Trinity Capital Q3 net investment income reaches $49.9M
Quarterly capital activity included $614.1 million in gross investment fundings and an October issuance of $350.0 million in unsecured notes due 2032.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Trinity Capital Inc. (TRIN) reported third-quarter 2026 net investment income of $49.9 million, up 34.9% year over year, and total investment income of $98.4 million, up 30.2%. Net investment income was $0.52 per basic share, and net assets resulting from operations increased $46.9 million, or $0.49 per basic share. Net asset value was $13.61 per share at September 30, versus $13.47 at June 30.
During the quarter, gross investment fundings totaled $614.1 million, gross investment commitments were $880.5 million, and exits and repayments totaled $494.8 million. Loans to three portfolio companies with a total fair value of $17.2 million, or 0.7% of the debt portfolio, were on non-accrual status. Trinity declared $0.17 monthly distributions for October, November and December, totaling $0.51 for the fourth quarter. Its ATM program raised $57.8 million net from 3,280,462 shares at a $17.82 weighted-average price; from October 1 to November 2, 2026, it raised $23.5 million net from 1,423,221 shares at a $16.65 weighted-average price. On October 5, it issued $350.0 million aggregate principal of unsecured 7.500% notes due 2032; proceeds paid down part of its KeyBank credit-agreement debt and were for general corporate purposes.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointQuarterly net investment income rose 34.9% year over year to $49.9 million.
- Moderate pointQuarterly investment income rose 30.2% year over year to $98.4 million.
Negative
- None.
Filing Explained
The
8-K Event Classification
Key Figures
Key Terms
Net investment income financial
Net asset value financial
Non-accrual status financial
Effective yield financial
Net leverage financial
Earnings Snapshot
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was TRIN’s net leverage at September 30, 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
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Registrant’s Telephone Number, Including Area Code: ( |
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(Former Name or Former Address, if Changed Since Last Report)
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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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 November 4, 2026, Trinity Capital Inc. (the “Company”) issued a press release announcing its financial results for the third quarter ended September 30, 2026. 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 November 4, 2026, the Company disseminated an earnings presentation to be used in connection with its conference call and live webcast to discuss its third quarter 2026 financial results on November 4, 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 November 4, 2026. |
99.2 |
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Earnings Presentation, dated November 4, 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: |
November 4, 2026 |
By: |
/s/ Kyle Brown |
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Kyle Brown |
Exhibit 99.1
Trinity Capital Reports Third Quarter 2026 Financial Results
Return on Average Equity climbs to 15.5% in Q3
Quarterly Net Investment Income reaches a record $49.9 million, up 34.9% year-over-year
Net Asset Value per share increases to $13.61
PHOENIX, November 4, 2026 – Trinity Capital Inc. (NYSE: TRIN) (“the Company”), a leading international alternative asset manager, today announced its financial results for the third quarter ended September 30, 2026.
Third Quarter 2026 Highlights
“The third quarter was another step in building a platform designed to perform across market environments,” said Kyle Brown, Trinity Capital CEO. “We funded $614 million, grew platform AUM to $3.4 billion, and continued to expand our managed funds offering, enhancing returns for TRIN beyond the income generated by our BDC portfolio. We like the foundation we’ve built, and we’re excited about what’s next for TRIN and our shareholders.”
Third Quarter 2026 Operating Results
For the three months ended September 30, 2026, total investment income was $98.4 million, compared to $75.6 million for the three months ended September 30, 2025. The effective yield on the average debt investments at cost was 15.2% for the third quarter of 2026, compared to 15.0% for the third quarter of 2025. 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 third quarter of 2026 were $20.2 million, compared to $17.6 million during the third quarter of 2025. The increase was primarily attributable to higher compensation costs partially offset by higher allocated expenses to the Company’s registered investment adviser subsidiary.
Interest expense for the third quarter of 2026 was $28.3 million, compared to $21.0 million during the third quarter of 2025. The increase was primarily attributable to the increase in weighted average debt outstanding.
Net investment income was approximately $49.9 million, or $0.52 per share based on 95.1 million basic weighted average shares outstanding for the third quarter of 2026, compared to $37.0 million or $0.52 per share for the third quarter of 2025 based on 71.5 million basic weighted average shares outstanding.
During the three months ended September 30, 2026, the Company’s net unrealized appreciation totaled approximately $4.5 million, which included net unrealized appreciation of $4.8 million from its equity investments, net unrealized appreciation of $0.3 million from its debt investments, partially offset by net unrealized depreciation of $0.7 million from its warrant investments. Additionally, there was $0.1 million net unrealized appreciation attributable to foreign currency forward contracts.
