PHOENIX, Aug. 25, 2025 /PRNewswire/ -- Trinity Capital Inc. (NASDAQ: TRIN) (the "Company"), a leading alternative asset manager, today announced the appointment of Josh Mackey, Director of Tech Lending, based in San Francisco, California. With over a decade of experience supporting innovative technology companies across the U.S., Mr. Mackey is a trusted partner within the venture ecosystem. Josh Mackey, Director of Tech Lending at Trinity Capital "It is a pleasure to welcome Josh to the Trinity team," ...

Core Viewpoint - Rapid Micro Biosystems has secured a five-year, $45 million term loan facility with Trinity Capital to enhance its financial position and support long-term growth initiatives [1][3]. Financial Details - The loan facility consists of four tranches: $20 million drawn at closing, $20 million available upon achieving specific milestones, and a $5 million tranche at the lender's discretion [3][7]. - The interest rate on the loan is initially set at 11.5% per annum, with a 36-month interest-only period [3]. Use of Proceeds - Proceeds from the loan will be allocated for general corporate purposes, including global expansion of the Growth Direct system and investments in manufacturing efficiencies and cost reduction [2][3]. Company Overview - Rapid Micro Biosystems specializes in automation solutions for the healthcare sector, focusing on the efficient manufacturing and release of products like biologics and vaccines [5]. - The flagship Growth Direct system automates microbial quality control testing, improving speed, accuracy, and compliance in pharmaceutical manufacturing [4][5].

The equity market is a powerful mechanism as daily fluctuations in price get aggregated to incredible wealth creation or destruction over the long term. Pacifica Yield aims to pursue long-term wealth creation with a focus on undervalued yet high-growth companies, high-dividend tickers, REITs, and green energy firms.Analyst’s Disclosure:I/we have a beneficial long position in the shares of TRIN either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own ...

Financial Data and Key Metrics Changes - The company reported net investment income of $34.8 million, a 30% increase compared to Q2 of the previous year [4] - Total investment income reached $69.5 million, reflecting a 27% increase year-over-year [14] - Net asset value (NAV) grew 11% quarter-over-quarter to a record $924 million, with NAV per share increasing to $13.27 [5][15] - The effective yield on the portfolio for Q2 was 15.7% [14] - The company maintained a strong return on average equity of 15.9%, among the top in the BDC space [15] Business Line Data and Key Metrics Changes - The portfolio composition included approximately 76% secured loans, 17% equipment financings, 4% equity, and 2% warrants [20] - The equipment finance business saw a significant uptick in requests, with over 20% growth year-to-date [67] - The company funded $585 million in the first half of the year, exceeding last year's record by more than 20% [11] Market Data and Key Metrics Changes - The company has a strong investment pipeline with $849 million in unfunded commitments as of the end of Q2 [11] - Approximately 99.1% of the portfolio was performing on a fair value basis, indicating strong credit quality [21] - The average internal credit rating for the portfolio stood at 2.9 on a scale of 1 to 5, consistent with prior quarters [21] Company Strategy and Development Direction - The company aims to be the top-performing BDC, leveraging its differentiated structure and disciplined underwriting [7] - Plans to launch an SBIC fund with potential investable capital of $275 million, which will generate new management and incentive fees [5][39] - The company is focused on late-stage venture-backed companies in the lower middle market, positioning itself well in the private credit market [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future rate cuts benefiting the company, as most deals are at full rates [13] - The company is experiencing strong momentum heading into 2025, with expectations for continued portfolio growth [11] - Management emphasized the importance of credit quality and disciplined portfolio management as top priorities [23] Other Important Information - The company raised $82 million of equity through the ATM program at an average premium to NAV of 11% [10] - The net leverage ratio decreased to 1.12 times, indicating improved financial stability [19] - The company has no debt maturities until August 2026, enhancing its liquidity position [18] Q&A Session Summary Question: Equipment finance interest due to tariffs - Management indicated that the increase in equipment finance is more of a timing issue and expects continued growth in that area [25][26] Question: Increase in watch list at fair value - Management noted that the watch list includes companies needing additional capital and those underperforming, with ongoing negotiations for support [28][30] Question: Expected pacing of raising third-party capital - Management discussed the groundwork laid for managed accounts and the anticipated growth of that capital pool [33][35] Question: Characteristics of SBIC fund assets - The SBIC fund will have a low cost of capital and will co-invest alongside the BDC, enhancing returns for shareholders [42][47] Question: Impact of interest rates on prepayments - Management stated that lower rates could lead to refinancing opportunities, generating additional fee income [49][51] Question: Seasonality in originations or repayments - Management expects strong deployment in Q3, driven by signed term sheets and manufacturing lines needing additional capital [53][54] Question: NexCAR and space perspective - Management confirmed ongoing discussions regarding loan modifications for NexCAR and expects to finalize transactions in Q3 [59][60] Question: Tax changes and equipment financing - Management noted a significant uptick in equipment financing requests, attributed partly to tax changes allowing accelerated depreciation [67][68]

A n I n t e r n a t i o n a l A l t er n at i v e A s s e t M a n a g e r SECOND QUARTER 2025 INVESTOR PRESENTATION TRINITYCAPITAL.COM NASDAQ: TRIN 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 da ...

PART I. FINANCIAL INFORMATION [Item 1. Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Presents Trinity Capital Inc.'s unaudited consolidated financial statements, offering a detailed financial snapshot and performance overview [Consolidated Statements of Assets and Liabilities](index=3&type=section&id=Consolidated%20Statements%20of%20Assets%20and%20Liabilities) Snapshot of financial position, showing significant asset growth driven by investments and increased KeyBank Credit Facility | Metric | June 30, 2025 (Unaudited) (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | Change (%) | | :------------------------------------------------ | :--------------------------------------- | :------------------------------- | :--------------------- | :--------- | | **ASSETS** | | | | | | Total investments at fair value | $1,978,330 | $1,725,570 | $252,760 | 14.65% | | Cash and cash equivalents | $26,251 | $9,627 | $16,624 | 172.69% | | Total assets | $2,045,024 | $1,774,241 | $270,783 | 15.26% | | **LIABILITIES** | | | | | | KeyBank Credit Facility | $483,000 | $113,000 | $370,000 | 327.43% | | Unsecured Notes, net | $569,808 | $764,673 | $(194,865) | -25.48% | | Total liabilities | $1,121,456 | $951,259 | $170,197 | 17.89% | | **NET ASSETS** | | | | | | Total net assets | $923,568 | $822,982 | $100,586 | 12.22% | | Net asset value per share | $13.27 | $13.35 | $(0.08) | -0.60% | - Total investments at fair value increased by **$252.76 million (14.65%)** from December 31, 2024, to June 30, 2025, reaching **$1,978.33 million**[10](index=10&type=chunk) - The KeyBank Credit Facility saw a substantial increase of **$370 million (327.43%)**, indicating increased leverage, while Unsecured Notes decreased by **$194.87 million (-25.48%)**[10](index=10&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Highlights financial performance with growth in investment income, net investment income, and unrealized appreciation | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Change (3M %) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | Change (6M %) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | | Total investment income | $69,483 | $54,641 | $14,842 | 27.16% | $134,868 | $105,094 | $29,774 | 28.33% | | Total net expenses | $34,058 | $27,259 | $6,799 | 24.94% | $66,445 | $51,916 | $14,529 | 27.98% | | NET INVESTMENT INCOME | $34,804 | $26,743 | $8,061 | 30.14% | $67,185 | $51,900 | $15,285 | 29.45% | | Net realized gain/(loss) from investments | $(8,262) | $(6,488) | $(1,774) | 27.34% | $(10,416) | $(5,136) | $(5,280) | 102.80% | | Net change in unrealized appreciation/(depreciation) from investments | $14,872 | $10,573 | $4,299 | 40.66% | $11,730 | $(1,427) | $13,157 | 922.00% | | NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $41,414 | $30,828 | $10,986 | 35.63% | $68,499 | $45,337 | $23,162 | 51.09% | | NET INVESTMENT INCOME PER SHARE - BASIC | $0.53 | $0.53 | $0.00 | 0.00% | $1.05 | $1.07 | $(0.02) | -1.87% | | NET INVESTMENT INCOME PER SHARE - DILUTED | $0.53 | $0.51 | $0.02 | 3.92% | $1.05 | $1.03 | $0.02 | 1.94% | - Total investment income increased by **27.16%** for the three months and **28.33%** for the six months ended June 30, 2025, compared to the prior year, driven by growth in interest and dividend income from non-control/non-affiliate investments[13](index=13&type=chunk) - Net increase in net assets resulting from operations rose significantly by **35.63%** for the three months and **51.09%** for the six months ended June 30, 2025, primarily due to a positive shift in unrealized appreciation[13](index=13&type=chunk) [Consolidated Statements of Changes in Net Assets](index=5&type=section&id=Consolidated%20Statements%20of%20Changes%20in%20Net%20Assets) Details movements in net assets, driven by common stock issuances, stock-based compensation, and distributions | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------ | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Balance as of March 31 / December 31 | $833,395 | $626,316 | $822,982 | $611,159 | | Issuance of common stock, net of costs | $81,513 | $46,933 | $111,981 | $71,174 | | Stock-based compensation | $3,194 | $2,892 | $5,803 | $5,343 | | Distributions to stockholders | $(35,483) | $(26,443) | $(68,062) | $(51,252) | | Net increase in net assets from operations | $41,414 | $30,828 | $68,499 | $45,337 | | Balance as of June 30 | $923,568 | $680,039 | $923,568 | $680,039 | - Net assets increased by **$100.59 million** from December 31, 2024, to June 30, 2025, reaching **$923.57 million**[18](index=18&type=chunk) - This was primarily driven by **$111.98 million** from common stock issuances and **$68.50 million** from net increase in net assets resulting from operations, partially offset by **$68.06 million** in distributions to stockholders[18](index=18&type=chunk) - Common stock shares issued and outstanding increased from **61,669,059** as of December 31, 2024, to **69,574,146** as of June 30, 2025, reflecting significant equity financing activities[10](index=10&type=chunk)[18](index=18&type=chunk) [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Shows cash movements, with increased operating cash usage and significant financing from borrowings and equity | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change | Change (%) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :------- | :--------- | | Net cash provided by/(used in) operating activities | $(186,873) | $(103,292) | $(83,581) | 80.92% | | Net cash provided by/(used in) investing activities | $(286) | $(159) | $(127) | 79.87% | | Net cash provided by/(used in) financing activities | $203,783 | $144,792 | $58,991 | 40.74% | | Net increase/(decrease) in cash, cash equivalents and restricted cash | $16,624 | $41,341 | $(24,717) | -59.79% | | Cash, cash equivalents and restricted cash at end of period | $26,251 | $46,102 | $(19,851) | -43.06% | - Operating activities used **$186.87 million** in cash for the six months ended June 30, 2025, an **80.92%** increase in cash usage compared to the same period in 2024, primarily due to higher net purchases of investments[22](index=22&type=chunk) - Financing activities provided **$203.78 million** in cash, a **40.74%** increase, driven by **$727.2 million** in borrowings under the Credit Facility and **$111.98 million** from common stock issuances, partially offset by **$357.2 million** in repayments under the Credit Facility and **$217.76 million** in repayment of Unsecured Notes[22](index=22&type=chunk) [Consolidated Schedule of Investments as of June 30, 2025](index=9&type=section&id=Consolidated%20Schedule%20of%20Investments%20as%20of%20June%2030%2C%202025%20(unaudited)) Detailed breakdown of the investment portfolio by type, industry, and region, with focus on Debt Securities | Investment Type | Cost (in thousands) | Fair Value (in thousands) | % of Total Portfolio (Fair Value) | | :---------------------- | :------------------ | :------------------------ | :-------------------------------- | | Debt Securities | $1,875,064 | $1,834,423 | 92.7% | | Warrant Investments | $45,852 | $63,660 | 3.2% | | Equity Investments | $80,022 | $80,247 | 4.1% | | **Total Investments** | **$2,000,938** | **$1,978,330** | **100.0%** | | Industry (Top 5 by Fair Value) | Fair Value (in thousands) | % of Total Portfolio (Fair Value) | | :----------------------------- | :------------------------ | :-------------------------------- | | Finance and Insurance | $307,007 | 15.6% | | Other Healthcare Services | $219,376 | 11.1% | | Medical Devices | $212,582 | 10.7% | | SaaS | $197,922 | 10.0% | | Space Technology | $170,336 | 8.6% | - As of June 30, 2025, **99.2%** of the company's investments in portfolio companies are considered Level 3 assets, indicating reliance on unobservable inputs for fair value measurement due to the illiquid nature of these venture capital-backed growth-oriented companies[175](index=175&type=chunk) [Consolidated Schedule of Investments as of December 31, 2024](index=39&type=section&id=Consolidated%20Schedule%20of%20Investments%20as%20of%20December%2031%2C%202024) Details the investment portfolio by type and industry, providing a comparative view to the current period | Investment Type | Cost (in thousands) | Fair Value (in thousands) | % of Total Portfolio (Fair Value) | | :---------------------- | :------------------ | :------------------------ | :-------------------------------- | | Debt Securities | $1,640,961 | $1,602,131 | 92.8% | | Warrant Investments | $40,680 | $51,454 | 3.0% | | Equity Investments | $78,585 | $71,985 | 4.2% | | **Total Investments** | **$1,760,226** | **$1,725,570** | **100.0%** | | Industry (Top 5 by Fair Value) | Fair Value (in thousands) | % of Total Portfolio (Fair Value) | | :----------------------------- | :------------------------ | :-------------------------------- | | Finance and Insurance | $322,735 | 18.7% | | Medical Devices | $172,395 | 10.0% | | Green Technology | $158,852 | 9.2% | | SaaS | $146,778 | 8.5% | | Space Technology | $142,034 | 8.2% | - As of December 31, 2024, the company had five foreign domiciled portfolio companies (two in Canada, three in Europe), representing **6.3%** of total net asset value based on fair value[148](index=148&type=chunk) [Notes to Consolidated Financial Statements](index=70&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements%20(unaudited)) Provides detailed explanations for financial statements, covering accounting policies, valuations, and debt instruments [Note 1. Organization and Basis of Presentation](index=70&type=section&id=Note%201.%20Organization%20and%20Basis%20of%20Presentation) Trinity Capital Inc. is a specialty lending BDC, commencing operations in January 2020, regulated as a BDC and RIC - Trinity Capital Inc. was formed on August 12, 2019, and commenced operations on **January 16, 2020**, as a specialty lending company providing debt to growth-oriented companies[154](index=154&type=chunk) - The company is regulated as a Business Development Company (BDC) under the 1940 Act and intends to qualify annually as a Regulated Investment Company (RIC) for U.S. federal income tax purposes[155](index=155&type=chunk) - The company generally does not consolidate portfolio company investments, even those with controlling interests, unless the portfolio company is another investment company or provides substantially all services directly to Trinity Capital or its portfolio companies[164](index=164&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=72&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) Outlines accounting policies, including investment valuation (Level 3 assets), income recognition, and non-accrual status - The most significant estimate is the valuation of investments, carried at fair value in accordance with ASC 946 and measured under ASC 820, with **99.2%** of investments classified as Level 3 assets due to illiquidity[171](index=171&type=chunk)[172](index=172&type=chunk)[175](index=175&type=chunk) - Interest income is recognized on an accrual basis, including accretion of Original Issue Discount (OID) and End-of-Term (EOT) payments, and Payment-in-Kind (PIK) interest[190](index=190&type=chunk) - PIK interest income was **$1.5 million** for Q2 2025 and **$3.0 million** for H1 2025[191](index=191&type=chunk) - As of June 30, 2025, four portfolio companies (three loans, one equipment financing) were on non-accrual status, with a total cost of **$47.8 million** and a fair value of **$15.6 million (0.9% of debt investment portfolio)**[196](index=196&type=chunk) [Note 3. Investments](index=79&type=section&id=Note%203.