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Trinity Capital Inc. Interim / Quarterly Report 2025

Aug 6, 2025

32127_10-q_2025-08-06_db3bdcc1-8f4e-4f86-9b6c-080aed7b6698.zip

Interim / Quarterly Report

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Table of Contents

PRewhwwrecw20112

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 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 of registrant as specified in its charter)

Maryland 35-2670395
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
1 N. 1 st Street Suite 302 Phoenix , Arizona 85004
(Address of principal executive offices) (Zip Code)

( 480 ) 374‑5350

(Registrant’s telephone number, including area code)

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

Title of Each Class Trading Symbol(s) 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

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the Exchange Act:

Large accelerated filer ☐ Accelerated filer ☒
Non-accelerated filer ☐ Smaller reporting company ☐
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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Act). Yes ☐ No ☒

As of August 4, 2025, the regist rant had 70,314,160 shares of common st ock ($0.001 par value per share) outstanding.

Table of Contents

TRINITY CAPITAL INC.

FORM 10‑Q FOR THE QUARTER ENDED JUNE 30, 2025

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION PAGE NO. — 3
Item 1. Consolidated Financial Statements 3
Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024 3
Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited) 4
Consolidated Statements of Changes in Net Assets for the Three and Six Months Ended June 30, 2025 and 2024 (unaudited) 5
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024 (unaudited) 7
Consolidated Schedule of Investments as of June 30, 2025 (unaudited) 9
Consolidated Schedule of Investments as of December 31, 2024 39
Notes to Consolidated Financial Statements (unaudited) 70
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 116
Item 3. Quantitative and Qualitative Disclosures About Market Risk 134
Item 4. Controls and Procedures 135
PART II OTHER INFORMATION 136
Item 1. Legal Proceedings 136
Item 1A. Risk Factors 136
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 136
Item 3. Defaults Upon Senior Securities 136
Item 4. Mine Safety Disclosures 136
Item 5. Other Information 136
Item 6. Exhibits 137
SIGNATURES 138

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

TRINITY CAPITAL INC.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)

June 30, — 2025 2024
(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost of $ 103,725 and $ 82,391 , respectively) $ 118,496 $ 89,249
Affiliate investments (cost of $ 39,114 and $ 34,309 , respectively) 39,227 34,727
Non-Control / Non-Affiliate investments (cost of $ 1,858,099 and $ 1,643,526 , respectively) 1,820,607 1,601,594
Total investments (cost of $ 2,000,938 and $ 1,760,226 , respectively) 1,978,330 1,725,570
Cash and cash equivalents 26,251 9,627
Interest receivable 17,664 16,542
Deferred credit facility costs 5,870 6,586
Other assets 16,909 15,916
Total assets $ 2,045,024 $ 1,774,241
LIABILITIES
KeyBank Credit Facility $ 483,000 $ 113,000
Unsecured Notes, net of $ 8,523 and $ 10,327 , respectively, of unamortized deferred financing costs 569,808 764,673
Distribution payable 35,483 31,451
Security deposits 5,918 8,472
Accounts payable, accrued expenses and other liabilities 27,247 33,663
Total liabilities 1,121,456 951,259
Commitments and contingencies (Note 6)
NET ASSETS
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
Paid-in capital in excess of par 929,767 829,626
Distributable earnings/(accumulated deficit) ( 6,269 ) ( 6,706 )
Total net assets 923,568 822,982
Total liabilities and net assets $ 2,045,024 $ 1,774,241
NET ASSET VALUE PER SHARE $ 13.27 $ 13.35

See accompanying notes to unaudited consolidated financial statements.

3

Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended — June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
INVESTMENT INCOME:
Interest and dividend income:
Control investments $ 2,430 $ 783 $ 4,758 $ 1,635
Affiliate investments 977 474 2,250 859
Non-Control / Non-Affiliate investments 63,306 50,580 122,379 98,735
Total interest and dividend income 66,713 51,837 129,387 101,229
Fee and other income:
Affiliate investments 597 835 1,289 1,702
Non-Control / Non-Affiliate investments 2,173 1,969 4,192 2,163
Total fee and other income 2,770 2,804 5,481 3,865
Total investment income 69,483 54,641 134,868 105,094
EXPENSES:
Interest expense and other debt financing costs 18,044 13,885 35,700 26,029
Compensation and benefits 12,489 9,944 23,134 19,808
Professional fees 1,787 1,338 3,814 2,058
General and administrative 2,246 2,092 4,713 4,021
Total gross expenses 34,566 27,259 67,361 51,916
Allocated expenses to Trinity Capital Adviser, LLC ( 508 ) — ( 916 ) —
Total net expenses 34,058 27,259 66,445 51,916
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES 35,425 27,382 68,423 53,178
Excise tax expense 621 639 1,238 1,278
NET INVESTMENT INCOME 34,804 26,743 67,185 51,900
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Control investments — ( 3,916 ) — ( 3,916 )
Non-Control / Non-Affiliate investments ( 8,262 ) ( 2,572 ) ( 10,416 ) ( 1,220 )
Net realized gain/(loss) from investments ( 8,262 ) ( 6,488 ) ( 10,416 ) ( 5,136 )
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments 7,912 5,691 7,913 7,655
Affiliate investments 52 1,673 482 1,926
Non-Control / Non-Affiliate investments 6,908 3,209 3,335 ( 11,008 )
Net change in unrealized appreciation/(depreciation) from investments 14,872 10,573 11,730 ( 1,427 )
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS $ 41,414 $ 30,828 $ 68,499 $ 45,337
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 65,911,570 50,161,680 64,242,822 48,455,033
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED 65,911,570 54,064,395 64,242,822 52,357,748

See accompanying notes to unaudited consolidated financial statements.

4

Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended June 30, 2025:
Paid In Capital Earnings /
Common Stock in Excess of (Accumulated Total
Shares Par Value Par Value Deficit) Net Assets
Balance as of March 31, 2025 63,880,330 $ 64 $ 845,531 $ ( 12,200 ) $ 833,395
Issuance of common stock pursuant to distribution reinvestment plan 21,072 — 303 — 303
Stock-based compensation — — 3,194 — 3,194
Issuance of restricted stock awards 13,772 — — — —
Issuance of common stock, net of issuance costs 5,717,121 6 81,507 — 81,513
Retired and forfeited shares of restricted stock ( 58,149 ) — ( 768 ) — ( 768 )
Distributions to stockholders — — — ( 35,483 ) ( 35,483 )
Net increase/(decrease) in net assets resulting from operations — — — 41,414 41,414
Balance as of June 30, 2025 69,574,146 $ 70 $ 929,767 $ ( 6,269 ) $ 923,568

Three Months Ended June 30, 2024:
Paid In Capital Earnings /
Common Stock in Excess of (Accumulated Total
Shares Par Value Par Value Deficit) Net Assets
Balance as of March 31, 2024 48,643,194 $ 49 $ 659,194 $ ( 32,927 ) $ 626,316
Issuance of common stock pursuant to distribution reinvestment plan 22,578 — 319 — 319
Stock-based compensation — — 2,892 — 2,892
Issuance of restricted stock awards 13,340 — — — —
Issuance of common stock, net of issuance costs 3,224,708 3 46,930 — 46,933
Retired and forfeited shares of restricted stock ( 54,391 ) — ( 806 ) — ( 806 )
Distributions to stockholders — — — ( 26,443 ) ( 26,443 )
Net increase/(decrease) in net assets resulting from operations — — — 30,828 30,828
Balance as of June 30, 2024 51,849,429 $ 52 $ 708,529 $ ( 28,542 ) $ 680,039

5

Table of Contents

Six Months Ended June 30, 2025:
Paid In Capital Earnings /
Common Stock in Excess of (Accumulated Total
Shares Par Value Par Value Deficit) Net Assets
Balance as of December 31, 2024 61,669,059 $ 62 $ 829,626 $ ( 6,706 ) $ 822,982
Issuance of common stock pursuant to distribution reinvestment plan 41,421 — 600 — 600
Stock-based compensation — — 5,803 — 5,803
Issuance of restricted stock awards 333,728 — — — —
Issuance of common stock, net of issuance costs 7,694,584 8 111,973 — 111,981
Retired and forfeited shares of restricted stock ( 164,646 ) — ( 2,463 ) — ( 2,463 )
Additional paid-in capital in connection with Convertible Notes Redemption — — ( 15,772 ) — ( 15,772 )
Distributions to stockholders — — — ( 68,062 ) ( 68,062 )
Net increase/(decrease) in net assets resulting from operations — — — 68,499 68,499
Balance as of June 30, 2025 69,574,146 $ 70 $ 929,767 $ ( 6,269 ) $ 923,568

Six Months Ended June 30, 2024:
Paid In Capital Earnings /
Common Stock in Excess of (Accumulated Total
Shares Par Value Par Value Deficit) Net Assets
Balance as of December 31, 2023 46,323,712 $ 46 $ 633,740 $ ( 22,627 ) $ 611,159
Issuance of common stock pursuant to distribution reinvestment plan 46,034 — 658 — 658
Stock-based compensation — — 5,343 — 5,343
Issuance of restricted stock awards 766,391 1 ( 1 ) — —
Issuance of common stock, net of issuance costs 4,877,340 5 71,169 — 71,174
Retired and forfeited shares of restricted stock ( 164,048 ) — ( 2,380 ) — ( 2,380 )
Distributions to stockholders — — — ( 51,252 ) ( 51,252 )
Net increase/(decrease) in net assets resulting from operations — — — 45,337 45,337
Balance as of June 30, 2024 51,849,429 $ 52 $ 708,529 $ ( 28,542 ) $ 680,039

See accompanying notes to unaudited consolidated financial statements.

6

Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six Months Ended — June 30, 2025 June 30, 2024
Cash flows provided by/(used in) operating activities:
Net increase/(decrease) in net assets resulting from operations $ 68,499 $ 45,337
Adjustments to reconcile net increase/(decrease) in net assets resulting from operation to net cash provided by/(used in) operating activities:
Purchase of investments, net of deferred fees ( 579,821 ) ( 469,567 )
Proceeds from sales and paydowns of investments 352,098 328,878
Net change in unrealized (appreciation)/depreciation from investments ( 11,730 ) 1,427
Net realized (gain)/loss from investments 10,416 5,136
Accretion of original issue discounts and end of term payments on investments ( 23,406 ) ( 15,509 )
Amortization of deferred financing costs 2,384 2,311
Stock-based compensation 5,803 5,343
Change in operating assets and liabilities
(Increase)/Decrease in interest receivable ( 1,122 ) ( 2,770 )
(Increase)/Decrease in other assets ( 707 ) ( 919 )
Increase/(Decrease) in security deposits ( 2,554 ) ( 1,118 )
Increase/(Decrease) in accounts payable, accrued expenses and other liabilities ( 6,733 ) ( 1,841 )
Net cash provided by/(used in) operating activities ( 186,873 ) ( 103,292 )
Cash flows provided by/(used in) investing activities:
Disposal/(Acquisition) of fixed assets ( 286 ) ( 159 )
Net cash provided by/(used in) investing activities ( 286 ) ( 159 )
Cash flows provided by/(used in) financing activities
Issuance of common stock, net of issuance costs 111,981 71,174
Retirement of employee shares ( 2,463 ) ( 2,380 )
Cash distributions paid ( 63,430 ) ( 47,312 )
Issuance of Unsecured Notes, net of issuance costs 5,451 111,610
Repayment of Unsecured Notes ( 217,756 ) ( 30,000 )
Borrowings under Credit Facility 727,200 340,000
Repayments under Credit Facility ( 357,200 ) ( 298,300 )
Net cash provided by/(used in) financing activities 203,783 144,792
Net increase/(decrease) in cash, cash equivalents and restricted cash 16,624 41,341
Cash, cash equivalents and restricted cash at beginning of period 9,627 4,761
Cash, cash equivalents and restricted cash at end of period $ 26,251 $ 46,102

7

Table of Contents

Six Months Ended Six Months Ended
June 30, 2025 June 30, 2024
Supplemental and non-cash investing and financing activities:
Cash paid for interest $ 33,035 $ 21,031
Income tax, including excise tax, paid 2,722 2,524
Distribution payable 35,483 26,443
Distributions reinvested 600 658

See accompanying notes to unaudited consolidated financial statements.

8

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States
Artificial Intelligence & Automation
Applied Digital Corporation Equipment Financing March 13, 2024 October 1, 2025 Fixed interest rate 19.0 %; EOT 0.0 % $ 1,755 $ 1,754 $ 1,786 (9)(10)(14)
Equipment Financing March 25, 2024 March 1, 2026 Fixed interest rate 19.0 %; EOT 0.0 % 4,381 4,378 4,463 (9)(10)(14)(19)
Equipment Financing April 24, 2024 April 1, 2026 Fixed interest rate 19.0 %; EOT 0.0 % 2,427 2,427 2,474 (9)(10)(14)(19)
Equipment Financing May 28, 2024 May 1, 2026 Fixed interest rate 16.0 %; EOT 0.0 % 1,114 1,114 1,133 (9)(10)(14)
Equipment Financing June 21, 2024 April 1, 2026 Fixed interest rate 19.0 %; EOT 0.0 % 3,932 3,931 4,008 (9)(10)(14)(19)
Total Applied Digital Corporation 13,609 13,604 13,864
Augmented Reality Concepts, Inc. Secured Loan June 17, 2024 June 18, 2029 Variable interest rate SOFR 3 Month Term + 7.3 %; EOT 0.0 % $ 19,270 $ 18,937 $ 19,358 (8)(14)(19)
Cirrascale Cloud Services, LLC Equipment Financing June 27, 2024 September 1, 2026 Fixed interest rate 12.7 %; EOT 4.0 % $ 13,549 $ 14,225 $ 14,322 (9)(14)(19)
Equipment Financing October 22, 2024 April 1, 2027 Fixed interest rate 10.2 %; EOT 5.0 % 12,743 13,266 13,292 (9)(14)(19)
Total Cirrascale Cloud Services, LLC 26,292 27,491 27,614
K2View Inc. Secured Loan May 30, 2025 June 1, 2030 Variable interest rate Prime + 4.0 % or Floor rate 11.5 %; EOT 2.5 % $ 15,000 $ 14,713 $ 14,713 (8)
Sortera Technologies, Inc. Equipment Financing February 11, 2025 March 1, 2028 Fixed interest rate 12.5 %; EOT 4.0 % $ 5,850 $ 5,593 $ 5,639 (9)(14)(19)
Swimlane, Inc. Secured Loan May 28, 2025 June 1, 2030 Variable interest rate Prime + 4.3 % or Floor rate 11.8 %; EOT 2.3 % $ 18,800 $ 18,381 $ 18,381 (8)(14)(19)
Sub-total: Artificial Intelligence & Automation ( 10.8 %)* $ 98,821 $ 98,719 $ 99,569
Biotechnology
Pendulum Therapeutics, Inc. Secured Loan December 31, 2021 July 1, 2026 Variable interest rate Prime + 6.8 % or Floor rate 10.0 %; EOT 4.0 % $ 4,292 $ 4,170 $ 4,180 (8)(14)
Secured Loan February 28, 2022 July 1, 2026 Variable interest rate Prime + 6.8 % or Floor rate 10.0 %; EOT 4.0 % 4,581 4,436 4,459 (8)(14)
Secured Loan March 30, 2022 July 1, 2026 Variable interest rate Prime + 6.8 % or Floor rate 10.0 %; EOT 4.0 % 4,722 4,567 4,595 (8)(14)
Secured Loan May 6, 2022 July 1, 2026 Variable interest rate Prime + 6.8 % or Floor rate 10.0 %; EOT 4.0 % 5,000 4,824 4,861 (8)(14)
Secured Loan June 17, 2022 July 1, 2026 Variable interest rate Prime + 6.8 % or Floor rate 10.0 %; EOT 4.0 % 5,000 4,824 4,861 (8)(14)
Secured Loan February 1, 2024 July 1, 2026 Variable interest rate Prime + 6.8 % or Floor rate 10.0 %; EOT 4.0 % 1,405 1,356 1,318 (8)(14)
Total Pendulum Therapeutics, Inc. 25,000 24,177 24,274
Taysha Gene Therapies, Inc. Secured Loan November 13, 2023 December 1, 2028 Variable interest rate Prime + 4.5 % or Floor rate 12.8 %; EOT 5.0 % $ 30,000 $ 30,396 $ 31,049 (8)(9)(14)
Sub-total: Biotechnology ( 6.0 %)* $ 55,000 $ 54,573 $ 55,323

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Connectivity
AST & Science, LLC Equipment Financing June 27, 2025 June 1, 2030 Fixed interest rate 12.4 %; EOT 9.0 % $ 18,920 $ 18,785 $ 18,786 (10)(14)(19)
Equipment Financing June 30, 2025 June 1, 2030 Fixed interest rate 12.5 %; EOT 9.0 % 3,080 3,057 3,057 (10)(14)(19)
Total AST & Science, LLC 22,000 21,842 21,843
Tarana Wireless, Inc. Secured Loan September 23, 2024 October 1, 2029 Variable interest rate Prime + 4.5 % or Floor rate 12.5 %; EOT 4.0 % $ 14,800 $ 14,247 $ 14,422 (8)(9)(14)(19)
Vertical Communications, Inc. Secured Loan August 23, 2021 November 1, 2026 Variable interest rate Prime + 4.0 % or Floor rate 11.0 %; EOT 23.8 % $ 12,600 $ 15,767 $ 15,767 (8)(22)
Sub-total: Connectivity ( 5.6 %)* $ 49,400 $ 51,856 $ 52,032
Consumer Products & Services
Eterneva, Inc. Equipment Financing November 24, 2021 June 1, 2026 Fixed interest rate 7.8 %; EOT 11.5 % $ 177 $ 226 $ 161
Equipment Financing March 16, 2022 October 1, 2026 Fixed interest rate 8.1 %; EOT 11.5 % 310 362 283
Equipment Financing June 17, 2022 January 1, 2027 Fixed interest rate 11.9 %; EOT 11.5 % 979 1,076 892
Total Eterneva, Inc. 1,466 1,664 1,336
Ogee, Inc. Secured Loan February 14, 2023 March 1, 2027 Variable interest rate Prime + 5.8 % or Floor rate 12.0 %; EOT 3.8 % $ 4,700 $ 4,786 $ 4,784 (8)(14)(19)
Secured Loan September 29, 2023 March 1, 2027 Variable interest rate Prime + 5.8 % or Floor rate 12.0 %; EOT 3.8 % 4,700 4,764 4,795 (8)(14)(19)
Secured Loan August 1, 2024 March 1, 2027 Variable interest rate Prime + 5.8 % or Floor rate 12.0 %; EOT 3.8 % 4,700 4,686 4,697 (8)(14)(19)
Total Ogee, Inc. 14,100 14,236 14,276
Quip NYC, Inc. Secured Loan March 9, 2021 April 1, 2026 Variable interest rate Prime + 8.0 % or Floor rate 11.3 %; EOT 3.0 % $ 4,861 $ 5,359 $ 5,366 (8)(14)
Secured Loan February 10, 2022 April 1, 2026 Variable interest rate Prime + 8.0 % or Floor rate 11.3 %; EOT 3.0 % 694 766 769 (8)(14)
Total Quip NYC, Inc. 5,555 6,125 6,135
Rinse, Inc. Secured Loan May 10, 2022 June 1, 2027 Variable interest rate Prime + 8.0 % or Floor rate 11.3 %; EOT 3.8 % $ 3,194 $ 3,325 $ 3,350 (8)(14)
Secured Loan September 22, 2023 October 1, 2028 Variable interest rate Prime + 8.0 % or Floor rate 11.3 %; EOT 3.8 % 3,854 3,883 3,952 (8)(14)
Total Rinse, Inc. 7,048 7,208 7,302
UnTuckIt, Inc. Secured Loan January 16, 2020 December 1, 2025 Fixed interest rate 12.0 %; EOT 5.0 % $ 2,601 $ 3,576 $ 3,536
Sub-total: Consumer Products & Services ( 3.5 %)* $ 30,770 $ 32,809 $ 32,585

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Education Technology
Edblox, Inc. Secured Loan March 19, 2024 April 1, 2029 Variable interest rate Prime + 4.5 % or Floor rate 11.8 %; EOT 2.5 % $ 15,000 $ 14,939 $ 13,617 (8)(9)
Medical Sales Training Holding Company Secured Loan March 18, 2021 September 30, 2025 Variable interest rate Prime + 8.8 % or Floor rate 12.0 %; EOT 6.3 % $ 5,175 $ 5,547 $ 3,817 (8)(18)
Secured Loan July 21, 2021 September 30, 2025 Variable interest rate Prime + 8.8 % or Floor rate 12.0 %; EOT 6.3 % 1,825 1,944 1,346 (8)(18)
Total Medical Sales Training Holding Company 7,000 7,491 5,163
Yellowbrick Learning, Inc. Secured Loan February 1, 2021 March 1, 2026 Fixed interest rate 2.0 %; EOT 5.0 % $ 7,500 $ 7,875 $ 7,171
Secured Loan August 10, 2021 March 1, 2026 Fixed interest rate 2.0 %; EOT 5.0 % 2,500 2,625 2,392
Total Yellowbrick Learning, Inc. 10,000 10,500 9,563
Sub-total: Education Technology ( 3.1 %)* $ 32,000 $ 32,930 $ 28,343
Finance and Insurance
Beam Technologies, Inc. Secured Loan August 30, 2024 April 1, 2027 Variable interest rate Prime + 2.8 % or Floor rate 11.0 %+PIK Fixed Interest Rate 1.5 %; EOT 2.0 % $ 29,593 $ 29,136 $ 29,511 (8)(9)(15)(19)
Secured Loan June 25, 2025 April 1, 2027 Variable interest rate Prime + 2.8 % or Floor rate 11.0 %+PIK Fixed Interest Rate 1.5 %; EOT 2.0 % 2,371 2,301 2,301 (8)(9)(15)(19)
Total Beam Technologies, Inc. 31,964 31,437 31,812
Busbot, Inc. Secured Loan April 1, 2024 October 1, 2026 Variable interest rate SOFR 30 Day Forward + 11.5 % or Floor rate 13.5 %; EOT 0.0 % $ 10,400 $ 10,289 $ 10,289 (8)(10)(12)(21)
Centivo Corporation Secured Loan July 31, 2024 August 1, 2029 Variable interest rate Prime + 4.5 % or Floor rate 11.3 %+PIK Fixed Interest Rate 1.0 %; EOT 2.0 % $ 3,784 $ 3,719 $ 3,771 (8)(9)(14)(15)(19)
Secured Loan December 20, 2024 August 1, 2029 Variable interest rate Prime + 4.5 % or Floor rate 11.3 %+PIK Fixed Interest Rate 1.0 %; EOT 2.0 % 3,770 3,590 3,616 (8)(9)(14)(15)(19)
Secured Loan February 3, 2025 August 1, 2029 Variable interest rate Prime + 4.5 % or Floor rate 1 1.3 %+PIK Fixed Interest Rate 1.0 %; EOT 2.0 % 3,765 3,599 3,630 (8)(9)(14)(15)(19)
Secured Loan May 20, 2025 August 1, 2029 Variable interest rate Prime + 4.5 % or Floor rate 1 1.3 %+PIK Fixed Interest Rate 1.0 %; EOT 2.0 % 7,509 7,163 7,163 (8)(9)(14)(15)(19)
Secured Loan June 13, 2025 August 1, 2029 Variable interest rate Prime + 4.5 % or Floor rate 11.3 %+PIK Fixed Interest Rate 1.0 %; EOT 2.0 % 3,752 3,574 3,574 (8)(9)(14)(15)(19)
Total Centivo Corporation 22,580 21,645 21,754
Cherry Technologies, Inc. Secured Loan March 29, 2024 April 1, 2029 Variable interest rate Prime + 2.5 % or Floor rate 9.5 %; EOT 2.0 % $ 7,235 $ 7,506 $ 7,389 (8)(9)(14)(15)(19)
Secured Loan July 31, 2024 April 1, 2029 Variable interest rate Prime + 2.5 % or Floor rate 9.5 %; EOT 2.0 % 7,235 7,512 7,379 (8)(9)(14)(15)(19)
Total Cherry Technologies, Inc. 14,470 15,018 14,768