Net realized loss on investments was approximately $7.5 million, primarily due to the realized losses of two loan positions and one equipment financing position, partially offset by the realized gain of one warrant position.
Net increase in net assets resulting from operations was $46.9 million, or $0.49 per share, based on 95.1 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $27.6 million, or $0.39 per share, based on 71.5 million basic weighted average shares outstanding for the third quarter of 2025.
Net Asset Value
Total net assets at the end of the third quarter of 2026 increased by 4.6% to $1.33 billion, compared to $1.27 billion at the end of the second quarter of 2026. The increase in total net assets was primarily due to accretive ATM issuances, partially offset by net portfolio performance. NAV per share increased to $13.61 per share in the third quarter from $13.47 per share as of June 30, 2026.
Portfolio and Investment Activity
As of September 30, 2026, the Company's investment portfolio had an aggregate fair value of approximately $2.9 billion and was comprised of approximately $2.0 billion in secured loans, $470.7 million in equipment financings, and $369.5 million in equity and warrants, across 198 portfolio companies. The Company’s debt portfolio is comprised of 89.2% first-lien loans and 10.8% second-lien loans, with 78.4% of the debt portfolio at floating rates based on principal outstanding.
During the third quarter, the Company originated approximately $880.5 million of total new commitments. Third quarter gross investments funded totaled approximately $614.1 million, which was comprised of $431.9 million of investments in 15 new portfolio companies, $117.7 million of investments in 24 existing portfolio companies and $64.5 million to multi-sector holdings. Gross investment fundings during the quarter for secured loans totaled $377.9 million, equipment financings totaled $159.1 million and warrant and equity investments totaled $77.1 million.
2
Gross proceeds received from exits and repayments of the Company’s investments during the third quarter totaled approximately $494.8 million, which included $237.2 million from investments sold, $194.3 million from early debt repayments and refinancings, $57.3 million from scheduled/amortizing debt payments and $6.0 million from warrant and equity sales. The investment portfolio increased by $121.1 million on a cost basis, an increase of 4.5%, and $125.4 million on a fair value basis, an increase of 4.6%, each as compared to June 30, 2026.
As of the end of the third quarter, loans to three portfolio companies were on non-accrual status with a total fair value of approximately $17.2 million, or 0.7% of the Company’s debt investment portfolio at fair value.
The following table shows the distribution of the Company’s loan and equipment financing investments on the 1 to 5 investment risk rating scale at fair value as of September 30, 2026 and June 30, 2026 (dollars in thousands):
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September 30, 2026 |
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June 30, 2026 |
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Investment Risk Rating |
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Investments at |
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Percentage of |
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Investments at |
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Percentage of |
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Scale Range |
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Designation |
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Fair Value |
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Total Portfolio |
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Fair Value |
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Total Portfolio |
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4.0 - 5.0 |
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Very Strong Performance |
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$ |
179,170 |
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7.2 |
% |
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$ |
123,311 |
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5.1 |
% |
3.0 - 3.9 |
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Strong Performance |
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1,141,495 |
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45.9 |
% |
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1,165,201 |
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47.8 |
% |
2.0 - 2.9 |
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Performing |
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1,097,414 |
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44.1 |
% |
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1,080,131 |
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44.3 |
% |
1.6 - 1.9 |
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Watch |
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39,986 |
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1.6 |
% |
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37,069 |
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1.5 |
% |
1.0 - 1.5 |
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Default/Workout |
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17,185 |
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0.7 |
% |
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18,728 |
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0.8 |
% |
Total Debt Investments excluding Senior Credit Corp 2022 LLC |
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2,475,250 |
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99.5 |
% |
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2,424,440 |
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99.5 |
% |
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Senior Credit Corp 2022 LLC (1) |
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12,885 |
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0.5 |
% |
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12,885 |
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0.5 |
% |
Total Debt Investments |
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$ |
2,488,135 |
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100.0 |
% |
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$ |
2,437,325 |
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100.0 |
% |
_____________
(1) An investment risk rating is not applied to Senior Credit Corp 2022 LLC.
As of September 30, 2026 and June 30, 2026, the Company’s loan and equipment financing investments had a weighted average risk rating score of 3.1 and 3.0, respectively. 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 September 30, 2026, the Company had approximately $225.0 million in available liquidity, including $20.7 million in unrestricted cash and cash equivalents. At the end of the period, the Company had approximately $204.3 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 the Company’s joint ventures and funds managed by the Company’s wholly owned registered investment adviser subsidiary.
