TRINZ Trinity Capital Inc

 

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): February 26, 2025

 

 

TRINITY CAPITAL INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Maryland			001-39958	35-2670395
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
1 N. 1st Street Suite 302
Phoenix, Arizona				85004
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (480) 374-5350

 

Not Applicable

(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:

☐		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐		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:

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

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. ☐

 

 

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Item 2.02 Results of Operations and Financial Condition.

On February 26, 2025, Trinity Capital Inc. (the “Company”) issued a press release announcing its financial results for the year ended December 31, 2024. 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.

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Item 7.01 Regulation FD Disclosure.

On February 26, 2025, the Company disseminated an earnings presentation to be used in connection with its conference call and live webcast to discuss its year-end 2024 financial results on February 26, 2025, 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.

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Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit Number		Description
99.1		Earnings Press Release, dated February 26, 2025.
99.2		Earnings Presentation, dated February 26, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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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.

			Trinity Capital Inc.
Date:	February 26, 2025	By:	/s/ Kyle Brown
			Kyle Brown Chief Executive Officer, President and Chief Investment Officer

 

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Trinity Capital Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

 

Return on Average Equity hits 17.4% in Q4

 

Record Quarterly Net Investment Income of $35 million, or $0.58 per share

 

Record Annual Net Investment Income of $116 million, or $2.20 per share

 

2024 Total Investment Income grows 31% year-over-year

 

PHOENIX, February 26, 2025 – Trinity Capital Inc. (Nasdaq: TRIN) (the “Company”), a leading alternative asset manager, today announced its financial results for the fourth quarter and year ended December 31, 2024.

 

Fourth Quarter 2024 Highlights

 

Full Year 2024 Highlights

 

 

“Our team executed across various strategic initiatives to drive growth and deliver a milestone year in 2024,” said Kyle Brown, Chief Executive Officer of Trinity Capital. “Our distinct business verticals continue to expand, supported by strong originations and disciplined credit and portfolio management. We remain encouraged by our platform’s performance and believe we are well-positioned to create long-term value for our shareholders as we continue into 2025.”

 

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Brown added, “Our unique capitalization structure — including our public company and our RIA that enables us to manage third-party private capital — has allowed us to continue to drive earnings. While we’ve delivered twenty consecutive quarters of consistent dividend returns, we believe this structure also positions us for long-term expansion, making us more than just a steady-yield investment.”

 

Fourth Quarter 2024 Operating Results

For the three months ended December 31, 2024, total investment income was $70.8 million, compared to $47.8 million for the quarter ended December 31, 2023. The effective yield on the average debt investments at cost was 16.4% for the fourth quarter of 2024, compared to 16.7% for the fourth quarter of 2023. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events. Yields may 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 2024 were $17.2 million, compared to $12.3 million during the fourth quarter of 2023. The increase was primarily attributable to higher compensation associated with additional headcount and amortization of restricted stock grants.

 

Interest expense for the fourth quarter of 2024 was $19.1 million, compared to $10.4 million during the fourth quarter of 2023. The increase was primarily attributable to the increase in weighted average debt outstanding.

 

Net investment income was approximately $34.6 million, or $0.58 per share based on 59.4 million basic weighted average shares outstanding for the fourth quarter of 2024, compared to $25.1 million or $0.57 per share for the fourth quarter of 2023 based on 44.3 million basic weighted average shares outstanding.

 

During the three months ended December 31, 2024, our net change in unrealized appreciation totaled approximately $2.0 million, which included net unrealized depreciation of $3.3 million from our debt investments, net unrealized appreciation of $4.4 million from our equity investments and net unrealized appreciation of $0.9 million from our warrant investments.

 

Net realized gain on investments was approximately $9.3 million primarily due to warrant and equity sales.

 

Net increase in net assets resulting from operations was $45.9 million, or $0.77 per share, based on 59.4 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $17.7 million, or $0.40 per share, based on 44.3 million basic weighted average shares outstanding for the fourth quarter of 2023.

 

Net Asset Value

 

Total net assets at the end of the fourth quarter of 2024 increased by 8.7% to $823.0 million, compared to $756.8 million at the end of the third quarter of 2024. The increase in total net assets was primarily due to net investment income exceeding the declared dividend, portfolio activity, and accretive ATM offerings. NAV per share increased to $13.35 per share in the fourth quarter from $13.13 per share as of September 30, 2024.

