Record 2025 earnings and dividend momentum at Trinity Capital (NASDAQ: TRIN)
Rhea-AI Filing Summary
Trinity Capital Inc. reported record 2025 results with strong balance sheet growth and higher dividends. For the fourth quarter of 2025, total investment income was $83.2 million, up 17.5% year-over-year, and net investment income reached a record $39.9 million, or $0.52 per share, driving a 15.3% return on average equity.
For the full year 2025, total investment income was $293.7 million, up 23.5% year-over-year, while net investment income rose to a record $144.1 million, or $2.08 per share. Net asset value increased to $1.1 billion, or $13.42 per share, with NAV up 32.9% year-over-year and total platform assets under management reaching $2.8 billion.
The investment portfolio at fair value grew to about $2.4 billion across 176 companies, with 82.9% of debt at floating rates and non-accruals at 0.7% of the debt portfolio by fair value. Trinity ended the year with $335.2 million of available liquidity and a 119% debt-to-equity ratio. The board declared a $0.51 per share regular dividend for the fourth quarter and approved a shift to monthly dividends of $0.17 per share for January, February, and March 2026, extending a more than six-year record of consistent or increased regular dividends.
Positive
- None.
Negative
- None.
Insights
Record NII, strong portfolio growth, and higher NAV signal a robust year.
Trinity Capital delivered record net investment income of
The investment portfolio expanded to
Leverage of approximately 119% and available liquidity of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 25, 2026, Trinity Capital Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025. Such press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
On February 25, 2026, the Company disseminated an earnings presentation to be used in connection with its conference call and live webcast to discuss its fourth quarter and full year 2025 financial results on February 25, 2026, at 12 p.m. Eastern time. A copy of the earnings presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference.
The information furnished in this Item 7.01 and Exhibit 99.2 attached hereto is being furnished and shall not be deemed “filed” for any purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Number |
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Description |
99.1 |
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Earnings Press Release, dated February 25, 2026. |
99.2 |
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Earnings Presentation, dated February 25, 2026. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Trinity Capital Inc. |
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Date: |
February 25, 2026 |
By: |
/s/ Kyle Brown |
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Kyle Brown |
Exhibit 99.1
Trinity Capital Reports Fourth Quarter and Full Year 2025 Financial Results
Return on Average Equity hits 15.3% in Q4
Record Quarterly Net Investment Income of $39.9 million, or $0.52 per share
Record Annual Net Investment Income of $144.1 million, or $2.08 per share
2025 Total Investment Income grows 23.5% year-over-year
PHOENIX, February 25, 2026 – Trinity Capital Inc. (Nasdaq: TRIN) (“the Company”), a leading alternative asset manager, today announced its financial results for the fourth quarter and full year ended December 31, 2025.
Fourth Quarter 2025 Highlights
Full Year 2025 Highlights
“Trinity Capital had a milestone year in 2025, including record originations, earnings growth, and continued diversification across our five lending verticals," CEO Kyle Brown said. "These results directly reflect the consistency of our disciplined underwriting approach and the scalability of our platform as a whole."
Added Brown: "Our internally managed structure remains a key differentiator. By aligning management and shareholder interests within a single platform, and pairing our publicly traded BDC with a growing managed funds business, we're building a robust and flexible capitalization model designed to support long-term growth and deliver stable, consistent returns for shareholders. With more than six years of consistent dividends and continued momentum across our portfolio, we remain focused on disciplined execution and delivering long-term value for our investors, partners, and shareholders.”
Fourth Quarter 2025 Operating Results
For the three months ended December 31, 2025, total investment income was $83.2 million, compared to $70.8 million for the three months ended December 31, 2024. The effective yield on the average debt investments at cost was 15.2% for the fourth quarter of 2025, compared to 16.4% for the fourth quarter of 2024. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events, and may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.
Total operating expenses and excise taxes, excluding interest expense, for the fourth quarter of 2025 were $19.4 million, compared to $17.2 million during the fourth quarter of 2024. The increase was primarily attributable to higher compensation associated with additional headcount, an increase in professional fees, and higher G&A expenses offset by expenses allocated to the Company’s registered investment adviser subsidiary.
Interest expense for the fourth quarter of 2025 was $23.9 million, compared to $19.1 million during the fourth quarter of 2024. The increase was primarily attributable to the increase in weighted average debt outstanding.
Net investment income was approximately $39.9 million, or $0.52 per share based on 77.0 million basic weighted average shares outstanding for the fourth quarter of 2025, compared to $34.6 million or $0.58 per share for the fourth quarter of 2024 based on 59.4 million basic weighted average shares outstanding.
During the three months ended December 31, 2025, the Company’s net unrealized appreciation totaled approximately $33.4 million, which included net unrealized appreciation of $26.1 million from its debt investments, appreciation of $6.8 million from its warrant investments, and appreciation of $0.7 million from its equity investments. This was partially offset by $0.2 million net unrealized depreciation attributable to foreign currency forward contracts.
Net realized loss on investments was approximately $33.9 million, primarily due to the conversion of two debt positions.
Net increase in net assets resulting from operations was $39.5 million, or $0.51 per share, based on 77.0 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $45.9 million, or $0.77 per share, based on 59.4 million basic weighted average shares outstanding for the fourth quarter of 2024.
Net Asset Value
Total net assets at the end of the fourth quarter of 2025 increased by 9.6% to $1.1 billion, compared to $998.3 million at the end of the third quarter of 2025. The increase in total net assets was primarily due to accretive ATM issuances and net investment income exceeding the dividend declared. NAV per share increased to $13.42 per share in the fourth quarter from $13.31 per share as of September 30, 2025.