As of September 30, 2026, the Company’s net leverage, or net debt-to-equity ratio, was approximately 117%, compared to 118% as of June 30, 2026.
3
During the three months ended September 30, 2026, the Company utilized its equity ATM offering program to sell 3,280,462 accretive shares of its common stock at a weighted average price of $17.82 per share, raising $57.8 million of net proceeds.
Distributions
On September 16, 2026, the Company’s Board of Directors declared regular monthly dividends of $0.17 per share for each of October, November and December 2026, totaling $0.51 for the fourth quarter. The Board of Directors generally determines and announces the Company's dividend distributions on a quarterly basis, with distributions paid monthly.
Recent Developments
For the period from October 1, 2026 to November 2, 2026, the Company issued and sold 1,423,221 shares of its common stock at a weighted-average price of $16.65 per share and raised $23.5 million of net proceeds under its equity ATM offering program.
On October 5, 2026, the Company issued and sold $350.0 million in aggregate principal amount of its unsecured 7.500% Notes due 2032 (the “January 2032 Notes”) under its shelf Registration Statement on Form N-2. The proceeds were used to pay down a portion of the existing indebtedness outstanding under its credit agreement with KeyBank, National Association and for general corporate purposes.
Conference Call
Trinity Capital will hold a conference call to discuss its third quarter 2026 financial results at 12:00 p.m. Eastern Time on Wednesday, November 4, 2026.
To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ326 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.
A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until November 11, 2026. To access the replay, please dial (800) 695-2122 or (402) 530-9027. 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.
4
About Trinity Capital Inc.
Trinity Capital Inc. (NYSE: 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 Healthcare & 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 Europe. For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn.
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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September 30, |
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December 31, |
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2026 |
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2025 |
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(Unaudited) |
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ASSETS |
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Investments at fair value: |
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Control investments (cost of $205,555 and $107,747, respectively) |
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$ |
211,050 |
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$ |
123,760 |
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Affiliate investments (cost of $79,425 and $63,422, respectively) |
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54,874 |
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50,495 |
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Non-Control / Non-Affiliate investments (cost of $2,554,312 and $2,225,715, respectively) |
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2,591,808 |
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2,243,820 |
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Total investments (cost of $2,839,292 and $2,396,883, respectively) |
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2,857,732 |
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2,418,075 |
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Cash and cash equivalents |
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20,664 |
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19,110 |
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Interest receivable |
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20,727 |
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19,031 |
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Deferred credit facility costs |
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4,643 |
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5,872 |
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Other assets |
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26,929 |
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22,431 |
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Total assets |
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$ |
2,930,695 |
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$ |
2,484,519 |
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LIABILITIES |
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Credit Facility |
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$ |
485,700 |
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$ |
373,900 |
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Secured Notes, net of $1,156 and $1,467, respectively, of unamortized deferred financing costs |
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173,744 |
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198,533 |
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Unsecured Notes, net of $13,312 and $10,118, respectively, of unamortized deferred financing costs and premium/discount |
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893,569 |
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721,763 |
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Distribution payable |
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— |
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41,574 |
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Security deposits |
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2,171 |
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3,008 |
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Accounts payable, accrued expenses and other liabilities |
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49,761 |
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51,742 |
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Total liabilities |
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1,604,945 |
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1,390,520 |
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NET ASSETS |
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Common stock, $0.001 par value per share (200,000,000 authorized, 97,380,301 and 81,518,294 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively) |
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|
97 |
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|
82 |
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Paid-in capital in excess of par |
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|
1,348,197 |
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1,100,343 |
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Distributable earnings/(accumulated deficit) |
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(22,544 |
) |
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(6,426 |
) |
Total net assets |
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1,325,750 |
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|
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1,093,999 |
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Total liabilities and net assets |
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$ |
2,930,695 |
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$ |
2,484,519 |
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NET ASSET VALUE PER SHARE |
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$ |
13.61 |
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$ |
13.42 |
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6
TRINITY CAPITAL INC.
