financial Labs, Inc		Equity		January 22, 2021			84,998			Preferred Series B		$	313			$	64			(17)
		Equity		May 10, 2024			229,972			Preferred Series B-1			365				261			(17)
		Equity		October 2, 2024			32,839			Preferred Series B-2			121				126			(17)
		Equity		October 2, 2024			17,804			Common Stock			66				3
		Equity		September 11, 2025			294,171			Preferred Series B-2			868				1,131
Total Maxwell Financial Labs, Inc													1,733				1,585
Sub-Total: Real Estate Technology (0.3%)*												$	5,990			$	2,587
SaaS
Cart.com, Inc.		Equity		April 17, 2024			11,533			Preferred Series C		$	500			$	569			(9)(17)
Smartly, Inc.		Equity		March 29, 2023			136,388			Preferred Series B		$	500			$	546			(17)
The Tomorrow Companies, Inc.		Equity		July 5, 2023			108,088			Preferred Series E-1		$	325			$	208			(9)(17)
Dahlia Clipper SPV, L.P.		Equity		July 25, 2025		n/a				Preferred SPV Member Units		$	2,000			$	2,019			(17)
Sub-total: SaaS (0.3%)*												$	3,325			$	3,342

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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
Space Technology
Astranis Space Technology Corporation		Equity		April 5, 2023			13,685			Series C Prime Preferred		$	300			$	151			(9)(17)
		Equity		March 19, 2024			64,223			Preferred Series D			600				628			(9)(17)
Total Astranis Space Technology Corporation													900				779
Axiom Space, Inc.		Equity		January 18, 2023			3,624			Preferred Series C-1		$	521			$	428			(17)
Hadrian Automation, Inc.		Equity		March 29, 2022			53,154			Preferred A-4		$	500			$	522			(17)
		Equity		December 11, 2023			31,831			Preferred B-1			300				313			(9)(17)
Total Hadrian Automation, Inc.													800				835
Impulse Space, Inc.		Equity		August 30, 2024			23,240			Preferred Series B		$	325			$	690			(9)(17)(19)
		Equity		May 9, 2025			8,503			Preferred Series C			325				329			(9)(17)(19)
Total Impulse Space, Inc.													650				1,019
Sub-total: Space Technology (0.3%)*												$	2,871			$	3,061
Supply Chain Technology
Macrofab, Inc.		Equity		January 30, 2024			247,173			Preferred C-1		$	500			$	81			(17)
Sub-total: Supply Chain Technology (0.0%)*												$	500			$	81
Transportation Technology
Get Spiffy, Inc.		Equity		April 14, 2025			16,024,208			Preferred Series A-2		$	31			$	44			(9)(17)
NextCar Holding Company, Inc.		Equity		April 18, 2023			2,688,971			Preferred Series A-6		$	—			$	—			(17)
Sub-total: Transportation Technology (0.0%)*												$	31			$	44
Total: Equity Investments- United States (12.3%)*												$	112,234			$	123,086

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(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- Canada
Construction Technology
Nexii, Inc.		Equity		July 24, 2024			6,126			Preferred Series A-1		$	3,049			$	164			(10)(17)(23)
		Equity		July 24, 2024			50,000			Preferred Series A-1			1,370				1,340			(10)(17)(23)
Total Nexii, Inc.													4,419				1,504
Sub-Total: Construction Technology (0.2%)*												$	4,419			$	1,504
Supply Chain Technology
GoFor Delivers, Inc.		Equity		June 28, 2024			194,329			Series 2 Seed		$	660			$	1,147			(10)(23)
Sub-total: Supply Chain Technology (0.1%)*												$	660			$	1,147
Total: Equity Investments- Canada (0.3%)*												$	5,079			$	2,651
Total: Equity Investments (12.6%)*												$	117,313			$	125,737
Total Investment in Securities (219.6%)*												$	2,204,763			$	2,192,361
Cash and Cash Equivalents
Goldman Sachs Financial Square Government Institutional Fund												$	191			$	191
Other cash accounts													9,276				9,276
Cash and Cash Equivalents (0.9%)*													9,467				9,467
Total Portfolio Investments and Cash and Cash Equivalents (220.6%) of net assets)												$	2,214,230			$	2,201,828