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Empower Financial, Inc. Secured Loan October 13, 2023 May 1, 2028 Variable interest rate Prime + 4.8 % or Floor rate 11.5 %; EOT 3.8 % $ 11,622 $ 11,602 $ 11,739 (8)(9)(14)(19)
Secured Loan January 5, 2024 May 1, 2028 Variable interest rate Prime + 4.8 % or Floor rate 11.5 %; EOT 3.8 % 2,902 2,842 2,882 (8)(9)(14)(19)
Secured Loan February 8, 2024 May 1, 2028 Variable interest rate Prime + 4.8 % or Floor rate 11.5 %; EOT 3.8 % 4,353 4,260 4,321 (8)(9)(14)(19)
Secured Loan April 9, 2024 May 1, 2028 Variable interest rate Prime + 4.8 % or Floor rate 11.5 %; EOT 3.8 % 4,348 4,151 4,200 (8)(9)(14)(19)
Secured Loan May 15, 2024 May 1, 2028 Variable interest rate Prime + 4.8 % or Floor rate 11.5 %; EOT 3.8 % 14,495 14,661 14,937 (8)(14)(19)
Total Empower Financial, Inc. 37,720 37,516 38,079
Eqis Capital Management, Inc. Secured Loan June 15, 2022 July 1, 2026 Variable interest rate Prime + 7.5 % or Floor rate 10.8 %; EOT 3.0 % $ 6,469 $ 6,679 $ 6,618 (8)(14)
Gravie, Inc. Secured Loan June 4, 2024 July 1, 2029 Variable interest rate Prime + 4.5 % or Floor rate 13.0 %; EOT 2.5 % $ 15,980 $ 15,767 $ 15,547 (8)(9)(14)(19)
Inshur, Inc. Secured Loan June 10, 2025 July 1, 2030 Variable interest rate Prime + 4.0 % or Floor rate 11.0 %; EOT 2.5 % $ 25,000 $ 24,529 $ 24,529 (8)
Kafene, Inc. Secured Loan January 5, 2024 February 1, 2029 Variable interest rate Prime + 4.0 % or Floor rate 13.0 %; EOT 1.0 % $ 12,500 $ 12,625 $ 12,638 (8)(14)
Lendflow, Inc. Secured Loan April 24, 2025 May 1, 2030 Variable interest rate Prime + 4.5 % or Floor rate 12.0 %; EOT 2.7 % $ 3,760 $ 3,692 $ 3,692 (8)(14)(19)
Mesa Financial, Inc. Secured Loan August 29, 2024 February 28, 2027 Variable interest rate SOFR 30 Day Forward + 10.3 % or Floor rate 13.0 %; EOT 0.0 % $ 11,626 $ 11,481 $ 11,481 (8)(10)(12)(21)
Mesa Financing I, LLC Secured Loan May 7, 2025 May 7, 2028 Variable interest rate SOFR 1 Month Term + 10.8 % or Floor rate 12.8 %; EOT 0.0 % $ 2,372 $ 2,345 $ 2,345 (8)(10)(12)(21)
Parafin SPV 2, LLC Secured Loan February 22, 2024 December 21, 2026 Variable interest rate SOFR 1 Month Term + 10.8 % or Floor rate 12.8 %; EOT 0.0 % $ 21,758 $ 21,528 $ 21,528 (8)(10)(12)(21)
Parafin SPV 3, LLC Secured Loan July 25, 2024 January 25, 2027 Variable interest rate SOFR 1 Month Term + 10.8 % or Floor rate 13.8 %; EOT 0.0 % $ 15,829 $ 15,671 $ 15,671 (8)(10)(12)(21)
PatientFi, Inc. Secured Loan March 14, 2025 April 1, 2030 Variable interest rate Prime + 3.5 % or Floor rate 10.5 %; EOT 2.5 % $ 9,400 $ 9,203 $ 9,279 (8)(14)(19)
Slope Tech, Inc. Secured Loan October 5, 2022 February 27, 2026 Variable interest rate SOFR 1 Month Term + 11.8% or Floor rate 11.8 %; EOT 0.0 % $ 3,862 $ 3,820 $ 3,820 (8)(10)(12)(21)
Under Technologies, Inc. Secured Loan September 13, 2024 June 1, 2029 Variable interest rate Prime + 3 .8 % or Floor rate 12.0 %; EOT 4.3 % $ 7,400 $ 7,319 $ 7,419 (8)(9)(14)(19)
Secured Loan November 27, 2024 June 1, 2029 Variable interest rate Prime + 3.8 % or Floor rate 12.0 %; EOT 4.3 % 7,400 7,297 7,311 (8)(9)(14)(19)
Total Under Technologies, Inc. 14,800 14,616 14,730
Wisetack, Inc. Secured Loan November 14, 2024 December 1, 2029 Variable interest rate Prime + 5.0 % or Floor rate 12.5 %; EOT 2.5 % $ 12,150 $ 12,010 $ 12,120 (8)(9)(14)(19)
Sub-total: Finance and Insurance ( 29.3 %)* $ 272,640 $ 269,871 $ 270,700

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Food and Agriculture Technologies
DrinkPak, LLC Equipment Financing February 17, 2023 September 1, 2026 Fixed interest rate 12.9 %; EOT 7.0 % $ 5,252 $ 6,177 $ 6,148 (9)(14)(19)
Emergy, Inc. Equipment Financing December 15, 2021 July 1, 2026 Fixed interest rate 12.7 %; EOT 11.5 % $ 3,183 $ 3,992 $ 1,401 (18)
Equipment Financing December 13, 2022 July 1, 2027 Fixed interest rate 9.4 %; EOT 11.5 % 6,183 6,970 2,721 (9)(18)
Total Emergy, Inc. 9,366 10,962 4,122
Sub-total: Food and Agriculture Technologies ( 1.1 %)* $ 14,618 $ 17,139 $ 10,270
Green Technology
Commonwealth Fusion Systems, LLC Equipment Financing June 16, 2023 July 1, 2030 Fixed interest rate 13.0 %; EOT 10.0 % $ 3,228 $ 3,387 $ 3,459 (9)(14)(19)
Equipment Financing June 27, 2024 July 1, 2030 Fixed interest rate 13.2 %; EOT 10.0 % 9,339 9,537 9,764 (9)(14)(19)
Equipment Financing January 14, 2025 July 1, 2029 Fixed interest rate 11.2 %; EOT 6.0 % 11,674 11,721 11,926 (9)(14)(19)
Total Commonwealth Fusion Systems, LLC 24,241 24,645 25,149
Dandelion Energy, Inc. Equipment Financing June 25, 2024 July 1, 2025 Fixed interest rate 15.9 %; EOT 0.0 % $ 1,361 $ 1,361 $ 1,379 (9)(14)
Electric Hydrogen Co. Equipment Financing September 12, 2022 April 1, 2026 Fixed interest rate 9.0 %; EOT 10.0 % $ 489 $ 683 $ 672 (14)
Equipment Financing December 22, 2023 January 1, 2029 Fixed interest rate 12.5 %; EOT 15.0 % 3,519 3,840 3,801 (9)(14)(19)
Equipment Financing June 27, 2024 January 1, 2029 Fixed interest rate 12.6 %; EOT 15.0 % 2,885 3,057 3,062 (9)(14)(19)
Equipment Financing September 19, 2024 October 1, 2028 Fixed interest rate 12.5 %; EOT 15.0 % 1,754 1,844 1,836 (9)(14)(19)
Equipment Financing November 14, 2024 December 1, 2028 Fixed interest rate 11.9 %; EOT 15.0 % 419 436 433 (9)(14)(19)
Total Electric Hydrogen Co. 9,066 9,860 9,804
Form Energy Inc. Equipment Financing October 21, 2024 November 1, 2027 Fixed interest rate 12.7 %; EOT 3.0 % $ 26,049 $ 25,929 $ 26,250 (9)(14)(19)
Equipment Financing December 12, 2024 January 1, 2028 Fixed interest rate 12.5 %; EOT 3.0 % 6,927 6,863 6,936 (9)(14)(19)
Total Form Energy Inc. 32,976 32,792 33,186
Hi-Power, LLC Equipment Financing September 30, 2022 April 1, 2026 Fixed interest rate 14.7 %; EOT 1.0 % $ 1,080 $ 1,118 $ 1,137 (14)
SeaOn Global, LLC Equipment Financing June 16, 2022 July 1, 2026 Fixed interest rate 9.3 %; EOT 11.0 % $ 1,921 $ 2,614 $ 2,536
Equipment Financing August 17, 2022 September 1, 2026 Fixed interest rate 9.3 %; EOT 11.0 % 1,071 1,396 1,358
Total SeaOn Global, LLC 2,992 4,010 3,894
Footprint International Holding, Inc. Secured Loan February 18, 2022 March 1, 2027 Variable interest rate Prime + 7.3 % or Floor rate 10.5 %; EOT 3.5 % $ 12,757 $ 12,948 $ 12,266 (8)(14)
Secured Loan April 20, 2022 March 1, 2027 Variable interest rate Prime + 7.3 % or Floor rate 10.5 %; EOT 3.5 % 12,757 12,928 12,243 (8)(14)
Total Footprint International Holding, Inc. 25,514 25,876 24,509
Sub-total: Green Technology ( 10.7 %)* $ 97,230 $ 99,662 $ 99,058

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Healthcare Technology
B.Well Connected Health, Inc. Secured Loan April 10, 2025 May 1, 2030 Variable interest rate Prime + 4.3 % or Floor rate 11.8 %; EOT 3.0 % $ 9,400 $ 9,244 $ 9,244 (8)(14)(19)
Moxe Health Corporation Secured Loan December 29, 2023 January 1, 2028 Variable interest rate Prime + 5.5 % or Floor rate 13.0 %; EOT 4.8 % $ 12,500 $ 12,630 $ 12,575 (8)
Paytient Technologies, Inc. Secured Loan May 27, 2025 June 1, 2030 Variable interest rate Prime + 3.8 % or Floor rate 10.8 %; EOT 3.0 % $ 11,750 $ 11,466 $ 11,466 (8)(14)(19)
RXAnte, Inc. Secured Loan November 21, 2022 December 1, 2027 Variable interest rate Prime + 4.48 % or Floor rate 9.98 %+PIK Fixed Interest Rate 1.5 %; EOT 3.5 % $ 8,580 $ 8,711 $ 8,764 (8)(9)(14)(15)(19)
Secured Loan April 14, 2023 December 1, 2027 Variable interest rate Prime + 4.48 % or Floor rate 9.98 %+PIK Fixed Interest Rate 1.5 %; EOT 3.5 % 2,853 2,876 2,956 (8)(9)(14)(15)(19)
Secured Loan October 19, 2023 December 1, 2027 Variable interest rate Prime + 4.48 % or Floor rate 9.98 %+PIK Fixed Interest Rate 1.5 %; EOT 3.5 % 2,824 2,842 2,903 (8)(9)(14)(15)(19)
Secured Loan September 9, 2024 December 1, 2027 Variable interest rate Prime + 4.48 % or Floor rate 9.98 %+PIK Fixed Interest Rate 1.5 %; EOT 3.5 % 2,788 2,802 2,862 (8)(9)(14)(15)(19)
Total RXAnte, Inc. 17,045 17,231 17,485
TMRW Life Sciences, Inc. Secured Loan April 29, 2022 May 1, 2027 Variable interest rate Prime + 5.0 % or Floor rate 8.8 %; EOT 4.0 % $ 5,000 $ 5,150 $ 4,792 (8)(14)
Secured Loan March 3, 2023 May 1, 2027 Variable interest rate Prime + 5.0 % or Floor rate 8.8 %; EOT 4.0 % 15,000 15,401 14,796 (8)(14)
Secured Loan December 8, 2023 May 1, 2027 Variable interest rate Prime + 5.0 % or Floor rate 8.8 %; EOT 4.0 % 10,000 10,218 9,825 (8)(14)
Total TMRW Life Sciences, Inc. 30,000 30,769 29,413
WorkWell Prevention & Care Inc. Secured Loan December 31, 2022 January 1, 2027 Variable interest rate Prime + 5.0 % or Floor rate 6.0 %; EOT 0.0 % $ 500 $ 500 $ 500 (8)(22)
Sub-total: Healthcare Technology ( 8.7 %)* $ 81,195 $ 81,840 $ 80,683

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Human Resource Technology
Nomad Health, Inc. Secured Loan March 29, 2022 December 1, 2026 Variable interest rate Prime + 5.5 % or Floor rate 9.3 %; EOT 4.0 % $ 33,056 $ 34,088 $ 27,281 (8)(14)(15)
Secured Loan June 12, 2024 December 1, 2026 Fixed interest rate 10.0 %; EOT 0.0 % 500 500 445
Total Nomad Health, Inc. 33,556 34,588 27,726
Sub-total: Human Resource Technology ( 3.0 %)* $ 33,556 $ 34,588 $ 27,726
Industrials
3DEO, Inc. Equipment Financing February 1, 2025 February 1, 2028 Fixed interest rate 0.1 %; EOT 2.2 % $ 2,064 $ 2,077 $ 2,032 (14)
Sub-total: Industrials ( 0.2 %)* $ 2,064 $ 2,077 $ 2,032
Marketing, Media, and Entertainment
Drone Racing League, Inc. Secured Loan October 17, 2022 December 1, 2025 Variable interest rate Prime + 7.5 % or Floor rate 11.0 %; EOT 2.5 % $ 4,729 $ 4,938 $ 4,826 (8)
Grabit Interactive Media, Inc. Secured Loan April 8, 2022 November 1, 2026 Variable interest rate Prime + 7.5 % or Floor rate 10.8 %; EOT 2.5 % $ 2,386 $ 2,479 $ 2,445 (8)(14)
Incontext Solutions, Inc. Secured Loan January 16, 2020 September 1, 2025 Fixed interest rate 11.8 %; EOT 11.4 % $ 476 $ 1,626 $ 1,569
Rarefied Atmosphere, Inc. Secured Loan May 6, 2025 June 1, 2030 Variable interest rate Prime + 4.3 % or Floor rate 11.8 %; EOT 2.0 % $ 49,553 $ 48,558 $ 48,558 (8)(14)(19)
Vox Media Holdings, Inc. Secured Loan October 18, 2022 November 1, 2027 Variable interest rate Prime + 6.3 % or Floor rate 11.8 %; EOT 2.5 % $ 10,506 $ 10,472 $ 10,375 (8)(9)(14)(19)
Secured Loan December 29, 2022 January 1, 2028 Variable interest rate Prime + 6.3 % or Floor rate 11.8 %; EOT 2.5 % 5,251 5,233 5,192 (8)(9)(14)(19)
Total Vox Media Holdings, Inc. 15,757 15,705 15,567
Sub-total: Marketing, Media, and Entertainment ( 7.9 %)* $ 72,901 $ 73,306 $ 72,965

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Medical Devices
Apiject Holdings, Inc. Equipment Financing June 24, 2024 July 1, 2028 Fixed interest rate 12.6 %; EOT 7.5 % $ 15,752 $ 16,067 $ 16,151 (9)(14)(19)
Equipment Financing September 30, 2024 October 1, 2028 Fixed interest rate 12.7 %; EOT 7.5 % 6,639 6,679 6,690 (9)(14)(19)
Total Apiject Holdings, Inc. 22,391 22,746 22,841
Cagent Vascular, Inc. Secured Loan January 24, 2025 February 1, 2030 Variable interest rate Prime + 4.0 % or Floor rate 11.3 %; EOT 3.0 % $ 4,050 $ 4,020 $ 4,146 (8)(9)(19)
Elucent Medical, Inc. Secured Loan October 31, 2024 November 30, 2029 Variable interest rate Prime + 3.8 % or Floor rate 11.3 %; EOT 3.3 % $ 12,150 $ 11,983 $ 12,144 (8)(9)(19)
Lightforce Orthodontics, Inc. Secured Loan August 6, 2024 August 6, 2029 Variable interest rate Prime + 4.3 % or Floor rate 11.8 %; EOT 4.0 % $ 28,200 $ 27,972 $ 28,190 (8)(19)
Secured Loan September 25, 2024 August 6, 2029 Variable interest rate Prime + 4.3 % or Floor rate 11.8 %; EOT 4.0 % 4,700 4,661 4,698 (8)(19)
Total Lightforce Orthodontics, Inc. 32,900 32,633 32,888
Neurolens, Inc. Secured Loan September 29, 2023 October 1, 2028 Variable interest rate Prime + 3.5 % or Floor rate 11.5 %; EOT 3.0 % $ 20,000 $ 20,070 $ 20,685 (8)
Secured Loan January 21, 2025 October 1, 2028 Variable interest rate Prime + 3.5 % or Floor rate 11.5 %; EOT 3.0 % 15,000 14,911 15,037 (8)
Total Neurolens, Inc. 35,000 34,981 35,722
Neuros Medical, Inc. Secured Loan August 10, 2023 September 1, 2027 Variable interest rate Prime + 6.0 % or Floor rate 14.3 %; EOT 4.5 % $ 6,000 $ 6,090 $ 6,095 (8)(9)(14)
Secured Loan August 30, 2024 September 1, 2027 Variable interest rate Prime + 6.0 % or Floor rate 14.3 %; EOT 4.5 % 3,000 3,003 2,977 (8)(9)(14)
Total Neuros Medical, Inc. 9,000 9,093 9,072
Okami Medical, Inc. Secured Loan June 24, 2025 July 1, 2030 Variable interest rate Prime + 3.8 % or Floor rate 10.5 %; EOT 2.0 % $ 4,400 $ 4,310 $ 4,310 (8)(14)(19)
Restor3d, Inc. Secured Loan June 4, 2024 July 4, 2028 Variable interest rate Prime + 4.8 % or Floor rate 12.3 %; EOT 3.3 % $ 11,985 $ 11,961 $ 12,064 (8)(9)(14)(19)
Shoulder Innovations, Inc. Secured Loan August 7, 2023 September 1, 2028 Variable interest rate Prime + 3.5 % or Floor rate 11.5 %; EOT 3.0 % $ 11,250 $ 11,293 $ 11,458 (8)(9)(14)
Vital Connect, Inc. Secured Loan July 3, 2024 July 3, 2029 Variable interest rate Prime + 4.0 % or Floor rate 11.5 %; EOT 4.0 % $ 27,650 $ 27,629 $ 27,853 (8)(9)(19)
Secured Loan March 21, 2025 July 3, 2029 Variable interest rate Prime + 4.0 % or Floor rate 11.5 %; EOT 4.0 % 7,900 7,846 7,914 (8)(9)(19)
Total Vital Connect, Inc. 35,550 35,475 35,767
Sub-total: Medical Devices ( 19.5 %)* $ 178,676 $ 178,495 $ 180,412
Multi-Sector Holdings
Senior Credit Corp 2022 LLC Secured Loan January 30, 2023 December 5, 2028 Fixed interest rate 8.5 %; EOT 0.0 % $ 12,885 $ 12,885 $ 12,885 (10)(22)
Sub-total: Multi-Sector Holdings ( 1.4 %)* $ 12,885 $ 12,885 $ 12,885

16

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Other Healthcare Services
Cellares Corporation Equipment Financing August 2, 2024 September 1, 2029 Fixed interest rate 12.0 %; EOT 4.5 % $ 4,099 $ 4,143 $ 4,205 (14)(19)
Equipment Financing January 10, 2025 February 1, 2030 Fixed interest rate 12.2 %; EOT 4.5 % 5,619 5,634 5,620 (14)(19)
Equipment Financing January 29, 2025 February 1, 2030 Fixed interest rate 12.5 %; EOT 4.5 % 3,432 3,439 3,431 (14)(19)
Secured Loan August 2, 2024 February 1, 2027 Variable interest rate Prime + 3.3 % or Floor rate 11.8 %; EOT 4.0 % 47,000 46,974 47,675 (8)(19)
Total Cellares Corporation 60,150 60,190 60,931
Metabolon, Inc. Secured Loan March 28, 2024 April 1, 2029 Variable interest rate Prime + 2.5 % or Floor rate 10.0 %+PIK Fixed Interest Rate 3.0 %; EOT 4.8 % $ 43,793 $ 43,323 $ 43,628 (8)(15)
Secured Loan October 1, 2024 April 1, 2029 Variable interest rate Prime + 2.5 % or Floor rate 10.0 %+PIK Fixed Interest Rate 3.0 %; EOT 4.8 % 5,114 5,079 5,033 (8)(15)
Secured Loan January 6, 2025 April 1, 2029 Variable interest rate Prime + 2.5 % or Floor rate 10.0 %+PIK Fixed Interest Rate 3.0 %; EOT 4.8 % 2,537 2,504 2,484 (8)(15)
Total Metabolon, Inc. 51,444 50,906 51,145
Upward Health, Inc. Secured Loan August 6, 2024 September 1, 2029 Variable interest rate Prime + 4.3 % or Floor rate 12.8 %; EOT 3.0 % $ 5,875 $ 5,756 $ 5,864 (8)(9)(14)(19)
Renalogic Holdings, Inc. Secured Loan June 30, 2025 June 30, 2030 Variable interest rate SOFR 1 Month Term + 5.8 %; EOT 0.0 % $ 63,500 $ 62,231 $ 62,231 (8)(20)
Velentium, Inc. Secured Loan May 24, 2024 May 24, 2029 Variable interest rate Prime + 5.0 % or Floor rate 12.5 %; EOT 5.3 % $ 8,500 $ 8,450 $ 8,348 (8)(9)(14)
Sub-total: Other Healthcare Services ( 20.4 %)* $ 189,469 $ 187,533 $ 188,519
Real Estate Technology
Homelight Lending, Inc. Secured Loan October 15, 2021 June 1, 2026 Variable interest rate Prime + 8.3 % or Floor rate 11.5 %; EOT 4.5 % $ 2,701 $ 2,926 $ 2,867 (8)(14)
Knockaway, Inc. Secured Loan September 29, 2023 September 1, 2028 Fixed interest rate 10.2 %; EOT 0.0 % $ 23,644 $ 20,800 $ 20,016 (8)(14)(22)
Secured Loan May 14, 2025 May 14, 2027 Fixed interest rate 4.0 %; EOT 0.0 % 1,600 1,600 1,600 (16)(22)
Total Knockaway, Inc. 25,244 22,400 21,616
Knockaway Trinity Holdings, LLC Secured Loan December 6, 2023 December 27, 2026 Variable interest rate SOFR 30 Day Forward + 9.3 % or Floor rate 13.8 %; EOT 0.0 % $ 43,603 $ 43,589 $ 43,589 (8)(10)(12)(21)(22)
Maxwell Financial Labs, Inc. Secured Loan September 30, 2021 April 1, 2026 Variable interest rate Prime + 6.0 % or Floor rate 10.0 %; EOT 5.0 % $ 15,000 $ 15,700 $ 15,418 (8)(14)
Secured Loan October 2, 2024 October 2, 2026 Fixed interest rate 6.0 %; EOT 0.0 % 187 187 192
Total Maxwell Financial Labs, Inc. 15,187 15,887 15,610
Orchard Technologies, Inc. Secured Loan January 1, 2024 January 1, 2029 Variable interest rate Prime + 10.0 % or Floor rate 17.0 %; EOT 4.0 % $ 28,540 $ 29,562 $ 24,805 (8)
Sub-total: Real Estate Technology ( 11.7 %)* $ 115,275 $ 114,364 $ 108,487

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Software as a Service ("SaaS")
Cpacket Networks, Inc. Secured Loan January 29, 2024 February 1, 2029 Variable interest rate Prime + 4.8 % or Floor rate 12.0 %+PIK Fixed Interest Rate 1.3 %; EOT 3.0 % $ 20,607 $ 20,553 $ 20,751 (8)(9)(14)(15)
Eyelit Technologies, Inc. Secured Loan November 4, 2024 November 4, 2029 Variable interest rate SOFR 1 Month Term + 5.8 %; EOT 0.0 % $ 4,500 $ 4,422 $ 4,569 (8)(14)(19)(20)
Secured Loan December 27, 2024 November 4, 2029 Variable interest rate SOFR 1 Month Term + 5.8 %; EOT 0.0 % 7,920 7,778 8,042 (8)(14)(19)(20)
Secured Loan June 20, 2025 November 4, 2029 Variable interest rate SOFR 1 Month Term + 5.8 %; EOT 0.0 % 900 882 882 (8)(14)(19)(20)
Total Eyelit Technologies, Inc. 13,320 13,082 13,493
Hometown Ticketing, Inc. Secured Loan November 25, 2024 November 25, 2029 Variable interest rate SOFR 3 Month Term + 7.7 %; EOT 0.0 % $ 24,785 $ 24,348 $ 24,937 (8)(19)
ServiceTrade, Inc. Secured Loan August 15, 2024 August 15, 2029 Variable interest rate SOFR 3 Month Term + 5.5 %; EOT 0.0 % $ 23,500 $ 23,135 $ 23,619 (8)(14)(19)(20)
Secured Loan May 2, 2025 August 15, 2029 Variable interest rate SOFR 3 Month Term + 5.8 %; EOT 0.0 % 1,880 1,847 1,847 (8)(14)(19)(20)
Secured Loan June 3, 2025 August 15, 2029 Variable interest rate SOFR 3 Month Term + 5.8 %; EOT 0.0 % 1,880 1,846 1,846 (8)(14)(19)(20)
Total ServiceTrade, Inc. 27,260 26,828 27,312
Silk Technologies, Inc. Secured Loan November 4, 2024 December 1, 2029 Variable interest rate Prime + 4.0 % or Floor rate 11.3 %; EOT 1.5 % $ 16,200 $ 15,862 $ 15,863 (8)(9)(14)(19)
SOCi, Inc. Secured Loan October 3, 2024 October 3, 2029 Variable interest rate SOFR 3 Month Term + 7.9 %; EOT 0.0 % $ 35,919 $ 35,227 $ 35,739 (8)(14)(19)(20)
Secured Loan December 30, 2024 October 3, 2029 Variable interest rate SOFR 3 Month Term + 7.9 %; EOT 0.0 % 3,274 3,207 3,259 (8)(14)(19)(20)
Secured Loan April 23, 2025 October 3, 2029 Variable interest rate SOFR 3 Month Term + 7.9 %; EOT 0.0 % 1,645 1,610 1,610 (8)(14)(19)(20)
Total SOCi, Inc. 40,838 40,044 40,608
Steno Agency, Inc. Secured Loan June 21, 2024 July 1, 2029 Variable interest rate Prime + 4.0 % or Floor rate 12.5 %; EOT 2.5 % $ 3,740 $ 3,653 $ 3,759 (8)(9)(14)(19)
Secured Loan January 2, 2025 July 1, 2029 Variable interest rate Prime + 4.0 % or Floor rate 12.5 %; EOT 2.5 % 3,650 3,646 3,681 (8)(9)(14)(19)
Secured Loan May 16, 2025 July 1, 2029 Variable interest rate Prime + 4.0 % or Floor rate 12.5 %; EOT 2.5 % 3,650 3,479 3,479 (8)(9)(14)(19)
Total Steno Agency, Inc. 11,040 10,778 10,919
Xytech Systems, LLC Secured Loan February 26, 2025 February 26, 2030 Variable interest rate SOFR 3 Month Term + 6.0 %; EOT 0.0 % $ 39,200 $ 38,471 $ 39,579 (8)(19)(20)
Sub-total: SaaS ( 20.9 %)* $ 193,250 $ 189,966 $ 193,462

