Earnings Presentation Q4 2025 Feb 25, 2026 Q4'25 Results 1 Welcome Guilherme Souto Investor Relations Officer Q4'25 Results 3 Disclaimer Q4'25 Results 2 David Vélez Founder, Chief Executive Officer and Chairman Chief Financial Officer Guilherme Lago This presentation speaks at the date hereof and the Company is under no obligation to update or keep current the information contained in this presentation . Any information expressed herein is subject to change without notice . Any market or other third -party ...

Core Insights - The chipmaker's earnings report comes amid a market still experiencing uncertainty related to AI developments [1] Group 1: Company Performance - The chipmaker's earnings reflect the ongoing challenges in the market, particularly influenced by AI-related concerns [1] Group 2: Market Context - The overall market remains shaky, indicating broader implications for the semiconductor industry and its stakeholders [1]

BofA Securities analyst Justin Post reiterated a Buy rating on Amazon.com Inc (NASDAQ:AMZN) and kept his $275 price target, arguing that Amazon Web Services‘ aggressive capacity expansion could drive upside despite near-term concerns around AI spending. • Amazon.com stock is holding steady today. Where are AMZN shares going?AWS Capacity Buildout Gains MomentumPost noted AWS doubled power capacity since 2022 and added 3.9 gigawatts in 2025 (including 1.2 gigawatts in the fourth quarter).The analyst said Amaz ...

Our return on equity and effective yield rank at or near the top in the BDC space. Our NAV has grown 33% year over year, while our credit metrics have remained strong and consistent. Since our IPO five years ago, Trinity Capital Inc. stock has delivered a cumulative total return of 109%, far outpacing both the peer average of 70% and the S&P 500's 82% over that same time period. Looking forward, we have an ever-growing managed funds business, as well as 209 warrant positions and 130 portfolio companies, wit ...

Is your gut telling you there's just something not quite right about the market at this time? If so, you're not imagining things: Too many stocks are overvalued as well as technically overbought. It also feels like a few too many companies are vulnerable to some sort of economic turbulence ahead, even if we don't know what turbulence might be brewing. Be wary of coming to sweeping generalizations about "the market," though. It's not every stock. Indeed, you may already realize that most mid-caps don't br ...

Financial Data and Key Metrics Changes - Trinity Capital achieved record net investment income of $144 million or $2.08 per share in 2025, with a 15% increase in Q4 net investment income to $40 million compared to the same quarter last year [3][4] - The company's net asset value (NAV) grew 10% quarter-over-quarter to a record $1.1 billion, and total assets under management (AUM) increased to over $2.8 billion, up 38% year-over-year [4][5] - The return on equity was reported at 15.3%, ranking among the highest in the Business Development Company (BDC) space [15] Business Line Data and Key Metrics Changes - The funding for the year reached a record $1.5 billion, with Q4 funding amounting to $435 million, representing a 21% increase from the previous year [6] - The breakdown of Q4 fundings included 27% to sponsor finance, 25% to equipment financing, 20% to life sciences, 15% to tech lending, and 13% to asset-backed lending [20] Market Data and Key Metrics Changes - The company maintained strong credit quality, with non-accruals at less than 1% of the portfolio at fair value, totaling $15.2 million [4][20] - Portfolio companies collectively raised over $7.8 billion in equity during 2025, indicating strong access to capital [20] Company Strategy and Development Direction - Trinity Capital is focused on expanding its managed funds business and has established several co-investment vehicles to enhance liquidity and income for shareholders [4][11] - The company is strategically diversifying its portfolio, particularly in the AI and software sectors, while maintaining a disciplined underwriting approach [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to capitalize on market opportunities, particularly in the context of current volatility, and emphasized the importance of maintaining liquidity [35][40] - The management team believes that the best days are still ahead for Trinity Capital, supported by a diversified pipeline and disciplined investment strategy [15][14] Other Important Information - The company transitioned to a monthly dividend of $0.17 per share starting January 2026, maintaining the same aggregate quarterly payout [15] - Trinity Capital's stock has delivered a cumulative total return of 109% since its IPO, outperforming both the peer average of 70% and the S&P 500's 82% [5] Q&A Session Summary Question: Opportunities in Software Loans - The management acknowledged the potential to take advantage of turmoil in the software sector and mentioned being opportunistic in converting some loans to equipment finance [23][25] Question: Portfolio Concerns - Management indicated a focus on industries with disruptive technology and strong capital backing, maintaining a cautious approach to sectors not receiving equity dollars [30][31] Question: Strategic Opportunities Amidst Volatility - Management confirmed the intention to remain opportunistic and leverage liquidity to capitalize on market dislocations [35][36] Question: Fund Management Business Growth - Management expressed optimism about the growth of the fund management business, anticipating increased interest from investors seeking diversification [40][41] Question: Portfolio Breakdown and Credit Quality - Management provided insights into the portfolio's performance, noting low non-accrual rates and the strength of existing portfolio companies raising capital [50][56]