Notional Amount

Notional Amount

Foreign Currency Forward Contracts

Settlement Date

Counterparty

to be Sold

Transaction

to be Purchased

Fair Value

Canadian Dollars (CAD)

April 29, 2026

Canadian Imperial Bank of Commerce

CAD 26,762

Sold

$

19,584

$

181

Total Foreign Currency Forward (0.0%)*

$

19,584

$

181

* Value as a percent of net assets
 

(1)All portfolio companies are located in North America or Europe. As of September 30, 2025, Trinity Capital Inc. (the "Company") had nine foreign domiciled portfolio companies, four of which are based in Canada and five of which are based in Europe. As of September 30, 2025, these foreign domiciled portfolio investments represented 13.8% 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.

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share and per share data)

(Unaudited)

(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. At the end of the term of certain equipment financings, the borrower has the option to purchase the underlying assets at fair value, generally subject to a cap, or return the equipment and pay a restocking fee. The fair values of the financed assets have been estimated as a percentage of original cost for purpose of the EOT payment value. 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 September 30, 2025, the U.S. Prime Rate (“Prime”) was 7.25%, the Secured Overnight Financing Rate (“SOFR”) 30 Day Forward Rate was 4.13%, the SOFR 3-Month Term Rate was 3.97%, and the Canadian Overnight Repo Rate Average (“CORRA”) 3-Month Term rate was 2.45%.

(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 September 30, 2025. 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.

(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”). 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 September 30, 2025 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 September 30, 2025 (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.

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

September 30, 2025

(In thousands, except share and per share data)

(Unaudited)

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

(23)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 September 30, 2025, along with transactions during the nine months ended September 30, 2025 in these control and affiliate investments are as follows:

																		Net change in
																		Unrealized
		Fair Value at				Gross				Gross				Realized				(Depreciation)/				Fair Value at				Interest and
		December 31, 2024				Additions (1)				Reductions (2)				Gain/(Loss)				Appreciation				September 30, 2025				Dividend Income
For the Nine Months Ended September 30, 2025
Control Investments
Edeniq, Inc.		$	18,105			$	—			$	—			$	—			$	8,222			$	26,327			$	—
Project Frog, Inc.			44				—				—				—				13				57				—
Vertical Communications, Inc.			16,608				3,071				(1,328	)			—				(2,428	)			15,923				1,201
WorkWell Prevention and Care Inc.			500				—				—				—				—				500				47
Knockaway, Inc.			49,141				35,945				(40,047	)			—				(3,039	)			42,000				6,319
Direct Lending 2025 LLC			—				22,350				—				—				—				22,350				—
Trinity Capital Adviser, LLC			4,851				—				—				—				4,735				9,586				—
Total Control Investments		$	89,249			$	61,366			$	(41,375	)		$	—			$	7,503			$	116,743			$	7,567
Affiliate Investments
Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC)			9,215				785				—				—				176				10,176				808
GoFor Delivers, Inc.			6,441				34				—				—				572				7,047				574
Nexii, Inc.			3,997				—				—				—				(2,186	)			1,811				28
Nomad Health, Inc. (3)			28,868				1,162				1,773				(19,039	)			(407	)			12,356				—
Senior Credit Corp 2022 LLC			19,071				—				—				—				(308	)			18,763				2,706
Total Affiliate Investments		$	67,592			$	1,981			$	1,773			$	(19,039	)		$	(2,153	)		$	50,153			$	4,116
Total Control and Affiliate Investments		$	156,841			$	63,347			$	(39,602	)		$	(19,039	)		$	5,350			$	166,896			$	11,683

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

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

(3)The portfolio company was designated as an affiliate investment during the three months ended September 30, 2025, and the interest and dividend income presented represents amounts earned during that period.