%20Investments) Details investment strategy, portfolio breakdown by industry and region, and highlights concentrations and market risks | Investment Type | June 30, 2025 Cost (%) | June 30, 2025 Fair Value (%) | December 31, 2024 Cost (%) | December 31, 2024 Fair Value (%) | | :---------------------- | :--------------------- | :--------------------------- | :------------------------- | :----------------------------- | | Secured Loans | 76.4% | 75.4% | 75.1% | 74.5% | | Equipment Financings | 17.3% | 17.3% | 18.1% | 18.3% | | Equity | 4.0% | 4.1% | 4.5% | 4.2% | | Warrants | 2.3% | 3.2% | 2.3% | 3.0% | | **Total** | **100.0%** | **100.0%** | **100.0%** | **100.0%** | | Industry (Top 3 by Fair Value) | June 30, 2025 Fair Value (%) | December 31, 2024 Fair Value (%) | | :----------------------------- | :--------------------------- | :------------------------------- | | Finance and Insurance | 15.6% | 18.7% | | Other Healthcare Services | 11.1% | 8.3% | | Medical Devices | 10.7% | 10.0% | - The portfolio is primarily concentrated in the United States (**94.4%** fair value as of June 30, 2025), with significant exposure to the West (**29.0%**) and Northeast (**24.1%**) regions[212](index=212&type=chunk) [Note 4. Fair Value of Financial Instruments](index=82&type=section&id=Note%204.%20Fair%20Value%20of%20Financial%20Instruments) Details fair value measurements, mostly Level 3 assets, and summarizes changes in Level 3 investments and debt fair values | Asset Type | Level 1 (in thousands) | Level 2 (in thousands) | Level 3 (in thousands) | NAV (in thousands) | Total (in thousands) | | :------------------------------------------ | :--------------------- | :--------------------- | :--------------------- | :----------------- | :------------------- | | Secured Loans | — | — | $1,491,803 | — | $1,491,803 | | Equipment Financings | — | — | $342,620 | — | $342,620 | | Warrants | — | — | $63,660 | — | $63,660 | | Equity | — | — | $64,048 | $16,199 | $80,247 | | Cash and cash equivalents | $26,251 | — | — | — | $26,251 | | Derivative Instruments | — | $(317) | — | — | $(317) | | **Total Investments including cash and cash equivalents and derivative instruments** | **$26,251** | **$(317)** | **$1,962,131** | **$16,199** | **$2,004,264** | - The majority of the company's investments (**$1,962.13 million**) are classified as Level 3, indicating that their fair values are based on significant unobservable inputs[223](index=223&type=chunk) | Debt Instrument | June 30, 2025 Carrying Value (in thousands) | June 30, 2025 Fair Value (in thousands) | December 31, 2024 Carrying Value (in thousands) | December 31, 2024 Fair Value (in thousands) | | :-------------------------------- | :------------------------------------------ | :---------------------------------------- | :------------------------------------------ | :---------------------------------------- | | KeyBank Credit Facility | $483,000 | ~$483,000 | $113,000 | ~$113,000 | | August 2026 Notes | $124,339 | $115,800 | $124,050 | $114,100 | | December 2026 Notes | $74,458 | $69,700 | $74,271 | $68,600 | | March 2029 Notes | $113,947 | $117,200 | $112,121 | $116,200 | | September 2029 Notes | $115,973 | $120,200 | $111,567 | $118,000 | | Series A Notes | $141,091 | $143,000 | $140,850 | $142,500 | [Note 5. Borrowings](index=89&type=section&id=Note%205.%20Borrowings) Details borrowing arrangements, including KeyBank Credit Facility and Unsecured Notes, highlighting significant activity | Debt Instrument | June 30, 2025 Outstanding (in thousands) | December 31, 2024 Outstanding (in thousands) | Change (in thousands) | Change (%) | | :------------------------ | :--------------------------------------- | :--------------------------------------- | :-------------------- | :--------- | | KeyBank Credit Facility | $483,000 | $113,000 | $370,000 | 327.43% | | Unsecured Notes (Net) | $569,808 | $764,673 | $(194,865) | -25.48% | | **Total Borrowings** | **$1,052,808** | **$877,673** | **$175,135** | **19.95%** | - The KeyBank Credit Facility increased significantly, with **$727.2 million** borrowed and **$357.2 million** repaid during the six months ended June 30, 2025, resulting in a **$370 million** net increase[244](index=244&type=chunk) - The 2025 Notes matured and were repaid in full on **January 16, 2025**[254](index=254&type=chunk) - The Convertible Notes were converted and repaid in full on **February 20, 2025**, with a cash payment of **$66.2 million**[260](index=260&type=chunk) [Note 6. Commitments and Contingencies](index=99&type=section&id=Note%206.%20Commitments%20and%20Contingencies) Outlines unfunded commitments to portfolio companies and joint ventures, and details operating lease obligations | Commitment Type | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :---------------------- | :--------------------------- | :------------------------------- | | Unfunded commitments to portfolio companies | $51,600 | $31,200 | | Unfunded commitment to JV | $3,000 | $3,000 | | Unfunded commitment to EPT 16 | $800 | $800 | | **Total Unfunded Commitments** | **$55,400** | **$35,000** | - The company had aggregate unfunded commitments of **$51.6 million** to six portfolio companies as of June 30, 2025, an increase from **$31.2 million** to two portfolio companies as of December 31, 2024[298](index=298&type=chunk) | Operating Lease Payments Due (in thousands) | Total | | :------------------------------------ | :---- | | 2025 | $718 | | 2026 | $1,144 | | 2027 | $1,066 | | 2028 | $1,051 | | 2029 | $1,080 | | Thereafter | $1,565 | | **Total** | **$6,624** | [Note 7. Stockholders' Equity](index=101&type=section&id=Note%207.%20Stockholders'%20Equity) Details stockholders' equity activities, including stock offerings, DRIP, and distributions, showing consistent payouts - During the six months ended June 30, 2025, the company issued and sold **7,694,584** shares of common stock through its ATM Program, raising **$112.0 million** in net proceeds[314](index=314&type=chunk) - The company's Distribution Reinvestment Plan (DRIP) resulted in the issuance of **41,421** shares of common stock for approximately **$0.6 million** during the six months ended June 30, 2025[323](index=323&type=chunk) | Distribution Date | Type | Per Share Amount | | :---------------- | :-------- | :--------------- | | March 19, 2025 | Quarterly | $0.51 | | June 18, 2025 | Quarterly | $0.51 | | December 12, 2024 | Quarterly | $0.51 | | September 18, 2024| Quarterly | $0.51 | | June 13, 2024 | Quarterly | $0.51 | | March 14, 2024 | Quarterly | $0.51 | [Note 8. Equity Incentive Plans](index=104&type=section&id=Note%208.%20Equity%20Incentive%20Plans) Details equity incentive plans, including shares granted, compensation costs, and new Option Awards in March 2025 | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | | Shares Granted (2019 LTIP) | 319,956 | 753,051 | | Fair Value of Granted Stock | $5,065 | $11,145 | | Compensation Cost Recognized | $5,596 | $5,242 | | Unrecognized Compensation Costs | $25,700 | $26,300 | | Weighted Average Period (years) | 2.8 | 3.0 | - In March 2025, the Board approved grants of non-statutory stock options (Option Awards) for **1.5 million** shares to executive officers, with an exercise price of **$15.83**, subject to time-based and market-based vesting conditions (VWAP of **$23.75** over 90 days)[332](index=332&type=chunk)[333](index=333&type=chunk)[334](index=334&type=chunk) | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | | Shares Granted (2019 RSP) | 13,772 | 13,340 | | Fair Value of Granted Stock | $200 | $200 | | Compensation Cost Recognized | $99 | $101 | [Note 9. Earnings Per Share](index=107&type=section&id=Note%209.