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Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Space Technology
Astranis Space Technology Corporation Equipment Financing April 13, 2023 May 1, 2027 Fixed interest rate 12.1 %; EOT 6.5 % $ 5,699 $ 6,312 $ 6,065 (9)(14)(19)
Equipment Financing September 27, 2024 October 1, 2028 Fixed interest rate 13.8 %; EOT 6.5 % 9,504 10,072 9,666 (9)(14)(19)
Equipment Financing September 27, 2024 October 1, 2027 Fixed interest rate 12.6 %; EOT 4.0 % 2,270 2,218 2,239 (9)(14)(19)
Total Astranis Space Technology Corporation 17,473 18,602 17,970
Hadrian Automation, Inc. Equipment Financing March 2, 2022 September 1, 2025 Fixed interest rate 12.6 %; EOT 0.0 % $ 43 $ 43 $ 44 (14)
Equipment Financing May 6, 2022 November 1, 2025 Fixed interest rate 12.9 %; EOT 0.0 % 702 702 719 (14)
Equipment Financing July 15, 2022 January 1, 2026 Fixed interest rate 14.3 %; EOT 0.0 % 665 664 682 (14)
Equipment Financing September 30, 2022 March 1, 2026 Fixed interest rate 15.2 %; EOT 0.0 % 1,426 1,424 1,467 (9)(14)
Equipment Financing December 22, 2022 June 1, 2026 Fixed interest rate 15.0 %; EOT 0.0 % 427 425 438 (9)(14)
Equipment Financing December 22, 2022 December 1, 2026 Fixed interest rate 15.5 %; EOT 0.0 % 215 215 222 (9)(14)(19)
Equipment Financing March 29, 2023 March 1, 2027 Fixed interest rate 15.7 %; EOT 0.0 % 707 706 730 (9)(14)(19)
Equipment Financing September 28, 2023 September 1, 2027 Fixed interest rate 17.7 %; EOT 0.0 % 399 398 414 (9)(14)(19)
Equipment Financing June 27, 2024 June 1, 2028 Fixed interest rate 17.6 %; EOT 0.0 % 1,135 1,131 1,168 (9)(14)(19)
Total Hadrian Automation, Inc. 5,719 5,708 5,884
Impulse Space, Inc. Equipment Financing June 18, 2024 July 1, 2027 Fixed interest rate 12.7 %; EOT 3.0 % $ 942 $ 950 $ 964 (9)(14)(19)
Equipment Financing September 13, 2024 October 1, 2027 Fixed interest rate 12.5 %; EOT 3.0 % 759 759 772 (9)(14)(19)
Equipment Financing December 27, 2024 January 1, 2028 Fixed interest rate 12.9 %; EOT 3.0 % 745 737 755 (9)(14)(19)
Equipment Financing February 12, 2025 March 1, 2028 Fixed interest rate 12.6 %; EOT 3.0 % 848 837 848 (9)(14)(19)
Equipment Financing June 25, 2025 July 1, 2028 Fixed interest rate 12.8 %; EOT 3.0 % 1,275 1,246 1,246 (14)(19)
Total Impulse Space, Inc. 4,569 4,529 4,585
Kymeta Corporation Secured Loan July 3, 2024 August 1, 2029 Variable interest rate Prime + 4.0 % or Floor rate 12.5 %; EOT 3.0 % $ 7,900 $ 7,658 $ 7,834 (8)(9)(14)(19)
Secured Loan June 11, 2025 August 1, 2029 Variable interest rate Prime + 4.0 % or Floor rate 12.5 %; EOT 3.0 % 7,900 7,826 7,826 (8)(9)(14)(19)
Total Kymeta Corporation 15,800 15,484 15,660
Rocket Lab USA, Inc. Equipment Financing December 29, 2023 January 1, 2029 Fixed interest rate 14.8 %; EOT 1.0 % $ 37,653 $ 37,251 $ 39,083 (9)(10)(14)
Equipment Financing March 20, 2025 April 1, 2030 Fixed interest rate 12.3 %; EOT 1.0 % 19,625 19,586 19,778 (9)(10)
Total Rocket Lab USA, Inc. 57,278 56,837 58,861

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Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Slingshot Aerospace, Inc. Secured Loan July 12, 2024 August 1, 2029 Variable interest rate Prime + 5.5 % or Floor rate 14.0 %; EOT 3.0 % $ 23,700 $ 23,400 $ 23,722 (8)(9)(14)(19)
Secured Loan August 7, 2024 April 30, 2026 Fixed interest rate 10.0 %; EOT 0.0 % 500 500 544
Total Slingshot Aerospace, Inc. 24,200 23,900 24,266
Space Perspective, Inc. Secured Loan March 3, 2022 July 1, 2026 Variable interest rate Prime + 7.8 % or Floor rate 11.0 %; EOT 5.0 % $ 2,854 $ 3,021 $ — (8)(18)
Sub-total: Space Technology ( 13.8 %)* $ 127,893 $ 128,081 $ 127,226
Supply Chain Technology
Macrofab, Inc. Secured Loan July 21, 2023 August 1, 2027 Variable interest rate Prime + 5.5 % or Floor rate 13.3 %; EOT 4.5 % $ 19,495 $ 20,279 $ 18,906 (8)(14)
Nucleus RadioPharma, Inc. Equipment Financing June 4, 2024 June 1, 2027 Fixed interest rate 11.8 %; EOT 4.0 % $ 299 $ 307 $ 311 (9)(14)
Equipment Financing December 23, 2024 January 1, 2028 Fixed interest rate 12.3 %; EOT 4.0 % 1,448 1,454 1,465 (9)(14)
Total Nucleus RadioPharma, Inc. 1,747 1,761 1,776
Sub-total: Supply Chain Technology ( 2.2 %)* $ 21,242 $ 22,040 $ 20,682
Transportation Technology
Evo Equipment Leasing, LLC Equipment Financing May 2, 2025 May 1, 2028 Fixed interest rate 10.1 %; EOT 12.0 % $ 2,986 $ 3,020 $ 3,022 (14)(19)
Equipment Financing May 23, 2025 June 1, 2028 Fixed interest rate 10.0 %; EOT 12.0 % 2,293 2,311 2,311 (14)(19)
Total Evo Equipment Leasing, LLC 5,279 5,331 5,333
NextCar Holding Company, Inc. Secured Loan December 14, 2021 September 30, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % $ 2,224 $ 2,486 $ 563 (8)(18)
Secured Loan December 15, 2021 September 30, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 2,274 2,379 575 (8)(18)
Secured Loan February 23, 2022 September 30, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 2,843 2,974 719 (8)(18)
Secured Loan March 16, 2022 September 30, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 3,411 3,569 863 (8)(18)
Secured Loan April 18, 2022 September 30, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 2,843 2,974 719 (8)(18)
Secured Loan April 18, 2022 September 30, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 2,843 2,974 719 (8)(18)
Secured Loan May 17, 2022 September 30, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 5,685 5,948 1,439 (8)(18)
Secured Loan June 22, 2022 September 30, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 2,843 2,974 719 (8)(18)
Total NextCar Holding Company, Inc. 24,966 26,278 6,316
Get Spiffy, Inc. Secured Loan July 14, 2023 January 14, 2028 Variable interest rate Prime + 4.5 % or Floor rate 12.3 %; EOT 6.0 % $ 9,187 $ 9,374 $ 7,906 (8)(9)
Equipment Financing July 14, 2023 February 1, 2027 Fixed interest rate 12.1 %; EOT 4.0 % 227 236 227 (9)
Total Get Spiffy, Inc. 9,414 9,610 8,133

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Uveye, Inc. Equipment Financing December 26, 2024 January 1, 2028 Fixed interest rate 11.9 %; EOT 1.0 % $ 17,189 $ 17,095 $ 17,164 (14)
Equipment Financing March 28, 2025 April 1, 2028 Fixed interest rate 11.9 %; EOT 1.0 % 4,675 4,639 4,653 (14)
Equipment Financing May 15, 2025 June 1, 2028 Fixed interest rate 11.6 %; EOT 1.0 % 1,200 1,189 1,189 (14)
Equipment Financing June 25, 2025 July 1, 2028 Fixed interest rate 11.9 %; EOT 1.0 % 3,858 3,819 3,819 (14)
Total Uveye, Inc. 26,922 26,742 26,825
Zuum Transportation, Inc. Secured Loan December 17, 2021 January 1, 2027 Variable interest rate Prime + 6.0 % or Floor rate 10.8 %; EOT 2.5 % $ 4,818 $ 4,902 $ 4,597 (8)
Sub-total: Transportation Technology ( 5.5 %)* $ 71,399 $ 72,863 $ 51,204
Total: Debt Securities- United States ( 185.6 %)* $ 1,750,284 $ 1,755,597 $ 1,714,163
Debt Securities- Canada
Construction Technology
Nexii, Inc. Secured Loan July 24, 2024 July 1, 2027 Fixed interest rate 10.0 %; EOT 0.0 % $ 365 $ 365 $ 374 (10)(22)
Sub-total: Construction Technology ( 0.0 %)* $ 365 $ 365 $ 374
Real Estate Technology
Maple Raptor Acquisition Inc. Secured Loan April 28, 2025 April 26, 2030 Variable interest rate CORRA 3 Month Term + 9.4 %; EOT 0.0 % $ 19,856 $ 19,421 $ 19,421 (8)(10)(20)
Sub-total: Real Estate Technology ( 2.1 %)* $ 19,856 $ 19,421 $ 19,421
Space Technology
Earthdaily Constellation Holdings, LP Equipment Financing June 10, 2025 January 1, 2029 Fixed interest rate 13.5 %; EOT 7.0 % $ 28,200 $ 27,315 $ 27,315 (10)(14)(19)
Sub-total: Space Technology ( 3.0 %)* $ 28,200 $ 27,315 $ 27,315
Supply Chain Technology
GoFor Delivers, Inc. Secured Loan June 28, 2024 July 1, 2028 Variable interest rate Prime + 3.5 % or Floor rate 12.0 %; EOT 2.5 % $ 6,000 $ 6,048 $ 5,839 (8)(10)(22)
Sub-total: Supply Chain Technology ( 0.6 %)* $ 6,000 $ 6,048 $ 5,839
Total: Debt Securities- Canada ( 5.7 %)* $ 54,421 $ 53,149 $ 52,949

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Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- Europe
Industrials
Aledia, Inc. Equipment Financing August 5, 2022 September 1, 2025 Fixed interest rate 10.7 %; EOT 7.0 % $ 97 $ 203 $ 201 (10)(14)
Equipment Financing September 30, 2022 October 1, 2025 Fixed interest rate 12.0 %; EOT 7.0 % 234 402 400 (10)(14)
Total Aledia, Inc. 331 605 601
Sub-total: Industrials ( 0.1 %)* $ 331 $ 605 $ 601
Medical Devices
CMR Surgical Limited Secured Loan March 24, 2025 April 1, 2030 Variable interest rate Prime + 4.0 % or Floor rate 11.0 %; EOT 4.0 % $ 30,000 $ 29,684 $ 30,559 (8)(10)(14)(19)
Sub-total: Other Healthcare Services ( 3.3 %)* $ 30,000 $ 29,684 $ 30,559
Other Healthcare Services
Zandivio PLC Secured Loan October 30, 2024 May 1, 2029 Variable interest rate Prime + 5.3 % or Floor rate 13.8 %; EOT 2.5 % $ 28,200 $ 27,657 $ 28,051 (8)(10)(14)(19)
Sub-total: Other Healthcare Services ( 3.0 %)* $ 28,200 $ 27,657 $ 28,051
Space Technology
All.Space Networks, Limited. Secured Loan August 22, 2022 September 1, 2027 Variable interest rate Prime + 7.0 % or Floor rate 11.5 %; EOT 2.5 % $ 8,219 $ 8,372 $ 8,100 (8)(10)
Sub-total: Space Technology ( 0.9 %)* $ 8,219 $ 8,372 $ 8,100
Total: Debt Securities- Europe ( 7.3 %)* $ 66,750 $ 66,318 $ 67,311
Total: Debt Securities ( 198.6 %)* $ 1,871,455 $ 1,875,064 $ 1,834,423

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Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States
Artificial Intelligence & Automation
Ambient Photonics, Inc. Warrant July 27, 2022 July 27, 2032 Common Stock 15,976 $ 5.50 $ 47 $ —
Everalbum, Inc. Warrant January 16, 2020 July 29, 2026 Class A Common Stock 851,063 $ 0.10 $ 25 $ —
Hologram, Inc. Warrant January 31, 2020 January 27, 2030 Common Stock 193,054 $ 0.26 $ 49 $ 76
K2View Inc. Warrant May 30, 2025 May 30, 2035 Ordinary 252,050 $ 1.38 $ 150 $ 151
Sortera Technologies, Inc. Warrant February 11, 2025 February 11, 2035 Common Stock 44,982 $ 5.23 $ 337 $ 289 (9)(19)
Swimlane, Inc. Warrant May 28, 2025 May 28, 2037 Preferred Series B 3,589,055 $ 0.19 $ 250 $ 214 (17)(19)
Sub-Total: Artificial Intelligence & Automation ( 0.1 %)* $ 858 $ 730
Biotechnology
Pendulum Therapeutics, Inc. Warrant January 16, 2020 October 9, 2029 Preferred Series B 55,263 $ 1.90 $ 43 $ 39 (17)
Warrant June 1, 2020 July 15, 2030 Preferred Series B 36,842 $ 1.90 36 26 (17)
Warrant December 31, 2021 December 31, 2031 Preferred Series C 322,251 $ 3.24 118 164 (17)
Warrant February 5, 2024 February 5, 2034 Common Stock 1,143,690 $ 1.03 588 1,014
Warrant May 30, 2025 May 30, 2035 Preferred Series C 914,565 $ 0.01 1,880 1,908 (17)
Total Pendulum Therapeutics, Inc. 2,665 3,151
Sub-Total: Biotechnology ( 0.3 %)* $ 2,665 $ 3,151
Connectivity
Tarana Wireless, Inc. Warrant June 30, 2021 June 30, 2031 Common Stock 5,027,629 $ 0.19 $ 967 $ 2,697
Warrant September 23, 2024 September 23, 2034 Common Stock 2,094,922 $ 0.51 695 760 (9)(19)
Total Tarana Wireless, Inc. 1,662 3,457
Vertical Communications, Inc. Warrant January 16, 2020 July 11, 2026 Preferred Series A 828,479 $ 1.00 $ — $ — (11)(17)(22)
viaPhoton, Inc. Warrant March 31, 2022 March 31, 2032 Common Stock 15,839 $ 0.60 $ 22 $ 13
Sub-Total: Connectivity ( 0.4 %)* $ 1,684 $ 3,470
Construction Technology
Project Frog, Inc. Warrant January 16, 2020 February 28, 2027 Preferred Series AA-1 211,649 $ 0.19 $ 9 $ — (17)(22)
Warrant January 16, 2020 February 28, 2027 Common Stock 180,340 $ 0.19 9 — (22)
Warrant August 3, 2021 December 31, 2031 Preferred Series CC 250,000 $ 0.01 20 — (17)(22)
Total Project Frog, Inc. 38 —
Sub-total: Construction Technology ( 0.0 %)* $ 38 $ —

23

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Consumer Products & Services
BaubleBar, Inc. Warrant January 16, 2020 March 29, 2027 Preferred Series C 531,806 $ 1.96 $ 638 $ 2 (17)
Warrant January 16, 2020 April 20, 2028 Preferred Series C 60,000 $ 1.96 72 1 (17)
Total BaubleBar, Inc. 710 3
Boosted eCommerce, Inc. Warrant December 14, 2020 December 14, 2030 Preferred Series A-1 759,263 $ 0.84 $ 259 $ — (17)
Eterneva, Inc. Warrant September 30, 2024 September 30, 2034 Common Stock 833,333 $ 0.48 $ 421 $ 3
Happiest Baby, Inc. Warrant January 16, 2020 May 16, 2029 Common Stock 182,554 $ 0.33 $ 193 $ —
Madison Reed, Inc. Warrant January 16, 2020 March 23, 2027 Preferred Series C 194,553 $ 2.57 $ 185 $ 257 (17)
Warrant January 16, 2020 July 18, 2028 Common Stock 43,158 $ 0.99 71 86
Warrant January 16, 2020 June 30, 2029 Common Stock 36,585 $ 1.23 56 69
Total Madison Reed, Inc. 312 412
Ogee, Inc. Warrant February 14, 2023 February 14, 2033 Preferred Series A-3 243,668 $ 0.68 $ 54 $ 760 (17)(19)
Warrant September 29, 2023 February 14, 2033 Preferred Series A-3 243,668 $ 0.68 49 760 (17)(19)
Warrant August 1, 2024 August 1, 2034 Preferred Series A-3 243,668 $ 0.68 104 760 (17)(19)
Total Ogee, Inc. 207 2,280
Portofino Labs, Inc. Warrant December 31, 2020 December 31, 2030 Common Stock 99,148 $ 1.53 $ 160 $ 53
Warrant April 1, 2021 April 1, 2031 Common Stock 39,912 $ 1.46 99 22
Total Portofino Labs, Inc. 259 75
Quip NYC, Inc. Warrant March 9, 2021 March 9, 2031 Common Stock 10,833 $ 48.46 $ 203 $ —
Rinse, Inc. Warrant May 10, 2022 May 10, 2032 Preferred Series C 278,761 $ 1.13 $ 118 $ 252 (17)
SI Tickets, Inc. Warrant May 11, 2022 May 11, 2032 Common Stock 53,029 $ 2.52 $ 162 $ 7
Super73, Inc. Warrant December 31, 2020 December 31, 2030 Common Stock 177,305 $ 3.16 $ 105 $ 7
Trendly, Inc. Warrant January 16, 2020 August 10, 2026 Preferred Series A 245,506 $ 1.14 $ 222 $ 79 (17)
Whoop, Inc. Warrant May 17, 2023 May 17, 2033 Common Stock 2,393,845 $ 0.43 $ 1,099 $ 2,855 (9)(19)
Sub-total: Consumer Products & Services ( 0.6 %)* $ 4,270 $ 5,973
Education Technology
Edblox, Inc. Warrant March 19, 2024 March 19, 2034 Common Stock 111,458 $ 1.71 $ 152 $ — (9)
Medical Sales Training Holding Company Warrant March 18, 2021 March 18, 2031 Common Stock 130,853 $ 7.74 $ 108 $ —
Warrant April 17, 2024 April 17, 2034 Common Stock 32,493 $ 7.74 73 —
Warrant December 18, 2024 December 18, 2034 Common Stock 21,444 $ 7.74 4 —
Total Medical Sales Training Holding Company 185 —
Yellowbrick Learning, Inc. Warrant January 16, 2020 September 30, 2028 Common Stock 222,222 $ 0.90 $ 120 $ 3
Sub-Total: Education Technology ( 0.0 %)* $ 457 $ 3

24

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Finance and Insurance
Beam Technologies, Inc. Warrant August 30, 2024 August 30, 2034 Common Stock 47,479 $ 17.28 $ 632 $ 489 (9)(19)
Bestow, Inc. Warrant August 1, 2024 August 1, 2034 Preferred Series C-2 349,793 $ 0.01 $ 1,987 $ 2,388 (17)
Busbot, Inc. Warrant April 1, 2024 April 1, 2034 Common Stock 44,133 $ 0.96 $ 85 $ 7 (10)(12)(21)
Warrant May 14, 2025 May 14, 2035 Common Stock 13,498 $ 0.36 9 3 (10)(12)(21)
Total Busbot, Inc. 94 10
Centivo Corporation Warrant July 31, 2024 July 31, 2034 Common Stock 80,578 $ 0.76 $ 67 $ 147 (9)(19)
Warrant December 20, 2024 July 31, 2034 Common Stock 80,577 $ 0.76 189 147 (9)(19)
Warrant February 3, 2025 July 31, 2034 Common Stock 80,578 $ 0.76 164 147 (9)(19)
Warrant May 20, 2025 July 31, 2034 Common Stock 161,157 $ 0.76 290 296 (9)(19)
Warrant June 13, 2025 July 31, 2034 Common Stock 80,578 $ 0.76 145 147 (9)(19)
Total Centivo Corporation 855 884
DailyPay, Inc. Warrant September 30, 2020 September 30, 2030 Common Stock 89,264 $ 3.00 $ 151 $ 1,823
Empower Financial, Inc. Warrant October 13, 2023 October 13, 2033 Common Stock 404,893 $ 1.43 $ 953 $ 1,713 (9)(19)
Eqis Capital Management, Inc. Warrant June 15, 2022 June 15, 2032 Preferred Class B 904,000 $ 0.01 $ 10 $ 86 (17)
Gravie, Inc. Warrant June 4, 2024 June 4, 2034 Common Stock 123,816 $ 2.68 $ 293 $ 9 (9)(19)
Inshur, Inc. Warrant June 10, 2025 June 10, 2035 Common Stock 32,049 $ 6.05 $ 234 $ 221
Kafene, Inc. Warrant January 5, 2024 January 5, 2034 Common Stock 44,448 $ 4.03 $ 58 $ 461
Lendflow, Inc. Warrant April 24, 2025 April 24, 2035 Common Stock 158,099 $ 0.70 $ 146 $ 145 (19)
Mesa Financial, Inc. Warrant August 29, 2024 August 29, 2034 Common Stock 62,422 $ 0.73 $ 28 $ 26 (10)(12)(21)
Mesa Financing I, LLC Warrant May 7, 2025 May 7, 2035 Common Stock 22,519 $ 0.01 $ 8 $ 8 (10)(12)(21)
Parafin, Inc. Warrant February 16, 2024 February 16, 2034 Common Stock 24,616 $ 7.09 $ 118 $ 304 (10)(12)(21)
Warrant July 25, 2024 July 25, 2034 Common Stock 24,641 $ 7.09 108 304 (10)(12)(21)
Warrant December 23, 2024 December 23, 2034 Common Stock 3,657 $ 11.14 49 39 (10)(12)(21)
Total Parafin, Inc. 275 647
PatientFi, Inc. Warrant March 14, 2025 March 14, 2035 Preferred Series B 100,586 $ 3.10 $ 139 $ 160 (17)(19)
RealtyMogul, Co. Warrant January 16, 2020 December 18, 2027 Preferred Series B 954,979 $ 0.95 $ 285 $ 1,161 (17)
Slope Tech, Inc. Warrant September 14, 2022 September 14, 2032 Common Stock 90,971 $ 0.88 $ 109 $ 414 (10)(12)(21)
Warrant August 30, 2023 August 30, 2033 Common Stock 21,303 $ 0.88 112 97 (10)(12)(21)
Total Slope Tech, Inc. 221 511
Under Technologies, Inc. Warrant May 3, 2024 May 3, 2034 Common Stock 76,133 $ 2.90 $ 210 $ 204 (9)(19)
Wisetack, Inc. Warrant November 14, 2024 November 14, 2034 Common Stock 111,153 $ 1.58 $ 102 $ 160 (9)(19)
Sub-Total: Finance and Insurance ( 1.2 %)* $ 6,681 $ 11,106

