# EDGAR Filing Document

**Accession Number:** 0001786108
**File Stem:** 0000950170-25-103546
**Filing Date:** 2025-8
**Character Count:** 54085
**Document Hash:** 6d4b501a85da573cbc40d2f0431a8266
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-103546.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0000950170-25-103546

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Trinity Capital Inc.
- **CENTRAL INDEX KEY:** 0001786108

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39958
- **FILM NUMBER:** 251187544

**BUSINESS ADDRESS:**
- **STREET 1:** 1 N. 1ST ST.
- **STREET 2:** 3RD FLOOR
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85004
- **BUSINESS PHONE:** 480.374.5350

**MAIL ADDRESS:**
- **STREET 1:** 1 N. 1ST ST.
- **STREET 2:** 3RD FLOOR
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85004

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 6, 2025<br>

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TRINITY CAPITAL INC.

**(Exact name of Registrant as Specified in Its Charter)**

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---

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

---

**Registrant's Telephone Number, Including Area Code: (**480**)** 374-5350<br>

**Not Applicable**<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

---

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

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## **Item 2.02 Results of Operations and Financial Condition.** 
On August 6, 2025, Trinity Capital Inc. (the "Company") issued a press release announcing its financial results for the second quarter ended June 30, 2025. Such press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 furnished herewith, is being furnished and shall not be deemed "filed" for any purpose of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such Section. The information in this Current Report on Form 8-K shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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## **Item 7.01 Regulation FD Disclosure.** 
On August 6, 2025, the Company disseminated an earnings presentation to be used in connection with its conference call and live webcast to discuss its second quarter 2025 financial results on August 6, 2025, at 12 p.m. Eastern time. A copy of the earnings presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference.

The information furnished in this Item 7.01 and Exhibit 99.2 attached hereto is being furnished and shall not be deemed "filed" for any purpose of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such Section, nor shall it be deemed incorporated by reference into any filing under the Securities Act, except as shall be expressly set forth by specific reference in such filing.

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**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits

---

| | |
|:---|:---|
| Exhibit Number | Description |
| 99.1 | [<u>Earnings Press Release, dated August 6, 2025.</u>](trin-ex99_1.htm) |
| 99.2 | [<u>Earnings Presentation, dated August 6, 2025.</u>](trin-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Trinity Capital Inc. |
| Date: | August 6, 2025 | By:  | /s/ Kyle Brown |
|  |  |  | Kyle Brown<br>Chief Executive Officer, President and Chief Investment Officer |

---

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## Exhibit 99.1

**Exhibit 99.1**

![img147803490_0.jpg](img147803490_0.jpg)

**Trinity Capital Inc. Reports Second Quarter 2025 Financial Results**

*Total Investment Income grows 27.3% year-over-year<br>Net Asset Value reaches new high of $923.6 million<br>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** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total investment income of $69.5 million, an increase of 27.3% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net investment income ("NII") of $34.8 million, or $0.53 per basic share. NII grew 30.3% year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net increase in net assets resulting from operations of $41.4 million, or $0.63 per basic share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•15.9% Return on Average Equity "ROAE" (NII/Average Equity)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•7.2% Return on Average Assets "ROAA" (NII/Average Assets)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net Asset Value ("NAV") of $923.6 million, or $13.27 per share at the end of Q2. NAV increased 35.8% year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total gross investment commitments of $519.8 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total gross investments funded of $365.5 million, which was comprised of $292.3 million in 15 new portfolio companies and $73.2 million in 14 existing portfolio companies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total investment exits and repayments of $195.0 million, including $109.3 million from early debt repayments and refinancings, $51.3 million from scheduled/amortizing debt payments, $34.2 million from investments sold to multi-sector holdings and $0.2 million from warrant and equity sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•22<sup>nd</sup> consecutive quarter of a consistent or increased regular dividend, with a second quarter distribution of $0.51 per share

"Our second-quarter performance rounded out a solid first half of 2025, reflecting disciplined execution across our credit strategies and sustained demand from growth-oriented companies," said Kyle Brown, Chief Executive Officer of Trinity Capital. "We enter the second half of 2025 with strong momentum in our direct lending businesses in addition to our RIA platform growth as we maintain a focus on delivering increasing value to our borrowers, partners, and investors."

**Second Quarter 2025 Operating Results**

For the three months ended June 30, 2025, total investment income was $69.5 million, compared to $54.6 million for the three months ended June 30, 2024. The effective yield on the average debt investments at cost was 15.7% for the second quarter of 2025, compared to 16.0% for the second quarter of 2024. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events, and may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the second quarter of 2025 were $16.7 million, compared to $14.0 million during the second quarter of 2024. The increase was primarily attributable to higher compensation associated with additional headcount, an increase in professional fees, and higher G&A expenses offset by expenses allocated to the Company's Registered Investment Adviser subsidiary.