2
Portfolio and Investment Activity
As of December 31, 2025, the Company's investment portfolio had an aggregate fair value of approximately $2.4 billion and was comprised of approximately $1.9 billion in secured loans, $336.8 million in equipment financings, and $218.1 million in equity and warrants, across 176 portfolio companies. The Company’s debt portfolio is comprised of 85.4% first-lien loans and 14.6% second-lien loans, with 82.9% of the debt portfolio at floating rates based on principal outstanding.
During the fourth quarter, the Company originated approximately $543.1 million of total new commitments. Fourth quarter gross investments funded totaled approximately $434.8 million, which was comprised of $170.7 million of investments in 5 new portfolio companies, $264.0 million of investments in 25 existing portfolio companies and $0.1 million to multi-sector holdings. Gross investment fundings during the quarter for secured loans totaled $302.3 million, equipment financings totaled $106.5 million and warrant and equity investments totaled $26.0 million.
Proceeds received from exits and repayments of the Company’s investments during the fourth quarter totaled approximately $218.8 million, which included $47.2 million from investments sold to multi-sector holdings, $64.4 million from scheduled/amortizing debt payments, $96.3 million from early debt repayments and refinancings and $10.9 million from warrant and equity sales. The investment portfolio increased by $192.1 million on a cost basis, an increase of 8.7%, and $225.7 million on a fair value basis, an increase of 10.3% as compared to September 30, 2025.
As of the end of the fourth quarter, loans to three portfolio companies and equipment financings to one portfolio company were on non-accrual status with a total fair value of approximately $15.2 million, or 0.7% of the Company’s debt investment portfolio at fair value.
The following table shows the distribution of the Company’s loan and equipment financing investments on the 1 to 5 investment risk rating scale at fair value as of December 31, 2025 and September 30, 2025 (dollars in thousands):
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December 31, 2025 |
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September 30, 2025 |
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Investment Risk Rating |
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Investments at |
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Percentage of |
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Investments at |
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Percentage of |
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Scale Range |
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Designation |
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Fair Value |
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Total Portfolio |
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Fair Value |
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Total Portfolio |
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4.0 - 5.0 |
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Very Strong Performance |
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$ |
101,432 |
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4.5 |
% |
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$ |
102,624 |
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5.3 |
% |
3.0 - 3.9 |
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Strong Performance |
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740,303 |
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33.7 |
% |
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668,545 |
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33.5 |
% |
2.0 - 2.9 |
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Performing |
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1,264,773 |
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57.5 |
% |
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1,148,937 |
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57.5 |
% |
1.6 - 1.9 |
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Watch |
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65,343 |
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3.0 |
% |
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42,811 |
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2.1 |
% |
1.0 - 1.5 |
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Default/Workout |
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15,228 |
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0.7 |
% |
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20,739 |
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1.0 |
% |
Total Debt Investments excluding Senior Credit Corp 2022 LLC |
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2,187,079 |
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99.4 |
% |
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1,983,656 |
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99.4 |
% |
. |
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Senior Credit Corp 2022 LLC (1) |
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12,885 |
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0.6 |
% |
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12,885 |
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0.6 |
% |
Total Debt Investments |
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$ |
2,199,964 |
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100.0 |
% |
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$ |
1,996,541 |
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100.0 |
% |
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(1) An investment risk rating is not applied to Senior Credit Corp 2022 LLC.
3
As of December 31, 2025, the Company’s loan and equipment financing investments had a weighted average risk rating score of 2.9, consistent with the score as of September 30, 2025. The Company’s grading scale is comprised of numerous factors, two key factors being liquidity and performance to plan. A company may be downgraded as it approaches the need for additional capital or if it is underperforming relative to its business plans. Conversely, it may be upgraded upon a capitalization event or if it is exceeding its plan. As such, the overall grading may fluctuate quarter-to-quarter.
Liquidity and Capital Resources
As of December 31, 2025, the Company had approximately $335.2 million in available liquidity, including $19.1 million in unrestricted cash and cash equivalents. At the end of the period, the Company had approximately $316.1 million in available borrowing capacity under its KeyBank credit facility, subject to existing terms and advance rates and regulatory and covenant requirements. This excludes capital raised by Senior Credit Corp 2022 LLC and funds managed by the Company’s wholly owned registered investment adviser subsidiary.
As of December 31, 2025, the Company’s leverage, or debt-to-equity ratio, was approximately 119%, consistent with the ratio as of September 30, 2025.
During the three months ended December 31, 2025, the Company utilized its equity ATM offering program to sell 6,428,816 accretive shares of its common stock at a weighted average price of $14.96 per share, raising $95.2 million of net proceeds.
During the three months ended December 31, 2025, the Company utilized its debt ATM offering program and during the period issued and sold $25.4 million in aggregate principal amount of its March 2029 Notes (the "ATM March 2029 Notes") and $2.6 million in aggregate principal amount of its September 2029 Notes (the "ATM September 2029 Notes") and raised $25.3 million and $2.6 million, respectively, of net proceeds.
Distributions
On December 17, 2025, the Company’s Board of Directors declared a regular dividend totaling $0.51 per share with respect to the quarter ended December 31, 2025, which was paid on January 15, 2026, to stockholders of record as of December 31, 2025. Within this same declaration, the Board of Directors announced a transition from quarterly to monthly dividends, beginning in January 2026. Regular monthly dividends of $0.17 per share were approved for each of January, February, and March 2026. The January 2026 dividend was paid on January 30, 2026, to stockholders of record as of January 15, 2026.