25

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Food and Agriculture Technologies
Athletic Brewing Company, LLC Warrant October 28, 2022 October 28, 2032 Preferred Class B 3,741 $ 140.21 $ 287 $ 475 (17)
Daring Foods, Inc. Warrant April 8, 2021 April 8, 2031 Common Stock 68,100 $ 0.27 $ 106 $ 61
DrinkPak, LLC Warrant September 13, 2022 September 13, 2032 Common Stock 2,387 $ 19.12 $ 7 $ 52 (9)
Warrant February 17, 2023 February 17, 2033 Common Stock 12,010 $ 18.89 26 264 (9)(19)
Total DrinkPak, LLC 33 316
Emergy, Inc. Warrant October 5, 2022 October 5, 2032 Common Stock 4,051 $ 39.60 $ 181 $ — (9)
GrubMarket, Inc. Warrant June 15, 2020 June 15, 2030 Common Stock 405,000 $ 1.10 $ 115 $ 7,291
Intelligent Brands, Inc. (f.k.a. PSB Holdings, Inc.) Warrant January 16, 2020 October 5, 2027 Common Stock 103,636 $ 21.42 $ 111 $ —
Warrant December 31, 2020 December 29, 2032 Common Stock 33,348 $ 3.17 546 —
Total Intelligent Brands, Inc. 657 —
The Fynder Group, Inc. Warrant October 14, 2020 October 14, 2030 Common Stock 36,445 $ 0.49 $ 68 $ 9
Zero Acre Farms, Inc. Warrant December 23, 2022 December 23, 2032 Class A Common Stock 20,181 $ 2.13 $ 79 $ 4
Sub-Total: Food and Agriculture Technologies ( 0.9 %)* $ 1,526 $ 8,156
Green Technology
Bolb, Inc. Warrant October 12, 2021 October 12, 2031 Common Stock 181,784 $ 0.07 $ 36 $ —
Edeniq, Inc. Warrant January 16, 2020 December 23, 2026 Preferred Series B 2,685,501 $ 0.22 $ — $ 596 (11)(17)(22)
Warrant January 16, 2020 December 23, 2026 Preferred Series B 2,184,672 $ 0.01 — 936 (11)(17)(22)
Warrant January 16, 2020 June 29, 2027 Preferred Series C 5,106,972 $ 0.44 — 281 (11)(17)(22)
Warrant January 16, 2020 November 2, 2028 Preferred Series C 3,850,294 $ 0.01 — 1,825 (11)(17)(22)
Warrant November 29, 2021 November 29, 2031 Preferred Series D 154,906,320 $ 0.01 7 8,525 (17)(22)
Total Edeniq, Inc. 7 12,163
Footprint International Holding, Inc. Warrant February 14, 2020 February 14, 2030 Common Stock 38,171 $ 0.31 $ 9 $ —
Warrant February 18, 2022 February 18, 2032 Common Stock 77,524 $ 0.01 4,246 —
Warrant June 23, 2022 June 23, 2032 Common Stock 14,624 $ 0.01 359 —
Warrant October 31, 2024 October 31, 2034 Preferred Class F 250 $ 25,000.00 — — (17)
Total Footprint International Holding, Inc. 4,614 —
Form Energy Inc. Warrant October 21, 2024 October 21, 2034 Common Stock 85,556 $ 8.03 $ 796 $ 851 (9)(19)
Mainspring Energy, Inc. Warrant January 16, 2020 July 9, 2029 Common Stock 140,186 $ 1.15 $ 283 $ 229
Warrant November 20, 2020 November 20, 2030 Common Stock 81,294 $ 1.15 226 133
Warrant March 18, 2022 March 18, 2032 Common Stock 137,692 $ 1.66 344 211
Total Mainspring Energy, Inc. 853 573
RTS Holding, Inc. Warrant December 10, 2021 December 10, 2031 Preferred Series C 2,314 $ 205.28 $ 75 $ 68 (9)(17)
Warrant October 10, 2022 October 10, 2032 Preferred Series D 917 $ 196.50 87 31 (9)(17)
Warrant January 19, 2024 January 19, 2034 Preferred Series D-1 2,876 $ 203.47 418 95 (9)(17)
Total RTS Holding, Inc. 580 194
Sub-Total: Green Technology ( 1.5 %)* $ 6,886 $ 13,781

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Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Healthcare Technology
B.Well Connected Health, Inc. Warrant April 10, 2025 April 10, 2035 Common Stock 106,824 $ 0.79 $ 179 $ 180 (19)
Dentologie Enterprises, Inc. Warrant October 14, 2022 October 14, 2034 Common Stock 51,632 $ 0.76 $ 66 $ 133 (9)
Exer Holdings, LLC Warrant November 19, 2021 November 19, 2031 Common Stock 281 $ 527.51 $ 93 $ 6
Hospitalists Now, Inc. Warrant January 16, 2020 March 30, 2026 Preferred Series D-2 135,807 $ 5.89 $ 71 $ 18 (17)
Warrant January 16, 2020 December 6, 2026 Preferred Series D-2 750,000 $ 5.89 391 102 (17)
Total Hospitalists Now, Inc. 462 120
Lark Technologies, Inc. Warrant September 30, 2020 September 30, 2030 Common Stock 76,231 $ 1.76 $ 177 $ 1
Warrant June 30, 2021 June 30, 2031 Common Stock 79,325 $ 1.76 258 1
Warrant December 22, 2022 December 22, 2032 Common Stock 97,970 $ 2.49 58 1
Total Lark Technologies, Inc. 493 3
Moxe Health Corporation Warrant December 29, 2023 December 29, 2033 Preferred Series B 155,438 $ 3.62 $ 135 $ 46 (17)
Paytient Technologies, Inc. Warrant May 27, 2025 May 27, 2035 Common Stock 45,141 $ 1.01 $ 62 $ 61 (19)
RXAnte, Inc. Warrant November 21, 2022 November 21, 2032 Preferred A 16,517 $ 10.00 $ 89 $ 119 (9)(17)(19)
Warrant April 7, 2023 November 21, 2032 Preferred A 5,518 $ 10.00 25 40 (9)(17)(19)
Warrant October 17, 2023 November 21, 2032 Preferred A 5,506 $ 10.00 37 40 (9)(17)(19)
Total RXAnte, Inc. 151 199
TMRW Life Sciences, Inc. Warrant April 29, 2022 April 29, 2032 Preferred Class A 268,983 $ 2.09 $ 80 $ 1 (17)
Warrant March 3, 2023 April 29, 2032 Preferred Class A 268,983 $ 2.09 80 1 (17)
Total TMRW Life Sciences, Inc. 160 2
Sub-Total: Healthcare Technology ( 0.1 %)* $ 1,801 $ 750
Human Resource Technology
BetterLeap, Inc. Warrant April 20, 2022 April 20, 2032 Common Stock 88,435 $ 2.26 $ 38 $ 3
Sub-Total: Human Resource Technology ( 0.0 %)* $ 38 $ 3
Industrials
3DEO, Inc. Warrant February 23, 2022 February 23, 2032 Common Stock 37,218 $ 1.81 $ 93 $ —
Sub-total: Industrials ( 0.0 %)* $ 93 $ —

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Marketing, Media, and Entertainment
Drone Racing League, Inc. Warrant October 17, 2022 October 17, 2032 Common Stock 253,824 $ 6.76 $ 375 $ —
Firefly Systems, Inc. Warrant January 29, 2020 January 29, 2030 Common Stock 133,147 $ 1.14 $ 282 $ 127
Grabit Interactive Media, Inc. Warrant April 8, 2022 April 8, 2034 Preferred Series A 142,828 $ 1.00 $ 40 $ 29 (17)
Incontext Solutions, Inc. Warrant January 16, 2020 September 28, 2028 Common Stock 2,219 $ 220.82 $ 34 $ —
PebblePost, Inc. Warrant May 7, 2021 May 7, 2031 Common Stock 657,343 $ 0.52 $ 68 $ 600
Rarefied Atmosphere, Inc. Warrant May 6, 2025 May 6, 2037 Common Stock 207,076 $ 7.35 $ 679 $ 794 (19)
Vox Media Holdings, Inc. Warrant June 25, 2025 June 25, 2035 Class A Common Stock 1,580,142 $ 0.37 $ 464 $ 477 (9)(19)
Sub-Total: Marketing, Media, and Entertainment ( 0.2 %)* $ 1,942 $ 2,027
Medical Devices
Apiject Holdings, Inc. Warrant June 24, 2024 June 24, 2034 Common Stock 937,604 $ 0.99 $ 612 $ 501 (9)(19)
Convergent Dental, Inc. Warrant April 21, 2023 April 21, 2033 Preferred Series D 446,982 $ 1.61 $ 493 $ 129 (9)(17)
Delphinus, Inc. Warrant June 27, 2023 June 27, 2033 Preferred Series E 294,288 $ 0.69 $ 29 $ 16 (9)(17)
Elucent Medical, Inc. Warrant October 31, 2024 October 31, 2034 Preferred Series C-2 1,628,141 $ 0.30 $ 144 $ 410 (9)(17)(19)
Lightforce Orthodontics, Inc. Warrant August 6, 2024 August 6, 2034 Preferred Series D 62,627 $ 18.01 $ 249 $ 95 (17)(19)
Warrant September 25, 2024 August 6, 2034 Preferred Series D 10,438 $ 18.01 37 15 (17)(19)
Total Lightforce Orthodontics, Inc. 286 110
Neuros Medical, Inc. Warrant August 10, 2023 August 10, 2033 Preferred Series C 798,085 $ 0.38 $ 71 $ 73 (9)(17)
Warrant August 30, 2024 August 10, 2033 Preferred Series C 399,042 $ 0.38 39 37 (9)(17)
Total Neuros Medical, Inc. 110 110
Okami Medical, Inc. Warrant June 24, 2025 June 24, 2035 Preferred Series F-1 38,529 $ 2.86 $ 46 $ 67 (17)(19)
Restor3d, Inc. Warrant June 4, 2024 June 4, 2034 Preferred Series A 95,688 $ 5.01 $ 51 $ 107 (9)(17)(19)
Shoulder Innovations, Inc. Warrant August 7, 2023 August 7, 2033 Preferred Series D 623,615 $ 0.54 $ 120 $ 47 (9)(17)
Sub-Total: Medical Devices ( 0.2 %)* $ 1,891 $ 1,497
Other Healthcare Services
Cellares Corporation Warrant August 2, 2024 August 2, 2034 Common Stock 243,868 $ 4.77 $ 841 $ 1,267 (19)
Upward Health, Inc. Warrant August 6, 2024 August 6, 2034 Class A Common Stock 763,137 $ 0.28 $ 251 $ 365 (9)(19)
Metabolon, Inc. Warrant March 28, 2024 March 28, 2034 Preferred Series 3 2,288,461 $ 0.65 $ 644 $ 299 (17)
Warrant October 1, 2024 March 28, 2034 Preferred Series 3 384,615 $ 0.65 33 50 (17)
Warrant January 6, 2025 March 28, 2034 Preferred Series 3 192,308 $ 0.65 23 25 (17)
Total Metabolon, Inc. 700 374
Velentium, Inc. Warrant May 24, 2024 May 24, 2034 Preferred Class B 7,958 $ 53.40 $ 129 $ 89 (9)(17)
Sub-Total: Other Healthcare Services ( 0.2 %)* $ 1,921 $ 2,095

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Real Estate Technology
Homelight Lending, Inc. Warrant June 23, 2022 June 23, 2032 Common Stock 5,434 $ 18.40 $ 1 $ 4
Knockaway, Inc. Warrant January 16, 2020 May 24, 2029 Common Stock 880 $ 85.27 $ 209 $ — (22)
Warrant November 10, 2021 November 10, 2031 Common Stock 16,350 $ 2.20 265 — (22)
Warrant September 29, 2023 September 29, 2033 Common Stock 2,804,355 $ 0.01 — — (22)
Warrant December 6, 2023 December 6, 2033 Preferred Series AA 457,778 $ 0.01 — — (12)(17)(21)(22)
Warrant September 16, 2024 September 16, 2034 Preferred Series BB 93,951,849 $ 0.00 2,391 820 (17)(22)
Warrant September 27, 2023 September 27, 2033 Preferred Series AA-1 5,084,804 $ 0.09 — — (17)(22)
Total Knockaway, Inc. 2,865 820
Maxwell Financial Labs, Inc. Warrant October 8, 2020 October 8, 2030 Common Stock 106,735 $ 0.29 $ 20 $ 3
Warrant December 22, 2020 December 22, 2030 Common Stock 110,860 $ 0.29 34 5
Warrant September 30, 2021 September 30, 2031 Common Stock 79,135 $ 1.04 148 2
Warrant May 10, 2024 May 10, 2034 Common Stock 303,562 $ 0.27 83 13
Warrant July 1, 2024 May 10, 2034 Common Stock 303,562 $ 0.27 91 13
Warrant January 1, 2025 May 10, 2034 Common Stock 308,162 $ 0.27 13 13
Total Maxwell Financial Labs, Inc. 389 49
Orchard Technologies, Inc. Warrant February 12, 2024 February 12, 2034 Preferred Series 1 228,000 $ 0.01 $ — $ 120 (17)
Warrant February 12, 2025 February 12, 2034 Preferred Series 1 228,000 $ 0.01 126 120 (17)
Total Orchard Technologies, Inc. 126 240
Sub-Total: Real Estate Technology ( 0.1 %)* $ 3,381 $ 1,113
SaaS
All Seated, Inc. Warrant February 28, 2022 February 28, 2032 Common Stock 5,101 $ 15.72 $ 22 $ —
Cart.com, Inc. Warrant November 17, 2023 November 17, 2033 Common Stock 31,572 $ 15.87 $ 440 $ 829 (9)
Cpacket Networks, Inc. Warrant January 29, 2024 January 29, 2034 Class B Common 499,366 $ 0.36 $ 166 $ 89 (9)
Crowdtap, Inc. Warrant January 16, 2020 December 16, 2025 Preferred Series B 442,233 $ 1.09 $ 42 $ 727 (17)
Warrant January 16, 2020 December 11, 2027 Preferred Series B 100,000 $ 1.09 9 165 (17)
Total Crowdtap, Inc. 51 892
Gtxcel, Inc. Warrant January 16, 2020 September 24, 2025 Preferred Series C 1,000,000 $ 0.21 $ 83 $ — (17)
Warrant January 16, 2020 September 24, 2025 Preferred Series D 1,000,000 $ 0.21 83 — (17)
Total Gtxcel, Inc. 166 —
Lucidworks, Inc. Warrant January 16, 2020 June 27, 2026 Preferred Series D 619,435 $ 0.77 $ 806 $ 504 (17)
Reciprocity, Inc. Warrant September 25, 2020 September 25, 2030 Common Stock 114,678 $ 4.17 $ 99 $ —
Warrant April 29, 2021 April 29, 2031 Common Stock 57,195 $ 4.17 54 —
Total Reciprocity, Inc. 153 —
Silk Technologies, Inc. Warrant November 4, 2024 November 4, 2034 Common Stock 204,760 $ 1.98 $ 433 $ 278 (9)(19)
Smartly, Inc. Warrant May 16, 2022 May 16, 2034 Common Stock 48,097 $ 1.10 $ 84 $ 82
Steno Agency, Inc. Warrant June 21, 2024 June 21, 2034 Common Stock 55,818 $ 1.98 $ 136 $ 144 (9)(19)
Warrant May 16, 2025 June 21, 2034 Common Stock 54,476 $ 1.98 164 140 (9)(19)
Total Steno Agency, Inc. 300 284
The Tomorrow Companies, Inc. Warrant December 14, 2022 December 14, 2032 Common Stock 26,124 $ 1.70 $ 49 $ 21 (9)
Sub-Total: SaaS ( 0.3 %)* $ 2,670 $ 2,979

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Space Technology
Astranis Space Technology Corporation Warrant April 13, 2023 April 13, 2033 Common Stock 85,644 $ 7.89 $ 82 $ 261 (9)(19)
Warrant September 27, 2024 September 27, 2034 Common Stock 156,677 $ 2.27 683 680 (9)(19)
Warrant June 26, 2025 June 26, 2035 Common Stock 39,557 $ 0.01 191 196 (9)(19)
Total Astranis Space Technology Corporation 956 1,137
Axiom Space, Inc. Warrant May 28, 2021 May 28, 2031 Common Stock 1,773 $ 169.24 $ 121 $ 13
Warrant May 28, 2021 May 28, 2031 Common Stock 882 $ 340.11 39 2
Total Axiom Space, Inc. 160 15
Hermeus Corporation Warrant August 9, 2022 August 9, 2032 Common Stock 19,286 $ 6.24 $ 144 $ 131 (9)(19)
Impulse Space, Inc. Warrant June 18, 2024 June 18, 2034 Common Stock 58,064 $ 1.91 $ 234 $ 1,376 (9)(19)
Slingshot Aerospace, Inc. Warrant July 12, 2024 July 12, 2034 Common Stock 328,416 $ 0.46 $ 400 $ 399 (9)(19)
Kymeta Corporation Warrant July 3, 2024 July 3, 2034 Common Stock 3,995,407 $ 0.11 $ 331 $ 470 (9)(19)
Space Perspective, Inc. Warrant March 3, 2022 March 3, 2032 Preferred Series A 221,280 $ 2.75 $ 256 $ — (17)
Sub-Total: Space Technology ( 0.4 %)* $ 2,481 $ 3,528
Supply Chain Technology
Macrofab, Inc. Warrant January 14, 2025 July 21, 2035 Common Stock 311,176 $ 0.01 $ 166 $ 2
Warrant January 14, 2025 January 29, 2034 Preferred C-1 392,157 $ 0.01 254 89 (17)
Warrant January 14, 2025 April 11, 2036 Common Stock 161,006 $ 0.01 64 1
Warrant January 14, 2025 July 21, 2035 Preferred C-1 311,177 $ 0.01 166 70 (17)
Warrant January 14, 2025 April 11, 2036 Preferred C-1 161,007 $ 0.01 64 36 (17)
Warrant January 14, 2025 January 14, 2035 Preferred C-1 247,173 $ 0.01 151 56 (17)
Total Macrofab, Inc. 865 254
Nucleus RadioPharma, Inc. Warrant June 4, 2024 June 4, 2034 Common Stock 43,636 $ 1.99 $ 69 $ 29 (9)
Sub-Total: Supply Chain Technology ( 0.0 %)* $ 934 $ 283
Transportation Technology
Get Spiffy, Inc. Warrant July 14, 2023 July 14, 2033 Common Stock 874,527 $ 0.70 $ 408 $ — (9)
NextCar Holding Company, Inc. Warrant December 14, 2021 December 14, 2026 Class A Common 6,211 $ 64.42 $ 35 $ — (13)
Warrant February 23, 2022 February 23, 2027 Class A Common 486 $ 64.42 3 — (13)
Warrant March 16, 2022 March 16, 2027 Class A Common 583 $ 64.42 3 — (13)
Warrant April 18, 2022 April 18, 2027 Class A Common 5,336 $ 64.42 7 — (13)
Warrant September 29, 2022 September 29, 2027 Preferred Stock 1,224,752 $ 0.22 170 — (13)(17)
Total NextCar Holding Company, Inc. 218 —
Uveye, Inc. Warrant December 26, 2024 December 26, 2034 Ordinary 476,031 $ 4.38 $ 539 $ 459
Zuum Transportation, Inc. Warrant April 30, 2024 April 30, 2034 Common Stock 41,271 $ 4.34 $ 95 $ 39
Sub-Total: Transportation Technology ( 0.1 %)* $ 1,260 $ 498
Total: Warrant Investments- United States ( 6.6 %)* $ 43,477 $ 61,143

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- Canada
Space Technology
Earthdaily Constellation Holdings, LP Warrant June 10, 2025 June 10, 2035 Class B Common Stock 2,210,342 $ 0.81 $ 1,236 $ 1,288 (10)(19)
Sub-Total: Space Technology ( 0.1 %)* $ 1,236 $ 1,288
Total: Warrant Investments- Canada ( 0.1 %)* $ 1,236 $ 1,288
Warrant Investments- Europe
Industrials
Aledia, Inc. Warrant March 31, 2022 March 31, 2032 Ordinary 11,771 € 149.02 $ 130 $ 403 (10)(17)
Sub-Total: Industrials ( 0.0 %)* $ 130 $ 403
Medical Devices
CMR Surgical Limited Warrant March 24, 2025 March 24, 2030 Ordinary 7,680 € 0.01 $ 124 $ 114 (10)(19)
Sub-Total: Industrials ( 0.0 %)* $ 124 $ 114
Other Healthcare Services
Zandivio PLC Warrant October 29, 2024 October 29, 2034 Common Stock 132,042 € 0.01 $ 771 $ 711 (10)(19)
Sub-Total: Other Healthcare Services ( 0.1 %)* $ 771 $ 711
Space Technology
All.Space Networks, Limited. Warrant August 19, 2022 August 19, 2032 Common Stock 71,203 $ 21.79 $ 113 $ — (10)
Warrant August 22, 2024 August 22, 2034 Common Stock 20,769 $ 8.90 1 1 (10)
Total All.Space Networks, Limited. 114 1
Sub-Total: Space Technology ( 0.0 %)* $ 114 $ 1
Total: Warrant Investments- Europe ( 0.1 %)* $ 1,139 $ 1,229
Total: Warrant Investments- ( 6.9 %)* $ 45,852 $ 63,660

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Shares / Principal Series Cost Fair Value (6) Footnotes
Equity Investments- United States
Artificial Intelligence & Automation
Cabernet AI, Inc. Equity February 27, 2025 $ 500 SAFE Note $ 500 $ 500
Sub-Total: Artificial Intelligence & Automation ( 0.1 %)* $ 500 $ 500
Connectivity
Tarana Wireless, Inc. Equity March 16, 2022 611,246 Preferred Series 6 $ 500 $ 560 (17)
Vertical Communications, Inc. Equity January 16, 2020 3,892,485 Preferred Series 1 $ — $ — (11)(17)(22)
Equity January 16, 2020 $ 5,500 Convertible Note 3,966 239 (16)(22)
Total Vertical Communications, Inc. 3,966 239
viaPhoton Inc. Equity May 23, 2024 $ 740 SAFE Note $ 370 $ 370
Sub-Total: Connectivity ( 0.1 %)* $ 4,836 $ 1,169
Construction Technology
Project Frog, Inc. Equity January 16, 2020 4,383,497 Preferred Series AA-1 $ 351 $ — (17)(22)
Equity January 16, 2020 3,401,678 Preferred Series BB 1,333 — (17)(22)
Equity August 3, 2021 6,633,486 Common Stock 1,684 — (22)
Equity August 3, 2021 3,129,887 Preferred Series CC 1,253 — (17)(22)
Total Project Frog, Inc. 4,621 —
Sub-Total: Construction Technology ( 0.0 %)* $ 4,621 $ —
Consumer Products & Services
Portofino Labs, Inc. Equity November 1, 2021 256,291 Preferred Series B-1 $ 500 $ 481 (17)
Quip NYC, Inc. Equity August 17, 2021 3,321 Common Stock $ 500 $ —
Rinse, Inc. Equity December 30, 2024 290,242 Preferred Series D $ 500 $ 517 (17)
Sub-Total: Consumer Products & Services ( 0.1 %)* $ 1,500 $ 998
Finance and Insurance
Busbot, Inc. Equity October 18, 2024 539,490 Preferred Series B-1 $ 500 $ 287 (10)(12)(17)(21)
Centivo Corporation Equity December 20, 2024 128,393 Preferred Series B-1 $ 375 $ 320 (9)(17)(19)
Dynamics, Inc. Equity January 16, 2020 17,726 Preferred Series A $ 390 $ — (17)
Empower Financial, Inc. Equity May 16, 2024 2,810,235 Preferred Series C $ 20,000 $ 21,974 (17)
Equity May 15, 2024 300,285 Common Stock 4,023 1,585
Total Empower Financial, Inc. 24,023 23,559
Openly Holdings Corp. Equity May 9, 2023 44,725 Preferred Series D-1 $ 500 $ 543 (17)
Slope Tech, Inc. Equity June 20, 2023 64,654 Preferred Series A-3 $ 500 $ 492 (10)(12)(17)(21)
Sub-Total: Finance and Insurance ( 2.7 %)* $ 26,288 $ 25,201
Food and Agriculture Technologies
Emergy, Inc. Equity June 28, 2021 7,595 Common Stock $ 500 $ —
Athletic Brewing Company, LLC Equity August 1, 2024 1,214 Preferred Class B $ 283 $ 279 (9)(17)(19)
Sub-Total: Food and Agriculture Technologies ( 0.0 %)* $ 783 $ 279

