Trinity Capital (TRIN) Director Reports 1,000‑Share Purchase; Restricted Shares Vest 2026

Rhea-AI Filing Summary

Ronald E. Estes, a director of Trinity Capital Inc. (ticker: TRIN), reported acquiring 1,000 shares of the company's common stock on 09/03/2025 at a price of $16.1455 per share. Following the purchase, Mr. Estes beneficially owns 32,778.696 shares directly and an additional 6,837 shares indirectly through The Estes Revocable Trust dated January 12, 1990. The filing also discloses 3,443 restricted shares issued under the 2019 Non-Employee Director Restricted Stock Plan that vest in full on the earlier of June 12, 2026 or the day before the next annual meeting. The Form 4 was signed on behalf of Mr. Estes by Sarah Stanton under a previously filed power of attorney.

Positive

• Director purchase disclosed: Acquisition of 1,000 shares at $16.1455 signals insider buying activity.
• Alignment via restricted stock: 3,443 restricted shares issued that vest by June 12, 2026 or prior to the next annual meeting.
• Transparent reporting: Form 4 filed with POA signature and clear ownership totals (32,778.696 direct; 6,837 indirect).

Negative

• None.

Insights

Securities Analyst

TL;DR: A director purchased 1,000 shares, modestly increasing his stake; restricted shares vest by mid‑2026.

The reported purchase of 1,000 shares at $16.1455 is a routine insider acquisition and increases Mr. Estes' direct beneficial ownership to 32,778.696 shares. The presence of 3,443 restricted shares under the director compensation plan ties a portion of his holdings to continued service or time‑based vesting through mid‑2026. This Form 4 contains standard disclosures and a POA signature; it does not indicate option exercises, sales, or changes to outstanding derivative positions.

Corporate Governance Expert

TL;DR: Director compensation and a small open‑market purchase were disclosed; vesting schedule aligns with typical governance practices.

The filing shows standard governance mechanics: a director received restricted shares as part of a non‑employee director plan and recorded a separate open‑market purchase. Vesting tied to the next annual meeting or a fixed date is common and aligns incentives with shareholder alignment. The filing was executed via an existing power of attorney, which is customary for timely SEC reporting.

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

OMB Number:			3235-0287
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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)
09/03/2025

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	09/03/2025		P		1,000	A	$16.1455	32,778.696(1)	D
Common Stock								6,837	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.

Remarks:

Sarah Stanton is signing on behalf of Mr. Estes pursuant to the power of attorney dated March 11, 2021, which was previously filed with the Securities and Exchange Commission as an exhibit to the Form 4 Mr. Estes filed on March 12, 2021.

	/s/ Sarah Stanton, on behalf of Ronald E. Estes	09/04/2025
	** 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.
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FAQ

What transaction did Ronald E. Estes report on the Form 4 for TRIN?

He reported acquiring 1,000 shares of Trinity Capital common stock on 09/03/2025 at $16.1455 per share.

How many Trinity Capital shares does Ronald E. Estes beneficially own after the reported transaction?

He beneficially owns 32,778.696 shares directly and 6,837 shares indirectly through The Estes Revocable Trust.

Are there any restricted shares disclosed in the filing?

Yes. The filing includes 3,443 restricted shares issued under the 2019 Non‑Employee Director Restricted Stock Plan that vest in full by June 12, 2026 or the day before the next annual meeting.

Who signed the Form 4 and under what authorization?

The Form 4 was signed by Sarah Stanton on behalf of Ronald E. Estes pursuant to a power of attorney dated March 11, 2021.

Does the filing report any derivative transactions or dispositions?

No. The filing reports a non‑derivative acquisition of common stock and does not disclose derivative transactions or dispositions.