Recent Developments
For the period from January 1, 2026 to February 23, 2026, the Company issued and sold 1,361,786 shares of its common stock at a weighted-average price of $15.81 per share and raised $21.3 million of net proceeds under its equity ATM offering program.
Conference Call
Trinity Capital will hold a conference call to discuss its fourth quarter and full year 2025 financial results at 12:00 p.m. Eastern Time on Wednesday, February 25, 2026.
To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ425 if asked, approximately 10 minutes prior to the start of the call. The conference call and presentation will also be available on the investor relations section of the Company’s website at ir.trinitycapital.com.
4
A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until March 4, 2026. To access the replay, please dial (800) 757-4761 or (402) 220-7215. You may also access the webcast replay of the call and the presentation on the investor relations section of the Company’s website at ir.trinitycapital.com.
About Trinity Capital Inc.
Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies. With five distinct business verticals — Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences — Trinity Capital stands as a long-term trusted partner for innovative companies seeking tailored debt solutions. Headquartered in Phoenix, Arizona, Trinity Capital's dedicated team is strategically located across the United States and in London (UK). For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn and X (@trincapital).
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission ("SEC"). The Company undertakes no duty to update any forward-looking statement made herein, except as required by law. All forward-looking statements speak only as of the date of this press release. More information on risks and other potential factors that could affect the Company's financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or on the webcast/conference call, is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed annual report on Form 10-K and subsequent SEC filings.
Contact
Ben Malcolmson
Head of Investor Relations
Trinity Capital Inc.
ir@trinitycapital.com
(480) 852-3950
5
TRINITY CAPITAL INC.
Consolidated Statements of Assets and Liabilities
(In thousands, except share and per share data)
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December 31, |
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December 31, |
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2025 |
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2024 |
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ASSETS |
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Investments at fair value: |
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Control investments (cost of $107,747 and $82,391, respectively) |
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$ |
123,760 |
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$ |
89,249 |
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Affiliate investments (cost of $63,422 and $34,309, respectively) |
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50,495 |
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34,727 |
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Non-Control / Non-Affiliate investments (cost of $2,225,715 and $1,643,526, respectively) |
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2,243,820 |
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1,601,594 |
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Total investments (cost of $2,396,883 and $1,760,226, respectively) |
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2,418,075 |
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1,725,570 |
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Cash and cash equivalents |
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19,110 |
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9,627 |
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Interest receivable |
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19,031 |
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16,542 |
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Deferred credit facility costs |
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5,872 |
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6,586 |
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Other assets |
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22,431 |
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15,916 |
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Total assets |
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$ |
2,484,519 |
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$ |
1,774,241 |
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LIABILITIES |
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Credit Facility |
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$ |
373,900 |
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$ |
113,000 |
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Secured Notes, net of $1,467 and $0, respectively, of unamortized deferred financing costs |
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198,533 |
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Unsecured Notes, net of $10,118 and $10,327, respectively, of unamortized deferred financing costs and premium/discount |
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721,763 |
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764,673 |
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Distribution payable |
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41,574 |
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31,451 |
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Security deposits |
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3,008 |
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8,472 |
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Accounts payable, accrued expenses and other liabilities |
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51,742 |
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33,663 |
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Total liabilities |
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1,390,520 |
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951,259 |
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NET ASSETS |
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Common stock, $0.001 par value per share (200,000,000 authorized, 81,518,294 and 61,669,059 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively) |
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82 |
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62 |
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Paid-in capital in excess of par |
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1,100,343 |
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829,626 |
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Distributable earnings/(accumulated deficit) |
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(6,426 |
) |
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(6,706 |
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Total net assets |
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1,093,999 |
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822,982 |
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Total liabilities and net assets |
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$ |
2,484,519 |
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$ |
1,774,241 |
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NET ASSET VALUE PER SHARE |
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$ |
13.42 |
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$ |
13.35 |
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6
TRINITY CAPITAL INC.