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Shares / Principal Series Cost Fair Value (6) Footnotes
Equity Investments- United States, Continued
Green Technology
Crusoe Energy Systems LLC Equity November 6, 2024 11,140 Preferred Series D-1 $ 325 $ 328 (9)(17)(19)
Edeniq, Inc. Equity January 16, 2020 7,807,499 Preferred Series B $ — $ 3,422 (11)(17)(22)
Equity January 16, 2020 3,657,487 Preferred Series C — 1,770 (11)(17)(22)
Equity January 16, 2020 133,766,138 Preferred Series D — 9,037 (11)(17)(22)
Total Edeniq, Inc. — 14,229
Electric Hydrogen Co. Equity April 6, 2023 87,112 Preferred Series C $ 500 $ 303 (17)
Mainspring Energy, Inc. Equity March 30, 2022 65,614 Preferred Series E-1 $ 500 $ 251 (17)
RTS Holding, Inc. Equity July 5, 2022 2,035 Preferred Series E-1D $ 334 $ 386 (9)(17)
Equity February 15, 2023 1,966 Preferred Series E-1D1 405 383 (9)(17)
Equity February 7, 2025 2,054 Preferred Series E-1 328 329 (9)(17)
Total RTS Holding, Inc. 1,067 1,098
Sub-Total: Green Technology ( 1.8 %)* $ 2,392 $ 16,209
Healthcare Technology
Dentologie Enterprises, Inc. Equity August 3, 2023 72,338 Preferred Series B-1 $ 300 $ 300 (9)(17)
Emerald Cloud Lab, Inc. Equity June 3, 2022 499,999 Preferred Series A $ 500 $ 170 (17)
Equity April 29, 2024 617,890 Preferred Series B-1 129 111 (17)
Total Emerald Cloud Lab, Inc. 629 281
Lark Technologies, Inc. Equity August 19, 2021 32,416 Preferred Series D $ 500 $ 43 (17)
WorkWell Prevention & Care Inc. Equity January 16, 2020 7,000,000 Common Stock $ 51 $ — (22)
Equity January 16, 2020 3,450 Preferred Series P 3,450 — (17)(22)
Equity January 16, 2020 $ 3,170 Convertible Note 3,219 — (16)(22)
Total WorkWell Prevention & Care Inc. 6,720 —
Sub-Total: Healthcare Technology ( 0.1 %)* $ 8,149 $ 624

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Series Cost Fair Value (6) Footnotes
Equity Investments- United States, Continued
Human Resource Technology
Nomad Health, Inc. Equity May 27, 2022 37,920 Common Stock $ 500 $ —
Sub-Total: Human Resource Technology ( 0.0 %)* $ 500 $ —
Industrials
Digilens, Inc. Equity July 29, 2023 21,730 Preferred Series A-1 $ 13 $ 19 (17)
Equity September 18, 2024 9,498 Preferred Series A-1 8 8 (17)
Equity January 12, 2024 12,205 Preferred Series A-1 7 11 (17)
Equity March 24, 2025 4,489 Preferred Series A-1 4 4 (17)
Equity October 10, 2023 6,332 Preferred Series A-1 4 5 (17)
Equity May 6, 2024 4,117 Preferred Series A-1 4 4 (17)
Equity June 9, 2024 2,617 Preferred Series A-1 2 2 (17)
Equity May 20, 2024 126,641 Preferred Series A-1 110 109 (17)
Equity March 26, 2025 73,873 Preferred Series A-1 65 64 (17)
Total Digilens, Inc. 217 226
Sub-Total: Industrials ( 0.0 %)* $ 217 $ 226
Multi-Sector Holdings
AZ-VC Fund I, LLC Equity June 30, 2022 — Preferred $ 570 $ 570 (7)(10)(17)
Senior Credit Corp 2022 LLC Equity January 30, 2023 — Preferred $ 5,522 $ 5,768 (7)(10)(17)(22)
EPT 16 LLC Equity June 28, 2024 — Preferred $ 9,215 $ 9,861 (7)(10)(17)(22)
Trinity Capital Adviser, LLC Equity June 28, 2024 — Preferred $ 1 $ 8,707 (17)(22)
Sub-Total: Multi-Sector Holdings ( 2.7 %)* $ 15,308 $ 24,906
Real Estate Technology
Knockaway, Inc. Equity March 30, 2022 30,458 Common Stock $ 501 $ — (22)
Equity September 29, 2023 2,956,224 Preferred Series AA 250 4 (17)(22)
Equity September 16, 2024 97,866,510 Preferred Series BB 2,500 863 (17)(22)
Equity September 7, 2023 3,409,997 Preferred Series AA-1 — 1 (17)(22)
Total Knockaway Inc. 3,251 868
Orchard Technologies, Inc. Equity August 6, 2021 2,938 Preferred Series 2 $ 29 $ — (17)
Equity March 16, 2023 97,060 Preferred Series 1 971 52 (17)
Equity January 24, 2025 3,009 Preferred Series 1 1 2 (17)
Equity January 24, 2025 10,900 SAFE Note 5 5
Total Orchard Technologies, Inc. 1,006 59
Maxwell Financial Labs, Inc Equity January 22, 2021 84,998 Preferred Series B $ 313 $ 27 (17)
Equity May 10, 2024 229,972 Preferred Series B-1 365 113 (17)
Equity October 2, 2024 32,839 Preferred Series B-2 121 91 (17)
Equity October 2, 2024 17,804 Common Stock 66 1
Total Maxwell Financial Labs, Inc 865 232
Sub-Total: Real Estate Technology ( 0.1 %)* $ 5,122 $ 1,159
SaaS
Cart.com, Inc. Equity April 17, 2024 11,533 Preferred Series C $ 500 $ 590 (9)(17)
Smartly, Inc. Equity March 29, 2023 136,388 Preferred Series B $ 500 $ 656 (17)
The Tomorrow Companies, Inc. Equity July 5, 2023 108,088 Preferred Series E-1 $ 325 $ 235 (9)(17)
Sub-total: SaaS ( 0.2 %)* $ 1,325 $ 1,481

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Series Cost Fair Value (6) Footnotes
Equity Investments- United States, Continued
Space Technology
Astranis Space Technology Corporation Equity April 5, 2023 13,685 Series C Prime Preferred $ 300 $ 142 (9)(17)
Equity March 19, 2024 64,223 Preferred Series D 600 609 (9)(17)
Total Astranis Space Technology Corporation 900 751
Axiom Space, Inc. Equity January 18, 2023 3,624 Preferred Series C-1 $ 521 $ 409 (17)
Hadrian Automation, Inc. Equity March 29, 2022 53,154 Preferred A-4 $ 500 $ 458 (17)
Equity December 11, 2023 31,831 Preferred B-1 300 274 (9)(17)
Total Hadrian Automation, Inc. 800 732
Impulse Space, Inc. Equity August 30, 2024 23,240 Preferred Series B $ 325 $ 656 (9)(17)(19)
Equity May 9, 2025 8,503 Preferred Series C 325 330 (9)(17)(19)
Total Impulse Space, Inc. 650 986
Sub-total: Space Technology ( 0.3 %)* $ 2,871 $ 2,878
Supply Chain Technology
Macrofab, Inc. Equity January 30, 2024 247,173 Preferred C-1 $ 500 $ 58 (17)
Sub-total: Supply Chain Technology ( 0.0 %)* $ 500 $ 58
Transportation Technology
Get Spiffy, Inc. Equity April 14, 2025 16,024,20 8 Preferred Series A-2 $ 31 $ 58 (9)(17)
NextCar Holding Company, Inc. Equity April 18, 2023 2,688,971 Preferred Series A-6 $ — $ — (17)
Sub-total: Transportation Technology ( 0.0 %)* $ 31 $ 58
Total: Equity Investments- United States ( 8.2 %)* $ 74,943 $ 75,746

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Series Cost Fair Value (6) Footnotes
Equity Investments- Canada
Construction Technology
Nexii, Inc. Equity July 24, 2024 6,126 Preferred Series A-1 $ 3,049 $ 384 (10)(17)(22)
Equity July 24, 2024 50,000 Preferred Series A-1 1,370 3,140 (10)(17)(22)
Total Nexii, Inc. 4,419 3,524
Sub-Total: Construction Technology ( 0.4 %)* $ 4,419 $ 3,524
Supply Chain Technology
GoFor Delivers, Inc. Equity June 28, 2024 194,329 Series 2 Seed $ 660 $ 977 (10)(22)
Sub-total: Supply Chain Technology ( 0.1 %)* $ 660 $ 977
Total: Equity Investments- Canada ( 0.5 %)* $ 5,079 $ 4,501
Total: Equity Investments ( 8.7 %)* $ 80,022 $ 80,247
Total Investment in Securities ( 214.2 %)* $ 2,000,938 $ 1,978,330
Cash and Cash Equivalents
Goldman Sachs Financial Square Government Institutional Fund $ 2,026 $ 2,026
Other cash accounts 24,225 24,225
Cash and Cash Equivalents ( 2.8 %)* 26,251 26,251
Total Portfolio Investments and Cash and Cash Equivalents ( 217.0 %) of net assets) $ 2,027,189 $ 2,004,581
Foreign Currency Forward Contracts Settlement Date Counterparty Notional Amount — to be Sold Transaction Notional Amount — to be Purchased Fair Value
Canadian Dollars (CAD) April 29, 2026 Canadian Imperial Bank of Commerce CAD 26,762 Sold $ 19,584 $ ( 317 )
Total Foreign Currency Forward ( 0.0 %)* $ 19,584 $ ( 317 )
  • Value as a percent of net assets

(1) All portfolio companies are located in North America or Europe. As of June 30, 2025, Trinity Capital Inc. (the "Company") had eight foreign domiciled portfolio companies, four of which are based in Canada and four of which are based in Europe. In total, these foreign domiciled portfolio investments represent 13.8 % of total net asset value based on fair value. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale and may be deemed to be “restricted securities” under the Securities Act.

(2) All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. Equipment financed under our equipment financing investments relates to operational equipment essential to revenue production for the portfolio company in the industry noted.

(3) Investment date represents the date of initial investment date, either purchases or funding, not adjusted for modifications. For assets purchased from the Legacy Funds as part of the Formation Transactions (both terms as defined in "Note 1 – Organization and Basis of Presentation"), the investment date is January 16, 2020, the date of the Formation Transactions.

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Consolidated Schedule of Investments

June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

(4) Interest rate is the fixed or variable rate of the debt investments and does not include any original issue discount, end-of-term (“EOT”) payment, or additional fees related to such investments, such as deferred interest, commitment fees, prepayment fees or exit fees. EOT payments are contractual payments due in cash at the maturity date of the loan, including upon prepayment, and are a fixed rate determined at the inception of the loan. At the end of the term of certain equipment financings, the borrower has the option to purchase the underlying assets at fair value, generally subject to a cap, or return the equipment and pay a restocking fee. The fair values of the financed assets have been estimated as a percentage of original cost for purpose of the EOT payment value. The EOT payment is amortized and recognized as non-cash income over the term of the loan or equipment financing prior to its payment and is included as a component of the cost basis of the Company’s current debt securities.

(5) Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.

(6) Except as noted, all investments were valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board”) using Level 3 inputs.

(7) Asset is valued at fair value as determined in good faith by the Company's Board using Level 1 and Level 2 inputs.

(8) The interest rate on variable interest rate investments represents a benchmark rate plus spread. The benchmark interest rate is subject to an interest rate floor. As of June 30, 2025 , the U.S. Prime Rate (“ Prime ” ) was 7.50 %, the Secured Overnight Financing Rate ( “ SOFR ” ) 30 Day Forward Rate was 4.32 %, the SOFR 3-Month Term Rate was 4.28 %, and the Canadian Overnight Repo Rate Average ( “ CORRA ” ) 3-Month Term rate was 2.68 %.

(9) Senior Credit Corp 2022 LLC owns an additional portion of this security. See “Note 12 – Related Party Transactions” for further discussion.

(10) Indicates a “non-qualifying asset” under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s percentage of non-qualifying assets at fair value represe nts 17.7 % of the Company’s total assets as of June 30, 2025 . Qualifying assets must represent at least 70 % of the Company’s total assets at the time of acquisition of any additional non-qualifying assets.

(11) Investment has zero cost basis as it was purchased at a fair value of zero as part of the Formation Transactions (as defined in "Note 1 – Organization and Basis of Presentation").

(12) Investment is a secured loan warehouse facility collateralized by interest in specific assets that meet the eligibility requirements under the facility during the warehouse period. Repayment of the facility will occur over the amortizing period unless otherwise prepaid.

(13) Company has been issued warrants with pricing and number of shares dependent upon a future round of equity issuance by the portfolio company.

(14) Investment is pledged as collateral supporting amounts outstanding under the Company's credit facility with KeyBank, National Association (the “KeyBank Credit Facility”). See “Note 5 – Borrowings” for more information.

(15) Interest on this loan includes a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally collected through amortization, is recorded on an accrual basis to the extent such amounts are expected to be collected.

(16) Convertible notes represent investments through which the Company will participate in future equity rounds at preferential rates. There are no principal or interest payments made against the note unless conversion does not occur.

(17) Preferred stock represents investments through which the Company will have preference in liquidation rights and do not contain any cumulative preferred dividends.

(18) Investment is on non-accrual status as of June 30, 2025 and is therefore considered non-income producing.

(19) EPT 16 LLC owns an additional portion of this security. See “Note 12 – Related Party Transactions” for further discussion.

(20) Investment has an unfunded commitment as of June 30, 2025 (see “Note 6 – Commitments and Contingencies”). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

(21) Borrower is a wholly owned, special purpose vehicle subsidiary of named portfolio company .

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June 30, 2025

(In thousands, except share and per share data)

(Unaudited)

(22) This investment is deemed to be a “Control Investment” or an “Affiliate Investment.” The Company classifies its investment portfolio in accordance with the requirements of the 1940 Act. The 1940 Act defines Control Investments as investments in companies in which the Company owns beneficially, either directly or indirectly, more than 25% of the voting securities, or maintains greater than 50% of the board representation. Affiliate Investments are defined by the 1940 Act as investments in companies in which the Company owns beneficially, either directly or indirectly, between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation. Fair value as of June 30, 2025, along with transactions during the six months ended June 30, 2025 in these control and affiliate investments are as follows:

Net change in
Unrealized
Fair Value at Gross Gross Realized (Depreciation)/ Fair Value at Interest and
December 31, 2024 Additions (1) Reductions (2) Gain/(Loss) Appreciation June 30, 2025 Dividend Income
For the Six Months Ended June 30, 2025
Control Investments
Edeniq, Inc. $ 18,105 $ — $ — $ — $ 8,285 $ 26,390 $ —
Project Frog, Inc. 44 — — — ( 44 ) — —
Vertical Communications, Inc. 16,608 1,560 ( 1,313 ) — ( 849 ) 16,006 801
WorkWell Prevention and Care Inc. 500 — — — — 500 31
Knockaway, Inc. 49,141 26,087 ( 5,000 ) — ( 3,335 ) 66,893 3,926
Trinity Capital Adviser, LLC 4,851 — — — 3,856 8,707 —
Total Control Investments $ 89,249 $ 27,647 $ ( 6,313 ) $ — $ 7,913 $ 118,496 $ 4,758
Affiliate Investments
EPT 16 LLC $ 9,215 $ — $ — $ — $ 646 $ 9,861 $ —
GoFor Delivers, Inc. 6,441 21 — — 353 6,816 381
Nexii, Inc. 3,997 — — — ( 99 ) 3,898 18
Senior Credit Corp 2022 LLC 19,071 — — — ( 418 ) 18,653 1,851
Total Affiliate Investments $ 38,724 $ 21 $ — $ — $ 482 $ 39,227 $ 2,250
Total Control and Affiliate Investments $ 127,973 $ 27,668 $ ( 6,313 ) $ — $ 8,395 $ 157,723 $ 7,008

(1) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

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December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States
Artificial Intelligence & Automation
Ambient Photonics, Inc. Secured Loan July 28, 2022 July 1, 2025 Variable interest rate Prime + 6.0 % or Floor rate 9.5 %; EOT 4.0 % $ 1,003 $ 1,175 $ 1,184 (8)
Secured Loan November 17, 2022 May 1, 2025 Variable interest rate Prime + 6.0 % or Floor rate 9.5 %; EOT 4.0 % 947 1,131 939 (8)
Secured Loan December 20, 2022 June 1, 2025 Variable interest rate Prime + 6.0 % or Floor rate 9.5 %; EOT 4.0 % 175 204 177 (8)
Total Ambient Photonics, Inc. 2,125 2,510 2,300
Applied Digital Corporation Equipment Financing March 13, 2024 October 1, 2025 Fixed interest rate 19.0 %; EOT 0.0 % $ 4,190 $ 4,191 $ 4,270 (9)(10)(14)
Equipment Financing March 25, 2024 March 1, 2026 Fixed interest rate 19.0 %; EOT 0.0 % 6,975 6,978 7,162 (9)(10)(14)(19)
Equipment Financing April 24, 2024 April 1, 2026 Fixed interest rate 19.0 %; EOT 0.0 % 3,711 3,714 3,814 (9)(10)(14)(19)
Equipment Financing May 28, 2024 May 1, 2026 Fixed interest rate 16.0 %; EOT 0.0 % 1,657 1,657 1,700 (9)(10)(14)
Equipment Financing June 21, 2024 April 1, 2026 Fixed interest rate 19.0 %; EOT 0.0 % 6,011 6,016 6,178 (9)(10)(14)(19)
Total Applied Digital Corporation 22,544 22,556 23,124
Augmented Reality Concepts, Inc. Secured Loan June 17, 2024 June 18, 2029 Variable interest rate SOFR 3 Month Term + 7.3 %; EOT 0.0 % $ 19,270 $ 18,894 $ 19,404 (8)(19)
Cirrascale Cloud Services, LLC Equipment Financing June 27, 2024 September 1, 2026 Fixed interest rate 12.7 %; EOT 4.0 % $ 18,771 $ 19,170 $ 19,371 (9)(19)
Equipment Financing October 22, 2024 April 1, 2027 Fixed interest rate 10.2 %; EOT 5.0 % 19,838 20,041 20,041 (19)
Total Cirrascale Cloud Services, LLC 38,609 39,211 39,412
Sub-total: Artificial Intelligence & Automation ( 10.2 %)* $ 82,548 $ 83,171 $ 84,240
Biotechnology
Pendulum Therapeutics, Inc. Secured Loan December 31, 2021 July 1, 2026 Variable interest rate Prime + 6.8 % or Floor rate 10.0 %; EOT 4.0 % $ 4,292 $ 4,468 $ 4,453 (8)(14)
Secured Loan February 28, 2022 July 1, 2026 Variable interest rate Prime + 6.8 % or Floor rate 10.0 %; EOT 4.0 % 4,581 4,757 4,747 (8)(14)
Secured Loan March 30, 2022 July 1, 2026 Variable interest rate Prime + 6.8 % or Floor rate 10.0 %; EOT 4.0 % 4,722 4,899 4,891 (8)(14)
Secured Loan May 6, 2022 July 1, 2026 Variable interest rate Prime + 6.8 % or Floor rate 10.0 %; EOT 4.0 % 5,000 5,177 5,173 (8)(14)
Secured Loan June 17, 2022 July 1, 2026 Variable interest rate Prime + 6.8 % or Floor rate 10.0 %; EOT 4.0 % 5,000 5,177 5,173 (8)(14)
Secured Loan February 1, 2024 July 1, 2026 Variable interest rate Prime + 6.8 % or Floor rate 10.0 %; EOT 4.0 % 1,405 1,089 1,053 (8)(14)
Total Pendulum Therapeutics, Inc. 25,000 25,567 25,490
Taysha Gene Therapies, Inc. Secured Loan November 13, 2023 December 1, 2028 Variable interest rate Prime + 4.5 % or Floor rate 12.8 %; EOT 5.0 % $ 30,000 $ 30,195 $ 30,949 (8)(9)(14)
Sub-total: Biotechnology ( 6.9 %)* $ 55,000 $ 55,762 $ 56,439

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Connectivity
Tarana Wireless, Inc. Secured Loan September 23, 2024 October 1, 2029 Variable interest rate Prime + 4.5 % or Floor rate 12.5 %; EOT 4.0 % $ 14,800 $ 14,058 $ 14,283 (8)(9)(19)
Vertical Communications, Inc. Secured Loan August 23, 2021 March 1, 2026 Variable interest rate Prime + 4.0 % or Floor rate 11.0 %; EOT 23.8 % $ 12,600 $ 15,521 $ 15,521 (8)(21)
Sub-total: Connectivity ( 3.6 %)* $ 27,400 $ 29,579 $ 29,804
Consumer Products & Services
Eterneva, Inc. Equipment Financing November 24, 2021 June 1, 2026 Fixed interest rate 7.8 %; EOT 11.5 % $ 227 $ 250 $ 223
Equipment Financing March 16, 2022 October 1, 2026 Fixed interest rate 8.1 %; EOT 11.5 % 376 392 353 (14)
Equipment Financing June 17, 2022 January 1, 2027 Fixed interest rate 11.9 %; EOT 11.5 % 1,139 1,141 1,014 (14)
Total Eterneva, Inc. 1,742 1,783 1,590
Molekule Group, Inc. Equipment Financing June 19, 2020 March 31, 2025 Fixed interest rate 8.8 %; EOT 10.0 % $ 312 $ 595 $ 218 (18)
Equipment Financing September 29, 2020 March 31, 2025 Fixed interest rate 12.3 %; EOT 10.0 % 273 347 191 (18)
Equipment Financing December 18, 2020 March 31, 2025 Fixed interest rate 11.9 %; EOT 10.0 % 473 584 331 (18)
Equipment Financing August 25, 2021 March 31, 2025 Fixed interest rate 11.3 %; EOT 10.0 % 385 454 270 (18)
Total Molekule Group, Inc. 1,443 1,980 1,010
Ogee, Inc. Secured Loan February 14, 2023 March 1, 2027 Variable interest rate Prime + 5.8 % or Floor rate 12.0 %; EOT 3.8 % $ 4,700 $ 4,752 $ 4,736 (8)(14)(19)
Secured Loan September 29, 2023 March 1, 2027 Variable interest rate Prime + 5.8 % or Floor rate 12.0 %; EOT 3.8 % 4,700 4,722 4,751 (8)(14)(19)
Secured Loan August 1, 2024 March 1, 2027 Variable interest rate Prime + 5.8 % or Floor rate 12.0 %; EOT 3.8 % 4,700 4,612 4,620 (8)(14)(19)
Total Ogee, Inc. 14,100 14,086 14,107
Portofino Labs, Inc. Secured Loan April 1, 2021 November 1, 2025 Variable interest rate Prime + 8.3 % or Floor rate 11.5 %; EOT 6.0 % $ 1,064 $ 1,150 $ 1,176 (8)(14)
Quip NYC, Inc. Secured Loan March 9, 2021 April 1, 2026 Variable interest rate Prime + 8.0 % or Floor rate 11.3 %; EOT 3.0 % $ 7,778 $ 8,237 $ 8,264 (8)(14)
Secured Loan February 10, 2022 April 1, 2026 Variable interest rate Prime + 8.0 % or Floor rate 11.3 %; EOT 3.0 % 1,111 1,179 1,185 (8)(14)
Total Quip NYC, Inc. 8,889 9,416 9,449
Rinse, Inc. Secured Loan May 10, 2022 June 1, 2027 Variable interest rate Prime + 8.0 % or Floor rate 11.3 %; EOT 3.8 % $ 3,849 $ 3,954 $ 3,984 (8)(14)
Secured Loan September 22, 2023 October 1, 2028 Variable interest rate Prime + 8.0 % or Floor rate 11.3 %; EOT 3.8 % 4,000 3,997 4,068 (8)(14)
Total Rinse, Inc. 7,849 7,951 8,052
SI Tickets, Inc. Secured Loan May 11, 2022 September 1, 2026 Variable interest rate Prime + 8.3 % or Floor rate 11.5 %; EOT 3.0 % $ 1,928 $ 1,986 $ 1,939 (8)(14)
UnTuckIt, Inc. Secured Loan January 16, 2020 December 1, 2025 Fixed interest rate 12.0 %; EOT 5.0 % $ 5,051 $ 5,951 $ 5,859
VitaCup, Inc. Secured Loan June 23, 2021 January 1, 2026 Variable interest rate Prime + 7.5 % or Floor rate 11.5 %; EOT 5.0 % $ 6,000 $ 6,128 $ 5,842 (8)(14)
Sub-total: Consumer Products & Services ( 6.0 %)* $ 48,066 $ 50,431 $ 49,024

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Digital Assets Technology and Services
Cleanspark, Inc. Equipment Financing April 22, 2022 May 1, 2025 Fixed interest rate 10.3 %; EOT 5.0 % $ 2,522 $ 3,511 $ 3,493 (10)(14)
Sub-total: Digital Assets Technology and Services ( 0.4 %)* $ 2,522 $ 3,511 $ 3,493
Education Technology
Edblox, Inc. Secured Loan March 19, 2024 April 1, 2029 Variable interest rate Prime + 4.5 % or Floor rate 11.8 %; EOT 2.5 % $ 15,000 $ 14,848 $ 13,712 (8)(9)(14)
Medical Sales Training Holding Company Secured Loan March 18, 2021 April 1, 2025 Variable interest rate Prime + 8.8 % or Floor rate 12.0 %; EOT 6.3 % $ 5,175 $ 5,531 $ 5,300 (8)
Secured Loan July 21, 2021 August 1, 2025 Variable interest rate Prime + 8.8 % or Floor rate 12.0 %; EOT 6.3 % 1,825 1,938 1,759 (8)
Total Medical Sales Training Holding Company 7,000 7,469 7,059
Yellowbrick Learning, Inc. Secured Loan February 1, 2021 March 1, 2026 Fixed interest rate 2.0 %; EOT 5.0 % $ 7,500 $ 7,876 $ 6,683
Secured Loan August 10, 2021 March 1, 2026 Fixed interest rate 2.0 %; EOT 5.0 % 2,500 2,625 2,229
Total Yellowbrick Learning, Inc. 10,000 10,501 8,912
Sub-total: Education Technology ( 3.6 %)* $ 32,000 $ 32,818 $ 29,683