 

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Portfolio and Investment Activity

 

As of December 31, 2024, our investment portfolio had an aggregate fair value of approximately $1,725.6 million and was comprised of approximately $1,286.7 million in secured loans, $315.5 million in equipment financings, and $123.4 million in equity and warrants, across 151 portfolio companies. The Company’s debt portfolio is comprised of 76.5% first-lien loans and 23.5% second-lien loans, with 77.1% of the debt portfolio at floating rates based on principal outstanding.

 

During the fourth quarter, the Company originated approximately $410.6 million of total new commitments. Fourth quarter gross investments funded totaled approximately $297.3 million, which was comprised of $233.4 million of investments in 9 new portfolio companies, $58.7 million of investments in 15 existing portfolio companies and a $5.2 million investment in multi-sector holdings. Gross investment fundings during the quarter for secured loans totaled $190.2 million, equipment financings totaled $96.4 million, and warrant and equity investments totaled $10.7 million.

 

Proceeds received from exits and repayments of the Company’s investments during the fourth quarter totaled approximately $280.6 million, which included $129.0 million from early debt repayments, $16.4 million from warrant and equity exits, $58.7 million from scheduled/amortizing debt payments, and $76.5 million from investments sold to multi-sector holdings. The investment portfolio increased by $36.7 million on a cost basis, an increase of 2.1%, and $38.7 million on a fair value basis, an increase of 2.3% as compared to September 30, 2024.

 

As of the end of the fourth quarter, loans to three portfolio companies and equipment financings to two portfolio companies were on non-accrual status with a total fair value of approximately $12.7 million, or 0.8% 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, 2024 and September 30, 2024 (dollars in thousands):

 

 

		December 31, 2024		September 30, 2024
Investment Risk Rating Scale Range	Designation	Investments at Fair Value	Percentage of Total Portfolio	Investments at Fair Value	Percentage of Total Portfolio
4.0 - 5.0	Very Strong Performance	$ 89,716	5.6%	$ 105,385	6.7%
3.0 - 3.9	Strong Performance	453,584	28.3%	458,494	29.1%
2.0 - 2.9	Performing	972,001	60.7%	918,292	58.4%
1.6 - 1.9	Watch	62,883	3.9%	57,457	3.6%
1.0 - 1.5	Default/Workout	11,062	0.7%	22,201	1.4%
Total Debt Investments excluding Senior Credit Corp 2022 LLC		1,589,246	99.2%	1,561,829	99.2%
	Senior Credit Corp 2022 LLC (1)	12,885	0.8%	12,885	0.8%
Total Debt Investments		$ 1,602,131	100.0%	$ 1,574,714	100.0%

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(1) An investment risk rating is not applied to Senior Credit Corp 2022 LLC.

 

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As of December 31, 2024, the Company’s loan and equipment financing investments had a weighted average risk rating score of 2.9, consistent with the 2.9 score as of September 30, 2024. Trinity Capital’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, 2024, the Company had approximately $496.6 million in available liquidity, including $9.6 million in unrestricted cash and cash equivalents. At the end of the period, the Company had approximately $487.0 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 JV and funds managed by our wholly owned RIA subsidiary.

 

During the quarter, the Company announced it closed a private notes offering totaling $142.5 million in aggregate principal amount of unsecured Series A Notes. The Series A Notes are comprised of three-, four- and five-year tenors.

 

During the quarter, Trinity Capital expanded its KeyBank Credit Facility to $600 million. The credit facility was expanded under the existing accordion feature by $90 million, bringing total commitments from $510 million to $600 million. The $90 million increase was provided by the current diversified bank syndicate. The existing credit facility accordion feature allows for maximum commitments of up to $690 million.

 

As of December 31, 2024, Trinity Capital’s leverage, or debt-to-equity ratio, was approximately 108% as compared to 122% as of September 30, 2024.

 

During the three months ended December 31, 2024, Trinity Capital utilized its ATM offering program to sell 3,560,535 shares of its common stock at a weighted average price of $14.16 per share, raising $49.7 million of net proceeds.

 

Distributions

 

On December 12, 2024, the Company’s Board of Directors declared a regular dividend totaling $0.51 per share with respect to the quarter ended December 31, 2024, which was paid on January 15, 2025, to stockholders of record as of December 31, 2024. The Board of Directors generally determines and announces the Company’s dividend distribution on a quarterly basis.

 

Recent Developments

 

On January 16, 2025, the 2025 Notes matured pursuant to their terms and were repaid in full, and are no longer outstanding or listed on Nasdaq.