Consolidated Statements of Operations
(In thousands, except share and per share data)
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Three Months Ended |
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Three Months Ended |
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Twelve Months Ended |
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Twelve Months Ended |
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December 31, 2025 |
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December 31, 2024 |
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December 31, 2025 |
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December 31, 2024 |
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INVESTMENT INCOME: |
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Interest and dividend income: |
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Control investments |
$ |
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2,605 |
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$ |
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2,734 |
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$ |
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10,172 |
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$ |
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8,764 |
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Affiliate investments |
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1,126 |
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1,099 |
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5,242 |
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2,903 |
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Non-Control / Non-Affiliate investments |
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73,823 |
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62,477 |
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264,101 |
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215,062 |
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Total interest and dividend income |
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77,554 |
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66,310 |
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279,515 |
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226,729 |
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Fee and other income: |
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Affiliate investments |
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731 |
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687 |
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2,751 |
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3,196 |
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Non-Control / Non-Affiliate investments |
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4,950 |
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3,835 |
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11,386 |
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7,766 |
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Total fee and other income |
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5,681 |
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4,522 |
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14,137 |
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10,962 |
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Total investment income |
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83,235 |
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70,832 |
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293,652 |
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237,691 |
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EXPENSES: |
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Interest expense and other debt financing costs |
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23,884 |
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19,052 |
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80,565 |
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61,948 |
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Compensation and benefits |
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14,880 |
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12,180 |
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51,402 |
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43,517 |
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Professional fees |
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1,815 |
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1,964 |
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7,565 |
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5,318 |
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General and administrative |
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3,075 |
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2,618 |
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10,378 |
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8,858 |
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Total gross expenses |
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43,654 |
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35,814 |
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149,910 |
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119,641 |
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Allocated expenses to Trinity Capital Adviser, LLC |
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(1,059 |
) |
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(347 |
) |
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(2,930 |
) |
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(473 |
) |
Total net expenses |
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42,595 |
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35,467 |
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146,980 |
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119,168 |
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NET INVESTMENT INCOME/(LOSS) BEFORE TAXES |
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|
40,640 |
|
|
|
|
35,365 |
|
|
|
|
146,672 |
|
|
|
|
118,523 |
|
Excise tax expense |
|
|
714 |
|
|
|
|
781 |
|
|
|
|
2,595 |
|
|
|
|
2,678 |
|
NET INVESTMENT INCOME |
|
|
39,926 |
|
|
|
|
34,584 |
|
|
|
|
144,077 |
|
|
|
|
115,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Control investments |
|
|
— |
|
|
|
|
(310 |
) |
|
|
|
— |
|
|
|
|
(4,226 |
) |
Affiliate investments |
|
|
75 |
|
|
|
|
— |
|
|
|
|
(18,964 |
) |
|
|
|
— |
|
Non-Control / Non-Affiliate investments |
|
|
(33,961 |
) |
|
|
|
9,597 |
|
|
|
|
(45,364 |
) |
|
|
|
(5,504 |
) |
Net realized gain/(loss) from investments |
|
|
(33,886 |
) |
|
|
|
9,287 |
|
|
|
|
(64,328 |
) |
|
|
|
(9,730 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Control investments |
|
|
(2,949 |
) |
|
|
|
8,540 |
|
|
|
|
4,554 |
|
|
|
|
18,997 |
|
Affiliate investments |
|
|
(1,385 |
) |
|
|
|
(304 |
) |
|
|
|
(3,538 |
) |
|
|
|
89 |
|
Non-Control / Non-Affiliate investments |
|
|
37,755 |
|
|
|
|
(6,248 |
) |
|
|
|
54,839 |
|
|
|
|
(9,605 |
) |
Net change in unrealized appreciation/(depreciation) from investments |
|
|
33,421 |
|
|
|
|
1,988 |
|
|
|
|
55,855 |
|
|
|
|
9,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ |
|
39,461 |
|
|
$ |
|
45,859 |
|
|
$ |
|
135,604 |
|
|
$ |
|
115,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET INVESTMENT INCOME PER SHARE - BASIC |
$ |
|
0.52 |
|
|
$ |
|
0.58 |
|
|
$ |
|
2.08 |
|
|
$ |
|
2.20 |
|
NET INVESTMENT INCOME PER SHARE - DILUTED |
$ |
|
0.52 |
|
|
$ |
|
0.56 |
|
|
$ |
|
2.08 |
|
|
$ |
|
2.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC |
$ |
|
0.51 |
|
|
$ |
|
0.77 |
|
|
$ |
|
1.96 |
|
|
$ |
|
2.19 |
|
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED |
$ |
|
0.51 |
|
|
$ |
|
0.74 |
|
|
$ |
|
1.96 |
|
|
$ |
|
2.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC |
|
|
77,026,130 |
|
|
|
|
59,407,888 |
|
|
|
|
69,286,014 |
|
|
|
|
52,705,732 |
|
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED |
|
|
77,026,130 |
|
|
|
|
63,431,004 |
|
|
|
|
69,286,014 |
|
|
|
|
56,728,848 |
|
7
FOURTH QUARTER 2025 TRINITYCAPITAL.COM NASDAQ: TRIN INVESTOR PRESENTATION
FORWARD-LOOKING STATEMENTS | DISCLAIMER Trinity Capital Inc. (the “Company”) cautions that this presentation may contain forward-looking statements that are based on current expectations and assumptions about future events, and which are not based in historical fact. The forward-looking statements in this presentation are based on current conditions as of the date of this presentation, and include, but are not limited to, statements regarding our financial objectives, beliefs, strategies, anticipated future operating results and cash flows, operating expenses, investment originations and performance, available capital, and payment of future dividends and stockholder returns. Although our management believes that the expectations reflected in any forward-looking statements are reasonable, actual results could differ materially from those expressed or implied in the forward-looking statements. By their nature, these forward-looking statements involve numerous assumptions, uncertainties and risks, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements, as a number of factors could cause future Company results to differ materially from these statements. Forward-looking statements may be influenced in particular by factors such as fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate, and changes in economic, political and regulatory conditions. When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events. Historical results discussed in this presentation are not indicative of future results. The information disclosed in this presentation is made as of the date hereof and reflects Trinity Capital Inc.’s current assessment of its financial performance for the most recent period reported. Actual financial results filed with the Securities and Exchange Commission in the future may differ from those contained herein in the event of additional adjustments recorded prior to the filing of its financial statements. The information contained in this presentation should be viewed in conjunction with Trinity Capital Inc.'s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K or Prospectuses. We undertake no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations. This presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy our common stock or any other securities nor will there be any sale of the common stock or any other securities referred to in this presentation in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by Trinity Capital Inc. or as legal, accounting or tax advice.