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Finance and Insurance
Beam Technologies, Inc. Secured Loan August 30, 2024 April 1, 2027 Variable interest rate PRIME + 2.8 % or Floor rate 11.0 %+PIK Fixed Interest Rate 1.5 %; EOT 2.0 % $ 34,956 $ 34,130 $ 34,579 (8)(15)(19)
Bestow, Inc. Secured Loan August 1, 2024 December 1, 2027 Variable interest rate Prime + 6.0 % or Floor rate 13.0 %; EOT 1.5 % $ 40,000 $ 38,342 $ 38,122 (8)(14)
Busbot, Inc. Secured Loan April 1, 2024 October 1, 2026 Variable interest rate SOFR 30 Day Forward + 11.5 % or Floor rate 13.5 %; EOT 0.0 % $ 8,630 $ 8,482 $ 8,482 (8)(10)(12)
Centivo Corporation Secured Loan July 31, 2024 August 1, 2029 Variable interest rate PRIME + 4.5 % or Floor rate 11.3 %+PIK Fixed Interest Rate 1.0 %; EOT 2.0 % $ 3,765 $ 3,677 $ 3,735 (8)(9)(15)(19)
Secured Loan December 20, 2024 August 1, 2029 Variable interest rate PRIME + 4.5 % or Floor rate 11.3 %+PIK Fixed Interest Rate 1.0 %; EOT 2.0 % 3,751 3,528 3,528 (8)(9)(15)(19)
Total Centivo Corporation 7,516 7,205 7,263
Cherry Technologies, Inc. Secured Loan March 29, 2024 April 1, 2029 Variable interest rate PRIME + 4.5 % or Floor rate 12.0 %+PIK Fixed Interest Rate 1.0 %; EOT 2.0 % $ 14,577 $ 14,504 $ 15,000 (8)(9)(14)(15)(19)
Secured Loan July 31, 2024 April 1, 2029 Variable interest rate PRIME + 4.5 % or Floor rate 12.0 %+PIK Fixed Interest Rate 1.0 %; EOT 2.0 % 14,530 14,437 14,924 (8)(9)(14)(15)(19)
Total Cherry Technologies, Inc. 29,107 28,941 29,924
Empower Financial, Inc. Secured Loan October 13, 2023 May 1, 2028 Variable interest rate Prime + 4.8 % or Floor rate 11.5 %; EOT 3.8 % $ 11,622 $ 11,514 $ 11,663 (8)(9)(14)(19)
Secured Loan January 5, 2024 May 1, 2028 Variable interest rate Prime + 4.8 % or Floor rate 11.5 %; EOT 3.8 % 2,902 2,809 2,856 (8)(9)(14)(19)
Secured Loan February 8, 2024 May 1, 2028 Variable interest rate Prime + 4.8 % or Floor rate 11.5 %; EOT 3.8 % 4,353 4,210 4,281 (8)(9)(14)(19)
Secured Loan April 9, 2024 May 1, 2028 Variable interest rate Prime + 4.8 % or Floor rate 11.5 %; EOT 3.8 % 4,348 4,078 4,142 (8)(9)(14)(19)
Secured Loan May 15, 2024 May 1, 2028 Variable interest rate Prime + 4.8 % or Floor rate 11.5 %; EOT 3.8 % 14,495 14,591 14,895 (8)(14)(19)
Total Empower Financial, Inc. 37,720 37,202 37,837

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Eqis Capital Management, Inc. Secured Loan June 15, 2022 July 1, 2026 Variable interest rate Prime + 7.5 % or Floor rate 10.8 %; EOT 3.0 % $ 6,809 $ 7,019 $ 6,610 (8)(14)
Gravie, Inc. Secured Loan June 4, 2024 July 1, 2029 Variable interest rate Prime + 4.5 % or Floor rate 13.0 %; EOT 2.5 % $ 15,980 $ 15,662 $ 15,796 (8)(9)(14)(19)
Kafene, Inc. Secured Loan January 5, 2024 February 1, 2029 Variable interest rate Prime + 4.0 % or Floor rate 12.0 %; EOT 1.0 % $ 12,500 $ 12,403 $ 12,582 (8)(14)
Mesa Financial, Inc. Secured Loan August 29, 2024 February 28, 2027 Variable interest rate SOFR 30 Day Forward + 10.3 % or Floor rate 12.3 %; EOT 0.0 % $ 9,861 $ 9,665 $ 9,665 (8)(10)(12)
Pagaya Structured Products LLC Secured Loan August 23, 2024 August 23, 2025 Fixed interest rate 20.0 %; EOT 0.0 % $ 13,814 $ 13,712 $ 13,712 (10)
Parafin SPV 2, LLC Secured Loan February 22, 2024 December 21, 2026 Variable interest rate SOFR 1 Month Term + 10.8 % or Floor rate 12.8 %; EOT 0.0 % $ 24,600 $ 24,252 $ 24,252 (8)(10)(12)
Parafin SPV 3, LLC Secured Loan July 25, 2024 January 25, 2027 Variable interest rate SOFR 1 Month Term + 10.8 % or Floor rate 13.8 %; EOT 0.0 % $ 16,452 $ 16,220 $ 16,220 (8)(10)(12)
Slope Tech, Inc. Secured Loan October 5, 2022 February 27, 2026 Variable interest rate SOFR 1 Month Term + 11.8 % or Floor rate 11.8 %; EOT 0.0 % $ 1,823 $ 1,742 $ 1,742 (8)(10)(12)
Under Technologies, Inc. Secured Loan September 13, 2024 June 1, 2029 Variable interest rate PRIME + 3.8 % or Floor rate 12.0 %; EOT 4.3 % $ 9,400 $ 9,223 $ 9,369 (8)(19)
Secured Loan November 27, 2024 June 1, 2029 Variable interest rate PRIME + 3.8 % or Floor rate 12.0 %; EOT 4.3 % 9,400 9,191 9,191 (8)(19)
Total Under Technologies, Inc. 18,800 18,414 18,560
Wisetack, Inc. Secured Loan November 14, 2024 December 1, 2029 Variable interest rate Prime + 5.0 % or Floor rate 12.5 %; EOT 2.5 % $ 14,100 $ 13,862 $ 13,862 (8)(19)
Sub-total: Finance and Insurance ( 35.1 %)* $ 292,668 $ 287,253 $ 289,208

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December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Food and Agriculture Technologies
Bowery Farming, Inc. Secured Loan September 10, 2021 September 10, 2026 Variable interest rate SOFR 1 Month Term + 10.0 % or Floor rate 1.0 %; EOT 0.0 % $ 7,652 $ 6,938 $ 57 (8)(18)
Daring Foods, Inc. Equipment Financing March 8, 2022 April 1, 2025 Fixed interest rate 9.5 %; EOT 7.5 % $ 215 $ 385 $ 381 (14)
Equipment Financing April 29, 2022 May 1, 2025 Fixed interest rate 10.2 %; EOT 7.5 % 126 201 199 (14)
Equipment Financing July 6, 2022 August 1, 2025 Fixed interest rate 10.9 %; EOT 7.5 % 99 132 131 (14)
Equipment Financing August 25, 2022 September 1, 2025 Fixed interest rate 12.1 %; EOT 7.5 % 267 342 341 (14)
Total Daring Foods, Inc. 707 1,060 1,052
DrinkPak, LLC Equipment Financing February 17, 2023 September 1, 2026 Fixed interest rate 12.9 %; EOT 7.0 % $ 7,274 $ 8,033 $ 8,074 (9)(14)(19)
Emergy, Inc. Equipment Financing December 15, 2021 July 1, 2026 Fixed interest rate 11.2 %; EOT 11.5 % $ 3,711 $ 4,520 $ 3,668 (14)
Equipment Financing December 13, 2022 July 1, 2027 Fixed interest rate 8.8 %; EOT 11.5 % 6,744 7,531 5,930 (9)(14)
Total Emergy, Inc. 10,455 12,051 9,598
Sub-total: Food and Agriculture Technologies ( 2.3 %)* $ 26,088 $ 28,082 $ 18,781

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December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Green Technology
Commonwealth Fusion Systems, LLC Equipment Financing June 16, 2023 July 1, 2030 Fixed interest rate 13.0 %; EOT 10.0 % $ 3,450 $ 3,565 $ 3,665 (9)(14)(19)
Equipment Financing June 27, 2024 July 1, 2030 Fixed interest rate 13.2 %; EOT 10.0 % 9,979 10,021 10,333 (9)(14)(19)
Total Commonwealth Fusion Systems, LLC 13,429 13,586 13,998
Crusoe Energy Systems LLC Equipment Financing March 1, 2024 March 1, 2029 Fixed interest rate 12.7 %; EOT 0.0 % $ 8,098 $ 8,034 $ 8,237 (9)(14)(19)
Dandelion Energy, Inc. Equipment Financing June 25, 2024 July 1, 2025 Fixed interest rate 15.9 %; EOT 0.0 % $ 1,361 $ 1,349 $ 1,378 (9)(14)
Electric Hydrogen Co. Equipment Financing September 12, 2022 April 1, 2026 Fixed interest rate 9.0 %; EOT 10.0 % $ 797 $ 974 $ 956 (14)
Equipment Financing December 22, 2023 January 1, 2029 Fixed interest rate 12.5 %; EOT 15.0 % 3,908 4,125 4,125 (9)(14)(19)
Equipment Financing June 27, 2024 January 1, 2029 Fixed interest rate 12.6 %; EOT 15.0 % 3,203 3,276 3,321 (9)(14)(19)
Equipment Financing September 19, 2024 October 1, 2028 Fixed interest rate 12.5 %; EOT 15.0 % 1,967 1,989 2,004 (9)(14)(19)
Equipment Financing November 14, 2024 December 1, 2028 Fixed interest rate 11.9 %; EOT 15.0 % 870 874 874 (14)(19)
Total Electric Hydrogen Co. 10,745 11,238 11,280
Form Energy Inc. Equipment Financing October 21, 2024 November 1, 2027 Fixed interest rate 12.7 %; EOT 3.0 % $ 35,626 $ 34,946 $ 34,946 (19)
Equipment Financing December 12, 2024 January 1, 2028 Fixed interest rate 12.5 %; EOT 3.0 % 9,400 9,185 9,185 (19)
Total Form Energy Inc. 45,026 44,131 44,131
Hi-Power, LLC Equipment Financing September 30, 2021 April 1, 2025 Fixed interest rate 12.4 %; EOT 1.0 % $ 601 $ 670 $ 680 (14)
Equipment Financing September 30, 2022 April 1, 2026 Fixed interest rate 14.7 %; EOT 1.0 % 1,737 1,769 1,779 (14)
Total Hi-Power, LLC 2,338 2,439 2,459
SeaOn Global, LLC Equipment Financing June 16, 2022 July 1, 2026 Fixed interest rate 9.3 %; EOT 11.0 % $ 2,817 $ 3,450 $ 3,332
Equipment Financing August 17, 2022 September 1, 2026 Fixed interest rate 9.3 %; EOT 11.0 % 1,496 1,788 1,737
Total SeaOn Global, LLC 4,313 5,238 5,069
Footprint International Holding, Inc. Secured Loan February 18, 2022 March 1, 2027 Variable interest rate Prime + 7.3 % or Floor rate 10.5 %; EOT 3.5 % $ 15,838 $ 15,722 $ 15,382 (8)(14)
Secured Loan April 20, 2022 March 1, 2027 Variable interest rate Prime + 7.3 % or Floor rate 10.5 %; EOT 3.5 % 15,838 15,689 15,345 (8)(14)
Total Footprint International Holding, Inc. 31,676 31,411 30,727
Mainspring Energy, Inc. Secured Loan March 18, 2022 October 1, 2026 Fixed interest rate 11.0 %; EOT 3.8 % $ 19,488 $ 20,347 $ 20,126 (14)
Sub-total: Green Technology ( 16.7 %)* $ 136,474 $ 137,773 $ 137,405

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Healthcare Technology
Lark Technologies, Inc. Secured Loan September 30, 2020 April 1, 2025 Variable interest rate Prime + 8.3 % or Floor rate 11.5 % or ceiling rate of 13.5 %; EOT 4.0 % $ 659 $ 856 $ 853 (8)(14)
Secured Loan June 30, 2021 January 1, 2026 Variable interest rate Prime + 8.3 % or Floor rate 11.5 % or ceiling rate of 13.5 %; EOT 4.0 % 2,041 2,212 2,187 (14)
Secured Loan July 7, 2023 January 1, 2028 Variable interest rate Prime + 8.3 % or Floor rate 11.5 % or ceiling rate of 13.5 %; EOT 4.0 % 5,000 5,039 5,094 (8)(14)
Total Lark Technologies, Inc. 7,700 8,107 8,134
Moxe Health Corporation Secured Loan December 29, 2023 January 1, 2028 Variable interest rate Prime + 5.5 % or Floor rate 13.0 %; EOT 4.8 % $ 12,500 $ 12,512 $ 12,439 (8)
RXAnte, Inc. Secured Loan November 21, 2022 December 1, 2027 Variable interest rate Prime + 4.48 % or Floor rate 9.98 %+PIK Fixed Interest Rate 1.5 %; EOT 3.5 % $ 8,516 $ 8,601 $ 8,658 (8)(9)(14)(15)(19)
Secured Loan April 14, 2023 December 1, 2027 Variable interest rate Prime + 4.48 % or Floor rate 9.98 %+PIK Fixed Interest Rate 1.5 %; EOT 3.5 % 2,831 2,832 2,932 (8)(9)(14)(15)(19)
Secured Loan October 19, 2023 December 1, 2027 Variable interest rate Prime + 4.48 % or Floor rate 9.98 %+PIK Fixed Interest Rate 1.5 %; EOT 3.5 % 2,803 2,797 2,873 (8)(9)(14)(15)(19)
Secured Loan September 9, 2024 December 1, 2027 Variable interest rate Prime + 4.48 % or Floor rate 9.98 %+PIK Fixed Interest Rate 1.5 %; EOT 3.5 % 2,767 2,756 2,830 (8)(9)(14)(15)(19)
Total RXAnte, Inc. 16,917 16,986 17,293
TMRW Life Sciences, Inc. Secured Loan April 29, 2022 May 1, 2027 Variable interest rate Prime + 5.0 % or Floor rate 8.8 %; EOT 4.0 % $ 5,000 $ 5,127 $ 4,799 (8)(14)
Secured Loan March 3, 2023 May 1, 2027 Variable interest rate Prime + 5.0 % or Floor rate 8.8 %; EOT 4.0 % 15,000 15,309 15,007 (8)(14)
Secured Loan December 8, 2023 May 1, 2027 Variable interest rate Prime + 5.0 % or Floor rate 8.8 %; EOT 4.0 % 10,000 10,131 10,129 (8)(14)
Total TMRW Life Sciences, Inc. 30,000 30,567 29,935
WorkWell Prevention & Care Inc. Secured Loan December 31, 2022 January 1, 2027 Variable interest rate Prime + 5.0 % or Floor rate 6.0 %; EOT 0.0 % $ 500 $ 500 $ 500 (8)(21)
Sub-total: Healthcare Technology ( 8.3 %)* $ 67,617 $ 68,672 $ 68,301

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Human Resource Technology
Nomad Health, Inc. Secured Loan March 29, 2022 December 1, 2026 Variable interest rate Prime + 5.5 % or Floor rate 9.3 %; EOT 4.0 % $ 31,416 $ 32,287 $ 28,390 (8)(14)(15)
Secured Loan June 12, 2024 December 1, 2026 Fixed interest rate 10.0 %; EOT 0.0 % 500 500 478
Total Nomad Health, Inc. 31,916 32,787 28,868
Sub-total: Human Resource Technology ( 3.5 %)* $ 31,916 $ 32,787 $ 28,868
Industrials
3DEO, Inc. Equipment Financing February 23, 2022 February 1, 2025 Fixed interest rate 0.0 %; EOT 9.0 % $ 1,256 $ 1,567 $ 1,517 (14)
Equipment Financing April 12, 2022 February 1, 2025 Fixed interest rate 0.0 %; EOT 9.0 % 675 816 796 (14)
Total 3DEO, Inc. 1,931 2,383 2,313
Formlogic Corporation Equipment Financing December 28, 2023 January 1, 2028 Fixed interest rate 12.1 %; EOT 1.5 % $ 4,017 $ 4,014 $ 1,718 (9)(14)(18)
Equipment Financing April 25, 2024 May 1, 2028 Fixed interest rate 12.1 %; EOT 1.5 % 350 347 149 (9)(14)(18)
Total Formlogic Corporation 4,367 4,361 1,867
Sub-total: Industrials ( 0.5 %)* $ 6,298 $ 6,744 $ 4,180
Marketing, Media, and Entertainment
Drone Racing League, Inc. Secured Loan October 17, 2022 December 1, 2025 Variable interest rate Prime + 7.5 % or Floor rate 11.0 %; EOT 2.5 % $ 8,360 $ 8,449 $ 8,123 (8)
Grabit Interactive Media, Inc. Secured Loan April 8, 2022 November 1, 2026 Variable interest rate Prime + 7.5 % or Floor rate 10.8 %; EOT 2.5 % $ 3,115 $ 3,193 $ 3,130 (8)(14)
Incontext Solutions, Inc. Secured Loan January 16, 2020 September 1, 2025 Fixed interest rate 11.8 %; EOT 11.4 % $ 1,388 $ 2,538 $ 2,332
PebblePost, Inc. Secured Loan May 7, 2021 June 1, 2026 Variable interest rate Prime + 8.8 % or Floor rate 11.5 %; EOT 3.8 % $ 7,478 $ 7,886 $ 7,871 (8)(14)
Vox Media Holdings, Inc. Secured Loan October 18, 2022 November 1, 2027 Variable interest rate Prime + 6.3 % or Floor rate 11.8 %; EOT 2.5 % $ 10,506 $ 10,599 $ 10,768 (8)(9)(14)(19)
Secured Loan December 29, 2022 January 1, 2028 Variable interest rate Prime + 6.3 % or Floor rate 11.8 %; EOT 2.5 % 5,251 5,286 5,371 (8)(9)(14)(19)
Total Vox Media Holdings, Inc. 15,757 15,885 16,139
Sub-total: Marketing, Media, and Entertainment ( 4.6 %)* $ 36,098 $ 37,951 $ 37,595

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Medical Devices
Apiject Holdings, Inc. Equipment Financing June 24, 2024 July 1, 2028 Fixed interest rate 12.6 %; EOT 7.5 % $ 17,847 $ 17,773 $ 17,982 (9)(14)(19)
Equipment Financing September 30, 2024 October 1, 2028 Fixed interest rate 12.7 %; EOT 7.5 % 7,438 7,314 7,371 (9)(14)(19)
Total Apiject Holdings, Inc. 25,285 25,087 25,353
Convergent Dental, Inc. Secured Loan April 21, 2023 May 1, 2027 Variable interest rate Prime + 5.8 % or Floor rate 13.5 %; EOT 5.5 % $ 12,000 $ 12,074 $ 12,215 (8)(9)(14)
Secured Loan February 29, 2024 May 1, 2027 Variable interest rate Prime + 5.8 % or Floor rate 13.5 %; EOT 5.5 % 6,000 5,997 6,137 (8)(9)(14)
Total Convergent Dental, Inc. 18,000 18,071 18,352
Elucent Medical, Inc. Secured Loan October 31, 2024 November 30, 2029 Variable interest rate PRIME + 3.8 % or Floor rate 11.3 %; EOT 3.3 % $ 14,100 $ 13,822 $ 13,822 (8)(19)
Lightforce Orthodontics, Inc. Secured Loan August 6, 2024 August 6, 2029 Variable interest rate Prime + 4.3 % or Floor rate 11.8 %; EOT 4.0 % $ 28,200 $ 27,803 $ 28,052 (8)(19)
Secured Loan September 25, 2024 August 6, 2029 Variable interest rate Prime + 4.3 % or Floor rate 11.8 %; EOT 4.0 % 4,700 4,633 4,675 (8)(19)
Total Lightforce Orthodontics, Inc. 32,900 32,436 32,727
Neurolens, Inc. Secured Loan September 29, 2023 October 1, 2028 Variable interest rate Prime + 3.5 % or Floor rate 11.5 %; EOT 3.0 % $ 20,000 $ 20,000 $ 20,706 (8)
Neuros Medical, Inc. Secured Loan August 10, 2023 September 1, 2027 Variable interest rate Prime + 6.0 % or Floor rate 14.3 %; EOT 4.5 % $ 6,000 $ 6,034 $ 6,032 (8)(9)(14)
Secured Loan August 30, 2024 September 1, 2027 Variable interest rate Prime + 6.0 % or Floor rate 14.3 %; EOT 4.5 % 3,000 2,961 2,926 (8)(9)(14)
Total Neuros Medical, Inc. 9,000 8,995 8,958
Restor3d, Inc. Secured Loan June 4, 2024 July 4, 2028 Variable interest rate Prime + 4.8 % or Floor rate 12.3 %; EOT 3.3 % $ 11,985 $ 11,895 $ 12,006 (8)(9)(19)
Shoulder Innovations, Inc. Secured Loan August 7, 2023 September 1, 2028 Variable interest rate Prime + 3.5 % or Floor rate 11.5 %; EOT 3.0 % $ 11,250 $ 11,245 $ 11,426 (8)(9)(14)
Vital Connect, Inc. Secured Loan July 3, 2024 July 3, 2029 Variable interest rate Prime + 4.0 % or Floor rate 11.5 %; EOT 4.0 % $ 27,650 $ 27,504 $ 27,745 (8)(9)(19)
Sub-total: Medical Devices ( 20.8 %)* $ 170,170 $ 169,055 $ 171,095

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Multi-Sector Holdings
Senior Credit Corp 2022 LLC Secured Loan January 30, 2023 December 5, 2028 Fixed interest rate 8.5 %; EOT 0.0 % $ 12,885 $ 12,885 $ 12,885 (10)(14)(21)
Sub-total: Multi-Sector Holdings ( 1.6 %)* $ 12,885 $ 12,885 $ 12,885
Other Healthcare Services
Cellares Corporation Equipment Financing August 2, 2024 September 1, 2029 Fixed interest rate 12.0 %; EOT 4.5 % $ 4,467 $ 4,477 $ 4,555 (19)
Secured Loan August 2, 2024 February 1, 2027 Variable interest rate Prime + 3.3 % or Floor rate 11.8 %; EOT 4.0 % 47,000 46,411 47,219 (8)(19)
Total Cellares Corporation 51,467 50,888 51,774
Metabolon, Inc. Secured Loan March 28, 2024 April 1, 2029 Variable interest rate PRIME + 2.5 % or Floor rate 10.0 %+PIK Fixed Interest Rate 3.0 %; EOT 4.8 % $ 43,141 $ 42,389 $ 42,382 (8)(15)
Secured Loan October 1, 2024 April 1, 2029 Variable interest rate PRIME + 2.5 % or Floor rate 10.0 %+PIK Fixed Interest Rate 3.0 %; EOT 4.8 % 5,038 4,972 4,972 (8)(15)
Total Metabolon, Inc. 48,179 47,361 47,354
Upward Health, Inc. Secured Loan August 6, 2024 September 1, 2029 Variable interest rate Prime + 4.3 % or Floor rate 12.8 %; EOT 3.0 % $ 5,875 $ 5,707 $ 5,833 (8)(9)(19)
Velentium, Inc. Secured Loan May 24, 2024 May 24, 2029 Variable interest rate Prime + 5.0 % or Floor rate 12.5 %; EOT 4.0 % $ 8,500 $ 8,379 $ 8,445 (8)(9)(14)
Sub-total: Other Healthcare Services ( 13.8 %)* $ 114,021 $ 112,335 $ 113,406
Real Estate Technology
Homelight Lending, Inc. Secured Loan October 15, 2021 June 1, 2026 Variable interest rate Prime + 8.3 % or Floor rate 11.5 %; EOT 4.5 % $ 3,900 $ 4,129 $ 3,999 (8)(14)
Knockaway, Inc. Secured Loan September 29, 2023 September 1, 2028 Fixed interest rate 10.2 %; EOT 0.0 % $ 23,644 $ 19,920 $ 19,159 (8)(14)(21)
Knockaway Trinity Holdings, LLC Secured Loan December 6, 2023 December 27, 2026 Variable interest rate SOFR 30 Day Forward + 9.0 % or Floor rate 13.5 %; EOT 0.0 % $ 25,000 $ 24,981 $ 24,981 (8)(10)(12)(21)
Maxwell Financial Labs, Inc. Secured Loan September 30, 2021 April 1, 2026 Variable interest rate Prime + 6.0 % or Floor rate 10.0 %; EOT 5.0 % $ 15,000 $ 15,486 $ 15,052 (8)(14)
Secured Loan October 2, 2024 October 2, 2026 Fixed interest rate 6.0 %; EOT 0.0 % 187 187 187
Total Maxwell Financial Labs, Inc. 15,187 15,673 15,239
Orchard Technologies, Inc. Secured Loan January 1, 2024 January 1, 2029 Variable interest rate Prime + 8.0 % or Floor rate 15.0 %; EOT 3.0 % $ 28,540 $ 28,765 $ 24,662 (8)(14)
Sub-total: Real Estate Technology ( 10.7 %)* $ 96,271 $ 93,468 $ 88,040

