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A n I n t e r n a t i o n a l A l t e r n at i v e A s s e t M a n a g e r THIRD QUARTER 2025 TRINITYCAPITAL.COM NASDAQ: TRIN INVESTOR PRESENTATION
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2 FORWARD -LOOKING STATEMENTS | DISCLAIMER Trinity Capital Inc. (the “Company”) cautions that this presentation may contain forward-looking statements that are based on current expectations and assumptions about future events, and which are not based in historical fact. The forward-looking statements in this presentation are based on current conditions as of the date of this presentation, and include, but are not limited to, statements regarding our financial objectives, beliefs, strategies, anticipated future operating results and cash flows, operating expenses, investment originations and performance, available capital, and payment of future dividends and stockholder returns. Although our management believes that the expectations reflected in any forward-looking statements are reasonable, actual results could differ materially from those expressed or implied in the forward-looking statements. By their nature, these forward-looking statements involve numerous assumptions, uncertainties and risks, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements, as a number of factors could cause future Company results to differ materially from these statements. Forward-looking statements may be influenced in particular by factors such as fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate, and changes in economic, political and regulatory conditions. When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events. Historical results discussed in this presentation are not indicative of future results. The information disclosed in this presentation is made as of the date hereof and reflects Trinity Capital Inc. ’s current assessment of its financial performance for the most recent period reported. Actual financial results filed with the Securities and Exchange Commission in the future may differ from those contained herein in the event of additional adjustments recorded prior to the filing of its financial statements. The information contained in this presentation should be viewed in conjunction with Trinity Capital Inc. 's most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K or Prospectuses. We undertake no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations. This presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy our common stock or any other securities nor will there be any sale of the common stock or any other securities referred to in this presentation in any state or jurisdiction in which such offer , solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by Trinity Capital Inc. or as legal, accounting or tax advice.
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COMPANY OVERVIEW
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4 (1) Historical information includes information and data related to Trinity Capital's predecessor funds, the first of which was launched in 2008, through September 30, 2025. The predecessor funds were merged with and into Trinity Capital on January 16, 2020, immediately after which Trinity Capital began operating as a business development company. (2) Includes the fair value of assets managed by Trinity Capital through Senior Credit Corp 2022 LLC, Eagle Point Trinity Senior Secured Lending Company (fka EPT 16 LLC), Trinity Capital Adviser LLC, and Direct Lending 2025 LLC as of September 30, 2025. (3) Based on the closing price of TRIN of $15.12 on November 3, 2025. (4) Fair value as of September 30, 2025. (5) Annualized based on the $0.51 dividend per share declared for Q3 2025 and a closing stock price of $15.48 on September 30, 2025. (6) Includes $9.5 million of cash and cash equivalents and $208.4 million of available borrowing capacity on our KeyBank Credit Facility. Excludes capital raised by Senior Credit Corp 2022 LLC and funds managed by our wholly owned RIA subsidiary, Trinity Capital Adviser LLC. (7) Credit ratings assigned by Egan-Jones, Morningstar DBRS, and Moody’s, respectively, which are independent, unaffiliated rating a gencies. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. There can be no assurance that this rating will remain for any given period of time. TRINITY CAPITAL OVERVIEW Diversified financial solutions to growth-stage companies | NASDAQ – TRIN, TRINZ, TRINI 17+ YEAR TRACK RECORD(1) MARKET CAP / DIVIDEND YIELD PORTFOLIO(4) LIQUIDITY(4) $5.1B Fundings 449 Investments 257 Exits $2.6B Assets Under Management(2) $1,144.3M Market Cap(3) $1,678.3M Secured Loans 97 Companies $217.9M Available Liquidity(6) $13.31 NAV per share(4) $318.2M Equipment Financings 24 Companies BBB, BBB(low), Baa3 Investment Ratings(7) 13.2% Annualized Dividend Yield(5) $195.9M Equity & Warrants 152 Companies 119% Debt-to-Equity