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States
Artificial Intelligence & Automation
Ambient Photonics, Inc.		Secured Loan		July 28, 2022		July 1, 2025		Variable interest rate Prime + 6.0% or Floor rate 9.5%; EOT 4.0%		$	1,003			$	1,175			$	1,184			(8)
		Secured Loan		November 17, 2022		May 1, 2025		Variable interest rate Prime + 6.0% or Floor rate 9.5%; EOT 4.0%			947				1,131				939			(8)
		Secured Loan		December 20, 2022		June 1, 2025		Variable interest rate Prime + 6.0% or Floor rate 9.5%; EOT 4.0%			175				204				177			(8)
Total Ambient Photonics, Inc.											2,125				2,510				2,300
Applied Digital Corporation		Equipment Financing		March 13, 2024		October 1, 2025		Fixed interest rate 19.0%; EOT 0.0%		$	4,190			$	4,191			$	4,270			(9)(10)(14)
		Equipment Financing		March 25, 2024		March 1, 2026		Fixed interest rate 19.0%; EOT 0.0%			6,975				6,978				7,162			(9)(10)(14)(19)
		Equipment Financing		April 24, 2024		April 1, 2026		Fixed interest rate 19.0%; EOT 0.0%			3,711				3,714				3,814			(9)(10)(14)(19)
		Equipment Financing		May 28, 2024		May 1, 2026		Fixed interest rate 16.0%; EOT 0.0%			1,657				1,657				1,700			(9)(10)(14)
		Equipment Financing		June 21, 2024		April 1, 2026		Fixed interest rate 19.0%; EOT 0.0%			6,011				6,016				6,178			(9)(10)(14)(19)
Total Applied Digital Corporation											22,544				22,556				23,124
Augmented Reality Concepts, Inc.		Secured Loan		June 17, 2024		June 18, 2029		Variable interest rate SOFR 3 Month Term + 7.3%; EOT 0.0%		$	19,270			$	18,894			$	19,404			(8)(19)
Cirrascale Cloud Services, LLC		Equipment Financing		June 27, 2024		September 1, 2026		Fixed interest rate 12.7%; EOT 4.0%		$	18,771			$	19,170			$	19,371			(9)(19)
		Equipment Financing		October 22, 2024		April 1, 2027		Fixed interest rate 10.2%; EOT 5.0%			19,838				20,041				20,041			(19)
Total Cirrascale Cloud Services, LLC											38,609				39,211				39,412
Sub-total: Artificial Intelligence & Automation (10.2%)*										$	82,548			$	83,171			$	84,240
Biotechnology
Pendulum Therapeutics, Inc.		Secured Loan		December 31, 2021		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%		$	4,292			$	4,468			$	4,453			(8)(14)
		Secured Loan		February 28, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			4,581				4,757				4,747			(8)(14)
		Secured Loan		March 30, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			4,722				4,899				4,891			(8)(14)
		Secured Loan		May 6, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			5,000				5,177				5,173			(8)(14)
		Secured Loan		June 17, 2022		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			5,000				5,177				5,173			(8)(14)
		Secured Loan		February 1, 2024		July 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 4.0%			1,405				1,089				1,053			(8)(14)
Total Pendulum Therapeutics, Inc.											25,000				25,567				25,490
Taysha Gene Therapies, Inc.		Secured Loan		November 13, 2023		December 1, 2028		Variable interest rate Prime + 4.5% or Floor rate 12.8%; EOT 5.0%		$	30,000			$	30,195			$	30,949			(8)(9)(14)
Sub-total: Biotechnology (6.9%)*										$	55,000			$	55,762			$	56,439