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
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Three Months Ended |
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Three Months Ended |
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Nine Months Ended |
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Nine Months Ended |
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September 30, 2026 |
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September 30, 2025 |
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September 30, 2026 |
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September 30, 2025 |
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INVESTMENT INCOME: |
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Interest and dividend income: |
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Control investments |
$ |
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2,826 |
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$ |
|
2,809 |
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$ |
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12,477 |
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$ |
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7,567 |
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Affiliate investments |
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|
1,639 |
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|
|
|
1,866 |
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5,534 |
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4,116 |
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Non-Control / Non-Affiliate investments |
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|
81,487 |
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67,900 |
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230,861 |
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|
190,278 |
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Total interest and dividend income |
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|
85,952 |
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|
72,575 |
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|
248,872 |
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201,961 |
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Fee and other income: |
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|
|
|
|
|
|
|
|
|
|
|
|
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||||
Control investments |
|
|
687 |
|
|
|
|
— |
|
|
|
|
1,320 |
|
|
|
|
— |
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Affiliate investments |
|
|
998 |
|
|
|
|
731 |
|
|
|
|
2,259 |
|
|
|
|
2,020 |
|
Non-Control / Non-Affiliate investments |
|
|
10,751 |
|
|
|
|
2,244 |
|
|
|
|
23,235 |
|
|
|
|
6,436 |
|
Total fee and other income |
|
|
12,436 |
|
|
|
|
2,975 |
|
|
|
|
26,814 |
|
|
|
|
8,456 |
|
Total investment income |
|
|
98,388 |
|
|
|
|
75,550 |
|
|
|
|
275,686 |
|
|
|
|
210,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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EXPENSES: |
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Interest expense and other debt financing costs |
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|
28,300 |
|
|
|
|
20,981 |
|
|
|
|
77,178 |
|
|
|
|
56,681 |
|
Compensation and benefits |
|
|
17,062 |
|
|
|
|
13,388 |
|
|
|
|
46,761 |
|
|
|
|
36,522 |
|
Professional fees |
|
|
1,442 |
|
|
|
|
1,936 |
|
|
|
|
3,906 |
|
|
|
|
5,750 |
|
General and administrative |
|
|
2,964 |
|
|
|
|
2,590 |
|
|
|
|
9,099 |
|
|
|
|
7,303 |
|
Total gross expenses |
|
|
49,768 |
|
|
|
|
38,895 |
|
|
|
|
136,944 |
|
|
|
|
106,256 |
|
Allocated expenses to Trinity Capital Adviser, LLC |
|
|
(1,977 |
) |
|
|
|
(955 |
) |
|
|
|
(4,006 |
) |
|
|
|
(1,871 |
) |
Total net expenses |
|
|
47,791 |
|
|
|
|
37,940 |
|
|
|
|
132,938 |
|
|
|
|
104,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES |
|
|
50,597 |
|
|
|
|
37,610 |
|
|
|
|
142,748 |
|
|
|
|
106,032 |
|
Excise tax expense |
|
|
730 |
|
|
|
|
644 |
|
|
|
|
2,404 |
|
|
|
|
1,881 |
|
NET INVESTMENT INCOME |
|
|
49,867 |
|
|
|
|
36,966 |
|
|
|
|
140,344 |
|
|
|
|
104,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Affiliate investments |
|
|
(4,777 |
) |
|
|
|
(19,039 |
) |
|
|
|
(7,848 |
) |
|
|
|
(19,039 |
) |
Non-Control / Non-Affiliate investments |
|
|
(2,695 |
) |
|
|
|
(986 |
) |
|
|
|
(10,328 |
) |
|
|
|
(11,402 |
) |
Net realized gain/(loss) from investments |
|
|
(7,472 |
) |
|
|
|
(20,025 |
) |
|
|
|
(18,176 |
) |
|
|
|
(30,441 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Control investments |
|
|
(2,466 |
) |
|
|
|
(411 |
) |
|
|
|
(10,518 |
) |
|
|
|
7,503 |
|
Affiliate investments |
|
|
7,221 |
|
|
|
|
308 |
|
|
|
|
(5,582 |
) |
|
|
|
(2,153 |
) |
Non-Control / Non-Affiliate investments |
|
|