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5 THE TRINITY PLATFORM Additional liquidity Fee and interest income Incremental returns Co-investment opportunities Internally Managed BDC T ech Lending | Equipment Finance | Life Sciences | Asset Based Lending | Sponsor Finance Co-investment vehicle owned 12.5% by TRIN. Eagle Point Trinity Senior Secured Lending Company is a private BDC. Trinity’s wholly owned RIA generates management and ince ntive fe es by advising private funds. Benefits to TRIN Shareholders Unique internal m anagem en t struct ure and cap italization diversification fort ifies th e TR IN p latform an d produces enh anced value p ropo sitio n Trinity Capital (NASDAQ: TRIN) Senior Credit Corp 2022 LLC (Joint Venture) Trinity Capital Adviser (Registered Investment Adviser “RIA”) Eagle Point Trinity Senior Secured Lending Company (BDC advised by RIA) Potential Private Vehicles (private funds, BDCs, SMAs, JVs) Co-investme nt vehicle owned 50.0% by TRIN. Direct Lending 2025 LLC (JV advised by RIA)
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6 TRINITY’S COMPLEMENTARY VERTICALS Diversified across investment type, transaction size, industry and geography U P TO $100M Diverse bu siness verticals with largest cred it expo su re less t han 4% of total debt investments (a s of Se p te mb er 3 0, 2 02 5) P L A T F O R M T R A N S A C T I O N S I Z E TECH LENDING EQUIPMENT FINANCE LIFE SCIENCES ASSET BASED LENDING SPONSOR FINANCE Senior secured term loans to institutionally backed technology companies Financing mission-critical manufacturing equipment and hard assets Senior secured term loans for growth capital to commercial stage life sciences companies Asset-based lending to bankruptcy-remote SPVs Enterprise value secured term loans to private equity-backed software companies
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7 Aligned interests between employees and shareholders Management company and a pool of diversified assets Diversification across investment type, industry and geography Robust & scalable systems for origination, underwriting & monitoring WHY TRINITY CAPITAL? With unique capitalization and diversified businesses, we aim to provide investors with stable and consistent returns by offe ring access to private credit market INTERNALLY MANAGED BDC DIVERSIFIED BUSINESS VERTICALS EXPERIENCED TEAM WITH A 17+ YEAR TRACK RECORD We maintain full ownership and control of our deal pipeline 100+ dedicated professionals with a unique culture built over 17+ years
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8 ENRICHED INDUSTRY RELATIONSHIPS First -call relationships with top industry -partners cultivated over years of experience Broad origination pipeline We have a broa d orig ina tion pipe li ne of pri vate equi ty and venture c api tal fi rms , tec h bank s, f or mer c lie nts , s er vi ce provi ders and inbound inte re s t. Relationships with top market share banks We have re lations hips w ith top mark et s hare bank s w ho cate r to the m aj or ity of pri vate e quity - a nd ve nture ca pita l -ba cke d compa nie s. Established intercreditor agreements We have e s tablis he d i nterc re ditor a gre eme nts w i th ba nks . Our c api ta l in c om binati on w i th ba nk de bt re s ults i n a low er ble nded cos t to our c ustome rs.
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9 UNDERWRITING APPROACH AND RISK MITIGATION Disciplined investment approach keeps our annualized loss rate at 26 bps, which is more than offset by realized gains on warrant and equity investments (1) Investor Syndicate Fund Vintage & Dry Capital Industry & Start-up Experience Board of Directors Make-up Revenue & Gross Margins Business Model Product Differentiation Market Potential Collateral Cash Life CAPITALIZATION MANAGEMENT FINANCIALS PRODUCT & MARKET DEBT STRUCTURE (1) Includes historical information of Trinity Capital's predecessor funds, the first of which was launched in 2008, through Sept ember 30, 2025. Past performance is not indicative of future results. Investment results may vary significantly over any given time period.