 

On February 10, 2025, we entered into an open market sale agreement with B. Riley Securities, Inc. (the “Sales Agent”), as sales agent and/or principal thereunder. Under the Sales Agreement, we may, but have no obligation to, issue and sell, from time to time, up to $100,000,000 aggregate principal amount of the March 2029 Notes and/or September 2029 Notes, through the Sales Agent or to the Sale Agent, as principal for its own account.

 

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On February 20, 2025, the holders of the Convertible Notes exercised their right to convert all of the outstanding principal amount of the Convertible Notes, pursuant to the terms of conditions of the Convertible Notes. At our election, the Company paid $66.2 million in cash to satisfy in full its obligation to pay the principal amount of the Convertible Notes, such settlement amount being determined based on the then-existing conversion rate of 81.6439 per $1,000 principal amount of the Convertible Notes. As a result, the Convertible Notes are no longer outstanding.
 

For the period from January 1, 2025 to February 24, 2025, the Company issued and sold 1,141,695 shares of its common stock at a weighted-average price of $15.24 per share and raised $17.2 million of net proceeds after deducting commissions to the sales agents on shares sold under the ATM Program.

 

Conference Call

 

Trinity Capital will hold a conference call to discuss its fourth quarter and full year 2024 financial results at 12:00 p.m. Eastern Time on Wednesday, February 26, 2025.

 

To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ424 if asked, approximately 10 minutes prior to the start of the call.

 

A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until March 5, 2025. To access the replay, please dial (800) 723-0389 or (402) 220-2647.

 

About Trinity Capital Inc.

 

Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager, aiming to provide investors with stable and consistent returns through access to the private credit market. We source, vet, and invest in dynamic privately funded growth-oriented companies, giving our investors access to a strong and diversified portfolio. With distinct business verticals, Trinity Capital stands as a trusted partner for innovative companies seeking tailored growth capital solutions. Headquartered in Phoenix, Arizona, the firm has an international footprint, supported by a dedicated team of strategically located investment professionals. For more information, visit the company’s website at trinitycapital.com and stay connected by following us on LinkedIn and X (formerly Twitter).

 

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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. 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 “Cautionary Note Regarding Forward-Looking Statements,” “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@trincapinvestment.com 

 

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TRINITY CAPITAL INC.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)

 

		December 31,				December 31,
		2024				2023
ASSETS
Investments at fair value:
Control investments (cost of $82,391 and $43,807, respectively)		$	89,249			$	32,861
Affiliate investments (cost of $34,309 and $11,006, respectively)			34,727				11,335
Non-Control / Non-Affiliate investments (cost of $1,643,526 and $1,264,503, respectively)			1,601,594				1,230,984
Total investments (cost of $1,760,226 and $1,319,316, respectively)			1,725,570				1,275,180
Cash and cash equivalents			9,627				4,761
Interest receivable			16,542				11,206
Deferred credit facility costs			6,586				2,144
Other assets			15,916				17,691
Total assets		$	1,774,241			$	1,310,982
LIABILITIES
KeyBank Credit Facility		$	113,000			$	213,000
2025 Notes, net of $81 and $2,015, respectively, of unamortized deferred financing costs			152,419				180,485
Series A Notes, net of $1,650 and $0, respectively, of unamortized deferred financing costs			140,850				—
August 2026 Notes, net of $950 and $1,526, respectively, of unamortized deferred financing costs			124,050				123,474
September 2029 Notes, net of $3,433 and $0, respectively, of unamortized deferred financing costs			111,567				—
March 2029 Notes, net of $2,879 and $0, respectively, of unamortized deferred financing costs			112,121				—
December 2026 Notes, net of $729 and $1,102, respectively, of unamortized deferred financing costs			74,271				73,898
Convertible Notes, net of $605 and $1,243, respectively, of unamortized deferred financing costs and discount			49,395				48,757
Distribution payable			31,451				23,162
Security deposits			8,472				12,287
Accounts payable, accrued expenses and other liabilities			33,663				24,760
Total liabilities			951,259				699,823
NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 61,669,059 and 46,323,712 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively)			62				46
Paid-in capital in excess of par			829,626				633,740
Distributable earnings/(accumulated deficit)			(6,706	)			(22,627	)
Total net assets			822,982				611,159
Total liabilities and net assets		$	1,774,241			$	1,310,982
NET ASSET VALUE PER SHARE		$	13.35			$	13.19

 

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TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