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Software as a Service ("SaaS")
BackBlaze, Inc. Equipment Financing March 29, 2021 April 1, 2025 Fixed interest rate 7.5 %; EOT 11.5% $ 198 $ 518 $ 510 (14)
Cpacket Networks, Inc. Secured Loan January 29, 2024 February 1, 2029 Variable interest rate PRIME + 4.8 % or Floor rate 12.0 %+PIK Fixed Interest Rate 1.3 %; EOT 3.0 % $ 20,478 $ 20,316 $ 20,532 (8)(9)(14)(15)
Eyelit Technologies, Inc. Secured Loan November 4, 2024 November 4, 2029 Variable interest rate SOFR 1 Month Term + 5.8 %; EOT 0.0 % $ 4,500 $ 4,413 $ 4,413 (8)(19)(20)
Secured Loan December 27, 2024 November 4, 2029 Variable interest rate SOFR 1 Month Term + 5.8 %; EOT 0.0 % 7,920 7,764 7,764 (8)(19)(20)
Total Eyelit Technologies, Inc. 12,420 12,177 12,177
Hometown Ticketing, Inc. Secured Loan November 25, 2024 November 25, 2029 Variable interest rate SOFR 3 Month Term + 7.7 %; EOT 0.0 % $ 24,910 $ 24,422 $ 24,422 (8)(19)
ServiceTrade, Inc. Secured Loan August 15, 2024 August 15, 2029 Variable interest rate SOFR 3 Month Term + 5.5 %; EOT 0.0 % $ 23,500 $ 23,091 $ 23,720 (8)(19)(20)
Silk Technologies, Inc. Secured Loan November 4, 2024 December 1, 2029 Variable interest rate Prime + 4.0 % or Floor rate 11.3 %; EOT 1.5 % $ 18,800 $ 18,309 $ 18,309 (8)(19)
SOCi, Inc. Secured Loan October 3, 2024 October 3, 2029 Variable interest rate SOFR 3 Month Term + 7.9 %; EOT 0.0 % $ 36,100 $ 35,326 $ 35,326 (8)(19)
Secured Loan December 30, 2024 October 3, 2029 Variable interest rate SOFR 3 Month Term + 7.9 %; EOT 0.0 % 3,290 3,216 3,216 (8)(19)
Total SOCi, Inc. 39,390 38,542 38,542
Steno Agency, Inc. Secured Loan June 21, 2024 July 1, 2029 Variable interest rate Prime + 4.0 % or Floor rate 12.5 %; EOT 2.5 % $ 3,740 $ 3,621 $ 3,744 (8)(9)(14)(19)
Sub-total: SaaS ( 17.2 %)* $ 143,436 $ 140,996 $ 141,956
Space Technology
Astranis Space Technology Corporation Equipment Financing April 13, 2023 November 1, 2026 Fixed interest rate 12.1 %; EOT 5.0 % $ 7,611 $ 8,099 $ 8,201 (9)(14)(19)
Equipment Financing September 27, 2024 April 1, 2028 Fixed interest rate 12.4 %; EOT 5.5 % 10,911 10,388 10,557 (9)(14)(19)
Equipment Financing September 27, 2024 October 1, 2027 Fixed interest rate 12.6 %; EOT 4.0 % 2,693 2,563 2,603 (9)(14)(19)
Total Astranis Space Technology Corporation 21,215 21,050 21,361
Axiom Space, Inc. Secured Loan May 28, 2021 June 1, 2026 Variable interest rate Prime + 6.0 % or Floor rate 9.3 %; EOT 2.5 % $ 15,000 $ 15,641 $ 15,530 (8)(14)
Hadrian Automation, Inc. Equipment Financing March 2, 2022 September 1, 2025 Fixed interest rate 12.6 %; EOT 0.0 % $ 126 $ 126 $ 129 (14)
Equipment Financing May 6, 2022 November 1, 2025 Fixed interest rate 12.9 %; EOT 0.0 % 1,497 1,495 1,522 (14)
Equipment Financing July 15, 2022 January 1, 2026 Fixed interest rate 14.3 %; EOT 0.0 % 1,192 1,191 1,215 (14)
Equipment Financing September 30, 2022 March 1, 2026 Fixed interest rate 15.2 %; EOT 0.0 % 2,290 2,289 2,347 (9)(14)
Equipment Financing December 22, 2022 June 1, 2026 Fixed interest rate 16.1 %; EOT 0.0 % 612 608 632 (9)(14)
Equipment Financing December 22, 2022 December 1, 2026 Fixed interest rate 16.4 %; EOT 0.0 % 274 273 284 (9)(14)(19)
Equipment Financing March 29, 2023 March 1, 2027 Fixed interest rate 15.7 %; EOT 0.0 % 877 875 903 (9)(14)(19)
Equipment Financing September 28, 2023 September 1, 2027 Fixed interest rate 17.7 %; EOT 0.0 % 468 467 485 (9)(14)(19)
Equipment Financing June 27, 2024 June 1, 2028 Fixed interest rate 17.6 %; EOT 0.0 % 1,273 1,268 1,307 (9)(14)(19)
Total Hadrian Automation, Inc. 8,609 8,592 8,824

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Impulse Space, Inc. Equipment Financing June 18, 2024 July 1, 2027 Fixed interest rate 12.7 %; EOT 3.0 % $ 1,143 $ 1,133 $ 1,155 (9)(14)(19)
Equipment Financing September 13, 2024 October 1, 2027 Fixed interest rate 12.5 %; EOT 3.0 % 901 887 907 (9)(14)(19)
Equipment Financing December 27, 2024 January 1, 2028 Fixed interest rate 12.9 %; EOT 3.0 % 1,077 1,051 1,051 (14)(19)
Total Impulse Space, Inc. 3,121 3,071 3,113
Kymeta Corporation Secured Loan July 3, 2024 August 1, 2029 Variable interest rate Prime + 4.0 % or Floor rate 12.5 %; EOT 3.0 % $ 7,900 $ 7,575 $ 7,783 (8)(9)(19)
Rocket Lab USA, Inc. Equipment Financing December 29, 2023 January 1, 2029 Fixed interest rate 12.8 %; EOT 1.0 % $ 45,649 $ 44,992 $ 46,466 (9)(10)(14)
Slingshot Aerospace, Inc. Secured Loan July 12, 2024 August 1, 2029 Variable interest rate Prime + 5.5 % or Floor rate 14.0 %; EOT 3.0 % $ 23,700 $ 23,233 $ 23,750 (8)(9)(19)
Secured Loan August 7, 2024 April 30, 2025 Fixed interest rate 10.0 %; EOT 0.0 % 500 500 524
Total Slingshot Aerospace, Inc. $ 24,200 $ 23,733 $ 24,274
Space Perspective, Inc. Secured Loan March 3, 2022 July 1, 2026 Variable interest rate Prime + 7.8 % or Floor rate 11.0 %; EOT 5.0 % $ 2,936 $ 3,021 $ 1,637 (8)(14)(18)
Sub-total: Space Technology ( 15.7 %)* $ 128,630 $ 127,675 $ 128,988
Supply Chain Technology
Macrofab, Inc. Secured Loan July 21, 2023 August 1, 2027 Variable interest rate Prime + 5.5 % or Floor rate 13.3 %; EOT 4.0 % $ 19,495 $ 19,448 $ 19,220 (8)(14)
Nucleus RadioPharma, Inc. Equipment Financing June 4, 2024 June 1, 2027 Fixed interest rate 11.8 %; EOT 4.0 % $ 364 $ 366 $ 373 (9)(14)
Equipment Financing December 23, 2024 January 1, 2028 Fixed interest rate 12.3 %; EOT 4.0 % 2,000 1,980 1,980
Total Nucleus RadioPharma, Inc. $ 2,364 $ 2,346 $ 2,353
Sub-total: Supply Chain Technology ( 2.6 %)* $ 21,859 $ 21,794 $ 21,573

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- United States, Continued
Transportation Technology
NextCar Holding Company, Inc. Secured Loan December 14, 2021 March 31, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % $ 2,927 $ 3,188 $ 926 (8)
Secured Loan December 15, 2021 March 31, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 2,274 2,379 720 (8)(18)
Secured Loan February 23, 2022 March 31, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 2,843 2,974 900 (8)(18)
Secured Loan March 16, 2022 March 31, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 3,411 3,569 1,080 (8)(18)
Secured Loan April 18, 2022 March 31, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 2,843 2,974 900 (8)(18)
Secured Loan April 18, 2022 March 31, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 2,843 2,974 900 (8)(18)
Secured Loan May 17, 2022 March 31, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 5,685 5,948 1,800 (8)(18)
Secured Loan June 22, 2022 March 31, 2025 Variable interest rate Prime + 5.8 % or Floor rate 9.0 %; EOT 2.0 % 2,843 2,974 900 (8)(18)
Total NextCar Holding Company, Inc. 25,669 26,980 8,126
Get Spiffy, Inc. Secured Loan July 14, 2023 January 14, 2028 Variable interest rate Prime + 4.5 % or Floor rate 12.3 %; EOT 6.0 % $ 9,000 $ 9,127 $ 7,763 (8)(9)(14)
Equipment Financing July 14, 2023 February 1, 2027 Fixed interest rate 12.1 %; EOT 4.0 % 291 292 274 (9)(14)
Total Get Spiffy, Inc. 9,291 9,419 8,037
Uveye, Inc. Equipment Financing December 26, 2024 January 1, 2028 Fixed interest rate 11.9 %; EOT 1.0 % $ 20,217 $ 20,011 $ 20,011
Zuum Transportation, Inc. Secured Loan December 17, 2021 January 1, 2027 Variable interest rate Prime + 6.0 % or Floor rate 10.8 %; EOT 2.5 % $ 5,000 $ 5,065 $ 4,737 (8)(14)
Sub-total: Transportation Technology ( 5.0 %)* $ 60,177 $ 61,475 $ 40,911
Total: Debt Securities- United States ( 189.1 %)* $ 1,592,144 $ 1,594,217 $ 1,555,875

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Maturity Date Interest Rate (4) Principal Amount (5) Cost Fair Value (6) Footnotes
Debt Securities- Canada
Construction Technology
Nexii, Inc. Secured Loan July 24, 2024 July 1, 2027 Fixed interest rate 10.0 %; EOT 0.0 % $ 365 $ 365 $ 375 (10)
Sub-total: Construction Technology ( 0.0 %)* $ 365 $ 365 $ 375
Supply Chain Technology
GoFor Delivers, Inc. Secured Loan June 28, 2024 July 1, 2028 Variable interest rate Prime + 3.5 % or Floor rate 12.0 %; EOT 2.5 % $ 6,000 $ 6,027 $ 5,769 (8)(10)(21)
Sub-total: Supply Chain Technology ( 0.7 %)* $ 6,000 $ 6,027 $ 5,769
Total: Debt Securities- Canada ( 0.7 %)* $ 6,365 $ 6,392 $ 6,144
Debt Securities- Europe
Industrials
Aledia, Inc. Equipment Financing March 31, 2022 April 1, 2025 Fixed interest rate 9.0 %; EOT 7.0 % $ 1,701 $ 2,971 $ 2,947 (10)(14)
Equipment Financing June 30, 2022 July 1, 2025 Fixed interest rate 9.7 %; EOT 7.0 % 218 298 297 (10)(14)
Equipment Financing August 5, 2022 September 1, 2025 Fixed interest rate 10.7 %; EOT 7.0 % 379 480 478 (10)(14)
Equipment Financing September 30, 2022 October 1, 2025 Fixed interest rate 12.0 %; EOT 7.0 % 680 838 838 (10)(14)
Total Aledia, Inc. 2,978 4,587 4,560
Sub-total: Industrials ( 0.6 %)* $ 2,978 $ 4,587 $ 4,560
Other Healthcare Services
Zandivio PLC Secured Loan October 30, 2024 May 1, 2029 Variable interest rate PRIME + 5.3 % or Floor rate 13.8 %; EOT 2.5 % $ 28,200 $ 27,426 $ 27,426 (8)(10)(19)
Sub-total: Other Healthcare Services ( 3.3 %)* $ 28,200 $ 27,426 $ 27,426
Space Technology
All.Space Networks, Limited. Secured Loan August 22, 2022 September 1, 2027 Variable interest rate Prime + 7.0 % or Floor rate 11.5 %; EOT 2.5 % $ 8,219 $ 8,339 $ 8,126 (8)(10)
Sub-total: Space Technology ( 1.0 %)* $ 8,219 $ 8,339 $ 8,126
Total: Debt Securities- Europe ( 4.9 %)* $ 39,397 $ 40,352 $ 40,112
Total: Debt Securities ( 194.7 %)* $ 1,637,906 $ 1,640,961 $ 1,602,131

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States
Artificial Intelligence & Automation
Ambient Photonics, Inc. Warrant July 27, 2022 July 27, 2032 Common Stock 15,976 $ 5.50 $ 47 $ 1
Everalbum, Inc. Warrant January 16, 2020 July 29, 2026 Preferred Class A Common Stock 851,063 $ 0.10 $ 25 $ 19 (17)
Hologram, Inc. Warrant January 31, 2020 January 27, 2030 Common Stock 193,054 $ 0.26 $ 49 $ 188
Presto Automation, Inc. Warrant January 16, 2020 April 28, 2027 Preferred Series A 402,679 $ 0.37 $ 185 $ — (7)(17)
Warrant January 16, 2020 July 28, 2027 Common Stock 170,993 $ 5.85 28 — (7)
Total Presto Automation, Inc. 213 —
Sub-Total: Artificial Intelligence & Automation ( 0.0 %)* $ 334 $ 208
Biotechnology
Pendulum Therapeutics, Inc. Warrant January 16, 2020 October 9, 2029 Preferred Series B 55,263 $ 1.90 $ 43 $ 44 (17)
Warrant June 1, 2020 July 15, 2030 Preferred Series B 36,842 $ 1.90 36 30 (17)
Warrant December 31, 2021 December 31, 2031 Preferred Series C 322,251 $ 3.24 118 194 (17)
Warrant February 5, 2024 February 5, 2034 Common Stock 1,143,690 $ 1.03 588 1,129
Total Pendulum Therapeutics, Inc. 785 1,397
Sub-Total: Biotechnology ( 0.2 %)* $ 785 $ 1,397
Connectivity
Tarana Wireless, Inc. Warrant June 30, 2021 June 30, 2031 Common Stock 5,027,629 $ 0.19 $ 967 $ 2,701
Warrant September 23, 2024 September 23, 2034 Common Stock 2,094,922 $ 0.51 695 722 (9)(19)
Total Tarana Wireless, Inc. 1,662 3,423
Vertical Communications, Inc. Warrant January 16, 2020 July 11, 2026 Preferred Series A 828,479 $ 1.00 $ — $ — (11)(17)(21)
viaPhoton, Inc. Warrant March 31, 2022 March 31, 2032 Common Stock 15,839 $ 0.60 $ 22 $ 1
Sub-Total: Connectivity ( 0.4 %)* $ 1,684 $ 3,424
Construction Technology
Project Frog, Inc. Warrant January 16, 2020 February 28, 2027 Preferred Series AA-1 211,649 $ 0.19 $ 9 $ — (17)(21)
Warrant January 16, 2020 February 28, 2027 Common Stock 180,340 $ 0.19 9 — (21)
Warrant August 3, 2021 December 31, 2031 Preferred Series CC 250,000 $ 0.01 20 2 (17)(21)
Total Project Frog, Inc. 38 2
Sub-total: Construction Technology ( 0.0 %)* $ 38 $ 2

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Consumer Products & Services
BaubleBar, Inc. Warrant January 16, 2020 March 29, 2027 Preferred Series C 531,806 $ 1.96 $ 638 $ 33 (17)
Warrant January 16, 2020 April 20, 2028 Preferred Series C 60,000 $ 1.96 72 4 (17)
Total BaubleBar, Inc. 710 37
Boosted eCommerce, Inc. Warrant December 14, 2020 December 14, 2030 Preferred Series A-1 759,263 $ 0.84 $ 259 $ — (17)
Eterneva, Inc. Warrant September 30, 2024 September 30, 2034 Common Stock 833,333 $ 0.48 $ 421 $ 477
Happiest Baby, Inc. Warrant January 16, 2020 May 16, 2029 Common Stock 182,554 $ 0.33 $ 193 $ 35
Madison Reed, Inc. Warrant January 16, 2020 March 23, 2027 Preferred Series C 194,553 $ 2.57 $ 185 $ 169 (17)
Warrant January 16, 2020 July 18, 2028 Common Stock 43,158 $ 0.99 71 59
Warrant January 16, 2020 June 30, 2029 Common Stock 36,585 $ 1.23 56 47
Total Madison Reed, Inc. 312 275
Ogee, Inc. Warrant February 14, 2023 February 14, 2033 Preferred Series A-3 243,668 $ 0.68 $ 54 $ 303 (17)(19)
Warrant September 29, 2023 September 29, 2033 Preferred Series A-3 243,668 $ 0.68 49 303 (17)(19)
Warrant August 1, 2024 August 1, 2034 Preferred Series A-3 243,668 $ 0.68 104 303 (17)(19)
Total Ogee, Inc. 207 909
Portofino Labs, Inc. Warrant December 31, 2020 December 31, 2030 Common Stock 99,148 $ 1.53 $ 160 $ 62
Warrant April 1, 2021 April 1, 2031 Common Stock 39,912 $ 1.46 99 26
Total Portofino Labs, Inc. 259 88
Quip NYC, Inc. Warrant March 9, 2021 March 9, 2031 Common Stock 10,833 $ 48.46 $ 203 $ —
Rinse, Inc. Warrant May 10, 2022 May 10, 2032 Preferred Series C 278,761 $ 1.13 $ 118 $ 454 (17)
SI Tickets, Inc. Warrant May 11, 2022 May 11, 2032 Common Stock 53,029 $ 2.52 $ 162 $ —
Super73, Inc. Warrant December 31, 2020 December 31, 2030 Common Stock 177,305 $ 3.16 $ 105 $ 58
Trendly, Inc. Warrant January 16, 2020 August 10, 2026 Preferred Series A 245,506 $ 1.14 $ 222 $ 1 (17)
VitaCup, Inc. Warrant June 23, 2021 June 23, 2031 Preferred Series C 68,996 $ 2.79 $ 9 $ — (17)
Warrant November 22, 2023 November 22, 2033 Common Stock 51,225 $ 0.41 — —
Total VitaCup, Inc. 9 —
Whoop, Inc. Warrant May 17, 2023 May 17, 2033 Common Stock 2,393,845 $ 0.43 $ 1,099 $ 2,275 (9)(19)
Sub-total: Consumer Products & Services ( 0.6 %)* $ 4,279 $ 4,609
Education Technology
Edblox, Inc. Warrant March 19, 2024 March 19, 2034 Common Stock 111,458 $ 1.71 $ 152 $ 24
Medical Sales Training Holding Company Warrant March 18, 2021 March 18, 2031 Common Stock 130,853 $ 7.74 $ 108 $ 23
Warrant April 17, 2024 April 17, 2034 Common Stock 32,493 $ 7.74 73 6
Warrant December 18, 2024 December 18, 2034 Common Stock 21,444 $ 7.74 4 4
Total Medical Sales Training Holding Company 185 33
Yellowbrick Learning, Inc. Warrant January 16, 2020 September 30, 2028 Common Stock 222,222 $ 0.90 $ 120 $ —
Sub-Total: Education Technology ( 0.0 %)* $ 457 $ 57

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Finance and Insurance
Beam Technologies, Inc. Warrant August 30, 2024 August 30, 2034 Common Stock 56,494 $ 17.28 $ 749 $ 702 (19)
Bestow, Inc. Warrant August 1, 2024 August 1, 2034 Preferred Series C-2 349,793 $ 0.01 $ 1,987 $ 1,624 (17)
Busbot, Inc. Warrant April 1, 2024 April 1, 2034 Common Stock 44,133 $ 0.96 $ 85 $ 31
Centivo Corporation Warrant July 31, 2024 July 31, 2034 Common Stock 161,155 $ 0.76 $ 256 $ 369 (9)(19)
DailyPay, Inc. Warrant September 30, 2020 September 30, 2030 Common Stock 89,264 $ 3.00 $ 151 $ 1,516
Empower Financial, Inc. Warrant October 13, 2023 October 13, 2033 Common Stock 404,893 $ 1.43 $ 953 $ 1,534 (9)(19)
Eqis Capital Management, Inc. Warrant June 15, 2022 June 15, 2032 Preferred Class B 904,000 $ 0.01 $ 10 $ 87 (17)
Gravie, Inc. Warrant June 4, 2024 June 4, 2034 Common Stock 123,816 $ 2.68 $ 293 $ 257 (9)(19)
Kafene, Inc. Warrant January 5, 2024 January 5, 2034 Common Stock 44,448 $ 4.03 $ 58 $ 429
Mesa Financial, Inc. Warrant August 29, 2024 August 29, 2034 Common Stock 62,422 $ 0.73 $ 28 $ 27 (10)
Parafin, Inc. Warrant February 16, 2024 February 16, 2034 Common Stock 24,616 $ 7.09 $ 118 $ 321 (10)
Warrant July 25, 2024 July 25, 2034 Common Stock 24,641 $ 7.09 108 321 (10)
Warrant December 23, 2024 December 23, 2034 Common Stock 3,657 $ 11.14 49 43 (10)
Total Parafin, Inc. 275 685
RealtyMogul, Co. Warrant January 16, 2020 December 18, 2027 Preferred Series B 954,979 $ 0.95 $ 285 $ 1,386 (17)
Slope Tech, Inc. Warrant September 14, 2022 September 14, 2032 Common Stock 90,971 $ 0.88 $ 109 $ 476 (10)
Warrant August 30, 2023 August 30, 2033 Common Stock 21,303 $ 0.88 112 112 (10)
Total Slope Tech, Inc. 221 588
Under Technologies, Inc. Warrant May 3, 2024 May 3, 2034 Common Stock 96,710 $ 2.90 $ 267 $ 243 (19)
Wisetack, Inc. Warrant November 14, 2024 November 14, 2034 Common Stock 128,992 $ 1.58 $ 119 $ 118 (19)
Sub-Total: Finance and Insurance ( 1.2 %)* $ 5,737 $ 9,596

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Food and Agriculture Technologies
Athletic Brewing Company, LLC Warrant October 28, 2022 October 28, 2032 Preferred Class B 3,741 $ 140.21 $ 287 $ 490 (17)
Bowery Farming, Inc. Warrant January 16, 2020 June 10, 2029 Common Stock 68,863 $ 5.08 $ 410 $ —
Warrant December 22, 2020 December 22, 2030 Common Stock 29,925 $ 6.24 160 —
Warrant September 10, 2021 September 10, 2028 Common Stock 21,577 $ 0.01 617 —
Warrant December 29, 2023 December 29, 2030 Common Stock 114,725 $ 0.01 29 —
Total Bowery Farming, Inc. 1,216 $ —
Daring Foods, Inc. Warrant April 8, 2021 April 8, 2031 Common Stock 68,100 $ 0.27 $ 106 $ 55
DrinkPak, LLC Warrant September 13, 2022 September 13, 2032 Common Stock 2,387 $ 19.12 $ 7 $ 59 (9)
Warrant February 17, 2023 February 17, 2033 Common Stock 12,010 $ 18.89 26 296 (9)(19)
Total DrinkPak, LLC 33 355
Emergy, Inc. Warrant October 5, 2022 October 5, 2032 Common Stock 4,051 $ 39.60 $ 181 $ — (9)
GrubMarket, Inc. Warrant June 15, 2020 June 15, 2030 Common Stock 405,000 $ 1.10 $ 115 $ 4,256
Intelligent Brands, Inc. (f.k.a. PSB Holdings, Inc.) Warrant January 16, 2020 October 5, 2027 Common Stock 103,636 $ 14.47 $ 111 $ —
Warrant December 31, 2020 December 29, 2032 Common Stock 33,348 $ 3.17 546 —
Total Intelligent Brands, Inc. 657 —
The Fynder Group, Inc. Warrant October 14, 2020 October 14, 2030 Common Stock 36,445 $ 0.49 $ 68 $ 23
Zero Acre Farms, Inc. Warrant December 23, 2022 December 23, 2032 Class A Common Stock 20,181 $ 2.13 $ 79 $ 8 (17)
Sub-Total: Food and Agriculture Technologies ( 0.6 %)* $ 2,742 $ 5,187