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10 TECH LENDING Senior secured term loans to institutionally-backed technology companies TERM LOANS SECURED LOANS Lien on all assets including IP BACKED BY INSTITUTIONAL CAPITAL Companies have raised significant equity GROWTH CAPITAL Debt proceeds used to fuel growth and scale business SELECT EXAMPLES WHOOP is a leading designer for wearable health and fitness trackers that capture biometric data shown to have the most impact on your health. Investor Syndicate SoftBank Vision Fund, IVP, Cavu Ventures, NextView Ventures Tilt *Formerly Empower Finance is helping people find financial security through machine learning models that evaluate creditworthiness. Investor Syndicate Sequoia Capital, Blisce, Icon Ventures, Initialized Capital
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11 EQUIPMENT FINANCE Financing mission-critical manufacturing equipment and hard assets EQUIPMENT FINANCE COMPANIES WITH CAPEX REQUIREMENTS Mission-critical hard assets JUST-IN-TIME CAPITAL Available as needed to meet growing equipment needs EQUIPMENT COLLATERAL Secured by perfected lien on equipment collateral RocketLab delivers reliable launch services, spacecraft components, satellites and other spacecraft to make it faster and easier to access space. Investor Syndicate BlackRock, Space Capital, Vector Capital Athletic Brewing brews great tasting Non-Alcoholic Craft Beer made with high-quality, all-natural ingredients and low calories for the active lifestyle. Investor Syndicate AG Ventures, Valency Capital, TRB Advisors SELECT EXAMPLES
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12 LIFE SCIENCES Senior secured term loans for growth capital to commercial stage life sciences companies TERM LOANS SECURED LOANS Lien on all assets including IP STRONG CLINICAL DATA PROFILE Established or clear “line of sight” to favorable reimbursement REGULATORY COMPLIANCE Companies received regulatory (FDA or EMA) approval or late-stage clinical trials Shoulder Innovations is a shoulder arthroplasty-focused medical device company that designs and commercializes products improving patient care and reducing costs. Investor Syndicate Gilde Healthcare Partners, US Venture Partners, Lightstone, Aperture Venture Partners 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
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13 ASSET BASED LENDING Asset-based lending to bankruptcy-remote SPVs REVOLVING CREDIT LINES REVOLVING CREDIT LINE Based on eligible assets in SPV BACKED BY INSTITUTIONAL CAPITAL Companies have raised significant equity ASSET-BACKED COLLATERAL Borrowing base is comprised of cash flow positive assets Parafin empowers small businesses by providing them customized, embedded financial products through on-demand marketplaces, point-of- sales solutions, and vertical SaaS. Investor Syndicate GIC, Thrive Capital, Ribbit Capital Denim provides comprehensive financial tools, including invoice audit, a document inbox, TMS integrations, and automation technologies to streamline operations. Investor Syndicate Pelion Venture Partners, Crosslink Capital, Anthemis, FJ Labs SELECT EXAMPLES
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14 SPONSOR FINANCE Enterprise value secured term loans to private equity-backed software companies TERM LOANS SECURED LOANS Lien on all assets including IP MAJORITY CONTROL BY PRIVATE EQUITY Significant cash equity cushion relative to senior debt ESTABLISHED BUSINESSES Well positioned and growing at above market rate, with a fully funded plan Impel offers auto dealers, wholesalers, OEMs, and marketplaces the industry’s most advanced AI-powered customer lifecycle management platform. Investor Syndicate Silversmith Capital Partners 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 SELECT EXAMPLES