%20Earnings%20Per%20Share) Provides basic and diluted EPS computation, noting Option Awards and Convertible Notes were not dilutive in current period | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Numerator for basic earnings per share | $41,414 | $30,828 | $68,499 | $45,337 | | Denominator for basic weighted average shares | 65,911,570 | 50,161,680 | 64,242,822 | 48,455,033 | | **Earnings/(Loss) per common share - basic** | **$0.63** | **$0.61** | **$1.07** | **$0.94** | | Numerator for diluted earnings per share | $41,414 | $31,738 | $68,499 | $47,162 | | Denominator for diluted weighted average shares | 65,911,570 | 54,064,395 | 64,242,822 | 52,357,748 | | **Earnings/(Loss) per common share - diluted** | **$0.63** | **$0.59** | **$1.07** | **$0.90** | - For the three and six months ended June 30, 2025, basic and diluted EPS were identical at **$0.63** and **$1.07**, respectively, as Option Awards' market-based conditions were not met and Convertible Notes were fully converted, thus not having a dilutive effect[341](index=341&type=chunk) - In contrast, for the three and six months ended June 30, 2024, diluted EPS (**$0.59** and **$0.90**) was lower than basic EPS (**$0.61** and **$0.94**) due to the dilutive effect of Convertible Notes[341](index=341&type=chunk) [Note 10. Income Taxes](index=108&type=section&id=Note%2010.%20Income%20Taxes) Confirms RIC status, details excise tax accrual, and summarizes tax cost basis and unrealized appreciation/depreciation - Trinity Capital Inc. has elected and intends to continue to qualify annually as a RIC, requiring distribution of at least **90%** of its investment company taxable income[342](index=342&type=chunk) - The company is subject to a **4%** nondeductible federal excise tax on undistributed taxable income and gains, with **$0.6 million** recorded for Q2 2025 and **$1.2 million** for H1 2025[344](index=344&type=chunk)[345](index=345&type=chunk) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------------- | :------------ | :---------------- | | Tax Cost of Investments | $2,003,895 | $1,763,183 | | Unrealized appreciation | $80,137 | $60,872 | | Unrealized depreciation | $(105,702) | $(113,528) | | Net change in unrealized appreciation/(depreciation) from investments | $(25,565) | $(52,656) | [Note 11. Financial Highlights](index=109&type=section&id=Note%2011.%20Financial%20Highlights) Presents key financial highlights, including per share data, total returns, and various financial ratios for the period | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | | Net asset value, beginning of period | $13.35 | $13.19 | | Net investment income | $1.05 | $1.07 | | Net realized and unrealized gains/(losses) on investments | $0.02 | $(0.13) | | Net increase/(decrease) in net assets resulting from operations | $1.07 | $0.94 | | Distributions | $(1.02) | $(1.02) | | Net asset value, end of period | $13.27 | $13.12 | | Total return based on net asset value | 7.0% | 7.2% | | Total return based on market value | 4.2% | 4.3% | | Ratio of total expenses to average net assets | 16.0% | 16.8% | | Ratio of net investment income to average net assets | 15.9% | 16.4% | | Asset coverage ratio | 187.0% | 188.1% | - Net asset value per share decreased slightly from **$13.35** at the beginning of the period to **$13.27** at the end of June 30, 2025, while net increase in net assets from operations per share improved to **$1.07** from **$0.94** in the prior year[346](index=346&type=chunk) - The asset coverage ratio remained strong at **187.0%** as of June 30, 2025, slightly down from **192.7%** as of December 31, 2024, indicating continued compliance with regulatory requirements[346](index=346&type=chunk)[447](index=447&type=chunk) [Note 12. Related Party Transactions](index=112&type=section&id=Note%2012.%20Related%20Party%20Transactions) Details related party transactions, including JV activities, Adviser Sub allocations, and indemnification agreements - The company co-manages Senior Credit Corp 2022 LLC (JV) with a JV Partner, contributing **$18.4 million** in capital (debt and equity) as of June 30, 2025, with an unfunded commitment of **$3.0 million**[354](index=354&type=chunk)[356](index=356&type=chunk) - During the six months ended June 30, 2025, the company received **$46.6 million** in net proceeds from investment sales to the JV and earned **$1.3 million** in origination and administrative agent fees from the JV[357](index=357&type=chunk)[358](index=358&type=chunk) - Trinity Capital Adviser LLC (Adviser Sub) commenced operations on **June 28, 2024**, and allocated **$0.9 million** in shared resource expenses from the company for the six months ended June 30, 2025[359](index=359&type=chunk)[360](index=360&type=chunk) [Note 13. Segment Reporting](index=114&type=section&id=Note%2013.%20Segment%20Reporting) Operates as a single segment, with the CEO as CODM, evaluating performance based on consolidated net investment income - The company has determined it operates as a single operating segment, with the CEO as the Chief Operating Decision Maker (CODM)[365](index=365&type=chunk) - The CODM evaluates and monitors business performance on a consolidated basis, using consolidated net investment income and net increase/decrease in net assets from operations as key metrics[366](index=366&type=chunk) [Note 14. Recent Accounting Pronouncements](index=114&type=section&id=Note%2014.%20Recent%20Accounting%20Pronouncements) Highlights ASU 2024-03, requiring disaggregated income statement expense disclosures, effective after December 15, 2026 - ASU 2024-03, issued in **November 2024**, mandates disaggregated disclosure of income statement expenses and additional selling expense disclosures for public entities[367](index=367&type=chunk) - The new accounting guidance is effective for annual periods beginning after **December 15, 2026**, and interim periods within fiscal years beginning after **December 15, 2027**[367](index=367&type=chunk) [Note 15. Subsequent Events](index=114&type=section&id=Note%2015.%20Subsequent%20Events) Discloses subsequent events: ATM program share issuance, July 2030 Notes, and SEC co-investment exemptive relief order - From **July 1, 2025**, to **August 4, 2025**, the company issued **717,285** common shares via its Equity ATM Program, generating **$10.2 million** in net proceeds[369](index=369&type=chunk) - On **July 3, 2025**, the company issued **$125.0 million** in unsecured **6.750%** Notes due 2030 (July 2030 Notes), with semi-annual interest payments starting **January 3, 2026**[370](index=370&type=chunk)[372](index=372&type=chunk) - On **July 8, 2025**, the SEC granted an exemptive relief order, permitting the company to engage in co-investment transactions with affiliates under specific conditions and Board oversight[373](index=373&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=116&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Trinity Capital Inc.'s financial condition, results of operations, and liquidity [Forward-Looking Statements](index=116&type=section&id=Forward-Looking%20Statements) Cautions that the report contains forward-looking statements subject to substantial risks and uncertainties - The report contains forward-looking statements that involve substantial risks and uncertainties, and undue reliance should not be placed on them[376](index=376&type=chunk) - Actual results could differ materially from anticipated outcomes due to factors such as future operating results, dependence on management, ability to manage growth, risks in growth-oriented companies, use of leverage, and changes in political, economic, or industry conditions[376](index=376&type=chunk) - Forward-looking statements are excluded from the safe harbor protections of the Private Securities Litigation Reform Act of 1995 due to the company's status as an investment company[377](index=377&type=chunk) [Overview](index=117&type=section&id=Overview) Specialty lending BDC providing debt and equity to growth-oriented companies, aiming for income and capital appreciation - Trinity Capital Inc. is a specialty lending company providing debt (loans, equipment financings, asset-based lending) and, to a lesser extent, equity investments to growth-oriented companies[378](index=378&type=chunk)[379](index=379&type=chunk) - The company's investment objective is to generate current income and capital appreciation, targeting private companies with significant ownership by sponsors and expected annual revenues up to **$100 million**[379](index=379&type=chunk)[380](index=380&type=chunk) - As a BDC and RIC, the company must invest at least **70%** of its total assets in qualifying assets and is not limited to specific industries or geographic areas[379](index=379&type=chunk)[380](index=380&type=chunk) [Our History](index=118&type=section&id=Our%20History) Incorporated in 2019, commenced operations in 2020, completed IPO in 2021, and formed strategic joint ventures - Trinity Capital Inc. commenced operations on **January 16, 2020**, after acquiring Legacy Funds and Trinity Capital Holdings through private equity and debt offerings[382](index=382&type=chunk)[383](index=383&type=chunk) - The company completed its initial public offering (IPO) on **February 2, 2021**, with common stock trading on Nasdaq under the symbol **"TRIN"** since **January 29, 2021**[384](index=384&type=chunk) - Recent strategic initiatives include forming a joint venture (Senior Credit Corp 2022 LLC) in **December 2022**, establishing Trinity Capital Adviser LLC in **March 2023**, and funding EPT 16 LLC in **June 2024**[384](index=384&type=chunk)[385](index=385&type=chunk)[386](index=386&type=chunk) [Critical Accounting Estimates and Policies](index=118&type=section&id=Critical%20Accounting%20Estimates%20and%20Policies) Focuses on investment valuation (Level 3 assets) and income recognition (interest, OID, EOT, PIK, fees, dividends) [Valuation of Investments](index=119&type=section&id=Valuation%20of%20Investments) Valuation of investments is a critical estimate, primarily Level 3 assets, requiring significant unobservable inputs - Investment valuation is the most significant estimate, with fair value determined in good faith by the Board in accordance with ASC 820 and the 1940 Act[388](index=388&type=chunk) - Substantially all investments are Level 3 assets, relying on unobservable inputs due to the illiquid nature of venture capital-backed growth-oriented companies[394](index=394&type=chunk) - Independent valuation firms are engaged on a discretionary basis to assist in valuing portfolio investments, particularly those with potential for material fluctuations, significant size, or credit quality concerns[390](index=390&type=chunk) [Income Recognition](index=120&type=section&id=Income%20Recognition) Interest income, OID, EOT, PIK, and nonrecurring fees are accrued as earned; dividend income is recorded when declared - Interest income, including OID, EOT, and PIK, is recognized on an accrual basis, with OID and EOT accreted over the loan term as yield enhancements[396](index=396&type=chunk)[397](index=397&type=chunk) - Nonrecurring fees (structuring, prepayment penalties, exit fees) are recognized as other income when earned, typically upon equipment financing arrangement or early debt payoff[400](index=400&type=chunk) - Dividend income is recorded on an accrual basis when declared by the portfolio company, with **$0.5 million** for Q2 2025 and **$1.3 million** for H1 2025[399](index=399&type=chunk) [Portfolio Composition and Investment Activity](index=120&type=section&id=Portfolio%20Composition%20and%20Investment%20Activity) Details the company's investment portfolio composition by type, geographic region, and industry, highlighting a continued focus on secured loans and equipment financings [Portfolio Composition](index=120&type=section&id=Portfolio%20Composition) As of June 30, 2025, the investment portfolio had a fair value of $1,978.3 million, primarily comprising secured loans (75.4%) and equipment financings (17.3%) | Type | June 30, 2025 Fair Value (%) | December 31, 2024 Fair Value (%) | | :-------------------- | :--------------------------- | :------------------------------- | | Secured Loans | 75.4% | 74.5% | | Equipment Financings | 17.3% | 18.3% | | Equity | 4.1% | 4.2% | | Warrants | 3.2% | 3.0% | | **Total** | **100.0%** | **100.0%** | | Geographic Region | June 30, 2025 Fair Value (%) | December 31, 2024 Fair Value (%) | | :---------------- | :--------------------------- | :------------------------------- | | United States | 94.4% | 97.0% | | Western Europe | 3.6% | 2.4% | | Canada | 3.0% | 0.6% | | Industry (Top 3 by Fair Value) | June 30, 2025 Fair Value (%) | December 31, 2024 Fair Value (%) | | :----------------------------- | :--------------------------- | :------------------------------- | | Finance and Insurance | 15.6% | 18.7% | | Other Healthcare Services | 11.1% | 8.3% | | Medical Devices | 10.7% | 10.0% | [Concentrations of Credit Risk](index=122&type=section&id=Concentrations%20of%20Credit%20Risk) Credit risk managed through diversification, with top ten companies representing 26.9% of total investments - The ten largest portfolio companies represented approximately **26.9%** of the total fair value of investments as of June 30, 2025[406](index=406&type=chunk) - As of June 30, 2025, seven portfolio companies each represented **5%** or more of the company's net assets[406](index=406&type=chunk) [Investment Activity](index=123&type=section&id=Investment%20Activity) Details investment activity, including new and existing portfolio company investments, repayments, and sales - During the six months ended June 30, 2025, the company invested **$387.1 million** in **21** new portfolio companies and **$198.8 million** in **25** existing portfolio companies[407](index=407&type=chunk) - Proceeds from repayments and sales of investments totaled **$352.1 million**, including **$168.4 million** from early debt repayments and **$69.6 million** from investments sold to Multi-Sector Holdings[407](index=407&type=chunk) | Metric (in thousands) | Six Months Ended June 30, 2025 | Year Ended December 31, 2024 | | :------------------------------------------ | :------------------------------- | :----------------------------- | | Beginning Portfolio, at fair value | $1,725,570 | $1,275,180 | | Purchases, net of deferred fees | $579,821 | $1,218,931 | | Proceeds from early debt repayments | $(168,401) | $(313,207) | | Sales of investments | $(69,931) | $(287,331) | | Ending Portfolio, at fair value | $1,978,330 | $1,725,570 | [Portfolio Asset Quality](index=123&type=section&id=Portfolio%20Asset%20Quality) Uses a 1 to 5 risk rating system, with 55.7% of debt investments rated 'Performing' and weighted average score of 2.9 - The company uses a **1 to 5** investment risk rating system (1.0-1.5: Default/Workout, 1.6-1.9: Watch, 2.0-2.9: Performing, 3.0-3.9: Strong Performance, 4.0-5.0: Very Strong Performance)[414](index=414&type=chunk) | Investment Risk Rating Scale Range | Designation | June 30, 2025 Investments at Fair Value (in thousands) | June 30, 2025 Percentage of Total Portfolio | | :--------------------------------- | :-------------------- | :--------------------------------------------------- | :------------------------------------------ | | 4.0 - 5.0 | Very Strong Performance | $97,881 | 5.3% | | 3.0 - 3.9 | Strong Performance | $589,329 | 32.1% | | 2.0 - 2.9 | Performing | $1,021,331 | 55.7% | | 1.6 - 1.9 | Watch | $97,396 | 5.3% | | 1.0 - 1.5 | Default/Workout | $15,601 | 0.9% | - As of June 30, 2025, the weighted average risk rating score for debt investments was **2.9**, consistent with December 31, 2024[416](index=416&type=chunk) [Debt Investments on Non-Accrual Status](index=125&type=section&id=Debt%20Investments%20on%20Non-Accrual%20Status) Four portfolio companies on non-accrual status, representing 0.9% of debt investment fair value as of June 30, 2025 - As of June 30, 2025, loans to three portfolio companies and equipment financings to one portfolio company were on non-accrual status[418](index=418&type=chunk) - These non-accrual investments had a total cost of approximately **$47.8 million** and a total fair value of approximately **$15.6 million**[418](index=418&type=chunk) - The fair value of non-accrual debt investments represented **0.9%** of the company's debt investment portfolio as of June 30, 2025, an increase from **0.8%** as of December 31, 2024[418](index=418&type=chunk) [Results of Operations](index=125&type=section&id=Results%20of%20Operations) Analyzes financial performance, showing increased investment income, net investment income, and unrealized appreciation [Investment Income](index=125&type=section&id=Investment%20Income) Total investment income increased due to higher stated interest, amortization, and acceleration of OID and EOT | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Change (3M %) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | Change (6M %) | | :-------------------------- | :------------------------------- | :------------------------------- | :---------- | :------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | | Stated interest income | $51,903 | $41,827 | $10,076 | 24.09% | $102,096 | $79,667 | $22,429 | 28.15% | | Amortization of OID and EOT | $7,115 | $6,065 | $1,050 | 17.31% | $14,037 | $12,375 | $1,662 | 13.43% | | Acceleration of OID and EOT | $5,702 | $2,243 | $3,459 | 154.21% | $8,960 | $3,194 | $5,766 | 180.52% | | PIK interest income | $1,493 | $1,452 | $41 | 2.82% | $2,993 | $5,543 | $(2,550) | -45.99% | | Total investment income | $69,483 | $54,641 | $14,842 | 27.16% | $134,868 | $105,094 | $29,774 | 28.33% | - Total investment income increased by **27.16%** for the three months and **28.33%** for the six months ended June 30, 2025, compared to the prior year, reaching **$69.5 million** and **$134.9 million**, respectively[420](index=420&type=chunk) - The effective yield on average investments was approximately **15.7%** for the three months and **15.5%** for the six months ended June 30, 2025[420](index=420&type=chunk) [Net Operating Expenses and Excise Taxes](index=125&type=section&id=Net%20Operating%20Expenses%20and%20Excise%20Taxes) Net operating expenses and excise taxes increased due to higher interest expense, headcount, and professional fees | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Change (3M %) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | Change (6M %) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | | Total gross expenses | $34,566 | $27,259 | $7,307 | 26.81% | $67,361 | $51,916 | $15,445 | 29.75% | | Allocated expenses to Trinity Capital Adviser, LLC | $(508) | — | $(508) | -100.00% | $(916) | — | $(916) | -100.00% | | Total net expenses | $34,058 | $27,259 | $6,799 | 24.94% | $66,445 | $51,916 | $14,529 | 27.98% | | Excise tax expense | $621 | $639 | $(18) | -2.82% | $1,238 | $1,278 | $(40) | -3.13% | | **Total Operating Expenses and Excise Taxes** | **$34,679** | **$27,898** | **$6,781** | **24.31%** | **$67,683** | **$53,194** | **$14,489** | **27.24%** | - Total operating expenses and excise taxes increased by **24.31%** for the three months and **27.24%** for the six months ended June 30, 2025, compared to the prior year[421](index=421&type=chunk) - The increase is primarily due to higher interest expense from increased borrowings, increased employee compensation due to higher headcount and stock-based compensation, and elevated professional and general administrative fees[421](index=421&type=chunk)[422](index=422&type=chunk)[423](index=423&type=chunk)[424](index=424&type=chunk)[425](index=425&type=chunk) [Interest Expense and Other Debt Financing Costs](index=126&type=section&id=Interest%20Expense%20and%20Other%20Debt%20Financing%20Costs) Interest expense rose due to increased KeyBank Credit Facility borrowings, despite a stable effective interest rate | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Change (3M %) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | Change (6M %) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | | Interest expense and other debt financing costs | $18,044 | $13,885 | $4,159 | 29.95% | $35,700 | $26,029 | $9,671 | 37.15% | | Weighted average effective interest rate | 7.4% | 7.6% | -0.2% | -2.63% | 7.5% | 7.5% | 0.0% | 0.00% | - Interest expense and other debt financing costs increased by **29.95%** for the three months and **37.15%** for the six months ended June 30, 2025, compared to the prior year[13](index=13&type=chunk) - The increase was primarily due to increased borrowings under the KeyBank Credit Facility[422](index=422&type=chunk) [Employee Compensation and Benefits](index=126&type=section&id=Employee%20Compensation%20and%20Benefits) Employee compensation and benefits increased due to higher headcount and increased stock-based compensation | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Change (3M %) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | Change (6M %) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | | Compensation and benefits | $12,489 | $9,944 | $2,545 | 25.60% | $23,134 | $19,808 | $3,326 | 16.79% | - Employee compensation and benefits increased by **25.60%** for the three months and **16.79%** for the six months ended June 30, 2025[13](index=13&type=chunk) - The increase is primarily due to a higher headcount (**95** employees as of June 30, 2025, compared to **83** in 2024) and increased stock-based compensation[423](index=423&type=chunk) [Professional Fees Expenses](index=126&type=section&id=Professional%20Fees%20Expenses) Professional fees increased due to higher legal, accounting, and third-party valuation fees | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Change (3M %) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | Change (6M %) | | :-------------------------- | :------------------------------- | :------------------------------- | :---------- | :------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | | Professional fees | $1,787 | $1,338 | $449 | 33.56% | $3,814 | $2,058 | $1,756 | 85.33% | - Professional fees expenses increased by **33.56%** for the three months and **85.33%** for the six months ended June 30, 2025[13](index=13&type=chunk) - The increase was primarily due to higher legal fees, third-party valuation fees, and other consulting fees[424](index=424&type=chunk) [General and Administrative Expenses](index=126&type=section&id=General%20and%20Administrative%20Expenses) General and administrative expenses increased due to additional office rent and related expenses | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Change (3M %) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | Change (6M %) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | | General and administrative | $2,246 | $2,092 | $154 | 7.36% | $4,713 | $4,021 | $692 | 17.21% | - General and administrative expenses increased by **7.36%** for the three months and **17.21%** for the six months ended June 30, 2025[13](index=13&type=chunk) - The increase was primarily due to additional office rent and related expenses[425](index=425&type=chunk) [Allocated Expenses to Trinity Capital Adviser, LLC](index=126&type=section&id=Allocated%20Expenses%20to%20Trinity%20Capital%20Adviser%2C%20LLC) Expenses allocated to Trinity Capital Adviser, LLC, reflecting its commencement of operations in June 2024 | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :---------- | :------------------------------- | :------------------------------- | :---------- | | Allocated expenses to Trinity Capital Adviser, LLC | $(508) | — | $(508) | $(916) | — | $(916) | - The company allocated **$0.5 million** and **$0.9 million** in expenses to Trinity Capital Adviser, LLC for the three and six months ended June 30, 2025, respectively, with no allocations in the prior year[426](index=426&type=chunk) - As of June 30, 2025, **$3.1 million** was receivable from the Adviser Sub[426](index=426&type=chunk) [Excise Taxes](index=126&type=section&id=Excise%20Taxes) Excise taxes remained stable at approximately $0.6 million for Q2 and $1.2 million for H1 2025 | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Change (3M %) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | Change (6M %) | | :-------------------------- | :------------------------------- | :------------------------------- | :---------- | :------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | | Excise tax expense | $621 | $639 | $(18) | -2.82% | $1,238 | $1,278 | $(40) | -3.13% | - Excise taxes totaled approximately **$0.6 million** for the three months and **$1.2 million** for the six months ended June 30, 2025[427](index=427&type=chunk) [Net Investment Income](index=127&type=section&id=Net%20Investment%20Income) Net investment income increased due to higher total investment income outpacing the rise in total expenses | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Change (3M %) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | Change (6M %) | | :-------------------------- | :------------------------------- | :------------------------------- | :---------- | :------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | | Total investment income | $69,483 | $54,641 | $14,842 | 27.16% | $134,868 | $105,094 | $29,774 | 28.33% | | Total expenses (incl. excise tax) | $34,679 | $27,898 | $6,781 | 24.31% | $67,683 | $53,194 | $14,489 | 27.24% | | **Net Investment Income** | **$34,804** | **$26,743** | **$8,061** | **30.14%** | **$67,185** | **$51,900** | **$15,285** | **29.45%** | - Net investment income increased by **30.14%** for the three months and **29.45%** for the six months ended June 30, 2025, compared to the prior year[13](index=13&type=chunk) [Net Realized Gains and Losses](index=127&type=section&id=Net%20Realized%20Gains%20and%20Losses) Net realized losses increased due to gross realized losses from equipment financing sales and debt extinguishments | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Change (3M %) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | Change (6M %) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | | Gross realized gains | $2,249 | $4,282 | $(2,033) | -47.48% | $2,623 | $8,559 | $(5,936) | -69.35% | | Gross realized