------

![img147803490_0.jpg](img147803490_0.jpg)

Interest expense for the second quarter of 2025 was $18.0 million, compared to $13.9 million during the second quarter of 2024. The increase was primarily attributable to the increase in weighted average debt outstanding as well as borrowing rate.

Net investment income was approximately $34.8 million, or $0.53 per share based on 65.9 million basic weighted average shares outstanding for the second quarter of 2025, compared to $26.7 million or $0.53 per share for the second quarter of 2024 based on 50.2 million basic weighted average shares outstanding.

During the three months ended June 30, 2025, the Company's net unrealized appreciation totaled approximately $14.9 million, which included net unrealized appreciation of $7.4 million from its warrant investments, net unrealized appreciation of $5.5 million from its equity investments, and net unrealized appreciation of $2.3 million from the Company's debt investments. This is partially offset by $0.3 million net unrealized depreciation attributable to foreign currency forward contracts.

Net realized loss on investments was approximately $8.3 million, primarily due to the workout of one secured loan.

Net increase in net assets resulting from operations was $41.4 million, or $0.63 per share, based on 65.9 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $30.8 million, or $0.61 per share, based on 50.2 million basic weighted average shares outstanding for the second quarter of 2024.

**Net Asset Value**

Total net assets at the end of the second quarter of 2025 increased by 10.8% to $923.6 million, compared to $833.4 million at the end of the first quarter of 2025. The increase in total net assets was primarily due to net portfolio performance, accretive ATM issuances, and net investment income exceeding the dividend declared. NAV per share increased to $13.27 per share in the second quarter from $13.05 per share as of March 31, 2025.

**Portfolio and Investment Activity** 

As of June 30, 2025, Trinity Capital's investment portfolio had an aggregate fair value of approximately $1,978.3 million and was comprised of approximately $1,491.8 million in secured loans, $342.6 million in equipment financings, and $143.9 million in equity and warrants, across 163 portfolio companies. The Company's debt portfolio is comprised of 81.4% first-lien loans and 18.6% second-lien loans, with 80% of the debt portfolio at floating rates based on principal outstanding.

During the second quarter, the Company originated approximately $519.8 million of total new commitments. Second quarter gross investments funded totaled approximately $365.5 million, which was comprised of $292.3 million of investments in 15 new portfolio companies and $73.2 million of investments in 14 existing portfolio companies. Gross investment fundings during the quarter for secured loans totaled $290.8 million, equipment financings totaled $66.5 million and warrant and equity investments totaled $8.2 million.

Proceeds received from exits and repayments of the Company's investments during the second quarter totaled approximately $195.0 million, which included $109.3 million from early debt repayments and refinancings, $51.3 million from scheduled/amortizing debt payments, $34.2 million from investments sold to multi-sector holdings and $0.2 million from warrant and equity sales. The investment portfolio increased by $170.5 million on a cost basis, an increase of 9.3%, and $185.6 million on a fair value basis, an increase of 10.4% as compared to March 31, 2025.

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![img147803490_0.jpg](img147803490_0.jpg)

As of the end of the second quarter, loans to three portfolio companies and equipment financings to one portfolio company were on non-accrual status with a total fair value of approximately $15.6 million, or 0.9% of the Company's debt investment portfolio at fair value.

The following table shows the distribution of the Company's loan and equipment financing investments on the 1 to 5 investment risk rating scale at fair value as of June 30, 2025 and March 31, 2025 (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;&nbsp;**March 31, 2025** | &nbsp;&nbsp;&nbsp;**March 31, 2025** |
| <br>&nbsp;&nbsp;&nbsp;**Investment Risk Rating Scale Range** | <br>&nbsp;&nbsp;&nbsp; **Designation** | &nbsp;&nbsp;&nbsp;**Investments at Fair Value** | &nbsp;&nbsp;&nbsp;**Percentage of Total Portfolio** | &nbsp;&nbsp;&nbsp;**Investments at Fair Value** | &nbsp;&nbsp;&nbsp;**Percentage of Total Portfolio** |
| &nbsp;&nbsp;4.0 - 5.0 | &nbsp;&nbsp;Very Strong Performance | &nbsp;&nbsp;$97881 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp; $92956  | &nbsp;&nbsp;5.6% |
| &nbsp;&nbsp;3.0 - 3.9 | &nbsp;&nbsp;Strong Performance | &nbsp;&nbsp;589329 | &nbsp;&nbsp;32.1% | &nbsp;&nbsp;567581 | &nbsp;&nbsp;34.0% |
| &nbsp;&nbsp;2.0 - 2.9 | &nbsp;&nbsp;Performing | &nbsp;&nbsp;1021331 | &nbsp;&nbsp;55.7% | &nbsp;&nbsp;928455 | &nbsp;&nbsp;55.7% |
| &nbsp;&nbsp;1.6 - 1.9 | &nbsp;&nbsp;Watch | &nbsp;&nbsp;97396 | &nbsp;&nbsp;5.3% | &nbsp;&nbsp;50072 | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;1.0 - 1.5 | &nbsp;&nbsp;Default/Workout | &nbsp;&nbsp;15601 | &nbsp;&nbsp;0.9% | &nbsp;&nbsp;15156 | &nbsp;&nbsp;0.9% |
| &nbsp;&nbsp;Total Debt Investments excluding Senior Credit Corp 2022 LLC | &nbsp;&nbsp;Total Debt Investments excluding Senior Credit Corp 2022 LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821538  | &nbsp;&nbsp;99.3% | &nbsp;&nbsp;1654220 | &nbsp;&nbsp;99.2% |
|  | &nbsp;&nbsp;Senior Credit Corp 2022 LLC <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12885  | &nbsp;&nbsp;0.7% | &nbsp;&nbsp;12885 | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Total Debt Investments |  | &nbsp;&nbsp; $1834423  | &nbsp;&nbsp;100.0% | &nbsp;&nbsp; $1667105  | &nbsp;&nbsp;100.0% |