Company Overview
Historical information includes information and data related to Trinity Capital's predecessor funds, the first of which was launched in 2008, through December 31, 2025. The predecessor funds were merged with and into Trinity Capital on January 16, 2020, immediately after which Trinity Capital began operating as a business development company. Includes the fair value of assets managed by Trinity Capital through Senior Credit Corp 2022 LLC, Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC), Trinity Capital Adviser LLC, and Direct Lending 2025 LLC as of December 31, 2025. Based on the closing price of TRIN of $14.70 on February 23, 2026. Fair value as of December 31, 2025. Annualized based on the $0.51 dividend per share declared for Q4 2025 and a closing stock price of $14.65 on December 31, 2025. Includes $19.1 million of cash and cash equivalents and $316.1 million of available borrowing capacity on our KeyBank Credit Facility. Excludes capital raised by Senior Credit Corp 2022 LLC and funds managed by our wholly owned RIA subsidiary, Trinity Capital Adviser LLC. Credit ratings assigned by Egan-Jones, Morningstar DBRS, and Moody’s, respectively, which are independent, unaffiliated rating agencies. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. There can be no assurance that this rating will remain for any given period of time. TRINITY CAPITAL OVERVIEW Diversified financial solutions to growth-stage companies | NASDAQ – TRIN, TRINZ, TRINI 17+ YEAR TRACK RECORD(1) MARKET CAP / DIVIDEND YIELD PORTFOLIO(4) LIQUIDITY(4) $5.5B Fundings 463 Investments 269 Exits $2.8B Assets Under Management(2) $1,222.7M Market Cap(3) $1,863.2M Secured Loans 95 Companies $335.2M Available Liquidity(6) $13.42 NAV per share(4) $336.8M Equipment Financings 22 Companies BBB, BBB(low), Baa3 Investment Ratings(7) 13.9% Annualized Dividend Yield(5) $218.1M Equity & Warrants 152 Companies 119% Debt-to-Equity
The trinity platform Additional liquidity Fee and interest income Incremental returns Co-investment opportunities Internally Managed BDC Tech Lending | Equipment Finance | Life Sciences | Asset Based Lending | Sponsor Finance Co-investment vehicle owned 12.5% by TRIN. Eagle Point Trinity Senior Secured Lending Company is a private BDC. Trinity’s wholly owned RIA generates management and incentive fees by advising private funds. Benefits to TRIN Shareholders Unique internal management structure and capitalization diversification fortifies the TRIN platform and produces enhanced value proposition Trinity Capital (NASDAQ: TRIN) Senior Credit Corp 2022 LLC (Joint Venture) Trinity Capital Adviser (Registered Investment Adviser “RIA”) Eagle Point Trinity Senior Secured Lending Company (BDC advised by RIA) Potential Private Vehicles (private funds, BDCs, SMAs, JVs) Co-investment vehicle owned 50.0% by TRIN. Direct Lending 2025 LLC (JV advised by RIA)
TRINITY’S COMPLEMENTARY VERTICALS Diversified across investment type, transaction size, industry and geography UP TO $100M Diverse business verticals with largest credit exposure less than 4% of total debt investments (as of December 31, 2025) PLATFORM TRANSACTION SIZE TECH LENDING EQUIPMENT FINANCE LIFE SCIENCES & HEALTHCARE ASSET BASED LENDING SPONSOR FINANCE Senior secured term loans to institutionally backed technology companies Financing mission-critical manufacturing equipment and hard assets Senior secured term loans for growth capital to commercial stage life sciences companies Asset-based lending to bankruptcy-remote SPVs Enterprise value secured term loans to private equity-backed growth companies
Aligned interests between employees and shareholders Management company and a pool of diversified assets Diversification across investment type, industry and geography Robust & scalable systems for origination, underwriting & monitoring WHY TRINITY CAPITAL? With unique capitalization and diversified businesses, we aim to provide investors with stable and consistent returns by offering access to private credit market INTERNALLY MANAGED BDC DIVERSIFIED BUSINESS VERTICALS EXPERIENCED TEAM WITH A 17+ YEAR TRACK RECORD We maintain full ownership and control of our deal pipeline 100+ dedicated professionals with a unique culture built over 17+ years
TRINITY’s ORIGINATION CAPABILITIES First-call relationships with top industry partners cultivated over decades of experience Indicative Annual Pipeline Origination Pipeline: Initial Screen 700+ Opportunities Exploratory Due Diligence & Underwriting Credit Review, IC Approval, & Commitment $2.1B | 70+ Investments 2025 Funded $1.5B 60+ Investment professionals delivering our partnership-oriented approach Strategically located team in key markets relevant to Trinity’s five lending verticals An origination machine 17 years in the making Thoughtful relationships deliver robust deal flow Leading relationships with like-minded venture and growth stage private equity firms Strong long-term partnerships with tech banks, CFOs & service providers Deep set of established intercreditor agreements Robust working relationships with top market share banks who cater to PE/VC companies Engineering and technical experience, with proven workout & restructuring capabilities
UNDERWRITING APPROACH + RISK MITIGATION Disciplined investment approach keeps our annualized loss rate at 25 bps, which is more than offset by realized gains on warrant and equity investments (1) Investor Syndicate Fund Vintage & Dry Capital Industry & Start-up Experience Board of Directors Make-up Revenue & Gross Margins Business Model Product Differentiation Market Potential Collateral Cash Life CAPITALIZATION MANAGEMENT FINANCIALS PRODUCT & MARKET DEBT STRUCTURE Includes historical information of Trinity Capital's predecessor funds, the first of which was launched in 2008, through December 31, 2025. Past performance is not indicative of future results. Investment results may vary significantly over any given time period.