 

		Three Months Ended													Year Ended
		December 31, 2024						December 31, 2023									December 31, 2024								December 31, 2023
INVESTMENT INCOME:
Interest and dividend income:
Control investments		$		2,734				$			942						$			8,764					$			4,179
Affiliate investments				1,099							659									2,903								1,025
Non-Control / Non-Affiliate investments				62,477							43,144									215,062								169,636
Total interest and dividend income				66,310							44,745									226,729								174,840
Fee and other income:
Affiliate investments				687							487									3,196								2,158
Non-Control / Non-Affiliate investments				3,835							2,602									7,766								4,857
Total fee and other income				4,522							3,089									10,962								7,015
Total investment income				70,832							47,834									237,691								181,855
EXPENSES:
Interest expense and other debt financing costs				19,052							10,446									61,948								44,296
Compensation and benefits				12,180							8,434									43,517								33,093
Professional fees				1,964							1,307									5,318								5,407
General and administrative				2,618							1,896									8,858								6,598
Total gross expenses				35,814							22,083									119,641								89,394
Allocated expenses to Trinity Capital Adviser, LLC				(347)							—									(473)								—
Total net expenses				35,467							22,083									119,168								89,394
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES				35,365							25,751									118,523								92,461
Excise tax expense				781							684									2,678								2,560
NET INVESTMENT INCOME				34,584							25,067									115,845								89,901
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Control investments				(310)							—									(4,226		)						—
Affiliate investments				—							—									—								(26,251		)
Non-Control / Non-Affiliate investments				9,597							773									(5,504		)						(1,820
Net realized gain/(loss) from investments				9,287							773									(9,730		)						(28,071		)
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments				8,540							(21		)							18,997								(4,884)
Affiliate investments				(304	)						(122		)							89								27,380
Non-Control / Non-Affiliate investments				(6,248	)						(7,993		)							(9,605		)						(7,433		)
Net change in unrealized appreciation/(depreciation) from investments				1,988							(8,136		)							9,481								15,063
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$		45,859				$			17,704						$			115,596					$			76,893
NET INVESTMENT INCOME PER SHARE - BASIC		$		0.58				$			0.57						$			2.20					$			2.31
NET INVESTMENT INCOME PER SHARE - DILUTED		$		0.56				$			0.54						$			2.11					$			2.19
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC		$		0.77				$			0.40						$			2.19					$			1.98
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED		$		0.74				$			0.39						$			2.10					$			1.89
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC				59,407,888							44,308,189									52,705,732								38,910,150
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED				63,431,004							48,103,914									56,728,848								42,705,875

 

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FOURTH QUARTER AND FULL YEAR 2024 INVESTOR PRESENTATION

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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 Registration Statement on Form 424B1. 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.

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COMPANY OVERVIEW

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Historical information includes information and data related to Trinity Capital's predecessor funds, the first of which was launched in 2008, through December 31, 2024. 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 (JV), EPT 16 LLC, and Trinity Capital Adviser, LLC (RIA) as of December 31, 2024. Based on the closing price of TRIN of $15.93 on February 24, 2025. As of December 31, 2024. Annualized based on the $0.51 dividend per share declared for Q4 2024 and a closing stock price of $14.47 on December 31, 2024. Includes $9.6 million of cash and cash equivalents and $487.0 million of available borrowing capacity on our KeyBank Credit Facility. Excludes capital raised by the JV and funds managed by our wholly owned RIA subsidiary. Credit ratings assigned by Egan-Jones Ratings Company and Morningstar DBRS, 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 16+ Year track Record(1) PORTFOLIO(4) LIQUIDITY(4) 391 Investments 227 Exits $2.0B Assets Under Management(2) MARKET CAP / DIVIDEND YIELD 14.1%Annualized  Dividend Yield(5) $1.0B  Market Cap(3) $13.35 NAV  per share(4) $1,286.7M Secured Loans 81 Companies $315.5M Equipment Financings 28 Companies $123.4M Equity & Warrants 128 Companies $4.1B Fundings $496.6MAvailable Liquidity(6) BBB, BBB(low)Investment Ratings(7) 108%Debt-to-Equity