---

<sup>_____________</sup>

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

As of June 30, 2025, Trinity Capital's loan and equipment financing investments had a weighted average risk rating score of 2.9, consistent with the score as of March 31, 2025. The Company's grading scale is comprised of numerous factors, two key factors being liquidity and performance to plan. A company may be downgraded as it approaches the need for additional capital or if it is underperforming relative to its business plans. Conversely, it may be upgraded upon a capitalization event or if it is exceeding its plan. As such, the overall grading may fluctuate quarter-to-quarter.

**Liquidity and Capital Resources** 

As of June 30, 2025, the Company had approximately $143.3 million in available liquidity, including $26.3 million in unrestricted cash and cash equivalents. At the end of the period, the Company had approximately $117.0 million in available borrowing capacity under its KeyBank Credit Facility, subject to existing terms and advance rates and regulatory and covenant requirements. This excludes capital raised by the JV and funds managed by the Company's wholly owned RIA subsidiary.

As of June 30, 2025, Trinity's leverage, or debt-to-equity ratio, was approximately 115% as compared to 116% as of March 31, 2025.

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![img147803490_0.jpg](img147803490_0.jpg)

During the three months ended June 30, 2025, Trinity utilized its equity ATM offering program to sell 5,717,121 million shares of its common stock at a weighted average price of $14.43 per share, raising $81.5 million of net proceeds.

During the three months ended June 30, 2025, Trinity utilized its debt ATM offering program and during the period issued and sold $2.2 million in aggregate principal amount of its March and September 2029 Notes.

**Distributions** 

On June 18, 2025, the Company's Board of Directors declared a regular dividend totaling $0.51 per share with respect to the quarter ended June 30, 2025, which was paid on July 15, 2025, to stockholders of record as of June 30, 2025. The Board of Directors generally determines and announces the Company's dividend distribution on a quarterly basis.

**Recent Developments** 

For the period from July 1, 2025 to August 4, 2025, the Company issued and sold 717,285 shares of its common stock at a weighted-average price of $14.32 per share and raised $10.2 million of net proceeds after deducting commissions to the sales agents on shares sold under the Equity ATM Program.

On July 3, 2025, the Company issued and sold $125.0 million in aggregate principal amount of its unsecured 6.750% Notes due 2030 (the "July 2030 Notes") under its shelf Registration Statement on Form N-2. The proceeds were used to pay down a portion of the existing indebtedness outstanding under the KeyBank Credit Facility.

On July 8, 2025, the Company and certain of its affiliates were granted an exemptive relief order (the "Order") from the SEC that permits the Company to enter into certain negotiated co-investment transactions alongside certain of its affiliates in a manner consistent with its investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order.

**Conference Call** 

Trinity Capital will hold a conference call to discuss its second quarter 2025 financial results at 12:00 p.m. Eastern Time on Wednesday, August 6, 2025.

To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ225 if asked, approximately 10 minutes prior to the start of the call.

A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until August 13, 2025. To access the replay, please dial (800) 757-4761 or (402) 220-7215.

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![img147803490_0.jpg](img147803490_0.jpg)

**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. With five distinct business verticals — Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Life Sciences — Trinity Capital stands as a long-term trusted partner for innovative companies seeking tailored debt solutions. Headquartered in Phoenix, Arizona, Trinity Capital's dedicated team is strategically located across the United States and in London (UK). For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn and X (@trincapital).

**Forward-Looking Statements**

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission ("SEC"). The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. More information on risks and other potential factors that could affect the Company's financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or on the webcast/conference call, is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed annual report on Form 10-K and subsequent SEC filings.