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Connectivity
Tarana Wireless, Inc.		Secured Loan		September 23, 2024		October 1, 2029		Variable interest rate Prime + 4.5% or Floor rate 12.5%; EOT 4.0%		$	14,800			$	14,058			$	14,283			(8)(9)(19)
Vertical Communications, Inc.		Secured Loan		August 23, 2021		March 1, 2026		Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 23.8%		$	12,600			$	15,521			$	15,521			(8)(21)
Sub-total: Connectivity (3.6%)*										$	27,400			$	29,579			$	29,804
Consumer Products & Services
Eterneva, Inc.		Equipment Financing		November 24, 2021		June 1, 2026		Fixed interest rate 7.8%; EOT 11.5%		$	227			$	250			$	223
		Equipment Financing		March 16, 2022		October 1, 2026		Fixed interest rate 8.1%; EOT 11.5%			376				392				353			(14)
		Equipment Financing		June 17, 2022		January 1, 2027		Fixed interest rate 11.9%; EOT 11.5%			1,139				1,141				1,014			(14)
Total Eterneva, Inc.											1,742				1,783				1,590
Molekule Group, Inc.		Equipment Financing		June 19, 2020		March 31, 2025		Fixed interest rate 8.8%; EOT 10.0%		$	312			$	595			$	218			(18)
		Equipment Financing		September 29, 2020		March 31, 2025		Fixed interest rate 12.3%; EOT 10.0%			273				347				191			(18)
		Equipment Financing		December 18, 2020		March 31, 2025		Fixed interest rate 11.9%; EOT 10.0%			473				584				331			(18)
		Equipment Financing		August 25, 2021		March 31, 2025		Fixed interest rate 11.3%; EOT 10.0%			385				454				270			(18)
Total Molekule Group, Inc.											1,443				1,980				1,010
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			$	4,752			$	4,736			(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				4,722				4,751			(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				4,612				4,620			(8)(14)(19)
Total Ogee, Inc.											14,100				14,086				14,107
Portofino Labs, Inc.		Secured Loan		April 1, 2021		November 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 6.0%		$	1,064			$	1,150			$	1,176			(8)(14)
Quip NYC, Inc.		Secured Loan		March 9, 2021		April 1, 2026		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.0%		$	7,778			$	8,237			$	8,264			(8)(14)
		Secured Loan		February 10, 2022		April 1, 2026		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.0%			1,111				1,179				1,185			(8)(14)
Total Quip NYC, Inc.											8,889				9,416				9,449
Rinse, Inc.		Secured Loan		May 10, 2022		June 1, 2027		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%		$	3,849			$	3,954			$	3,984			(8)(14)
		Secured Loan		September 22, 2023		October 1, 2028		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8%			4,000				3,997				4,068			(8)(14)
Total Rinse, Inc.											7,849				7,951				8,052
SI Tickets, Inc.		Secured Loan		May 11, 2022		September 1, 2026		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 3.0%		$	1,928			$	1,986			$	1,939			(8)(14)
UnTuckIt, Inc.		Secured Loan		January 16, 2020		December 1, 2025		Fixed interest rate 12.0%; EOT 5.0%		$	5,051			$	5,951			$	5,859
VitaCup, Inc.		Secured Loan		June 23, 2021		January 1, 2026		Variable interest rate Prime + 7.5% or Floor rate 11.5%; EOT 5.0%		$	6,000			$	6,128			$	5,842			(8)(14)
Sub-total: Consumer Products & Services (6.0%)*										$	48,066			$	50,431			$	49,024

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1)		Type of Investment (2)		Investment Date (3)		Maturity Date		Interest Rate (4)		Principal Amount (5)				Cost				Fair Value (6)				Footnotes
Debt Securities- United States, Continued
Digital Assets Technology and Services
Cleanspark, Inc.		Equipment Financing		April 22, 2022		May 1, 2025		Fixed interest rate 10.3%; EOT 5.0%		$	2,522			$	3,511			$	3,493			(10)(14)
Sub-total: Digital Assets Technology and Services (0.4%)*										$	2,522			$	3,511			$	3,493
Education Technology
Edblox, Inc.		Secured Loan		March 19, 2024		April 1, 2029		Variable interest rate Prime + 4.5% or Floor rate 11.8%; EOT 2.5%		$	15,000			$	14,848			$	13,712			(8)(9)(14)
Medical Sales Training Holding Company		Secured Loan		March 18, 2021		April 1, 2025		Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 6.3%		$	5,175			$	5,531			$	5,300			(8)
		Secured Loan		July 21, 2021		August 1, 2025		Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 6.3%			1,825				1,938				1,759			(8)
Total Medical Sales Training Holding Company											7,000				7,469				7,059
Yellowbrick Learning, Inc.		Secured Loan		February 1, 2021		March 1, 2026		Fixed interest rate 2.0%; EOT 5.0%		$	7,500			$	7,876			$	6,683
		Secured Loan		August 10, 2021		March 1, 2026		Fixed interest rate 2.0%; EOT 5.0%			2,500				2,625				2,229
Total Yellowbrick Learning, Inc.											10,000				10,501				8,912
Sub-total: Education Technology (3.6%)*										$	32,000			$	32,818			$	29,683