TECH LENDING Senior secured term loans to institutionally-backed technology companies TERM LOANS SECURED LOANS Lien on all assets including IP BACKED BY INSTITUTIONAL CAPITAL Companies have raised significant equity GROWTH CAPITAL Debt proceeds used to fuel growth and scale business SELECT EXAMPLES WHOOP is a leading designer for wearable health and fitness trackers that capture biometric data shown to have the most impact on your health. Investor Syndicate SoftBank Vision Fund, IVP, Cavu Ventures, NextView Ventures Tilt *Formerly Empower Finance is helping people find financial security through machine learning models that evaluate creditworthiness. Investor Syndicate Sequoia Capital, Blisce, Icon Ventures, Initialized Capital
EQUIPMENT Finance Financing mission-critical manufacturing equipment and hard assets EQUIPMENT FINANCE COMPANIES WITH CAPEX REQUIREMENTS Mission-critical hard assets JUST-IN-TIME CAPITAL Available as needed to meet growing equipment needs EQUIPMENT COLLATERAL Secured by perfected lien on equipment collateral RocketLab delivers reliable launch services, spacecraft components, satellites and other spacecraft to make it faster and easier to access space. Investor Syndicate BlackRock, Space Capital, Vector Capital Athletic Brewing brews great tasting Non-Alcoholic Craft Beer made with high-quality, all-natural ingredients and low calories for the active lifestyle. Investor Syndicate General Atlantic, Alliance Consumer Growth, TRB Advisors SELECT EXAMPLES
Life sciences Senior secured term loans for growth capital to commercial stage life sciences companies TERM LOANS SECURED LOANS Lien on all assets including IP STRONG CLINICAL DATA PROFILE Established or clear “line of sight” to favorable reimbursement REGULATORY COMPLIANCE Companies received regulatory (FDA or EMA) approval or late-stage clinical trials Shoulder Innovations is a shoulder arthroplasty-focused medical device company that designs and commercializes products improving patient care and reducing costs. Investor Syndicate Gilde Healthcare Partners, US Venture Partners, Lightstone, Aperture Venture Partners CMR Surgical is a global medical devices company dedicated to transforming surgery to provide an optimal tool to make robotic minimal access surgery universally accessible and affordable. Investor Syndicate Softbank, Ally Bridge, Cambridge Innovation Capital SELECT EXAMPLES
Asset based lending Asset-based lending to bankruptcy-remote SPVs REVOLVING CREDIT LINES REVOLVING CREDIT LINE Based on eligible assets in SPV BACKED BY INSTITUTIONAL CAPITAL Companies have raised significant equity ASSET-BACKED COLLATERAL Borrowing base is comprised of cash flow positive assets Parafin empowers small businesses by providing them customized, embedded financial products through on-demand marketplaces, point-of-sales solutions, and vertical SaaS. Investor Syndicate GIC, Thrive Capital, Ribbit Capital ALT provides a digital marketplace and secured custody for dealers and collectors to trade, borrow, and obtain liquidity for collectibles and alternative assets. Investor Syndicate 776, Accomplice, First Round SELECT EXAMPLES
Sponsor finance Enterprise value secured term loans to private equity-backed growth companies TERM LOANS SECURED LOANS Lien on all assets including IP MAJORITY CONTROL BY PRIVATE EQUITY Significant cash equity cushion relative to senior debt ESTABLISHED BUSINESSES Well-positioned and growing at above market rate, with a fully funded plan Renalogic provides comprehensive support for self-funded plans and their health plan members by identifying chronic kidney disease (CKD) risks, providing clinical interventions and managing healthcare costs. Investor Syndicate Carrick Capital Partners Rentsync revolutionizes rental management with a platform for the new generation, empowering professionals to streamline workflows, engage tenants, and maximize property potential with confidence. Investor Syndicate Silversmith Capital Partners SELECT EXAMPLES
Financial highlights
Most of Trinity’s unfunded commitments are conditional, subject to additional lending provisions, and generally dependent upon the portfolio company reaching certain milestones before the commitment becomes available. The Company had unconditional unfunded commitments of $82.3M to ten portfolio companies as of December 31, 2025. Includes the fair value of assets managed by Trinity Capital through Senior Credit Corp 2022 LLC, Eagle Point Trinity Senior Secured Lending Company, Trinity Capital Adviser LLC, and Direct Lending 2025 LLC as of December 31, 2025. Effective yield for Trinity Capital includes fees and accelerated income from prepayments but excludes fees earned from Senior Credit Corp 2022 LLC and is calculated based on the daily weighted average debt investments at cost. Core yield for Trinity Capital excludes fees and accelerated income from prepayments. Q4 2025 HIGHLIGHTS ROBUST EARNINGS LEADING ORIGINATIONS PLATFORM PORTFOLIO ASSETS $39.9M Net Investment Income (“NII”) 10.9% Net Interest Margin (“NIM”) $83.2M Total Investment Income $0.51 per share Consistent fourth quarter regular dividend distribution $543.1M Debt & equity commitments in 4Q25 $434.8M Debt & equity fundings in 4Q25 $1,151.9 Unfunded commitments (1) as of 12/31/2025 5 New portfolio companies funded in 4Q25 $2,211.4M Total Debt Investments (at cost) $2,396.9M Total Investments (at cost) $2,823.7M Total Platform Assets Under Management (2) (at fair value) 15.2% Effective Yield (3) 13.5% Core Yield (4)