**Contact** 

Ben Malcolmson<br>Head of Investor Relations<br>Trinity Capital Inc.<br>ir@trinitycapital.com

(480) 852-3950

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![img147803490_0.jpg](img147803490_0.jpg)

**TRINITY CAPITAL INC.**

**Consolidated Statements of Assets and Liabilities**

**(In thousands, except share and per share data)**

---

| | | |
|:---|:---|:---|
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
|  | (Unaudited) |  |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments (cost of $103,725 and $82,391, respectively) | $118496 | $89249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments (cost of $39,114 and $34,309, respectively) | 39227 | 34727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments (cost of $1,858,099 and $1,643,526, respectively) | 1820607 | 1601594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments (cost of $2,000,938 and $1,760,226, respectively) | 1978330 | 1725570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 26251 | 9627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 17664 | 16542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred credit facility costs | 5870 | 6586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 16909 | 15916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**2045024** | $**1774241** |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;KeyBank Credit Facility | $483000 | $113000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unsecured Notes, net of $8,523 and $10,327, respectively, of unamortized deferred financing costs | 569808 | 764673 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution payable | 35483 | 31451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Security deposits | 5918 | 8472 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses and other liabilities | 27247 | 33663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **1121456** | **951259** |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value per share (200,000,000 authorized, 69,574,146 and 61,669,059 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) | 70 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | 929767 | 829626 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributable earnings/(accumulated deficit) | (6269) | (6706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total net assets** | **923568** | **822982** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and net assets** | $**2045024** | $**1774241** |
| **NET ASSET VALUE PER SHARE** | $**13.27** | $**13.35** |

---

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![img147803490_0.jpg](img147803490_0.jpg)

**TRINITY CAPITAL INC.**

**Consolidated Statements of Operations**

**(In thousands, except share and per share data)**

**(Unaudited)**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments | $2430 | $783 | $4758 | $1635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 977 | 474 | 2250 | 859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 63306 | 50580 | 122379 | 98735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest and dividend income | 66713 | 51837 | 129387 | 101229 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee and other income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 597 | 835 | 1289 | 1702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 2173 | 1969 | 4192 | 2163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fee and other income | 2770 | 2804 | 5481 | 3865 |
| **Total investment income** | 69483 | 54641 | 134868 | 105094 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense and other debt financing costs | 18044 | 13885 | 35700 | 26029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | 12489 | 9944 | 23134 | 19808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 1787 | 1338 | 3814 | 2058 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 2246 | 2092 | 4713 | 4021 |
| &nbsp;&nbsp;&nbsp;Total gross expenses | 34566 | 27259 | 67361 | 51916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allocated expenses to Trinity Capital Adviser, LLC | (508) |  | (916) |  |
| **Total net expenses** | 34058 | 27259 | 66445 | 51916 |
| **NET INVESTMENT INCOME/(LOSS) BEFORE TAXES** | 35425 | 27382 | 68423 | 53178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Excise tax expense | 621 | 639 | 1238 | 1278 |
| **NET INVESTMENT INCOME** | 34804 | 26743 | 67185 | 51900 |
| **NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments |  | (3916) |  | (3916) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | (8262) | (2572) | (10416) | (1220) |
| **Net realized gain/(loss) from investments** | (8262) | (6488) | (10416) | (5136) |
| **NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Control investments | 7912 | 5691 | 7913 | 7655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliate investments | 52 | 1673 | 482 | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-Control / Non-Affiliate investments | 6908 | 3209 | 3335 | (11008) |
| **Net change in unrealized appreciation/(depreciation) from investments** | 14872 | 10573 | 11730 | (1427) |
| **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $**41414** | $**30828** | $**68499** | $**45337** |
| NET INVESTMENT INCOME PER SHARE - BASIC | $**0.53** | $**0.53** | $**1.05** | $**1.07** |
| NET INVESTMENT INCOME PER SHARE - DILUTED | $**0.53** | $**0.51** | $**1.05** | $**1.03** |
| NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC | $**0.63** | $**0.61** | $**1.07** | $**0.94** |
| NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED | $**0.63** | $**0.59** | $**1.07** | $**0.90** |
| WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC | **65911570** | **50161680** | **64242822** | **48455033** |
| WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED | **65911570** | **54064395** | **64242822** | **52357748** |

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## Exhibit 99.2

![Slide 1](trin-ex99_2s1.jpg)

