[Form 4] Trinity Capital Inc. Insider Trading Activity

Rhea-AI Filing Summary

Trinity Capital Inc. director Ronald E. Estes reported open-market purchases of the company’s common stock. He bought 500 shares on 11/18/2025 at $14.45 per share and 1,000 shares on 11/19/2025 at a weighted-average price of $14.43 per share, bringing his directly held position to 36,943.696 shares.

He also has an indirect holding of 10,172 shares through The Estes Revocable Trust, dated January 12, 1990. His holdings include 3,443 restricted shares issued under Trinity Capital’s 2019 Non-Employee Director Restricted Stock Plan, which vest in full on the earlier of June 12, 2026 or the date immediately preceding the next annual meeting of stockholders.

The filing explains that a prior administrative error misclassified 3,335 shares that had vested on June 11, 2025 and were transferred to the trust; this correction only reclassifies direct versus indirect ownership and does not change the total number of shares beneficially owned by Estes in earlier reports.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Estes Ronald E.

(Last) (First) (Middle)

C/O TRINITY CAPITAL INC.

1 N. 1ST STREET, SUITE 302

(Street)

PHOENIX AZ 85004

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Trinity Capital Inc. [ TRIN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	11/18/2025		P		500	A	$14.45	35,943.696(1)(2)	D
Common Stock	11/19/2025		P		1,000	A	$14.43(3)	36,943.696(1)(2)	D
Common Stock								10,172(2)	I	By The Estes Revocable Trust, dated January 12, 1990

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 3,443 restricted shares issued under the Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan, as amended. Such restricted shares shall vest in full on the earlier of (1) June 12, 2026 or (2) the date immediately preceding the next annual meeting of stockholders.

2. Due to an administrative error, 3,335 shares that vested on June 11, 2025 and were subsequently transferred to The Estes Revocable Trust, dated January 12, 1990 were incorrectly shown as directly held in the Forms 4 dated August 29, 2025, September 4, 2025, September 12, 2025, September 15, 2025, and November 10, 2025. This Form 4 corrects the error in Column 5 for both shares directly held and shares indirectly held by The Estes Revocable Trust, dated January 12, 1990. There was no change in the total number of shares beneficially owned reported for the Reporting Person on any prior Form 4 as a result of this correction.

3. The price reported in Column 4 is a weighted-average price, rounded to the nearest hundredth. These shares were purchased in multiple transactions at prices ranging from $14.40 to $14.45 per share, inclusive. The reporting person undertakes to provide upon request by the staff of the Securities and Exchange Commission, Trinity Capital Inc. (the "Company"), or a security holder of the Company, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

	/s/ Sarah Stanton, on behalf of Ronald E. Estes	11/20/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Trinity Capital (TRIN) report for Ronald E. Estes?

The filing reports that director Ronald E. Estes purchased Trinity Capital Inc. common stock in the open market: 500 shares on 11/18/2025 at $14.45 per share and 1,000 shares on 11/19/2025 at a weighted-average price of $14.43 per share.

How many Trinity Capital (TRIN) shares does Ronald E. Estes own after these trades?

After the reported transactions, Ronald E. Estes directly owns 36,943.696 shares of Trinity Capital Inc. common stock and indirectly owns 10,172 shares through The Estes Revocable Trust, dated January 12, 1990.

What restricted stock does Ronald E. Estes hold in Trinity Capital (TRIN)?

Ronald E. Estes’s holdings include 3,443 restricted shares issued under the Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan. These restricted shares will vest in full on the earlier of June 12, 2026 or the date immediately preceding Trinity Capital’s next annual meeting of stockholders.

What administrative error is corrected in this Trinity Capital (TRIN) Form 4?

The filing explains that 3,335 shares that vested on June 11, 2025 and were transferred to The Estes Revocable Trust, dated January 12, 1990 were previously shown as directly held in several earlier Forms 4. The new Form 4 corrects Column 5 to properly classify these as indirectly held, without changing the total number of shares beneficially owned by Ronald E. Estes in those prior reports.

How was the $14.43 purchase price for Trinity Capital (TRIN) shares determined?

The $14.43 price reported for the 11/19/2025 purchase is described as a weighted-average price, rounded to the nearest hundredth. The filing states the shares were bought in multiple transactions at prices ranging from $14.40 to $14.45 per share, inclusive.

Does the correction in this Trinity Capital (TRIN) Form 4 change Ronald E. Estes’s total ownership?

No. The explanation states that reclassifying the 3,335 shares from direct to indirect ownership does not change the total number of shares beneficially owned previously reported for Ronald E. Estes; it only corrects how those shares are categorized.