(226 |
) |
|
|
|
10,807 |
|
|
|
|
15,093 |
|
|
|
|
17,084 |
|
Net change in unrealized appreciation/(depreciation) from investments |
|
|
4,529 |
|
|
|
|
10,704 |
|
|
|
|
(1,007 |
) |
|
|
|
22,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ |
|
46,924 |
|
|
$ |
|
27,645 |
|
|
$ |
|
121,161 |
|
|
$ |
|
96,144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET INVESTMENT INCOME PER SHARE - BASIC |
$ |
|
0.52 |
|
|
$ |
|
0.52 |
|
|
$ |
|
1.56 |
|
|
$ |
|
1.56 |
|
NET INVESTMENT INCOME PER SHARE - DILUTED |
$ |
|
0.52 |
|
|
$ |
|
0.52 |
|
|
$ |
|
1.56 |
|
|
$ |
|
1.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC |
$ |
|
0.49 |
|
|
$ |
|
0.39 |
|
|
$ |
|
1.35 |
|
|
$ |
|
1.44 |
|
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED |
$ |
|
0.49 |
|
|
$ |
|
0.39 |
|
|
$ |
|
1.35 |
|
|
$ |
|
1.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC |
|
|
95,111,706 |
|
|
|
|
71,467,831 |
|
|
|
|
89,781,819 |
|
|
|
|
66,677,623 |
|
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED |
|
|
95,111,706 |
|
|
|
|
71,467,831 |
|
|
|
|
89,781,819 |
|
|
|
|
66,677,623 |
|
7
Third Quarter 2026 Investor Presentation
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. Forward-Looking Statements | Disclaimer
Company Overview
Trinity Capital Overview Historical information includes information and data related to Trinity Capital's predecessor funds, the first of which was launched in 2008, through September 30, 2026. 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, Direct Lending 2025 LLC, Trinity Capital SBIC LP, and Desert Star 2026 LLC (the “affiliate funds”) as of September 30, 2026. Based on the closing price of TRIN of $17.15 on November 2, 2026. Fair value as of September 30, 2026. Annualized based on the $0.17 monthly dividend per share paid in Q3 2026 and a closing stock price of $17.55 on September 30, 2026. Includes $20.7 million of cash and cash equivalents and $204.3 million of available borrowing capacity on our KeyBank Credit Facility. Excludes capital raised by the Company’s joint ventures 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. Diversified financial solutions to growth-stage companies | NYSE – TRIN, TRNZ, TRNI $2,017.5M Secured Loans 100 Companies $470.7M Equipment Financings 24 Companies $369.5M Equity & Warrants 163 Companies Portfolio (4) $225.0M Available Liquidity (6) BBB, BBB(low), Baa3 Investment Ratings (7) 117% Net Debt-to-Equity Liquidity (4) $1.7B Market Cap (3) $13.61 NAV per share (4) 11.6% Annualized Dividend Yield (5) Market Cap / Dividend Yield $6.8B Fundings 511 Investments 301 Exits $3.4B Assets Under Management (2) 18+ Year Track Record (1)
The Trinity Platform Differentiated structure: publicly traded, internally managed BDC operating five complementary lending verticals – supplemented by strategic, value-add joint ventures and a managed funds platform Publicly Traded Business Development Company (“BDC”) · NYSE: TRIN Equipment Finance Tech Lending Healthcare & Life Sciences Sponsor Finance Asset Based Lending Joint Venture Vehicle that co-invests alongside, and is owned 12.5% by, TRIN Senior Credit Corp 2022 LLC Managed Funds Subsidiary Wholly owned investment advisor subsidiary generates management fees and incentive fees by advising managed funds Trinity Capital Advisor, LLC Lower Middle Market JV 50/50 joint venture with Capital Southwest investing primarily in first-out senior secured debt CapTrin Partners, LLC Direct Lending 2025 LLC Joint Venture Eagle Point Trinity Senior Secured Lending Company Perpetual Private BDC Trinity Capital SBIC LP Third vintage, closed-end drawdown fund Potential New Vehicles Private Funds, SMAs, Co-Investments, etc. Desert Star 2026 LLC Joint Venture
Trinity’s Complementary Verticals Diversified across investment type, transaction size, industry and geography Senior secured term loans to institutionally backed technology companies Tech Lending Financing mission-critical manufacturing equipment and hard assets Equipment Finance Senior secured term loans for growth capital to commercial stage life sciences companies Healthcare & Life Sciences Enterprise value secured term loans to private equity-backed growth companies Sponsor Finance Asset based lending to bankruptcy-remote SPVs Asset Based Lending Diverse business verticals with largest credit exposure less than 3% of total debt investments (as of September 30, 2026) Platform transaction size up to: $100M
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 Experienced Team with an 18+ Year Track Record Diversified Business Verticals Aligned interests between employees and shareholders Management company and a pool of diversified assets Internally Managed BDC We maintain full ownership and control of our deal pipeline Diversification across investment type, industry and geography Robust & scalable systems for origination, underwriting & monitoring 100+ dedicated professionals with a unique culture built over 18+ years
