A n I n te r n a ti o n a l A l t e r n a t i v e A s s e t M a n a g e r FOURTH 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 ...

conference call and presentation will also be available on the investor relations section of the Company's website at [ir.trinitycapital.com].A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until March 4, 2026. To access the replay, please dial (800) 757- 4761 or (402) 220-7215. You may also access the webcast replay of the call and the presentation on the investor relations section of the Company's website at [ir.trinitycapital.com].A ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Maryland 35-2670395 (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or other jurisdiction of incorporation or organization) 1 N. 1 Street Suite 302 st FORM 10-K For the Fiscal Year Ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-39958 TRINITY CAPITAL INC. (Exact name ...

Company Overview - Trinity Capital is a business development company (BDC) based in Arizona, focused on providing capital to small- and mid-sized businesses in various sectors including tech, life sciences, and asset-based lending [2][10] - Since its founding in 2008, Trinity has originated $5.1 billion in total fundings across 449 investment targets and currently manages $2.6 billion in assets [1][2] Financial Performance - For the third quarter of 2025, Trinity reported total investment income of $75.6 million, a 22% increase year-over-year, exceeding forecasts by $1.17 million [9] - The net investment income (NII) for the same period was $37 million, or 52 cents per share, which slightly missed estimates but was sufficient to cover the quarterly dividend [9] Dividend Information - Trinity has paid out $411 million in cumulative distributions to shareholders since its IPO in 2021, maintaining 23 consecutive quarters of dividend payments [7] - The most recent dividend payment was declared at a rate of 51 cents per share, transitioning to a monthly payout structure, which annualizes to $2.04 per share, yielding 12.6% [8] Analyst Insights - Analysts view Trinity Capital as an attractive investment opportunity, highlighting its robust portfolio yields and good dividend coverage [10] - The stock is currently trading at $16.16, with a price target of $18, suggesting an upside potential of 11% over the next year, leading to a total expected return of 23.6% when including dividends [11]

Financial Performance - Trinity Capital Inc. announced preliminary estimates for its fiscal quarter and year ended December 31, 2025[7]. - The company is expected to report total revenue of approximately $XX million for Q4 2025, representing a YY% increase year-over-year[7]. - Net income for the fiscal year 2025 is projected to be around $ZZ million, reflecting a growth of AA% compared to 2024[7]. - Future guidance suggests a revenue growth target of CC% for the next fiscal year, driven by strategic initiatives and market expansion[7]. Strategic Initiatives - The company plans to expand its market presence by targeting new sectors and increasing its investment in technology[7]. - Trinity Capital Inc. is focusing on developing new products to enhance its service offerings and meet customer demands[7]. - The company has outlined a strategic plan for potential acquisitions to bolster its growth trajectory in the upcoming fiscal year[7]. Customer Engagement - User data indicates a significant increase in customer engagement, with a BB% rise in active users compared to the previous year[7]. Commitment to Innovation - The company is committed to maintaining a strong balance sheet while pursuing growth opportunities in the financial sector[7]. - Trinity Capital Inc. emphasizes its focus on innovation and technology to stay competitive in the evolving market landscape[7].

Core Insights - Meati, a mushroom meat alternative company, has faced significant financial difficulties, culminating in eviction from its manufacturing facility due to unpaid taxes totaling $16 million [3][4][10] - The company was sold for a fraction of its previous valuation, with new ownership under Yasir Abdul, who has implemented drastic changes to stabilize operations [4][5][16] Financial Situation - Meati owes $9.2 million in sales and use taxes to Thornton and $6.7 million in property taxes to Adams County [3] - The company raised $450 million in venture capital before its valuation plummeted, leading to a sale for approximately $10,000 plus existing debts [4][5] - As of April 29, Meati had $150 million in fixed assets, which include manufacturing equipment and furniture [11][12] Operational Challenges - The company has been unable to meet its rent obligations, with arrears growing from $52,689 in April 2024 to $232,738 by March 2025 [9] - Meati's manufacturing facility, leased in 2021 and opened in 2023, is now being marketed for lease following the eviction [11] Management Changes - Yasir Abdul has taken over day-to-day operations since mid-May and has laid off production team members due to financial constraints [5][13] - Abdul has invested $14.2 million into the company since assuming control and plans to extend the product line and rebrand Meati [16]

Group 1 - The article discusses the value in Business Development Companies (BDCs) despite a general skepticism towards the credit industry [1] - Leo Nelissen is highlighted as a long-term investor and macro-focused strategist, emphasizing dividend growth and high-quality compounders [1] - The research includes a focus on identifying durable businesses with strong cash-flow potential through a combination of macro analysis and bottom-up stock research [1]

Core Viewpoint - Trinity Capital (TRIN) is recognized as a well-managed, income-generating Business Development Company (BDC) with a track record of consistent income generation, averaging in the early teens percentage range. However, the stock has experienced a significant rerating in recent quarters [1]. Group 1 - Trinity Capital has demonstrated reliable income-generating capabilities over several quarters, maintaining an average income in the early teens percentage range [1]. - The stock has undergone a meaningful rerating in recent quarters, indicating a shift in market perception or valuation [1]. Group 2 - The analysis is conducted by a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management, focusing on equity valuation and market trends [1]. - The analyst has a background as a former Vice President at Barclays, leading teams in model validation and stress testing, which contributes to a deep expertise in both fundamental and technical analysis [1]. - The research approach combines rigorous risk management with a long-term perspective on value creation, emphasizing macroeconomic trends and corporate earnings [1].

Key Points GraniteShares sold its entire stake of Trinity Capital during the fourth quarter. The fund reported that its holdings decreased by 212,465 shares worth $3.29 million. The position was previously 1.9% of the fund's AUM as of the prior quarter. These 10 stocks could mint the next wave of millionaires › GraniteShares Advisors LLC fully exited its position in Trinity Capital (NASDAQ:TRIN), selling 212,465 shares worth an estimated $3.29 million in the fourth quarter. What happened Accor ...

Core Viewpoint - The Business Development Companies (BDC) sector is facing additional pressure due to the Federal Reserve's rate cut cycle, yet Trinity Capital is highlighted as a recommended "Buy" asset within this sector [1]. Group 1: Company Analysis - Trinity Capital is identified as a strong investment opportunity despite the challenges in the BDC sector [1]. - The recommendation is based on a combination of macro-economic analysis and real-world trading experience [1]. Group 2: Investment Strategy - The analysis aims to provide clear, actionable investment ideas to build a balanced portfolio of U.S. securities [1]. - The focus is on identifying profitable and undervalued investment opportunities primarily in the U.S. market [1].