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THE TRINITY PLATFORM Unique internal management structure and capitalization diversification fortifies the TRIN platform and produces enhanced value proposition Additional liquidity Fee and interest income Incremental returns Co-investment opportunities TRINITY CAPITAL (NASDAQ: TRIN) Internally Managed BDC Tech Lending | Equipment Financing | Life Sciences | Asset-Backed Lending | Sponsor Finance Senior Credit Corp 2022 LLC (Joint Venture) Co-investment vehicle owned 12.5% by TRIN. Potential Private Vehicles (private funds, BDCs, SMAs, JVs) EPT 16 LLC (Private Fund advised by RIA) EPT 16 is a private co-investment fund intended to convert to a private BDC (pending SEC exemptive relief). Trinity Capital Adviser (Registered Investment Adviser “RIA”) Trinity’s wholly owned RIA generates management and incentive fees by advising private funds. Benefits to TRIN Shareholders

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DIVERSE BUSINESS VERTICALS Diversified across investment type, transaction size, industry and geography SPONSOR FINANCE LIFE SCIENCES TECH LENDING EQUIPMENT FINANCE Asset-backed LENDING NASDAQ TRIN Senior secured term loans to institutionally-backed technology companies Financing mission-critical manufacturing equipment and hard assets Senior secured term loans to commercial stage life science companies Enterprise value secured term loans to private equity-backed software companies Asset-backed lending to bankruptcy-remote SPVs UP TO $100M Diverse business verticals with largest credit exposure less than 4% of total debt investments (as of December 31, 2024) PLATFORM TRANSACTION SIZE

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With unique capitalization and diversified businesses, we aim to provide investors with stable and consistent returns by offering access to the private credit market Internally Managed BDC Aligned interests between employees and shareholders Management company and a pool of diversified assets Robust & Scalable Platform Robust and scalable systems for origination, underwriting and monitoring Separation of origination, underwriting and portfolio management duties aids “positive feedback” loop 88 dedicated professionals with a unique culture built over 16+ years WHY IS TRINITY DIFFERENT Diversified Business Verticals Tech Lending | Life Sciences | Asset-Backed Lending | Sponsor Finance | Equipment Financing Diversification across investment type, industry and geography We maintain full ownership and control of our deal pipeline

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Broad origination pipeline of private equity and venture capital firms, tech banks, former clients, service providers and inbound interest Established intercreditor agreements with the banks. Our capital in combination with bank debt results in a lower blended cost to our customers Relationships with top market share banks catering to majority of private equity- and venture capital-backed companies ENTRENCHED INDUSTRY RELATIONSHIPS First-call relationships with top industry-partners cultivated over years of experience

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Investor Syndicate Revenue & Gross Margins Business Model Includes historical information of Trinity Capital's predecessor funds, the first of which was launched in 2008, through December 31, 2024. Past performance is not indicative of future results. Investment results may vary significantly over any given time period. FINANCIALS DEBT STRUCTURE CAPITALIZATION MANAGEMENT PRODUCT & MARKET Product Differentiation Market Potential Industry & Start-up Experience BOD Make-up Fund Vintage & Dry Capital Collateral Cash Life UNDERWRITING APPROACH AND RISK MITIGATION Disciplined investment approach keeps our annualized loss rate at 23 bps, which is more than offset by realized gains on warrant and equity investments(1)

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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 Select Examples TECH LENDING Senior secured term loans to institutionally-backed technology companies Empower Finance is helping people find financial security through machine learning models that evaluate creditworthiness. Investor Syndicate Sequoia Capital, Blisce, Icon Ventures, Initialized Capital Term Loans 01 SECURED LOANS Lien on all assets including IP 02 BACKED BY INSTITUTIONAL CAPITAL Companies have raised significant equity 03 GROWTH CAPITAL Debt proceeds used to fuel growth and scale business

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Equipment Financings 02 01 03 EQUIPMENT FINANCING Financing mission-critical manufacturing equipment and hard assets 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 AG Ventures, Valency Capital, TRB Advisors Rocket Lab 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 Select Examples 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

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Term Loans 02 LIFE SCIENCES Senior secured term loans for growth capital to commercial stage life sciences companies RxAnte is a leading predictive analytics and clinical services company dedicated to improving medications use and health outcomes. Investor Syndicate First Trust Capital Partners, UPMC Enterprises Select Examples 01 SECURED LOANS Lien on all assets including IP STRONG CLINICAL DATA PROFILE Established or clear “line of sight” to favorable reimbursement 03 REGULATORY COMPLIANCE Companies received regulatory (FDA or EMA) approval or late-stage clinical trials Shoulder Innovations is a shoulder arthroplasty-focused medical device development company that designs and commercializes products that have the potential for improved patient care and reduced cost to the healthcare system. Investor Syndicate Gilde Healthcare Partners, US Venture Partners, Lightstone, Aperture Venture Partners