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FINANCIAL HIGHLIGHTS
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16 (1) 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. (2) Includes the fair value of assets managed by Trinity Capital through Senior Credit Corp 2022 LLC, Eagle Point Trinity Senior Secured Lending Company, Trinity Capital Adviser LLC, and Direct Lending 2025 LLC as of September 30, 2025. (3) Effective yield for Trinity Capital includes fees and accelerated income from prepayments but excludes fees earned from Senior Credit Corp 2022 LLC and is calculated based on the daily weighted average debt investments at cost. (4) Core yield for Trinity Capital excludes fees and accelerated income from prepayments. Q3 2025 HIGHLIGHTS ROBUST EARNINGS LEADING ORIGINATIONS PLATFORM PORTFOLIO ASSETS $37.0M Net Investment Income (“NII”) 10.9% Net Interest Margin (“NIM”) $75.6M Total Investment Income $0.51 per share Consistent third quarter regular dividend distribution $773.0M Debt & equity commitments in 3Q25 $470.6M Debt & equity fundings in 3Q25 $1,208.6M Unfunded commitments (1) as of 9/30/2025 17 New portfolio companies funded in 3Q25 $2,034.0M Total Debt Investments (at cost) $2,204.8M Total Investments (at cost) $2,550.5M Total Platform Assets Under Management (2) (at fair value) 15.0% Effective Yield (3) 14.0% Core Yield (4)
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17 SOLID SHAREHOLDER RETURNS 23rd consecutive consistent or increased regular dividend 13.2% annualized total dividend yield (1) $0.22 $0.49 $0.76 $1.03 $1.31 $1.60 $1.93 $2.29 $2.69 $3.11 $3.56 $4.02 $4.49 $4.97 $5.46 $5.96 $6.47 $6.98 $7.49 $8.00 $8.51 $9.02 9.53 $0.15 $0.30 $0.45 $0.60 $0.60 $0.65 $0.70 $0.70 $0.70 $0.70 $0.70 $0.70 $0.70 $0.70 $0.70 $0.22 $0.27 $0.27 $0.27 $0.28 $0.29 $0.33 $0.36 $0.40 $0.42 $0.45 $0.46 $0.47 $0.48 $0.49 $0.50 $0.51 $0.51 $0.51 $0.51 $0.51 $0.51 $0.51 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 $0.30 $0.35 $0.40 $0.45 $0.50 $0.55 $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 $10.00 $11.00 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 DI VI DEN D G ROWT H Cumulative Regular Dividends Cumulative Supplemental Dividends Quarterly Regular Dividends (1) Annualized based on the $0.51 dividend per share declared for Q3 2025 and a closing stock price of $15.48 on September 30, 2025. Regular dividend coverage of 102.0% based on 3Q25 NII per share
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18 (1) General and administrative expense includes excise tax expense and is net of expenses allocated to Trinity Capital Adviser LL C. QUARTERLY INCOME STATEMENT For the three months ended (In thousands, except per share amounts) 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 Total Investment Income $ 75,550 $ 69,483 $ 65,385 $ 70,832 $ 61,766 Interest expense and other debt f inancing costs 20,981 18,044 17,656 19,052 16,868 Compensation and benefits 13,388 12,489 10,645 12,180 11,528 General and administrative (1) 4,215 4,146 4,701 5,016 4,010 Total Operating Expenses 38,584 34,679 33,002 36,248 32,406 Net Investment Income (NII) 36,966 34,804 32,383 34,584 29,360 Net Realized Gain / (Loss) from Investments (20,025) (8,262) (2,154) 9,287 (13,880) Net Change in Unrealized Appreciation / (Depreciation) from Investments 10,704 14,872 (3,142) 1,988 8,920 Net Increase (Decrease) in Net Assets from Operations $ 27,645 $ 41,414 $ 27,087 $ 45,859 $ 24,400 Net Investment Income (NII) per Share – Basic $0.52 $0.53 $0.52 $0.58 $0.54 Net Increase (Decrease) in Net Assets resulting from Operations per Share –Basic $0.39 $0.63 $0.43 $0.77 $0.45 Weighted Average Shares Outstanding – Basic 71,468 65,912 62,556 59,408 54,413