SECOND QUARTER 2025 TRINITYCAPITAL.COM NASDAQ: TRIN INVESTOR PRESENTATION

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FORWARD-LOOKING STATEMENTS \| DISCLAIMER Trinity Capital Inc. (the "Company") cautions that this presentation may contain forward-looking statements that are based on current expectations and assumptions about future events, and which are not based in historical fact. The forward-looking statements in this presentation are based on current conditions as of the date of this presentation, and include, but are not limited to, statements regarding our financial objectives, beliefs, strategies, anticipated future operating results and cash flows, operating expenses, investment originations and performance, available capital, and payment of future dividends and stockholder returns. Although our management believes that the expectations reflected in any forward-looking statements are reasonable, actual results could differ materially from those expressed or implied in the forward-looking statements. By their nature, these forward-looking statements involve numerous assumptions, uncertainties and risks, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements, as a number of factors could cause future Company results to differ materially from these statements. Forward-looking statements may be influenced in particular by factors such as fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate, and changes in economic, political and regulatory conditions. When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events. Historical results discussed in this presentation are not indicative of future results. The information disclosed in this presentation is made as of the date hereof and reflects Trinity Capital Inc.'s current assessment of its financial performance for the most recent period reported. Actual financial results filed with the Securities and Exchange Commission in the future may differ from those contained herein in the event of additional adjustments recorded prior to the filing of its financial statements. The information contained in this presentation should be viewed in conjunction with Trinity Capital Inc.'s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K or Registration Statement on Form 424B1. We undertake no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations. This presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy our common stock or any other securities nor will there be any sale of the common stock or any other securities referred to in this presentation in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by Trinity Capital Inc. or as legal, accounting or tax advice.

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Company Overview

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Historical information includes information and data related to Trinity Capital's predecessor funds, the first of which was launched in 2008, through June 30, 2025. The predecessor funds were merged with and into Trinity Capital on January 16, 2020, immediately after which Trinity Capital began operating as a business development company. Includes the fair value of assets managed by Trinity Capital through Senior Credit Corp 2022 LLC (JV), EPT 16 LLC, and Trinity Capital Adviser, LLC (RIA) as of June 30, 2025. Based on the closing price of TRIN of $14.95 on August 4, 2025. As of June 30, 2025. Annualized based on the $0.51 dividend per share declared for Q2 2025 and a closing stock price of $14.07 on June 30, 2025. Includes $26.3 million of cash and cash equivalents and $117.0 million of available borrowing capacity on our KeyBank Credit Facility. Excludes capital raised by the JV and funds managed by our wholly owned RIA subsidiary. Credit ratings assigned by Egan-Jones, Morningstar DBRS, and Moody's, respectively, which are independent, unaffiliated rating agencies. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. There can be no assurance that this rating will remain for any given period of time. TRINITY CAPITAL OVERVIEW Diversified financial solutions to growth-stage companies \| NASDAQ – TRIN, TRINZ, TRINI 17+ YEAR TRACK RECORD(1) MARKET CAP / DIVIDEND YIELD PORTFOLIO(4) LIQUIDITY(4) $4.7B Fundings 420 Investments 246 Exits $2.3B Assets Under Management(2) $1,051.2M Market Cap(3) $1,491.8M Secured Loans 84 Companies $143.3M Available Liquidity(6) $13.27 NAV per share(4) $342.6M Equipment Financings 26 Companies BBB, BBB(low), Baa3 Investment Ratings(7) 14.5% Annualized Dividend Yield(5) $143.9M Equity & Warrants 140 Companies 115% Debt-to-Equity

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

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TRINITY'S COMPLEMENTARY VERTICALS Diversified across investment type, transaction size, industry and geography UP TO $100M Diverse business verticals with largest credit exposure less than 4% of total debt investments (as of June 30, 2025) PLATFORM TRANSACTION SIZE TECH LENDING EQUIPMENT FINANCE LIFE SCIENCES ASSET BASED LENDING SPONSOR FINANCE Senior secured term loans to institutionally backed technology companies Financing mission-critical manufacturing equipment and hard assets Senior secured term loans for growth capital to commercial stage life sciences companies Asset-based lending to bankruptcy-remote SPVs Enterprise value secured term loans to private equity-backed software companies

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Aligned interests between employees and shareholders Management company and a pool of diversified assets Diversification across investment type, industry and geography Robust & scalable systems for origination, underwriting & monitoring WHY TRINITY CAPITAL? With unique capitalization and diversified businesses, we aim to provide investors with stable and consistent returns by offering access to private credit market INTERNALLY MANAGED BDC DIVERSIFIED BUSINESS VERTICALS EXPERIENCED TEAM WITH A 17+ YEAR TRACK RECORD We maintain full ownership and control of our deal pipeline 95 dedicated professionals with a unique culture built over 17+ years

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

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UNDERWRITING APPROACHAND RISK MITIGATION Disciplined investment approach keeps our annualized loss rate at 22 bps, which is more than offset by realized gains on warrant and equity investments (1) Investor Syndicate Fund Vintage & Dry Capital Industry & Start-up Experience Board of Directors Make-up Revenue & Gross Margins Business Model Product Differentiation Market Potential Collateral Cash Life CAPITALIZATION MANAGEMENT FINANCIALS PRODUCT & MARKET DEBT STRUCTURE Includes historical information of Trinity Capital's predecessor funds, the first of which was launched in 2008, through June 30, 2025. Past performance is not indicative of future results. Investment results may vary significantly over any given time period.