Financial Data and Key Metrics Changes - Trinity Capital achieved record net investment income of $144 million or $2.08 per share in 2025, with a 15% increase in Q4 net investment income to $40 million compared to the previous year [3][4] - The company's net asset value (NAV) grew 10% quarter-over-quarter to a record $1.1 billion, and total assets under management (AUM) increased to over $2.8 billion, up 38% year-over-year [4][5] - The return on equity was reported at 15.3%, among the highest in the BDC space, with a weighted average effective portfolio yield of 15.2% [15][16] Business Line Data and Key Metrics Changes - The funding breakdown in Q4 was as follows: 27% to sponsor finance, 25% to equipment financing, 20% to life sciences, 15% to tech lending, and 13% to asset-backed lending [20] - The managed funds business saw significant growth, with several co-investment vehicles established, contributing approximately $3.1 million or $0.04 per share of incremental net investment income in Q4 [4][17] Market Data and Key Metrics Changes - The company maintained strong credit quality, with non-accruals at less than 1% of the portfolio at fair value, and over 99% of debt investments performing at fair value [4][19] - Portfolio companies collectively raised more than $7.8 billion in equity during 2025, indicating strong access to capital [20] Company Strategy and Development Direction - Trinity Capital is focused on building a diversified platform with five complementary verticals, including sponsor finance, equipment finance, tech lending, asset-based lending, and life sciences, to drive growth and value creation [13][14] - The company is strategically positioned to capitalize on opportunities in the market, particularly in the software sector, by being opportunistic in its lending practices [6][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current market volatility, emphasizing the importance of maintaining liquidity to seize opportunities [35][40] - The management team believes that the best days are still ahead for Trinity Capital, supported by a diversified pipeline and disciplined underwriting [15][14] Other Important Information - The company transitioned to a monthly dividend of $0.17 per share starting January 2026, maintaining the same aggregate quarterly payout [15] - Estimated undistributed taxable income is approximately $69 million, or $0.84 per share, which will be reinvested for shareholder benefit [15] Q&A Session Summary Question: Opportunities in Software Loans - Management acknowledged the potential to capitalize on turmoil in the software sector, indicating a willingness to convert some loans to equipment finance loans for better risk-adjusted returns [23][25] Question: Portfolio Concerns - Management stated that they focus on industries with disruptive technology and strong capital backing, and they continue to adapt their investment philosophy based on market trends [30][31] Question: Strategic Opportunities Amid Volatility - Management confirmed that they are open to exploring strategic opportunities if market conditions remain favorable, emphasizing their strong liquidity position [35][36] Question: Fund Management Business Growth - Management noted increased interest and inflows into their fund management business, viewing current market volatility as an opportunity to differentiate from larger players [40][41] Question: Portfolio Breakdown and Credit Quality - Management provided insights into the portfolio's credit quality, noting that non-accruals remain low and that they are actively working with legacy borrowers facing challenges [50][51]

Financial Data and Key Metrics Changes - Trinity Capital achieved record net investment income of $144 million or $2.08 per share in 2025, with a 15% increase in Q4 net investment income to $40 million compared to the previous year [3][4] - The company's net asset value (NAV) grew 10% quarter-over-quarter to a record $1.1 billion, with a 33% year-over-year increase [5][16] - Total investment income for Q4 was $83 million, reflecting a 17.5% year-over-year increase, and the effective yield remained strong at 15.2% [15][16] Business Line Data and Key Metrics Changes - The managed funds business saw significant growth, with $1.5 billion in fundings and $2.1 billion in commitments for the year [4][6] - The breakdown of Q4 fundings included 27% to sponsor finance, 25% to equipment financing, 20% to life sciences, 15% to tech lending, and 13% to asset-backed lending [20] Market Data and Key Metrics Changes - The company maintained strong credit quality, with non-accruals at less than 1% of the portfolio at fair value [4][19] - Portfolio companies collectively raised over $7.8 billion in equity during 2025, indicating strong access to capital [19] Company Strategy and Development Direction - Trinity Capital is focused on building a diversified platform with five complementary verticals, including sponsor finance, equipment finance, tech lending, asset-based lending, and life sciences [12][14] - The company is strategically positioned to capitalize on opportunities in the market, particularly in the software sector, while maintaining a disciplined underwriting approach [7][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate market volatility and capitalize on opportunities, particularly in the lower middle market software sector [25][36] - The company anticipates continued strong performance driven by its diversified pipeline and disciplined investment strategy [14][21] Other Important Information - Trinity Capital transitioned to a monthly dividend of $0.17 per share starting January 2026, maintaining the same aggregate quarterly payout [15] - The company raised $95 million through its equity ATM program during Q4, contributing to a strong capital base [16] Q&A Session Summary Question: Opportunities in Software Loans - Management acknowledged the potential to capitalize on turmoil in the software sector and indicated a willingness to convert some loans to equipment finance loans for better risk-adjusted returns [23][25] Question: Portfolio Concerns - Management stated that they remain focused on industries with disruptive technology and strong capital backing, and they will continue to adapt their investment strategy as market conditions evolve [30][32] Question: Strategic Opportunities Amid Volatility - Management confirmed that they are prepared to be opportunistic in a volatile market, leveraging their liquidity to take advantage of less competitive conditions [36][37] Question: Fund Management Business Growth - Management expressed optimism about the growth of their third-party asset management business, anticipating increased interest from investors seeking diversification [41][42] Question: Portfolio Capital Raising - Management noted that portfolio companies are accessing capital through various means, including public markets and private equity sponsors, indicating a robust VC market [56][58]

The company’s management believes adjusted net investment income, adjusted net investment income per share, adjusted net income, and adjusted net income per share are useful to investors as additional tools to evaluate ongoing results and trends and to review our performance without giving effect to the amortization or accretion resulting from the new cost basis of the investments acquired and accounted for under the acquisition method of accounting in accordance with ASC 805, one-time purchase or nonrecurr ...

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