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

⚠️ Filing Content Truncated

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Filing: 10-Q - Trinity Capital Inc. (TRIN)
Accession Number: 0001193125-25-265807

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
Finance and Insurance
Beam Technologies, Inc.		Secured Loan		August 30, 2024		April 1, 2027		Variable interest rate PRIME + 2.8% or Floor rate 11.0%+PIK Fixed Interest Rate 1.5%; EOT 2.0%		$	34,956			$	34,130			$	34,579			(8)(15)(19)
Bestow, Inc.		Secured Loan		August 1, 2024		December 1, 2027		Variable interest rate Prime + 6.0% or Floor rate 13.0%; EOT 1.5%		$	40,000			$	38,342			$	38,122			(8)(14)
Busbot, Inc.		Secured Loan		April 1, 2024		October 1, 2026		Variable interest rate SOFR 30 Day Forward + 11.5% or Floor rate 13.5%; EOT 0.0%		$	8,630			$	8,482			$	8,482			(8)(10)(12)
Centivo Corporation		Secured Loan		July 31, 2024		August 1, 2029		Variable interest rate PRIME + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%		$	3,765			$	3,677			$	3,735			(8)(9)(15)(19)
		Secured Loan		December 20, 2024		August 1, 2029		Variable interest rate PRIME + 4.5% or Floor rate 11.3%+PIK Fixed Interest Rate 1.0%; EOT 2.0%			3,751				3,528				3,528			(8)(9)(15)(19)
Total Centivo Corporation											7,516				7,205				7,263
Cherry Technologies, Inc.		Secured Loan		March 29, 2024		April 1, 2029		Variable interest rate PRIME + 4.5% or Floor rate 12.0%+PIK Fixed Interest Rate 1.0%; EOT 2.0%		$	14,577			$	14,504			$	15,000			(8)(9)(14)(15)(19)
		Secured Loan		July 31, 2024		April 1, 2029		Variable interest rate PRIME + 4.5% or Floor rate 12.0%+PIK Fixed Interest Rate 1.0%; EOT 2.0%			14,530				14,437				14,924			(8)(9)(14)(15)(19)
Total Cherry Technologies, Inc.											29,107				28,941				29,924
Empower Financial, Inc.		Secured Loan		October 13, 2023		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%		$	11,622			$	11,514			$	11,663			(8)(9)(14)(19)
		Secured Loan		January 5, 2024		May 1, 2028		Variable interest rate Prime + 4.8% or Floor rate 11.5%; EOT 3.8%			2,902

FAQ

What types of investments does TRIN list in its 10-Q portfolio schedule?

The schedule includes secured loans, equipment financings, warrant positions, and equity investments across multiple sectors.

Which benchmarks are used for TRIN’s floating-rate loans?

Loans reference Prime and SOFR (1‑month or 3‑month terms), with stated floor rates; some Canadian loans reference CORRA.

Can you give examples of TRIN’s higher-rate assets?

Applied Digital equipment financings at fixed 19.0% (to 2026) and Rocket Lab USA at fixed 14.8% (to 2029) appear in the schedule.

Which companies illustrate Prime-based lending in the portfolio?

Examples include Steno Agency at Prime + 4.0% (floor 12.5%) to July 1, 2029, and Centivo at Prime + 4.5% (floor 11.3%) plus 1.0% PIK to August 1, 2029.

Does the filing show warrant and equity exposure?

Yes. Warrant positions include TMRW Life Sciences, Restor3d, and Astranis; equity holdings include Electric Hydrogen, Mainspring Energy, and Openly Holdings.

What sectors feature prominently in TRIN’s portfolio?

SaaS, healthcare technology, space technology, green technology, and finance and insurance are well represented.