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TECH LENDING Senior secured term loans to institutionally-backed technology companies TERM LOANS SECURED LOANS Lien on all assets including IP BACKED BY INSTITUTIONAL CAPITAL Companies have raised significant equity GROWTH CAPITAL Debt proceeds used to fuel growth and scale business SELECT EXAMPLES WHOOP is a leading designer for wearable health and fitness trackers that capture biometric data shown to have the most impact on your health. Investor Syndicate SoftBank Vision Fund, IVP, Cavu Ventures, NextView Ventures Tilt \*Formerly Empower Finance is helping people find financial security through machine learning models that evaluate creditworthiness. Investor Syndicate Sequoia Capital, Blisce,Icon Ventures, Initialized Capital

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EQUIPMENT Finance Financing mission-critical manufacturing equipment and hard assets EQUIPMENT FINANCE COMPANIES WITH CAPEX REQUIREMENTS Mission-critical hard assets JUST-IN-TIME CAPITAL Available as needed to meet growing equipment needs EQUIPMENT COLLATERAL Secured by perfected lien on equipment collateral RocketLab delivers reliable launch services, spacecraft components, satellites and other spacecraft to make it faster and easier to access space. Investor Syndicate BlackRock, Space Capital, Vector Capital Athletic Brewing brews great tasting Non-Alcoholic Craft Beer made with high-quality, all-natural ingredients and low calories for the active lifestyle. Investor Syndicate AG Ventures, Valency Capital, TRB Advisors SELECT EXAMPLES

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Life sciences Senior secured term loans for growth capital to commercial stage life sciences companies TERM LOANS SECURED LOANS Lien on all assets including IP STRONG CLINICAL DATA PROFILE Established or clear "line of sight" to favorable reimbursement REGULATORY COMPLIANCE Companies received regulatory (FDA or EMA) approval or late-stage clinical trials Shoulder Innovations is a shoulder arthroplasty-focused medical device company that designs and commercializes products improving patient care and reducing costs. Investor Syndicate Gilde Healthcare Partners, US Venture Partners, Lightstone, Aperture Venture Partners RxAnte is a leading predictive analytics and clinical services company dedicated to improving medications use and health outcomes. Investor Syndicate First Trust Capital Partners, UPMC Enterprises SELECT EXAMPLES

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Asset based lending Asset-based lending to bankruptcy-remote SPVs REVOLVING CREDIT LINES REVOLVING CREDIT LINE Based on eligible assets in SPV BACKED BY INSTITUTIONAL CAPITAL Companies have raised significant equity ASSET-BACKED COLLATERAL Borrowing base is comprised of cash flow positive assets Parafin empowers small businesses by providing them customized, embedded financial products through on-demand marketplaces, point-of-sales solutions, and vertical SaaS. Investor Syndicate GIC, Thrive Capital, Ribbit Capital Denim provides comprehensive financial tools, including invoice audit, a document inbox, TMS integrations, and automation technologies to streamline operations. Investor Syndicate Pelion Venture Partners, Crosslink Capital, Anthemis, FJ Labs SELECT EXAMPLES

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

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Financial highlights

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Most of Trinity's unfunded commitments are conditional, subject to additional lending provisions, and generally dependent upon the portfolio company reaching certain milestones before the commitment becomes available. Includes the fair value of assets managed by Trinity Capital through the JV, EPT 16, and the RIA as of June 30, 2025. Effective yield for Trinity Capital includes fees and accelerated income from prepayments but excludes fees earned from the JV, and is calculated based on the daily weighted average debt investments at cost. Core yield for Trinity Capital excludes fees and accelerated income from prepayments. Q2 2025 HIGHLIGHTS ROBUST EARNINGS LEADING ORIGINATIONS PLATFORM PORTFOLIO ASSETS $34.8M Net Investment Income ("NII") 11.7% Net Interest Margin ("NIM") $69.5M Total Investment Income $0.51 per share Consistent second quarterregular dividend distribution $519.8M Debt & equity commitments in 2Q25 $365.5M Debt & equity fundings in 2Q25 $848.9M Unfunded commitments (1) as of 6/30/2025 15 New portfolio companies funded in 2Q25 $1,875.1M Total Debt Investments (at cost) $2,000.9M Total Investments (at cost) $2,326.6M Total Platform Assets Under Management (2) (at fair value) 15.7% Effective Yield (3) 13.9% Core Yield (4)

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Solid shareholder returns 22nd consecutive consistent or increased regular dividend 14.5% annualized total dividend yield (1) Annualized based on the $0.51 dividend per share declared for Q2 2025 and a closing stock price of $14.07 on June 30, 2025. Regular dividend coverage of 103.9% based on 2Q25 NII per share