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ASSET-BACKED LENDING Asset-backed lending to bankruptcy-remote SPVs Denim provides comprehensive financial tools, including invoice audit, a document inbox, TMS integrations, and smart automation technologies to streamline your back-office operations. Investor Syndicate Pelion Venture Partners, Crosslink Capital, Anthemis, FJ Labs Parafin empowers small businesses by providing them customized, embedded financial products through the platforms they already use, such as on-demand marketplaces, point-of-sales solutions, and vertical SaaS. Investor Syndicate GIC, Thrive Capital, Ribbit Capital Select Examples Revolving Credit Lines 01 REVOLVING CREDIT LINE Based on eligible assets in SPV 03 ASSET-BACKED COLLATERAL Borrowing base is comprised of cash flow positive assets 02 BACKED BY INSTITUTIONAL CAPITAL Companies have raised significant equity

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01 03 02 Enterprise value secured term loans to private equity-backed software companies SPONSOR FINANCE ServiceTrade streamlines service and project operations to reduce administrative costs, optimizes field performance to increase revenue per technician, and boosts sales and client retention to grow margins. Investor Syndicate JMI Equity Impel offers auto dealers, wholesalers, OEMs, and marketplaces the industry’s most advanced AI-powered customer lifecycle management platform. Investor Syndicate Silversmith Capital Partners Select Examples Term Loans 01 SENIOR SECURED LOANS Lien on all assets including IP MAJORITY CONTROL BY PRIVATE EQUITY Significant cash equity cushion relative to senior debt 03 ESTABLISHED BUSINESSES Well positioned and growing at above market rate, with a fully funded plan

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FINANCIAL HIGHLIGHTS

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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. Includes the fair value of assets managed by Trinity Capital through the JV, EPT 16, and the RIA as of December 31, 2024. Effective yield includes fees and accelerated income from prepayments but excludes fees earned from the JV, and is calculated based on the daily weighted average debt investments at cost. Core yield excludes fees and accelerated income from prepayments. Total Investment Income of $70.8M Net Investment Income (“NII”) of $34.6M Net Interest Margin (“NIM”) of 12.1% NII per share of $0.58 provides 113.7% of regular distribution coverage Consistent fourth quarter regular dividend distribution of $0.51 per share Robust Earnings Total Debt Investments (at cost): $1,641.0M Total Investments (at cost): $1,760.2M Total Platform Assets Under Management(2) (at fair value): $2,043.7M Effective Yield(3): 16.4% Core Yield(4): 14.7% Debt & equity commitments in 4Q24: $410.6M Debt & equity fundings in 4Q24: $297.3M Unfunded commitments(1) as of 12/31/2024: $692.8M Term sheets signed as of 12/31/2024: $158.0M Q4 2024 HIGHLIGHTS Leading Originations Platform Portfolio Assets

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Net Investment Income covered regular dividend by 113.7% in 4Q24 Twentieth consecutive consistent or increased regular dividend 14.1% annualized total dividend yield(1) SOLID SHAREHOLDER RETURNS Annualized based on the $0.51 dividend per share declared for Q4 2024 and a closing stock price of $ 14.47 on December 31, 2024.

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For the three months ended For the three months ended Nine Months Ended September 30 (In thousands, except per share amounts) 12/31/2024 09/30/2024 06/30/2024 03/31/2024 12/31/2023 Total Investment Income $ 70,832 $ 61,766 $ 54,641 $ 50,453 $ 47,834 Interest expense and other debt financing costs 19,052 16,868 13,885 12,144 10,446 Compensation and benefits 12,180 11,528 9,944 9,864 8,434 General and administrative(1) 5,016 4,010 4,069 3,288 3,887 Total Operating Expenses 36,248 32,406 27,898 25,296 22,767 Net Investment Income (NII) 34,584 29,360 26,743 25,157 25,067 Net Realized Gain / (Loss) from Investments 9,287 (13,880) (6,488) 1,351 773 Net Change in Unrealized Appreciation / (Depreciation) from Investments 1,988 8,920 10,573 (12,000) (8,136) Net Increase (Decrease) in Net Assets from Operations $ 45,859 $ 24,400 $ 30,828 $ 14,508 $ 17,704 Net Investment Income (NII) per Share – Basic $0.58 $0.54 $0.53 $0.54 $0.57 Net Increase (Decrease) in Net Assets resulting from Operations per Share – Basic $0.77 $0.45 $0.61 $0.31 $0.40 Weighted Average Shares Outstanding – Basic 59,408 54,413 50,162 46,748 44,308 QUARTERLY INCOME STATEMENT General and administrative expenses include excise tax expense and expenses allocated to the RIA.