Solid shareholder returns 24th consecutive consistent or increased regular dividend 13.9% annualized total dividend yield (1) Annualized based on the $0.51 dividend per share declared for Q4 2025 and a closing stock price of $14.65 on December 31, 2025. Regular dividend coverage of 102.0% based on 4Q25 NII per share $68.7M of Undistributed income as of December 31, 2025
General and administrative expense includes excise tax expense and is net of expenses allocated to Trinity Capital Adviser LLC. QUARTERLY INCOME STATEMENT For the three months ended For the three months ended (In thousands, except per share amounts) 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 Total Investment Income $ 83,235 $ 75,550 $ 69,483 $ 65,385 $ 70,832 Interest expense and other debt financing costs 23,884 20,981 18,044 17,656 19,052 Compensation and benefits 14,880 13,388 12,489 10,645 12,180 General and administrative (1) 4,545 4,215 4,146 4,701 5,016 Total Operating Expenses 43,309 38,584 34,679 33,002 36,248 Net Investment Income (NII) 39,926 36,966 34,804 32,383 34,584 Net Realized Gain / (Loss) from Investments (33,886) (20,025) (8,262) (2,154) 9,287 Net Change in Unrealized Appreciation / (Depreciation) from Investments 33,421 10,704 14,872 (3,142) 1,988 Net Increase (Decrease) in Net Assets from Operations $ 39,461 $ 27,645 $ 41,414 $ 27,087 $ 45,859 Net Investment Income (NII) per Share – Basic $0.52 $0.52 $0.53 $0.52 $0.58 Net Increase (Decrease) in Net Assets resulting from Operations per Share – Basic $0.51 $0.39 $0.63 $0.43 $0.77 Weighted Average Shares Outstanding – Basic 77,026 71,468 65,912 62,556 59,408
Income source & portfolio yield trends Includes fees and dividend income earned from Senior Credit Corp 2022 LLC, Eagle Point Trinity Senior Secured Lending Company and Direct Lending 2025 LLC. Effective yield includes fees and accelerated income from prepayments but excludes fees earned from Senior Credit Corp 2022 LLC and is calculated based on the daily weighted average debt investments at cost. Core yield excludes fees and accelerated income from prepayments. (2) (3) (1)
Nii returns and use of leverage Delivering strong returns through effective use of leverage NII return on average assets (ROAA) is calculated as NII divided by average assets for the period. NII return on average equity (ROAE) is calculated as NII divided by average net assets for period. Leverage ratio is calculated as outstanding principal of borrowings divided by net assets as of the end of the period.
Net investment income (NII) per share bridge
QUARTERLY balance sheet For the three months ended For the three months ended (In thousands, except per share amounts) 12/31/2025 9/30/2025 06/30/2025 03/31/2025 12/31/2024 Assets Total investments at fair value $2,418,075 $2,192,361 $1,978,330 $1,792,689 $1,725,570 Cash and cash equivalents 19,110 9,467 26,251 8,386 9,627 Interest Receivable 19,031 19,464 17,664 16,626 16,542 Other Assets 28,303 25,643 22,779 39,575 22,502 Total Assets $2,484,519 $2,246,935 $2,045,024 $1,857,276 $1,774,241 Liabilities Credit Facility $373,900 $481,600 $483,000 $392,000 $113,000 Secured Notes, net of unamortized deferred financing cost(1) 198,533 - - - - Unsecured Notes, net of unamortized deferred financing costs and premium/discount(2) 721,763 693,041 569,808 566,954 764,673 Distribution Payable 41,574 38,244 35,483 32,579 31,451 Security Deposits 3,008 4,413 5,918 7,015 8,472 Accounts payable, accrued expenses, and other liabilities 51,742 31,373 27,247 25,333 33,663 Total Liabilities $1,390,520 $1,248,671 $1,121,456 $1,023,881 $951,259 Net Assets $1,093,999 $998,264 $923,568 $833,395 $822,982 Shares Outstanding 81,518 74,989 69,574 63,880 61,669 Net Assets per Share (NAV per share) $13.42 $13.31 $13.27 $13.05 $13.35 Includes the KeyBank Secured Term Loan Facility. Refer to the ‘Debt Capital Structure’ slide for further details. Includes the August 2026 Unsecured Notes, December 2026 Unsecured Notes, March 2029 Unsecured Notes, September 2029 Unsecured Notes, Series A Notes and July 2030 Notes. Refer to the ‘Debt Capital Structure’ slide for further details.
Net asset value (NAV) per share bridge Earnings and Distributions Investment Portfolio Performance Share Impact(1) Includes the impact of share activity and equity incentive plans.
Debt capital structure Diversified Borrowings ($ in millions) as of December 31, 2025 Funding Source Debt Commitment Outstanding Principal Stated Maturity Interest Rate Unsecured Notes: August 2026 Unsecured Notes $125.0 $125.0 August 24, 2026 4.375% December 2026 Unsecured Notes $75.0 $75.0 December 15, 2026 4.250% March 2029 Unsecured Notes (1) $142.2 $142.2 March 30, 2029 (1) 7.875% September 2029 Unsecured Notes (2) $122.2 $122.2 September 30, 2029 (2) 7.875% Series A Notes (3) $142.5 $142.5 Various (3) 7.54% to 7.66% (3) July 2030 Notes $125.0 $125.0 July 3, 2030 6.750% Secured Notes: KeyBank Term Loan Facility $200.0 $200.0 November 5, 2029 SOFR + 2.40% Bank Facility: KeyBank Credit Facility $690.0 $373.9 July 27, 2029 SOFR + 2.85% to 3.25% The March 2029 Unsecured Notes trade on the Nasdaq Global Select Market under the symbol “TRINZ” and are callable at par, in whole or in part, at any time on or after March 30, 2026. The September 2029 Unsecured Notes trade on the Nasdaq Global Select Market under the symbol “TRINI” and are callable at par, in whole or in part, at any time on or after September 30, 2026. The Series A Notes were issued on October 29, 2024, and include (i) $55.5 million of 7.54% Series A 2027 Notes due October 29, 2027, (ii) $73.0 million of 7.60% Series A 2028 Notes due October 29, 2028, and (iii) $14.0 million of 7.66% Series A 2029 Notes due October 29, 2029.