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General and administrative expense includes excise tax expense and is net of expenses allocated to the RIA. QUARTERLY INCOME STATEMENT For the three months ended For the three months ended Nine Months Ended September 30 (In thousands, except per share amounts) 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 Total Investment Income $69,483 $65,385 $70,832 $61,766 $54,641 Interest expense and other debt financing costs 18,044 17,656 19,052 16,868 13,885 Compensation and benefits 12,489 10,645 12,180 11,528 9,944 General and administrative (1) 4,146 4,701 5,016 4,010 4,069 Total Operating Expenses 34,679 33,002 36,248 32,406 27,898 Net Investment Income (NII) 34,804 32,383 34,584 29,360 26,743 Net Realized Gain / (Loss) from Investments (8,262) (2,154) 9,287 (13,880) (6,488) Net Change in Unrealized Appreciation / (Depreciation) from Investments 14,872 (3,142) 1,988 8,920 10,573 Net Increase (Decrease) in Net Assets from Operations $41,414 $27,087 $45,859 $24,400 $30,828 Net Investment Income (NII) per Share – Basic $0.53 $0.52 $0.58 $0.54 $0.53 Net Increase (Decrease) in Net Assets resulting from Operations per Share –Basic $0.63 $0.43 $0.77 $0.45 $0.61 Weighted Average Shares Outstanding – Basic 65,912 62,556 59,408 54,413 50,162

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Income source & portfolio yield trends Includes fees and dividend income earned from the JV. Effective yield includes fees and accelerated income from prepayments but excludes fees earned from the JV and is calculated based on the daily weighted average debt investments at cost. Core yield excludes fees and accelerated income from prepayments. (2) (3) (1)

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Nii returns and use of leverage Delivering strong returns through effective use of leverage NII return on average assets (ROAA) is calculated as NII divided by average assets for the period. NII return on average equity (ROAE) is calculated as NII divided by average net assets for period. Leverage ratio is calculated as outstanding principal of borrowings divided by net assets as of the end of the period.

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Net investment income (NII) per share bridge

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QUARTERLY balance sheet For the three months ended For the three months ended Nine Months Ended September 30 (In thousands, except per share amounts) 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 Assets Total investments at fair value $1,978,330 $1,792,689 $1,725,750 $1,686,862 $1,424,815 Cash and cash equivalents 26,251 8,386 9,627 8,535 46,102 Interest Receivable 17,664 16,626 16,542 16,947 13,976 Other Assets 22,779 39,575 22,502 22,419 20,534 Total Assets $2,045,024 $1,857,276 $1,774,241 $1,734,763 $1,505,427 Liabilities KeyBank Credit Facility $483,000 $392,000 $113,000 $290,000 $254,700 Unsecured Notes, net of unamortized deferred financing costs (1) 569,808 566,954 764,673 622,586 510,157 Distribution Payable 35,483 32,579 31,451 29,397 26,443 Security Deposits 5,918 7,015 8,472 9,393 11,169 Accounts payable, accrued expenses, and other liabilities 27,247 25,333 33,663 26,592 22,919 Total Liabilities $1,121,456 $1,023,881 $951,259 $977,968 $825,388 Net Assets $923,568 $833,395 $822,982 $756,795 $680,039 Shares Outstanding 69,574 63,880 61,669 57,642 51,849 Net Assets per Share (NAV per share) $13.27 $13.05 $13.35 $13.13 $13.12 Includes the August 2026 Unsecured Notes, December 2026 Unsecured Notes, March 2029 Unsecured Notes, September 2029 Unsecured Notes and Series A Notes. Refer to the 'Debt Capital Structure' slide for further details.

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Net asset value (NAV) per share bridge Earnings and Distributions Investment Portfolio Performance ShareImpact(1) Includes the impact of share activity and equity incentive plans.

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Debt capital structure Diversified Borrowings ($ in millions) as of June 30, 2025 Funding Source Debt Commitment Outstanding Principal Stated Maturity Interest Rate Notes: August 2026 Unsecured Notes $125.0 $125.0 August 24, 2026 4.375% December 2026 Unsecured Notes $75.0 $75.0 December 15, 2026 4.25% March 2029 Unsecured Notes (1) $116.6 $116.6 March 30, 2029 (1) 7.875% September 2029 Unsecured Notes (2) $119.2 $119.2 September 30, 2029 (2) 7.875% Series A Notes (3) $142.5 $142.5 Various (3) 7.54% to 7.66% (3) Bank Facility: KeyBank Credit Facility $600.0 (4) $483.0 July 27, 2029 SOFR + 2.85% to 3.25% The March 2029 Unsecured Notes trade on the Nasdaq Global Select Market under the symbol "TRINZ" and are callable at par, in whole or in part, at any time on or after March 30, 2026. The September 2029 Unsecured Notes trade on the Nasdaq Global Select Market under the symbol "TRINI" and are callable at par, in whole or in part, at any time on or after September 30, 2026. The Series A Notes were issued on October 29, 2024, and include (i) $55.5 million of 7.54% Series A 2027 Notes due October 29, 2027, (ii) $73.0 million of 7.60% Series A 2028 Notes due October 29, 2028, and (iii) $14.0 million of 7.66% Series A 2029 Notes due October 29, 2029. Represents the current maximum availability of $600.0 million as of June 30, 2025. Such commitment can be increased up to $690.0 million under the current terms of the facility.