Trinity’s Origination Capabilities First-call relationships with top industry partners cultivated over decades of experience 1. Origination Pipeline: Initial Screen 2. Exploratory Due Diligence & Underwriting 3. Credit Review, IC Approval, & Commitment 4. Funded Indicative Annual Pipeline An Origination Machine 18 Years in the Making 60+ Investment professionals delivering our partnership-oriented approach Strategically located team in key markets relevant to Trinity’s five lending verticals 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 20 bps, which is more than offset by realized gains on warrant and equity investments (1) Includes historical information of Trinity Capital's predecessor funds, the first of which was launched in 2008, through September 30, 2026. Past performance is not indicative of future results. Investment results may vary significantly over any given time period. Revenue & Gross Margins Business Model Financials Product Differentiation Market Potential Product & Market Collateral Cash Life Debt Structure Industry & Start-up Experience Board of Directors Make-up Management Investor Syndicate Fund Vintage & Dry Capital Capitalization
Equipment Finance Tech Lending Healthcare & Life Sciences Sponsor Finance Asset Based Lending Term Loans: Senior secured term loans to institutionally-backed technology companies 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 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 Select Examples:
Equipment Finance Tech Lending Healthcare & Life Sciences Sponsor Finance Asset Based Lending Equipment Financings: Financing mission-critical manufacturing equipment and hard assets 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:
Equipment Finance Tech Lending Healthcare & Life Sciences Sponsor Finance Asset Based Lending Term Loans: Senior secured term loans for growth capital to commercial stage life sciences companies Select Examples: 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 CMR Surgical is a global medical devices company dedicated to transforming surgery to provide an optimal tool to make robotic minimal access surgery accessible and affordable. Investor Syndicate Softbank, Ally Bridge, Cambridge Innovation Capital
Equipment Finance Tech Lending Healthcare & Life Sciences Sponsor Finance Asset Based Lending Term Loans: Enterprise value secured term loans to private equity-backed growth companies Secured Loans Lien on all assets including IP Majority Control by Private Equity Significant cash equity cushion relative to senior debt Established Business Well-positioned and growing at above market rate, with a fully funded plan Renalogic provides support for their 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 to streamline workflows, engage tenants, and maximize property potential with confidence. Investor Syndicate Silversmith Capital Partners Select Examples:
Equipment Finance Tech Lending Healthcare & Life Sciences Sponsor Finance Asset Based Lending Revolving Credit Lines: Asset based lending to bankruptcy-remote SPVs 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 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:
Financial Highlights
Q3 2026 Financial Highlights $49.9M Net Investment Income (“NII”) $98.4M Total Investment Income 11.0% Net Interest Margin (“NIM”) $0.52 Net Investment Income (“NII”) per share Robust Earnings Leading Originations Platform Portfolio Assets
Q3 2026 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 $126.0M to 17 portfolio companies as of September 30, 2026. $614.1M Debt & equity fundings in 3Q26 $880.5M Debt & equity commitments in 3Q26 $1.4B Unfunded commitments (1) as of 9/30/2026 15 New portfolio companies funded in 3Q26 Robust Earnings Leading Originations Platform Portfolio Assets
Q3 2026 Financial Highlights Includes the fair value of assets managed by the affiliate funds as of September 30, 2026. Effective yield for Trinity Capital includes fees and accelerated income from prepayments but excludes fees earned from affiliate funds 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. $2.8B Total Investments (at cost) $2.5B Total Debt Investments (at cost) $3.4B Total Platform Assets Under Management (1) (at fair value) 15.2% Effective Yield (2) Robust Earnings Leading Originations Platform Portfolio Assets 12.8% Core Yield (3)
Solid Shareholder Returns Annualized based on the $0.17 monthly dividend per share paid in Q3 2026 and a closing stock price of $17.55 on September 30, 2026. Represents dividends declared as of September 30, 2026, and excludes dividends expected to be declared in future periods. $66.8M of undistributed income as of September 30, 2026 11.6% annualized total dividend yield (1) Regular dividend coverage of 103% based on 3Q26 NII per share 28 straight quarters of a consistent regular dividend (2)