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19 INCOME SOURCE & PORTFOLIO YIELD TRENDS $1,610 $1,641 $1,710 $1,875 $2,034 16.1% 16.4% 15.3% 15.7% 15.0% 14.9% 14.7% 14.1% 13.9% 14.0% 13.1% 12.7% 12.5% 12.3% 12.1% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% $- $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 3Q24 4Q24 1Q25 2Q25 3Q25 P ORTFOL IO Y IEL DS Total Debt Investments (Cost, $ in millions) Effective Yield Core Yield Weighted Average Coupon Rate 71.8% 70.0% 71.4% 69.4% 74.5% 18.5% 17.5% 18.1% 17.4% 16.4% 9.7% 12.5% 10.5% 13.2% 9.1% $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 3 Q 2 4 4 Q 2 4 1 Q 2 5 2 Q 2 5 3 Q 2 5 S OURCE S OF IN VES TMEN T I N COME ( IN $ 00 0S) Loans - Cash + OID Equipment Financing - Cash + OID Accelerated OID + Fees (1) Includes fees and dividend income earned from Senior Credit Corp 2022 LLC and Eagle Point Trinity Senior Secured Lending Company. (2) Effective yield includes fees and accelerated income from prepayments but excludes fees earned from Senior Credit Corp 2022 LLC and is calculated based on the daily weighted average debt investments at cost. (3) Core yield excludes fees and accelerated income from prepayments. (2) (3) (1)
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20 NII RETURNS AND USE OF LEVERAGE 4.7% 5.6% 6.9% 7.6% 7.5% 7.1% 7.2% 6.9% 10.1% 10.7% 15.8% 17.3% 16.6% 15.5% 15.9% 15.3% 0.0% 5.0% 10.0% 15.0% 20.0% 2020 2021 2022 2023 2024 1Q25 2Q25 3Q25 NII RETURN ON AVERAGE ASSETS (ROAA) (1) & NII RETURN ON AVERAGE EQUITY (ROAE) (2) ROAA ROAE 1.30 1.04 1.35 1.06 1.08 1.16 1.15 1.19 0.00 0.50 1.00 1.50 2020 2021 2022 2023 2024 1Q25 2Q25 3Q25 LEVERAGE RATIO (3) Delivering strong returns through effective use of leverage (1) NII return on average assets (ROAA) is calculated as NII divided by average assets for the period. (2) NII return on average equity (ROAE) is calculated as NII divided by average net assets for period. (3) Leverage ratio is calculated as outstanding principal of borrowings divided by net assets as of the end of the period.
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21 NET INVESTMENT INCOME (NII) PER SHARE BRIDGE $0.53 $0.00 $(0.02) $0.01 $0.52 2Q25 NII per Share Change in Investment Income Change in Interest Expense Change in Operating Expenses 3Q25 NII per Share $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 REC ONC IL IATI ON OF QUARTE RLY N I I P ER SHARE Increase Decrease Total
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22 QUARTERLY BALANCE SHEET For the three months ended (In thousands, except per share amounts) 9/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 Assets Total investments at fair value $2,192,361 $1,978,330 $1,792,689 $1,725,750 $1,686,862 Cash and cash equivalents 9,467 26,251 8,386 9,627 8,535 Interest Receivable 19,464 17,664 16,626 16,542 16,947 Other Assets 25,643 22,779 39,575 22,502 22,419 Total Assets $2,246,935 $2,045,024 $1,857,276 $1,774,241 $1,734,763 Liabilities KeyBank Credit Facility $481,600 $483,000 $392,000 $113,000 $ 290,000 Unsecured Notes, net of unamortized deferred financing costs (1) 693,041 569,808 566,954 764,673 622,586 Distribution Payable 38,244 35,483 32,579 31,451 29,397 Security Deposits 4,413 5,918 7,015 8,472 9,393 Accounts payable, accrued expenses, and other liabilities 31,373 27,247 25,333 33,663 26,592 Total Liabilities $1,248,671 $1,121,456 $1,023,881 $951,259 $ 977,968 Net Assets $998,264 $923,568 $833,395 $822,982 $ 756,795 Shares Outstanding 74,989 69,574 63,880 61,669 57,642 Net Assets per Share (NAV per share) $13.31 $13.27 $13.05 $13.35 $13.13 (1) Includes the August 2026 Unsecured Notes, December 2026 Unsecured Notes, March 2029 Unsecured Notes, September 2029 Unsecured Notes, Series A Notes and July 2030 Notes. Refer to the ‘Debt Capital Structure’ slide for further details.