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Portfolio highlights

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Based on fair market value as of June 30, 2025. Includes debt investments only. Consists of the fair value of our investments in the JV, EPT 16, and the RIA as of June 30, 2025. The portfolio companies held within the multi-sector holdings investment portfolio represent a diverse set of geographic regions generally consistent with those in which we invest directly. PORTFOLIO DIVERSIFICATION Diversified across investment type, transaction size, industry and geography INVESTMENT TYPE(1) INDUSTRY TYPE(1) TRANSACTION SIZE(1)(2) GEOGRAPHIC ALLOCATION(1) 6.6% International 1.9% Multi-Sector Holdings(3)

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

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Disciplined credit rating Credit Risk Rating of Debt investments at Fair Value, 2Q 2024 – 2Q 2025 ($ in thousands)(1) Consistent and Disciplined Underwriting Standards The total fair value of debt investments excludes our debt investment in the JV, which was $12.9 million as of June 30, 2025. (1) 2Q25 1Q25 4Q24 3Q24 2Q24 Very Strong Performance (4.0 – 5.0) $97,881 5.4% $92,956 5.6% $89,716 5.7% $105,385 6.8% $70,183 5.3% Strong Performance (3.0 – 3.9) $589,329 32.4% $567,581 34.4% $453,584 28.5% $458,494 29.4% $306,187 23.1% Performing (2.0 – 2.9) $1,021,331 56.0% $928,455 56.1% $972,001 61.1% $918,292 58.7% $886,030 67.0% Watch (1.6– 1.9) $97,396 5.3% $50,072 3.0% $62,883 4.0% $57,457 3.7% $53,449 4.0% Default/Workout (1.0 – 1.5) $15,601 0.9% $15,156 0.9% $11,062 0.7% $22,201 1.4% $8,035 0.6% Weighted Average 2.9 2.9 2.9 2.9 2.7

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Based on outstanding principal of debt investments. Based on outstanding principal of borrowings. Interest rate sensitivity 80.0% floating rate debt investment portfolio as of June 30, 2025(1) 45.5% floating rate borrowings as of June 30, 2025(2)

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HYPOTHETICAL WARRANT UPSIDE For Illustration Purposes Only 198 WARRANT POSITIONS in 124 Portfolio Companies HYPOTHETICAL MODELS of Potential Warrant Gains at 6/30/2025 GAAP fair value ~ $63.7 million GAAP cost ~ $45.9 million ~ $77.7 million in nominal exercise value Assume that only 50% of warrants will monetize Cost of exercised warrants is ~ $61.8 million Based on 69.6 million shares of common stock outstanding at 6/30/2025 2X MULTIPLE $77.7 million (2X) Potential gain of $15.9 million or $0.23 per share Proceeds of 3X MULTIPLE $116.5 million (3X) Potential gain of $54.7 million or $0.79 per share Proceeds of 4X MULTIPLE $155.4 million (4X) Potential gain of $93.6 million or $1.34 per share Proceeds of

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Diversified portfolio Select List of Current & Historical Investments

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Analyst coverage

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Extensive industry analyst coverage Followed by eight firms Paul Johnson (initiated coverage 2/23/2021) Finian O'Shea (initiated coverage 2/23/2021) Douglas Harter (initiated coverage 2/23/2021) Sean-Paul Adams (initiated coverage 9/16/22) Casey Alexander (initiated coverage 2/23/2021) Christopher Nolan (initiated coverage 2/23/2021) Mitchell Penn (initiated coverage 5/3/2021) Matt Hurwit (initiated coverage 7/5/2023) Note: Trinity Capital is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Trinity Capital's performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Trinity Capital or its management. Trinity Capital does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

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Supplemental information

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REGULATION & STRUCTURE Trinity Capital Inc. is an Internally Managed BDC regulated under the 1940 Act and has elected to be treated as a RIC for Federal Income Tax Purposes beginning with its Taxable Year ending December 31, 2020 BUSINESS DEVELOPMENT COMPANY (BDC) REGULATED INVESTMENT COMPANY (RIC) Regulated by the SEC under the Investment Company Act of 1940 (the "1940 Act") Leverage limited to approximately 2:1 debt-to-equity Investments are required to be carried at fair value Majority of Board of Directors must be independent Must offer managerial assistance to portfolio companies Must distribute at least 90% of taxable income as dividend distributions to shareholders, subject to approval by Board of Directors Mandates asset diversification Eliminates corporate taxation Allows for the retention of capital gains and/or spillover of taxable income