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INCOME SOURCE & PORTFOLIO YIELD TRENDS Strong Yields Produce Solid Investment Income Includes fees and dividend income earned from the JV. Effective yield includes fees and accelerated income from prepayments but excludes fees earned from the JV, 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)

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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.

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NET INVESTMENT INCOME (NII) PER SHARE BRIDGE

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For the three months ended Nine Months Ended September 30 (In thousands, except per share amounts) 12/31/2024 09/30/2024 06/30/2024 03/31/2024 12/31/2023 Assets Total investments at fair value $ 1,725,750 $ 1,686,862 $ 1,424,815 $ 1,363,862 $ 1,275,180 Cash and cash equivalents 9,627 8,535 46,102 11,967 4,761 Interest receivable 16,542 16,947 13,976 13,312 11,206 Other assets 22,502 22,419 20,534 20,551 19,835 Total Assets $ 1,774,241 $ 1,734,763 $ 1,505,427 $ 1,409,692 $ 1,310,982 Liabilities KeyBank Credit Facility $ 113,000 $ 290,000 $ 254,700 $ 190,000 $ 213,000 Unsecured Notes, net of unamortized deferred financing costs (1) 764,673 622,586 510,157 539,304 426,614 Distribution payable 31,451 29,397 26,443 24,808 23,162 Security deposits 8,472 9,393 11,169 11,114 12,287 Accounts payable, accrued expenses, and other liabilities 33,663 26,592 22,919 18,150 24,760 Total Liabilities $ 951,259 $ 977,968 $ 825,388 $ 783,376 $ 699,823 Net Assets $ 822,982 $ 756,795 $ 680,039 $ 626,316 $ 611,159 Shares outstanding 61,669 57,642 51,849 48,643 46,324 Net Assets per Share (NAV per share) $13.35 $13.13 $13.12 $12.88 $13.19 QUARTERLY BALANCE SHEET Includes the 2025 Unsecured Notes, August 2026 Unsecured Notes, December 2026 Unsecured Notes, March 2029 Unsecured Notes, September 2029 Unsecured Notes, Series A Notes and Convertible Notes. Refer to the ‘Debt Capital Structure’ slide for further details.

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Includes the impact of share activity and equity incentive plans. NET ASSET VALUE (NAV) PER SHARE BRIDGE Earnings and Distributions Investment Portfolio Performance ShareImpact(1)

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The 2025 Notes matured and were repaid in full on January 16, 2025. The Convertible Notes were converted at the noteholders’ option on February 20, 2025, and Trinity elected to pay its full obligation for the notes in cash on February 25, 2025. 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. Represents the current maximum availability of $600.0 million as of December 31, 2024. Such commitment can be increased up to $690.0 million under the current terms of the facility. Diversified Borrowings ($ in millions) as of December 31, 2024 DEBT CAPITAL STRUCTURE Funding Source Debt Commitment Outstanding Principal Stated Maturity Interest Rate Notes: 2025 Unsecured Notes(1) $152.5 $152.5 January 16, 2025(1) 7.00% Convertible Notes(2) $50.0 $50.0 December 11, 2025(2) 6.00% August 2026 Unsecured Notes $125.0 $125.0 August 24, 2026 4.375% December 2026 Unsecured Notes $75.0 $75.0 December 15, 2026 4.25% March 2029 Unsecured Notes(3) $115.0 $115.0 March 30, 2029(3) 7.875% September 2029 Unsecured Notes (4) $115.0 $115.0 September 30, 2029(4) 7.875% Series A Notes(5) $142.5 $142.5 Various(5) 7.54% to 7.66%(5) Bank Facility: KeyBank Credit Facility $600.0(6) $113.0 July 27, 2029 Adjusted Term SOFR + 2.85% to 3.25%

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PORTFOLIO HIGHLIGHTS

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PORTFOLIO DIVERSIFICATION Diversified across investment type, transaction size, industry and geography Based on fair market value as of December 31, 2024. Includes debt investments only. Consists of the fair value of our investments in the JV, EPT 16, and the RIA as of December 31, 2024. 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. Investment Type(1) Transaction Size(1)(2) Industry Type(1) Geographic Allocation(1) International 3.0% Multi-Sector Holdings(3) 1.9% 31.5% 10.5% 5.6% 9.5% 10.4% 27.6%