Portfolio highlights
Based on fair value as of December 31, 2025. Includes debt investments only. Consists of the fair value of our investments in Senior Credit Corp 2022 LLC, Eagle Point Trinity Senior Secured Lending Company, Trinity Capital Adviser LLC, and Direct Lending 2025 LLC as of December 31, 2025. The portfolio companies held within the multi-sector holdings investment portfolio represent a diverse set of geographic regions generally consistent with those in which we invest directly. PORTFOLIO DIVERSIFICATION Diversified across investment type, transaction size, industry and geography INVESTMENT TYPE(1) INDUSTRY TYPE(1) TRANSACTION SIZE(1)(2) GEOGRAPHIC ALLOCATION(1) 6.9% International 2.2% Multi-Sector Holdings(3)
Portfolio trends Mix of fixed and floating rate investments Strong asset diversification Based on outstanding principal. Based on fair value.
Disciplined credit rating Credit Risk Rating of Debt investments at Fair Value, 4Q 2024 – 4Q 2025 ($ in thousands)(1) Consistent and Disciplined Underwriting Standards The total fair value of debt investments excludes our debt investment in Senior Credit Corp 2022 LLC, which was $12.9 million as of December 31, 2025. (1) 4Q25 3Q25 2Q25 1Q25 4Q24 Very Strong Performance (4.0 – 5.0) $101,432 4.6% $102,624 5.2% $97,881 5.4% $92,956 5.6% $89,716 5.7% Strong Performance (3.0 – 3.9) $740,303 33.8% $668,545 33.7% $589,329 32.4% $567,581 34.4% $453,584 28.5% Performing (2.0 – 2.9) $1,264,773 57.9% $1,148,937 57.9% $1,021,331 56.0% $928,455 56.1% $972,001 61.1% Watch (1.6– 1.9) $65,343 3.0% $42,811 2.2% $97,396 5.3% $50,072 3.0% $62,883 4.0% Default/Workout (1.0 – 1.5) $15,228 0.7% $20,739 1.0% $15,601 0.9% $15,156 0.9% $11,062 0.7% Weighted Average 2.9 2.9 2.9 2.9 2.9
Based on outstanding principal of debt investments. Based on outstanding principal of borrowings. Interest rate sensitivity 82.9% floating rate debt investment portfolio as of December 31, 2025(1) 44.0% floating rate borrowings as of December 31, 2025(2)
HYPOTHETICAL WARRANT UPSIDE For Illustration Purposes Only 209 WARRANT POSITIONS in 130 Portfolio Companies HYPOTHETICAL MODELS of Potential Warrant Gains at 12/31/2025 GAAP fair value ~ $77.9 million GAAP cost ~ $54.4 million ~ $80.7 million in nominal exercise value Assume that only 50% of warrants will monetize Cost of exercised warrants is ~ $67.6 million Based on 81.5 million shares of common stock outstanding at 12/31/2025 2X MULTIPLE $80.7 million (2X) Potential gain of $13.1 million or $0.16 per share Proceeds of 3X MULTIPLE $121.0 million (3X) Potential gain of $53.4 million or $0.66 per share Proceeds of 4X MULTIPLE $161.3 million (4X) Potential gain of $93.7 million or $1.15 per share Proceeds of
Diversified portfolio Select List of Current & Historical Investments
Analyst coverage
Extensive industry analyst coverage Followed by eleven firms Paul Johnson (initiated coverage 2/23/2021) Finian O’Shea (initiated coverage 2/23/2021) Douglas Harter (initiated coverage 2/23/2021) Sean-Paul Adams (initiated coverage 9/16/22) Casey Alexander (initiated coverage 2/23/2021) Christopher Nolan (initiated coverage 2/23/2021) Mitchel Penn (initiated coverage 5/3/2021) John Hecht (initiated coverage 7/5/2023) Note: Trinity Capital is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Trinity Capital’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Trinity Capital or its management. Trinity Capital does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. Brian McKenna (initiated coverage 12/7/2025) Erik Zwick (initiated coverage 12/11/2025) Mickey Schleien (initiated coverage 2/4/2026)
Supplemental information
REGULATION & STRUCTURE Trinity Capital Inc. is an Internally Managed BDC regulated under the 1940 Act and has elected to be treated as a RIC for Federal Income Tax Purposes beginning with its Taxable Year ending December 31, 2020 BUSINESS DEVELOPMENT COMPANY (BDC) REGULATED INVESTMENT COMPANY (RIC) Regulated by the SEC under the Investment Company Act of 1940 (the “1940 Act”) Leverage limited to approximately 2:1 debt-to-equity Investments are required to be carried at fair value Majority of Board of Directors must be independent Must offer managerial assistance to portfolio companies Must distribute at least 90% of taxable income as dividend distributions to shareholders, subject to approval by Board of Directors Mandates asset diversification Eliminates corporate taxation Allows for the retention of capital gains and/or spillover of taxable income
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