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23 NET ASSET VALUE (NAV) PER SHARE BRIDGE $13.27 $0.52 ($0.51) ($0.28) $0.15 $0.16 $13.31 2Q25 NAV Net Investment Income Dividend Distributions Net Realized Gains / (Losses) Reversal of Prior Period Unrealized (Gains) / Losses Net Impact from Share Activity 3Q25 NAV $11.00 $11.50 $12.00 $12.50 $13.00 $13.50 $14.00 REC ONC IL IATION OF QUARTE RLY NAV PE R SHAR E Increase Decrease Total Earnings and Distributions Investment Portfolio Performance Share Impact(1) (1) Includes the impact of share activity and equity incentive plans.
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24 DEBT CAPITAL STRUCTURE Diversified Borrowings ($ in millions) as of September 30, 2025 KeyBank Credit Facility Series A 2029 Notes Series A 2028 NotesSeries A 2027 Notes September 2029 Notes March 2029 Notes Dec 2026 Notes Aug 2026 Notes July 2030 Notes$- $200.0 $55.5 $73.0 $732.0 $125.0 $- $100.0 $200.0 $300.0 $400.0 $500.0 $600.0 $700.0 $800.0 2025 2026 2027 2028 2029 2030 Debt Maturities ($ in millions) Funding Source Debt Commitment Outstanding Principal Stated Maturity Interest Rate Notes: August 2026 Unsecured Notes $125.0 $125.0 August 24, 2026 4.375% December 2026 Unsecured Notes $75.0 $75.0 December 15, 2026 4.25% March 2029 Unsecured Notes (1) $116.8 $116.8 March 30, 2029 (1) 7.875% September 2029 Unsecured Notes (2) $119.6 $119.6 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% Bank Facility: KeyBank Credit Facility $690.0 $481.6 July 27, 2029 SOFR + 2.85% to 3.25% (1) 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. (2) 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. (3) 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.
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PORTFOLIO HIGHLIGHTS
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26 1) Based on fair value as of September 30, 2025. 2) Includes debt investments only. 3) Consists of the fair value of our investments in Senior Credit Corp 2022 LLC, Eagle Point Trinity Senior Secured Lending Comp any, Trinity Capital Adviser LLC, and Direct Lending 2025 LLC as of September 30, 2025. The portfolio companies held within the multi-sector holdings investment portfolio represent a diverse set of geographic regions generally consistent with those in which we invest directly. PORTFOLIO DIVERSIFICATION Diversified across investment type, transaction size, industry and geography INVESTMENT TYPE(1) INDUSTRY TYPE(1) TRANSACTION SIZE(1)(2) GEOGRAPHIC ALLOCATION(1) 76.6% 14.5% 8.9% Loans Equipment Financings Equity & Warrants 39.7% 35.2% 25.1% Greater than $30M $15M - $30M Less than $15M 32.1% 7.7% 10.3% 7.5% 10.0% 23.4% 6.2% International 2.8% Multi-Sector Holdings (3) 15.8% 10.3% 10.1% 9.9% 8.6%5.7% 5.5% 5.5% 28.6% Finance and Insurance SaaS Other Healthcare Services Medical Devices Space Technology Healthcare Technology Artificial Intelligence & Automation Green Technology Other industries individually < 5.0%
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27 PORTFOLIO TRENDS 76.6% 77.1% 76.9% 80.0% 82.4% 23.4% 22.9% 23.1% 20.0% 17.6% 3Q24 4Q24 1Q25 2Q25 3Q25 F IX ED VS F LOATING DEBT INVESTME NTS ( 1) Floating Fixed Mix of fixed and floating rate investments Strong asset diversification 75.2% 74.5% 74.2% 75.4% 76.6% 18.1% 18.3% 18.8% 17.3% 14.5% 6.7% 7.2% 7.0% 7.3% 8.9% $0 $250,000 $500,000 $750,000 $1,000,000 $1,250,000 $1,500,000 $1,750,000 $2,000,000 $2,250,000 $2,500,000 3Q24 4Q24 1Q25 2Q25 3Q25 IN THOUSANDS TOTAL PORTFO LIO BY INVE STMENT TYPE ( 2) Loans Equipment Financings Equity & Warrants (1) Based on outstanding principal. (2) Based on fair value.