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Based on outstanding principal. Based on fair market value. Mix of fixed and floating rate investments Strong asset diversification PORTFOLIO TRENDS

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4Q24 3Q24 2Q24 1Q24 4Q23 Very Strong Performance (4.0 – 5.0) $89,716 5.7% $105,385 6.8% $70,183 5.3% $56,991 4.5% $40,584 3.3% Strong Performance (3.0 – 3.9) $453,584 28.5% $458,494 29.4% $306,187 23.1% $275,106 21.5% $277,867 22.9% Performing (2.0 – 2.9) $972,001 61.1% $918,292 58.7% $886,030 67.0% $875,950 68.5% $805,730 66.3% Watch (1.6– 1.9) $62,883 4.0% $57,457 3.7% $53,449 4.0% $65,410 5.1% $56,740 4.7% Default/Workout (1.0 – 1.5) $11,062 0.7% $22,201 1.4% $8,035 0.6% $5,539 0.4% $33,452 2.8% Weighted Average 2.9 2.9 2.7 2.7 2.7 Credit Risk Rating of Debt investments at Fair Value, 4Q 2023 – 4Q 2024 ($ in thousands)(1) Consistent and Disciplined Underwriting Standards DISCIPLINED CREDIT RATING The total fair value of debt investments excludes our debt investment in the JV, which was $12.9 million as of December 31, 2024. (1)

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INTEREST RATE SENSITIVITY 77.1% floating rate debt investment portfolio as of December 31, 2024(1) 12.7% floating rate borrowings as of December 31, 2024(2) Based on outstanding principal of debt investments. Based on outstanding principal of borrowings.

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HYPOTHETICAL WARRANT UPSIDE Proceeds of $72.7 million (2X) Potential gain of $16.0 millionor $0.26 per share Proceeds of $109.1 million (3X) Potential gain of $52.4 millionor $0.85 per share Proceeds of $145.4 million (4X) Potential gain of $88.7 millionor $1.44 per share 177 Warrant Positions in 115 Portfolio Companies GAAP fair value ~ $51.5 million GAAP cost ~ $40.7 million ~ $72.7 million in nominal exercise value Hypothetical Models of Potential Warrant Gains at 12/31/2024 Assume that only 50% of warrants will monetize Cost of exercised warrants is ~ $56.7 million Based on 61.7 million shares of common stock outstanding at 12/31/2024 MULTIPLE MULTIPLE MULTIPLE 2X 3X 4X For Illustration Purposes Only

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Select List of Current & Historical Investments DIVERSIFIED PORTFOLIO

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ANALYST COVERAGE

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EXTENSIVE INDUSTRY ANALYST COVERAGE Followed by eight firms Paul Johnson (initiated coverage 2/23/2021) Finian O’Shea (initiated coverage 2/23/2021) Douglas Harter (initiated coverage 2/23/2021) TBD(1) (initiated coverage 9/16/2022) Casey Alexander (initiated coverage 2/23/2021) Christopher Nolan (initiated coverage 2/23/2021) Mitchell Penn (initiated coverage 5/3/2021) 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. Matt Hurwit (initiated coverage 7/5/2023) (1) Pending updated analyst assignment.

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SUPPLEMENTAL INFORMATION

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BUSINESS DEVELOPMENT COMPANY (BDC) REGULATED INVESTMENT COMPANY (RIC) 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 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 REGULATION & STRUCTURE

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v3.25.0.1

Cover	Feb. 26, 2025
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 26, 2025
Entity File Number	001-39958
Entity Registrant Name	TRINITY CAPITAL INC.
Entity Central Index Key	0001786108
Entity Tax Identification Number	35-2670395
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	1 N. 1st Street
Entity Address, Address Line Two	Suite 302
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85004
City Area Code	480
Local Phone Number	374-5350
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Common Stock, par value $0.001 per share
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	TRIN
Security Exchange Name	NASDAQ
7.875% Notes Due 2029
Title of 12(b) Security	7.875% Notes Due 2029
Trading Symbol	TRINZ
Security Exchange Name	NASDAQ
7.875% Notes Due 2029
Title of 12(b) Security	7.875% Notes Due 2029
Trading Symbol	TRINI
Security Exchange Name	NASDAQ

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