losses | $(10,511) | $(10,770) | $259 | -2.40% | $(13,039) | $(13,695) | $656 | -4.79% | | **Total net realized gains/(losses) on investments** | **$(8,262)** | **$(6,488)** | **$(1,774)**| **27.34%** | **$(10,416)** | **$(5,136)** | **$(5,280)**| **102.80%** | - Net realized losses from investments increased by **27.34%** for the three months and **102.80%** for the six months ended June 30, 2025, compared to the prior year[431](index=431&type=chunk) - Gross realized losses primarily stemmed from the sale of one equipment financing position and the extinguishment of one debt position during the six months ended June 30, 2025[430](index=430&type=chunk) [Net Change in Unrealized Appreciation / (Depreciation) from Investments](index=127&type=section&id=Net%20Change%20in%20Unrealized%20Appreciation%20%2F%20(Depreciation)%20from%20Investments) Net change in unrealized appreciation improved significantly, driven by positive shifts in warrant, equity, and debt investments | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :---------- | :------------------------------- | :------------------------------- | :---------- | | Net unrealized appreciation/(depreciation) on portfolio investments | $15,189 | $10,573 | $4,616 | $12,047 | $(1,427) | $13,474 | | Other net changes in unrealized appreciation/(depreciation) | $(317) | — | $(317) | $(317) | — | $(317) | | **Total net unrealized gains/(losses) on investments** | **$14,872** | **$10,573** | **$4,299** | **$11,730** | **$(1,427)** | **$13,157** | - Net unrealized appreciation totaled approximately **$15.2 million** for the three months and **$12.0 million** for the six months ended June 30, 2025[434](index=434&type=chunk)[435](index=435&type=chunk) - This appreciation was driven by positive changes in warrant investments (**$7.3 million** for 3M, **$7.0 million** for 6M), equity investments (**$5.5 million** for 3M, **$6.8 million** for 6M), and debt investments (**$2.4 million** for 3M)[434](index=434&type=chunk)[435](index=435&type=chunk) [Net Increase (Decrease) in Net Assets Resulting from Operations](index=128&type=section&id=Net%20Increase%20(Decrease)%20in%20Net%20Assets%20Resulting%20from%20Operations) Net increase in net assets from operations rose significantly due to increased net investment income and unrealized appreciation | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change (3M) | Change (3M %) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change (6M) | Change (6M %) | | :------------------------------------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | :------------------------------- | :------------------------------- | :---------- | :------------ | | **Net Increase (Decrease) in Net Assets Resulting from Operations** | **$41,414** | **$30,828** | **$10,586** | **34.34%** | **$68,499** | **$45,337** | **$23,162** | **51.09%** | - Net increase in net assets resulting from operations increased by **34.34%** for the three months and **51.09%** for the six months ended June 30, 2025, compared to the prior year[13](index=13&type=chunk) [Net Increase (Decrease) in Net Assets Resulting from Operations and Earnings Per Share](index=128&type=section&id=Net%20Increase%20(Decrease)%20in%20Net%20Assets%20Resulting%20from%20Operations%20and%20Earnings%20Per%20Share) Basic and diluted EPS were $0.63 and $1.07, with no dilutive effect from Option Awards or converted Convertible Notes | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------ | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Basic net increase in net assets per common share | $0.63 | $0.61 | $1.07 | $0.94 | | Diluted net increase in net assets per common share | $0.63 | $0.59 | $1.07 | $0.90 | - Basic and diluted net increase in net assets per common share were **$0.63** for the three months and **$1.07** for the six months ended June 30, 2025[439](index=439&type=chunk) - For the current period, Option Awards' market-based conditions were not met, and Convertible Notes were fully converted, resulting in no dilutive effect on EPS[341](index=341&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=129&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) Discusses financial health, liquidity, and capital management, highlighting asset coverage and unfunded commitments [Asset Coverage Requirements](index=129&type=section&id=Asset%20Coverage%20Requirements) Required to maintain 150% asset coverage ratio; achieved 187.0% as of June 30, 2025, demonstrating compliance - The company is required to maintain an asset coverage ratio of at least **150%** to incur borrowings or issue debt/preferred stock[447](index=447&type=chunk) - As of June 30, 2025, the asset coverage ratio was approximately **187.0%**, and the asset coverage ratio per unit was approximately **$1,870**[447](index=447&type=chunk) - This ratio allows the company to potentially borrow **$2** for every **$1** of investor equity[447](index=447&type=chunk) [Commitments and Off-Balance Sheet Arrangements](index=130&type=section&id=Commitments%20and%20Of%20-Balance%20Sheet%20Arrangements) Unfunded commitments total $55.4 million, primarily to portfolio companies, with sufficient liquidity maintained - As of June 30, 2025, unfunded commitments totaled **$51.6 million** to six portfolio companies, **$3.0 million** for the JV, and **$0.8 million** for EPT 16[448](index=448&type=chunk) - These commitments are often dependent on portfolio companies reaching certain milestones or are subject to customary lending provisions allowing relief from funding obligations in case of materially adverse events[449](index=449&type=chunk) - The company maintains adequate liquidity through existing cash and KeyBank Credit Facility borrowings to fund these commitments[449](index=449&type=chunk) [Contractual Obligations](index=130&type=section&id=Contractual%20Obligations) Total contractual obligations amount to $1,067.96 million, mainly from KeyBank Credit Facility and Unsecured Notes | Obligation | Less than 1 year (in thousands) | 1 - 3 years (in thousands) | 4 - 5 years (in thousands) | After 5 years (in thousands) | Total (in thousands) | | :---------------------- | :------------------------------ | :------------------------- | :------------------------- | :--------------------------- | :------------------- | | KeyBank Credit Facility | — | — | $483,000 | — | $483,000 | | August 2026 Notes | — | $125,000 | — | — | $125,000 | | December 2026 Notes | — | $75,000 | — | — | $75,000 | | March 2029 Notes | — | — | $116,637 | — | $116,637 | | September 2029 Notes | — | — | $119,194 | — | $119,194 | | Series A Notes | — | $55,500 | $87,000 | — | $142,500 | | Operating Leases | $718 | $2,210 | $2,131 | $1,565 | $6,624 | | **Total** | **$718** | **$257,710** | **$807,962** | **$1,565** | **$1,067,955** | - The largest contractual obligations are the KeyBank Credit Facility (**$483.0 million**) and various Unsecured Notes, with significant maturities in the **4-5 year** timeframe[451](index=451&type=chunk) [Distributions](index=130&type=section&id=Distributions) Intends to pay quarterly distributions, consistently $0.51 per share, based on earnings and regulatory requirements - The company intends to pay quarterly distributions to stockholders, with amounts determined by the Board based on earnings, financial condition, RIC tax treatment, and BDC regulations[452](index=452&type=chunk) | Declaration Date | Type | Per Share Amount | | :--------------- | :-------- | :--------------- | | March 19, 2025 | Quarterly | $0.51 | | June 18, 2025 | Quarterly | $0.51 | | December 12, 2024 | Quarterly | $0.51 | | September 18, 2024| Quarterly | $0.51 | | June 13, 2024 | Quarterly | $0.51 | | March 14, 2024 | Quarterly | $0.51 | [Price Range of Common Stock](index=132&type=section&id=Price%20Range%20of%20Common%20Stock) Common stock traded on Nasdaq, closing at $14.95 per share, a 12.7% premium to NAV as of June 30, 2025 - The common stock began trading on Nasdaq under **"TRIN"** on **January 29, 2021**, and has since traded at prices both above and below its net asset value per share[455](index=455&type=chunk)[458](index=458&type=chunk) - As of **August 4, 2025**, the closing sales price was **$14.95** per share, representing a premium of approximately **12.7%** to the net asset value per share of **$13.27** as of June 30, 2025[456](index=456&type=chunk) | Period (Quarter) | Net Asset Value | High Sales Price | Low Sales Price | High Premium (Discount) to NAV | Low Premium (Discount) to NAV | | :--------------- | :-------------- | :--------------- | :-------------- | :----------------------------- | :---------------------------- | | Q2 2025 | $13.27 | $15.52 | $13.53 | 16.9% | 1.9% | | Q1 2025 | $13.05 | $16.56 | $14.26 | 26.9% | 9.3% | | Q4 2024 | $13.35 | $14.87 | $13.11 | 11.4% | (1.8)% | | Q3 2024 | $13.13 | $14.74 | $13.57 | 12.3% | 3.4% | [Related Party Transactions](index=133&type=section&id=Related%20Party%20Transactions) Management and employees hold company stock; directors and officers have indemnification agreements and D&O insurance - Certain members of management and employees hold shares of the company's stock[459](index=459&type=chunk) - The company has indemnification agreements with its directors and executive officers, providing maximum indemnification permitted under Maryland law and the 1940 Act, including advancement of legal expenses[460](index=460&type=chunk) - Directors and officers are covered by directors and officers insurance[353](index=353&type=chunk) [Recent Developments](index=133&type=section&id=Recent%20Developments) Recent developments include ATM program share issuance and $125.0 million in July 2030 Notes - From **April 1, 2025**, to **August 4, 2025**, the company issued **717,285** common shares through its Equity ATM Program, raising **$10.2 million** in net proceeds[462](index=462&type=chunk) - On **July 3, 2025**, the company issued **$125.0 million** in unsecured **6.750%** Notes due 2030 (July 2030 Notes) under its shelf Registration Statement on Form N-2[463](index=463&type=chunk) [Equity ATM Program](index=133&type=section&id=Equity%20ATM%20Program) Issued 717,285 common shares through Equity ATM Program, generating $10.2 million in net proceeds - From **April 1, 2025**, to **August 4, 2025**, the company issued **717,285** shares of common stock through its Equity ATM Program[462](index=462&type=chunk) - These sales generated **$10.2 million** in net proceeds after deducting commissions to sales agents[462](index=462&type=chunk) [July 2030 Notes](index=133&type=section&id=July%202030%20Notes) Issued $125.0 million in unsecured 6.750% Notes due 2030, with semi-annual interest payments - On **July 3, 2025**, the company issued **$125.0 million** in unsecured **6.750%** Notes due 2030 (July 2030 Notes)[463](index=463&type=chunk) - The July 2030 Notes bear interest at a fixed rate of **6.750%** per year, payable semi-annually on **January 3** and **July 3** each year, commencing on **January 3, 2026**[465](index=465&type=chunk) - These notes are redeemable, in whole or in part, at the company's option prior to **June 3, 2030**, at par plus a "make-whole" premium, and at par on or after **June 3, 2030**[464](index=464&type=chunk) [Co-Investment Exemptive Relief Order](index=134&type=section&id=Co-Investment%20Exemptive%20Relief%20Order) SEC granted exemptive relief for co-investment transactions with affiliates, subject to Board oversight - On **July 8, 2025**, the SEC granted an exemptive relief order allowing the company and its affiliates to enter into certain negotiated co-investment transactions[467](index=467&type=chunk) - The order permits co-investments alongside affiliates, consistent with investment objectives, policies, strategies, and regulatory requirements, subject to Board oversight[467](index=467&type=chunk) - It requires a "required majority" of eligible directors to make conclusions for certain co-investment transactions, including non-pro rata follow-on investments and dispositions[467](index=467&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=134&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Addresses exposure to valuation, interest rate, and currency risks, and potential use of hedging instruments [Valuation Risk](index=134&type=section&id=Valuation%20Risk) Valuation risk arises from illiquid investments requiring Board judgment, leading to potential fair value fluctuations - Many investments lack readily available market quotations, requiring fair value determination by the Board, which involves significant judgment[469](index=469&type=chunk) - The fair value of investments may fluctuate significantly from period to period, and estimated values could differ materially from market-determined values[469](index=469&type=chunk) - The Board periodically assesses and manages material risks associated with fair value determination in accordance with Rule 2a-5[470](index=470&type=chunk) [Interest Rate Risk](index=134&type=section&id=Interest%20Rate%20Risk) Net investment income is sensitive to interest rate changes, with 80.0% floating-rate debt investments - The company's net investment income is affected by the difference between borrowing and investment rates, making it sensitive to interest rate changes[471](index=471&type=chunk) - As of June 30, 2025, approximately **80.0%** of debt investments were floating-rate (Prime, SOFR, CORRA), and KeyBank Credit Facility borrowings also bear floating interest rates (Adjusted Term SOFR plus **2.85%** to **3.25%**)[472](index=472&type=chunk) | Hypothetical Base Rate Change | Interest Income (in thousands) | Interest Expense (in thousands) | Net Income/(Loss) (in thousands) | | :---------------------------- | :----------------------------- | :------------------------------ | :------------------------------- | | Up 300 basis points | $43,886 | $14,490 | $29,396 | | Up 200 basis points | $29,257 | $9,660 | $19,597 | | Up 100 basis points | $14,503 | $4,830 | $9,673 | | Down 100 basis points | $(5,280) | $(4,830) | $(450) | | Down 200 basis points | $(9,649) | $(9,660) | $11 | | Down 300 basis points | $(11,833) | $(14,490) | $2,657 | [Currency Risk](index=135&type=section&id=Currency%20Risk) Currency risk is minimal as payments from foreign portfolio companies are primarily in U.S. dollars - Investments denominated in foreign currencies are subject to risks from chan

Exhibit 99.1 Trinity Capital Inc. Reports Second Quarter 2025 Financial Results Total Investment Income grows 27.3% year-over-year Net Asset Value reaches new high of $923.6 million Return on Average Equity increases to 15.9% PHOENIX, August 6, 2025 – Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity Capital" or "the Company"), a leading alternative asset manager, today announced its financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Highlights "Our second-quarter performance roun ...

Company Overview - Trinity Capital Inc. is a leading alternative asset manager that has committed up to $40 million in an asset-based revolving credit facility to Alt, an online marketplace for investment-grade trading cards [1][3] - Alt, founded in 2020 and headquartered in San Francisco, operates globally in 76 countries, providing a full-service marketplace for buying, selling, vaulting, and borrowing against trading cards [2][3][6] Industry Insights - The partnership between Trinity Capital and Alt is expected to unlock significant demand for trading cards among collectors and investors, enhancing liquidity and transparency in a traditionally fragmented market [3][4] - Alt's proprietary valuation tool, "Alt Value," utilizes market data and AI analytics to provide real-time valuations and insights, which is crucial for investors in the trading card market [2][7] Financial Implications - The capital infusion from Trinity Capital will enable Alt to extend larger loans and provide instant cash advances, thereby improving liquidity for collectors and facilitating multimillion-dollar loans [4] - Since its inception in 2008, Trinity Capital has deployed over $4.3 billion across more than 400 investments, indicating a strong track record in private credit markets [5]

About Trinity Capital Inc. Trinity Capital Inc. (NASDAQ: 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, operating across five distinct lending verticals: Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences. As a long-term, trusted partner for innovative companies seeking tai ...

Group 1 - The analyst expresses a structural bullish outlook on the Business Development Company (BDC) sector but maintains a bearish stance on venture-capital related vehicles [1] Group 2 - Roberts Berzins has over a decade of experience in financial management, focusing on helping top-tier corporates with financial strategies and large-scale financings [2] - Berzins has contributed to institutionalizing the Real Estate Investment Trust (REIT) framework in Latvia to enhance liquidity in pan-Baltic capital markets [2] - His policy-level work includes developing national State-Owned Enterprise (SOE) financing guidelines and frameworks for channeling private capital into affordable housing [2] - Berzins holds a CFA Charter and an ESG investing certificate, and has experience with the Chicago Board of Trade [2]