Quarterly Income Statement General and administrative expense includes excise tax expense and is net of expenses allocated to Trinity Capital Adviser LLC. For the three months ended For the three months ended (In thousands, except per share amounts) 09/30/2025 12/31/2025 03/31/2026 06/30/2026 09/30/2026 Total Investment Income $ 75,550 $ 83,235 $ 90,129 $ 87,170 $ 98,388 Interest expense and other debt financing costs 20,981 23,884 24,104 24,774 28,300 Compensation and benefits 13,388 14,880 17,270 12,428 17,062 General and administrative (1) 4,215 4,545 4,267 3,979 3,159 Total Operating Expenses 38,584 43,309 45,641 41,181 48,521 Net Investment Income (NII) 36,966 39,926 44,488 45,989 49,867 Net Realized Gain / (Loss) from Investments (20,025) (33,886) (9,930) (774) (7,472) Net Change in Unrealized Appreciation / (Depreciation) from Investments 10,704 33,421 (4,726) (810) 4,529 Net Increase (Decrease) in Net Assets from Operations $ 27,645 $ 39,461 $ 29,832 $ 44,405 $ 46,924 Net Investment Income (NII) per Share – Basic $0.52 $0.52 $0.53 $0.51 $0.52 Net Increase (Decrease) in Net Assets resulting from Operations per Share – Basic $0.39 $0.51 $0.36 $0.49 $0.49 Weighted Average Shares Outstanding – Basic 71,468 77,026 83,643 90,464 95,112
Income Source & Portfolio Yield Trends Includes fees and dividend income earned from the affiliate funds. Effective yield includes fees and accelerated income from prepayments but excludes fees earned from servicing and origination fees from affiliate funds and is calculated based on the daily weighted average debt investments at cost. Core yield excludes fees and accelerated income from prepayments. (1) (2) (3)
NII Returns & Use of Leverage NII return on average equity (ROAE) is calculated as NII divided by average net assets for period. NII return on average assets (ROAA) is calculated as NII divided by average assets for the period. Net leverage ratio is calculated as outstanding principal of borrowings less cash and cash equivalents divided by net assets as of the end of the period. Delivering strong returns through effective use of leverage
Net Investment Income (NII) Per Share Bridge
Quarterly Balance Sheet Includes the KeyBank Credit Facility and KeyBank Secured Term Loan Facility. Refer to the ‘Debt Capital Structure’ slide for further details. Includes the December 2026 Unsecured Notes, March 2029 Unsecured Notes, September 2029 Unsecured Notes, Series A Notes, July 2030 Notes and May 2031 Notes. Refer to the ‘Debt Capital Structure’ slide for further details. For the three months ended For the three months ended (In thousands, except per share amounts) 09/30/2025 12/31/2025 03/31/2026 06/30/2026 09/30/2026 Assets Total investments at fair value $2,192,361 $2,418,075 $2,483,554 $2,732,301 $2,857,732 Cash and cash equivalents 9,467 19,110 19,631 22,177 20,664 Interest Receivable 19,464 19,031 18,074 19,259 20,727 Other Assets 25,643 28,303 34,573 31,635 31,572 Total Assets $2,246,935 $2,484,519 $2,555,832 $2,805,372 $2,930,695 Liabilities Secured Debt, net of unamortized deferred financing cost(1) $481,600 $572,433 $626,167 $480,851 $659,444 Unsecured Notes, net of unamortized deferred financing costs and premium/discount(2) 693,041 721,763 722,608 1,017,412 893,569 Distribution Payable 38,244 41,574 - - - Security Deposits 4,413 3,008 2,234 2,718 2,171 Accounts payable, accrued expenses, and other liabilities 31,373 51,742 38,568 37,542 49,761 Total Liabilities $1,248,671 $1,390,520 $1,389,577 $1,538,523 $1,604,945 Net Assets $998,264 $1,093,999 $1,166,255 $1,266,849 $1,325,750 Shares Outstanding 74,989 81,518 87,904 94,023 97,380 Net Assets per Share (NAV per share) $13.31 $13.42 $13.27 $13.47 $13.61
Net Asset Value (NAV) per Share Bridge Includes the impact of share activity and equity incentive plans. Earnings and Distributions Investment Portfolio Performance Share Impact(1)
Debt Capital Structure Funding Source Debt Commitment Outstanding Principal Stated Maturity Interest Rate Unsecured Notes: 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% May 2031 Notes $300.0 $300.0 May 21, 2031 7.000% Secured Notes: KeyBank Term Loan Facility $200.0 $174.9 November 5, 2029 SOFR + 2.40% Bank Facility: KeyBank Credit Facility $690.0 $485.7 July 27, 2029 SOFR + 2.85% to 3.25% Diversified Borrowings ($ in millions) as of September 30, 2026 The March 2029 Unsecured Notes trade on the New York Stock Exchange and NYSE Texas under the symbol “TRNZ” 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 New York Stock Exchange and NYSE Texas under the symbol “TRNI” 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) $14.0 million of 7.66% Series A 2029 Notes due October 29, 2029.