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28 DISCIPLINED CREDIT RATING $1,562 $1,589 $1,654 $1,822 $1,984 2.9 2.9 2.9 2.9 2.9 1.0 1.5 2.0 2.5 3.0 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $2,250 3Q24 4Q24 1Q25 2Q25 3Q25 Total Debt Investments (FV, $ in million) Weighted Investment Credit Rating Credit Risk Rating of Debt investments at Fair Value, 3Q 2024 – 3Q 2025 ($ in thousands)(1) Consistent and Disciplined Underwriting Standards (1) 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, 2025. (1) 3Q25 2Q25 1Q25 4Q24 3Q24 Very Strong Performance (4.0 – 5.0) $102,624 5.2% $97,881 5.4% $92,956 5.6% $89,716 5.7% $105,385 6.8% Strong Performance (3.0 – 3.9) $668,545 33.7% $589,329 32.4% $567,581 34.4% $453,584 28.5% $458,494 29.4% Performing (2.0 – 2.9) $1,148,937 57.9% $1,021,331 56.0% $928,455 56.1% $972,001 61.1% $918,292 58.7% Watch (1.6– 1.9) $42,811 2.2% $97,396 5.3% $50,072 3.0% $62,883 4.0% $57,457 3.7% Default/Workout (1.0 – 1.5) $20,739 1.0% $15,601 0.9% $15,156 0.9% $11,062 0.7% $22,201 1.4% Weighted Average 2.9 2.9 2.9 2.9 2.9
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29 (1) Based on outstanding principal of debt investments. (2) Based on outstanding principal of borrowings. INTEREST RATE SENSITIVITY $732 $(431) $9,746 $23,287 $0.01 $(0.01) $0.13 $0.31 $(0.40) $(0.30) $(0.20) $(0.10) $- $0.10 $0.20 $0.30 $0.40 $(5,000) $- $5,000 $10,000 $15,000 $20,000 $25,000 -200bps -100bps +100bps +200bps ANNUALIZED INTEREST RATE SENSITIVITY ($ in thousands, except per share data) Change in Net Income Change in NII per Share 82.4% floating rate debt investment portfolio as of September 30, 2025 (1) 40.6% floating rate borrowings as of September 30, 2025 (2)
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30 HYPOTHETICAL WARRANT UPSIDE For Illustration Purposes Only 210 WARRANT POSITIONS i n 133 Portf oli o C om p ani es HYPOTHETICAL MODELS o f Po ten tial Warrant Gai ns at 9/ 30/2025 GAAP fair value ~ $70.1 million GAAP cost ~ $53.4 million ~ $83.7 million in nominal exercise value Assume that only 50% of warrants will monetize Cost of exercised warrants is ~ $68.5 million Based on 75.0 million shares of common stock outstanding at 9/30/2025 2X MULTIPLE $83.7 million (2X) Potential gain of $15.2 million or $0.20 per share Proceeds of 3X MULTIPLE $125.5 million (3X) Potential gain of $57.0 million or $0.76 per share Proceeds of 4X MULTIPLE $167.3 million (4X) Potential gain of $98.8 million or $1.32 per share Proceeds of
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31 DIVERSIFIED PORTFOLIO Select List of Current & Historical Investments
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ANALYST COVERAGE
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33 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) Sean-Paul Adams (initiated coverage 9/16/22) Ca sey A lex an der (initiated coverage 2/23/2021) Christopher Nolan (initiated coverage 2/23/2021) Mitchell Penn (initiated coverage 5/3/2021) Matt Hurwit (initiated coverage 7/5/2023) Note: Trinity Capital is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Trinity Capital’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Trinity Capital or its management. Trinity Capital does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.
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SUPPLEMENTAL INFORMATION
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35 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 Fed eral Income Tax Purposes beginning with its T axable 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