Debt Capital Structure (Contd.) Diversified Borrowings ($ in millions) as of September 30, 2026 DEBT MATURITIES ($ IN MILLIONS)
Portfolio Highlights
Portfolio Diversification Diversified across investment type, transaction size, industry and geography Based on fair value as of September 30, 2026. Includes debt investments only. Multi-Sector Holdings generally invest or manage investments in secured loans and equipment financings to growth-oriented companies that have been originated by the Company. The portfolio companies held by the Multi-Sector Holdings represent a diverse set of geographical classifications, which are similar to those in which the Company invests directly. Investment Type (1) Industry Type (1) 9.4% International 3.9% Multi-Sector Holdings(3) Transaction Size (1) (2) Geographic Allocation (1) Other industries individually < 5.0% 33.2%
Portfolio Trends Based on outstanding principal. Based on fair value. Mix of fixed and floating rate investments Strong asset diversification
Credit Risk Rating of Debt investments at Fair Value, 3Q 2025 – 3Q 2026 ($ in thousands) Disciplined Credit Rating The total fair value of debt investments excludes our debt investment in Senior Credit Corp 2022 LLC, which was $12.9 million as of September 30, 2026. 3Q25 4Q25 1Q26 2Q26 3Q26 Very Strong Performance (4.0 – 5.0) $102,624 5.2% $101,432 4.6% $96,282 4.3% $123,311 5.1% $179,170 7.2% Strong Performance (3.0 – 3.9) $668,545 33.7% $740,303 33.8% $917,118 41.4% $1,165,201 48.0% $1,141,495 46.1% Performing (2.0 – 2.9) $1,148,937 57.9% $1,264,773 57.9% $1,147,127 51.8% $1,080,131 44.6% $1,097,414 44.4% Watch (1.6– 1.9) $42,811 2.2% $65,343 3.0% $31,708 1.4% $37,069 1.5% $39,986 1.6% Default/Workout (1.0 – 1.5) $20,739 1.0% $15,228 0.7% $24,393 1.1% $18,728 0.8% $17,185 0.7% Weighted Average 2.9 2.9 3.0 3.0 3.1 Consistent and Disciplined Underwriting Standards (1)
Interest Rate Sensitivity Based on outstanding principal of debt investments of which majority are at the current floor rate. Based on outstanding principal of borrowings. 78.4% floating rate debt investment portfolio as of September 30, 2026 (1) 42.1% floating rate borrowings as of September 30, 2026(2)
Hypothetical Warrant Upside For Illustration Purposes Only GAAP fair value ~ $81.2 million GAAP cost ~ $56.0 million ~ $80.2 million in nominal exercise value 209 Warrant Positions in 128 Portfolio Companies Assume that only 50% of warrants will monetize Cost of exercised warrants is ~ $68.1 million Based on 97.4 million shares of common stock outstanding at 9/30/2026 Hypothetical Models of Potential Warrant Gains at 9/30/2026 Multiple Proceeds of $80.2 million (2X) Potential gain of $12.1 million or $0.12 per share 2X Multiple Proceeds of $120.3 million (3X) Potential gain of $52.2 million or $0.54 per share 3X Multiple Proceeds of $160.5 million (4X) Potential gain of $92.4 million or $0.95 per share 4X
Diversified Portfolio Select List of Current & Historical Investments
Analyst Coverage
Extensive Industry Analyst Coverage 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. Christopher Nolan (initiated coverage 2/23/2021) Sean-Paul Adams (initiated coverage 9/16/22) Paul Johnson (initiated coverage 2/23/2021) Jason Stewart (initiated coverage 2/23/2021) Finian O’Shea (initiated coverage 2/23/2021) Mitchel Penn (initiated coverage 5/3/2021) Coverage Paused (initiated coverage 2/23/2021) John Hecht (initiated coverage 7/5/2023) Chris Muller (initiated coverage 12/7/2025) Mickey Schleien (initiated coverage 2/4/2026) Erik Zwick (initiated coverage 12/11/2025) Followed by Eleven Firms
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