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Green Technology
Bolb, Inc. Warrant October 12, 2021 October 12, 2031 Common Stock 181,784 $ 0.07 $ 35 $ —
Edeniq, Inc. Warrant January 16, 2020 December 23, 2026 Preferred Series B 2,685,501 $ 0.22 $ — $ 506 (11)(17)(21)
Warrant January 16, 2020 December 23, 2026 Preferred Series B 2,184,672 $ 0.01 — 855 (11)(17)(21)
Warrant January 16, 2020 June 29, 2027 Preferred Series C 5,106,972 $ 0.44 — 149 (11)(17)(21)
Warrant January 16, 2020 November 2, 2028 Preferred Series C 3,850,294 $ 0.01 — 1,709 (11)(17)(21)
Warrant November 29, 2021 November 29, 2031 Preferred Series D 154,906,320 $ 0.01 7 4,529 (17)(21)
Total Edeniq, Inc. 7 7,748
Footprint International Holding, Inc. Warrant February 14, 2020 February 14, 2030 Common Stock 38,171 $ 0.31 $ 9 $ —
Warrant February 18, 2022 February 18, 2032 Common Stock 77,524 $ 0.01 4,246 —
Warrant June 23, 2022 June 23, 2032 Common Stock 14,624 $ 0.01 359 —
Warrant October 31, 2024 October 31, 2034 Preferred Class F 250 $ 25,000.00 — — (17)
Total Footprint International Holding, Inc. 4,614 —
Form Energy Inc. Warrant October 21, 2024 October 21, 2034 Common Stock 99,287 $ 8.03 $ 925 $ 891 (19)
Mainspring Energy, Inc. Warrant January 16, 2020 July 9, 2029 Common Stock 140,186 $ 1.15 $ 283 $ 224
Warrant November 20, 2020 November 20, 2030 Common Stock 81,294 $ 1.15 226 130
Warrant March 18, 2022 March 18, 2032 Common Stock 137,692 $ 1.66 344 210
Total Mainspring Energy, Inc. 853 564
RTS Holding, Inc. Warrant December 10, 2021 December 10, 2031 Preferred Series C 2,314 $ 205.28 $ 75 $ 99 (9)(17)
Warrant October 10, 2022 October 10, 2032 Preferred Series D 917 $ 196.50 87 44 (9)(17)
Warrant January 19, 2024 January 19, 2034 Preferred Series D-1 2,876 $ 203.47 418 137 (9)(17)
Total RTS Holding, Inc. 580 280
Sub-Total: Green Technology ( 1.2 %)* $ 7,014 $ 9,483
Healthcare Technology
Dentologie Enterprises, Inc. Warrant October 14, 2022 October 14, 2034 Common Stock 51,632 $ 0.76 $ 66 $ 147 (9)
Exer Holdings, LLC Warrant November 19, 2021 November 19, 2031 Common Stock 281 $ 527.51 $ 93 $ 14
Hospitalists Now, Inc. Warrant January 16, 2020 March 30, 2026 Preferred Series D-2 135,807 $ 5.89 $ 71 $ 390 (17)
Warrant January 16, 2020 December 6, 2026 Preferred Series D-2 750,000 $ 5.89 391 2,152 (17)
Total Hospitalists Now, Inc. 462 2,542
Lark Technologies, Inc. Warrant September 30, 2020 September 30, 2030 Common Stock 76,231 $ 1.76 $ 177 $ 4
Warrant June 30, 2021 June 30, 2031 Common Stock 79,325 $ 1.76 258 4
Warrant December 22, 2022 December 22, 2032 Common Stock 97,970 $ 2.49 58 4
Total Lark Technologies, Inc. 493 12
Moxe Health Corporation Warrant December 29, 2023 December 29, 2033 Preferred Series B 155,438 $ 3.62 $ 135 $ 48 (17)
RXAnte, Inc. Warrant November 21, 2022 November 21, 2032 Preferred A 16,517 $ 10.00 $ 89 $ 121 (9)(17)(19)
Warrant April 7, 2023 November 21, 2032 Preferred A 5,518 $ 10.00 25 41 (9)(17)(19)
Warrant October 17, 2023 November 21, 2032 Preferred A 5,506 $ 10.00 37 40 (9)(17)(19)
Total RXAnte, Inc. 151 202
TMRW Life Sciences, Inc. Warrant April 29, 2022 April 29, 2032 Preferred Class A 268,983 $ 2.09 $ 80 $ 6 (17)
Warrant March 3, 2023 April 29, 2032 Preferred Class A 268,983 $ 2.09 80 6 (17)
Total TMRW Life Sciences, Inc. 160 12
Sub-Total: Healthcare Technology ( 0.4 %)* $ 1,560 $ 2,977

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Human Resource Technology
BetterLeap, Inc. Warrant April 20, 2022 April 20, 2032 Common Stock 88,435 $ 2.26 $ 38 $ 6
Qwick, Inc. Warrant December 31, 2021 December 31, 2031 Common Stock 16,964 $ 2.79 $ 48 $ 9
Warrant August 8, 2022 August 8, 2032 Common Stock 16,964 $ 2.79 48 8
Total Qwick, Inc. 96 17
Sub-Total: Human Resource Technology ( 0.0 %)* $ 134 $ 23
Industrials
3DEO, Inc. Warrant February 23, 2022 February 23, 2032 Common Stock 37,218 $ 1.81 $ 93 $ —
Digilens, Inc. Warrant January 16, 2020 March 24, 2025 Preferred Series A-1 12,155 $ 0.70 $ 4 $ 12 (17)
Warrant January 16, 2020 March 26, 2025 Preferred Series A-1 200,000 $ 0.70 65 204 (17)
Total Digilens, Inc. 69 216
Sub-total: Industrials ( 0.0 %)* $ 162 $ 216
Marketing, Media, and Entertainment
Drone Racing League, Inc. Warrant October 17, 2022 October 17, 2032 Common Stock 253,824 $ 6.76 $ 375 $ —
Firefly Systems, Inc. Warrant January 31, 2020 January 29, 2030 Common Stock 133,147 $ 1.14 $ 281 $ 121
Grabit Interactive Media, Inc. Warrant April 8, 2022 April 8, 2034 Preferred Series A 142,828 $ 1.00 $ 40 $ 28 (17)
Incontext Solutions, Inc. Warrant January 16, 2020 September 28, 2028 Common Stock 2,219 $ 220.82 $ 34 $ —
PebblePost, Inc. Warrant May 7, 2021 May 7, 2031 Common Stock 657,343 $ 0.52 $ 68 $ 735
Sub-Total: Marketing, Media, and Entertainment ( 0.1 %)* $ 798 $ 884
Medical Devices
Apiject Holdings, Inc. Warrant June 24, 2024 June 24, 2034 Common Stock 937,604 $ 0.99 $ 612 $ 352 (9)(19)
Convergent Dental, Inc. Warrant April 21, 2023 April 21, 2033 Preferred Series D 446,982 $ 1.61 $ 493 $ 103 (9)(17)
Delphinus, Inc. Warrant June 27, 2023 June 27, 2033 Preferred Series E 294,289 $ 0.69 $ 29 $ 19 (9)(17)
Elucent Medical, Inc. Warrant October 31, 2024 October 31, 2034 Preferred Series C-2 1,889,448 $ 0.30 $ 167 $ 210 (17)(19)
Lightforce Orthodontics, Inc. Warrant August 6, 2024 August 6, 2034 Preferred Series D 73,065 $ 18.01 $ 286 $ 285 (17)(19)
Neuros Medical, Inc. Warrant August 10, 2023 August 10, 2033 Preferred Series C 1,197,127 $ 0.38 $ 110 $ 100 (9)(17)
Restor3d, Inc. Warrant June 4, 2024 June 4, 2034 Preferred Series A 95,688 $ 5.01 $ 51 $ 77 (9)(17)(19)
Shoulder Innovations, Inc. Warrant August 7, 2023 August 7, 2033 Preferred Series D 623,615 $ 0.54 $ 120 $ 154 (9)(17)
Sub-Total: Medical Devices ( 0.2 %)* $ 1,868 $ 1,300
Other Healthcare Services
Cellares Corporation Warrant August 2, 2024 August 2, 2034 Common Stock 243,868 $ 4.77 $ 841 $ 809 (19)
Upward Health, Inc. Warrant August 6, 2024 August 6, 2034 Preferred Class A Common Stock 763,137 $ 0.28 $ 251 $ 260 (9)(17)(19)
Metabolon, Inc. Warrant March 28, 2024 March 28, 2034 Preferred Series 3 2,288,461 $ 0.65 $ 644 $ 245 (17)
Warrant October 1, 2024 March 28, 2034 Preferred Series 3 384,615 $ 0.65 33 41 (17)
Total Metabolon, Inc. 677 286
Velentium, Inc. Warrant May 24, 2024 May 24, 2034 Preferred Class B 7,958 $ 53.40 $ 129 $ 154 (9)(17)
Sub-Total: Other Healthcare Services ( 0.2 %)* $ 1,898 $ 1,509

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Real Estate Technology
Homelight Lending, Inc. Warrant June 23, 2022 June 23, 2032 Common Stock 5,434 $ 18.40 $ 1 $ 16
Knockaway, Inc. Warrant January 16, 2020 May 24, 2029 Common Stock 880 $ 85.27 $ 209 $ — (21)
Warrant November 10, 2021 November 10, 2031 Common Stock 16,350 $ 2.20 265 — (21)
Warrant September 29, 2023 September 29, 2033 Common Stock 2,804,355 $ 0.01 — 18 (21)
Warrant December 6, 2023 December 6, 2033 Preferred Series AA 457,778 $ 0.01 — 6 (17)(21)
Warrant September 16, 2024 September 16, 2034 Preferred Series BB 93,951,849 $ 0.00 2,391 2,401 (17)(21)
Warrant September 23, 2023 September 23, 2033 Preferred Series AA-1 5,084,804 $ 0.09 — — (17)(21)
Total Knockaway, Inc. 2,865 2,425
Maxwell Financial Labs, Inc. Warrant October 7, 2020 October 7, 2030 Common Stock 106,735 $ 0.29 $ 20 $ 9
Warrant December 22, 2020 December 22, 2030 Common Stock 110,860 $ 0.29 34 9
Warrant September 30, 2021 September 30, 2031 Common Stock 79,135 $ 1.04 148 5
Warrant May 10, 2024 May 10, 2034 Common Stock 303,562 $ 0.27 83 26
Warrant July 1, 2024 May 10, 2034 Common Stock 303,562 $ 0.27 91 26
Total Maxwell Financial Labs, Inc. 376 75
Orchard Technologies, Inc. Warrant February 12, 2024 February 12, 2034 Preferred Series 1 228,000 $ 0.01 $ — $ 111 (17)
Sub-Total: Real Estate Technology ( 0.3 %)* $ 3,242 $ 2,627
SaaS
All Seated, Inc. Warrant February 28, 2022 February 28, 2032 Common Stock 5,101 $ 15.72 $ 20 $ —
Cart.com, Inc. Warrant November 17, 2023 November 17, 2033 Common Stock 31,572 $ 15.87 $ 441 $ 697 (9)
Cpacket Networks, Inc. Warrant January 29, 2024 January 29, 2034 Preferred Class B Common 499,366 $ 0.36 $ 166 $ 133 (9)(17)
Crowdtap, Inc. Warrant January 16, 2020 December 16, 2025 Preferred Series B 442,233 $ 1.09 $ 42 $ 860 (17)
Warrant January 16, 2020 December 11, 2027 Preferred Series B 100,000 $ 1.09 9 194 (17)
Total Crowdtap, Inc. 51 1,054
Gtxcel, Inc. Warrant January 16, 2020 September 24, 2025 Preferred Series C 1,000,000 $ 0.21 $ 83 $ 16 (17)
Warrant January 16, 2020 September 24, 2025 Preferred Series D 1,000,000 $ 0.21 83 22 (17)
Total Gtxcel, Inc. 166 38
Lucidworks, Inc. Warrant January 16, 2020 June 27, 2026 Preferred Series D 619,435 $ 0.77 $ 806 $ 686 (17)
Reciprocity, Inc. Warrant September 25, 2020 September 25, 2030 Common Stock 114,678 $ 4.17 $ 99 $ —
Warrant April 29, 2021 April 29, 2031 Common Stock 57,195 $ 4.17 54 —
Total Reciprocity, Inc. 153 —
Silk Technologies, Inc. Warrant November 4, 2024 November 4, 2034 Common Stock 237,623 $ 1.98 $ 503 $ 491 (19)
Smartly, Inc. Warrant May 16, 2022 May 16, 2034 Common Stock 48,097 $ 1.10 $ 84 $ 90
Steno Agency, Inc. Warrant June 21, 2024 June 21, 2034 Common Stock 55,818 $ 1.98 $ 136 $ 147 (9)(19)
The Tomorrow Companies, Inc. Warrant December 14, 2022 December 14, 2032 Common Stock 26,124 $ 1.70 $ 49 $ 25 (9)
Sub-Total: SaaS ( 0.4 %)* $ 2,575 $ 3,361

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- United States, Continued
Space Technology
Astranis Space Technology Corporation Warrant April 13, 2023 April 13, 2033 Common Stock 85,644 $ 7.89 $ 83 $ 279 (9)(19)
Warrant September 27, 2024 September 27, 2034 Common Stock 156,677 $ 2.27 683 683 (9)(19)
Total Astranis Space Technology Corporation 766 962
Axiom Space, Inc. Warrant May 28, 2021 May 28, 2031 Common Stock 1,773 $ 169.24 $ 121 $ 23
Warrant May 28, 2021 May 28, 2031 Common Stock 882 $ 340.11 39 4
Total Axiom Space, Inc. 160 27
Hermeus Corporation Warrant August 9, 2022 August 9, 2032 Common Stock 19,286 $ 6.24 $ 144 $ 47 (9)(19)
Impulse Space, Inc. Warrant June 18, 2024 June 18, 2034 Common Stock 64,087 $ 1.91 $ 258 $ 564 (9)(19)
Slingshot Aerospace, Inc. Warrant July 12, 2024 July 12, 2034 Common Stock 328,416 $ 0.46 $ 400 $ 389 (9)(19)
Kymeta Corporation Warrant July 3, 2024 July 3, 2034 Common Stock 3,995,407 $ 0.11 $ 331 $ 354 (9)(19)
Space Perspective, Inc. Warrant March 3, 2022 March 3, 2032 Preferred Series A 221,280 $ 2.75 $ 256 $ — (17)
Sub-Total: Space Technology ( 0.3 %)* $ 2,315 $ 2,343
Supply Chain Technology
Macrofab, Inc. Warrant July 21, 2023 July 21, 2033 Common Stock 622,353 $ 2.02 $ 332 $ 67
Warrant April 11, 2024 April 11, 2034 Common Stock 392,157 $ 0.01 254 107
Warrant January 29, 2024 January 29, 2034 Common Stock 322,013 $ 2.02 128 35
Total Macrofab, Inc. 714 209
Nucleus RadioPharma, Inc. Warrant June 4, 2024 June 4, 2034 Common Stock 44,303 $ 1.99 $ 70 $ 63 (9)
Sub-Total: Supply Chain Technology ( 0.0 %)* $ 784 $ 272
Transportation Technology
Get Spiffy, Inc. Warrant July 14, 2023 July 14, 2033 Common Stock 874,527 $ 0.70 $ 408 $ 2 (9)
NextCar Holding Company, Inc. Warrant December 14, 2021 December 14, 2026 Class A Common 6,211 $ 64.42 $ 35 $ — (13)
Warrant February 23, 2022 February 23, 2027 Class A Common 486 $ 64.42 3 — (13)
Warrant March 16, 2022 March 16, 2027 Class A Common 583 $ 64.42 3 — (13)
Warrant April 18, 2022 April 18, 2027 Class A Common 5,336 $ 64.42 7 — (13)
Warrant September 29, 2022 September 29, 2027 Preferred Stock 1,224,752 $ 0.22 170 — (13)(17)
Total NextCar Holding Company, Inc. 218 —
Uveye, Inc. Warrant December 26, 2024 December 26, 2034 Preferred Ordinary 476,031 $ 2.36 $ 539 $ 523 (17)
Zuum Transportation, Inc. Warrant April 30, 2024 April 30, 2034 Common Stock 41,271 $ 4.34 $ 95 $ 111
Sub-Total: Transportation Technology ( 0.1 %)* $ 1,260 $ 636
Total: Warrant Investments- United States ( 6.1 %)* $ 39,666 $ 50,111

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Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Expiration Date Series Strike Price Cost Fair Value (6) Footnotes
Warrant Investments- Europe
Industrials
Aledia, Inc. Warrant March 31, 2022 March 31, 2032 Preferred Ordinary 11,771 € 149.02 $ 130 $ 498 (17)
Sub-Total: Industrials ( 0.1 %)* $ 130 $ 498
Other Healthcare Services
Zandivio PLC Warrant October 29, 2024 October 29, 2034 Common Stock 132,042 € 0.01 $ 771 $ 845 (19)
Sub-Total: Other Healthcare Services ( 0.1 %)* $ 771 $ 845
Space Technology
All.Space Networks, Limited. Warrant August 22, 2022 August 22, 2032 Common Stock 71,203 $ 21.79 $ 113 $ —
Sub-Total: Space Technology ( 0.0 %)* $ 113 $ —
Total: Warrant Investments- Europe ( 0.2 %)* $ 1,014 $ 1,343
Total: Warrant Investments- ( 6.3 %)* $ 40,680 $ 51,454

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Shares / Principal Series Cost Fair Value (6) Footnotes
Equity Investments- United States
Connectivity
Tarana Wireless, Inc. Equity March 16, 2022 611,246 Preferred Series 6 $ 500 $ 564 (17)
Vertical Communications, Inc. Equity January 16, 2020 3,892,485 Preferred Series 1 $ — $ — (11)(17)(21)
Equity January 16, 2020 $ 5,500 Convertible Note 3,966 1,087 (16)(21)
Total Vertical Communications, Inc. 3,966 1,087
viaPhoton Inc. Equity May 23, 2024 $ 740,000 SAFE Note $ 370 $ 370
Sub-Total: Connectivity ( 0.2 %)* $ 4,836 $ 2,021
Construction Technology
Project Frog, Inc. Equity January 16, 2020 4,383,497 Preferred Series AA-1 $ 351 $ — (17)(21)
Equity January 16, 2020 3,401,678 Preferred Series BB 1,333 — (17)(21)
Equity August 3, 2021 6,633,486 Common Stock 1,684 — (21)
Equity August 3, 2021 3,129,887 Preferred Series CC 1,253 43 (17)(21)
Total Project Frog, Inc. 4,621 43
Sub-Total: Construction Technology ( 0.0 %)* $ 4,621 $ 43
Consumer Products & Services
Portofino Labs, Inc. Equity November 1, 2021 256,291 Preferred Series B-1 $ 500 $ 477 (17)
Quip NYC, Inc. Equity August 17, 2021 3,321 Common Stock $ 500 $ 1
Rinse, Inc. Equity December 30, 2024 290,242 Preferred Series D $ 500 $ 496 (17)
Sub-Total: Consumer Products & Services ( 0.1 %)* $ 1,500 $ 974
Finance and Insurance
Busbot, Inc. Equity October 18, 2024 539,490 Preferred Series B-1 $ 500 $ 501.000 (10)(17)
Centivo Corporation Equity December 20, 2024 128,393 Preferred Series B-1 $ 375 $ 368.000 (9)(17)(19)
Dynamics, Inc. Equity January 16, 2020 17,726 Preferred Series A $ 390 $ — (17)
Empower Financial, Inc. Equity May 15, 2024 2,810,235 Preferred Series C Preferred $ 20,000 $ 20,549
Equity May 15, 2024 300,285 Common Stock 4,023 1,424
Total Empower Financial, Inc. 24,023 21,973
Openly Holdings Corp. Equity May 9, 2023 44,725 Preferred Series D-1 $ 500 $ 569 (17)
Slope Tech, Inc. Equity June 20, 2023 64,654 Preferred Series A-3 $ 500 $ 520 (10)(17)
Sub-Total: Finance and Insurance ( 2.9 %)* $ 26,288 $ 23,931
Food and Agriculture Technologies
Emergy, Inc. Equity June 28, 2021 7,595 Common Stock $ 500 $ —
Athletic Brewing Company, LLC Equity August 1, 2024 2,144 Preferred Class B $ 500 $ 501 (17)
Sub-Total: Food and Agriculture Technologies ( 0.1 %)* $ 1,000 $ 501

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Shares / Principal Series Cost Fair Value (6) Footnotes
Equity Investments- United States, Continued
Green Technology
Crusoe Energy Systems LLC Equity November 6, 2024 11,140 Preferred Series D-1 $ 325 $ 326 (9)(17)(19)
Edeniq, Inc. Equity January 16, 2020 7,807,499 Preferred Series B $ — $ 3,129 (11)(17)(21)
Equity January 16, 2020 3,657,487 Preferred Series C — 1,658 (11)(17)(21)
Equity January 16, 2020 133,766,138 Preferred Series D — 5,569 (11)(17)(21)
Total Edeniq, Inc. — 10,356
Electric Hydrogen Co. Equity April 6, 2023 87,112 Preferred Series C $ 500 $ 304 (17)
Mainspring Energy, Inc. Equity March 30, 2022 65,614 Preferred Series E-1 $ 500 $ 291 (17)
RTS Holding, Inc. Equity July 5, 2022 2,035 Preferred Series D $ 334 $ 345 (9)(17)
Equity February 15, 2023 1,966 Preferred Series D-1 405 342 (9)(17)
Total RTS Holding, Inc. 739 687
Sub-Total: Green Technology ( 1.5 %)* $ 2,064 $ 11,964
Healthcare Technology
Dentologie Enterprises, Inc. Equity August 3, 2023 72,338 Preferred Series B-1 $ 300 $ 302 (9)(17)
Emerald Cloud Lab, Inc. Equity June 3, 2022 499,999 Preferred Series A $ 500 $ 103 (17)
Equity April 29, 2024 617,890 Preferred Series B-1 129 116 (17)
Total Emerald Cloud Lab, Inc. 629 219
Lark Technologies, Inc. Equity August 19, 2021 32,416 Preferred Series D $ 500 $ 54 (17)
WorkWell Prevention & Care Inc. Equity January 16, 2020 7,000,000 Common Stock $ 51 $ — (21)
Equity January 16, 2020 3,450 Preferred Series P 3,450 — (17)(21)
Equity January 16, 2020 $ 3,170 Convertible Note 3,219 — (16)(21)
Total WorkWell Prevention & Care Inc. 6,720 —
Sub-Total: Healthcare Technology ( 0.1 %)* $ 8,149 $ 575

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Series Cost Fair Value (6) Footnotes
Equity Investments- United States, Continued
Human Resource Technology
Nomad Health, Inc. Equity May 27, 2022 37,920 Common Stock $ 500 $ —
Sub-Total: Human Resource Technology ( 0.0 %)* $ 500 $ —
Industrials
Digilens, Inc. Equity July 29, 2023 21,730 Preferred Series A-1 $ 14 $ 26 (17)
Equity September 18, 2024 9,498 Preferred Series A-1 8 12 (17)
Equity October 10, 2023 6,332 Preferred Series A-1 4 8 (17)
Equity January 12, 2024 12,205 Preferred Series A-1 7 15 (17)
Equity May 6, 2024 4,117 Preferred Series A-1 4 5 (17)
Equity June 9, 2024 2,617 Preferred Series A-1 2 3 (17)
Equity May 20, 2024 126,641 Preferred Series A-1 110 154 (17)
Total Digilens, Inc. 149 223
Sub-Total: Industrials ( 0.0 %)* $ 149 $ 223
Multi-Sector Holdings
Senior Credit Corp 2022 LLC Equity January 30, 2023 — Preferred $ 5,522 $ 6,186 (7)(10)(21)
EPT 16 LLC Equity June 28, 2024 — Preferred $ 9,215 $ 9,215 (7)(10)(17)(21)
Trinity Capital Adviser, LLC Equity June 28, 2024 — Preferred $ 1 $ 4,851 (10)(17)(21)
Sub-Total: Multi-Sector Holdings ( 2.5 %)* $ 14,738 $ 20,252
Real Estate Technology
Knockaway, Inc. Equity March 30, 2022 30,458 Common Stock $ 500 $ — (21)
Equity September 29, 2023 2,956,224 Preferred Series AA 250 45 (17)(21)
Equity September 16, 2024 97,866,510 Preferred Series BB 2,500 2,510 (17)(21)
Equity September 7, 2023 3,409,997 Preferred Series AA-1 — 19 (17)(21)
Total Knockaway Inc. 3,250 2,574
Orchard Technologies, Inc. Equity August 6, 2021 2,938 Preferred Series 2 $ 29 $ — (17)
Equity March 16, 2023 97,060 Preferred Series 1 971 50 (17)
Total Orchard Technologies, Inc. 1,000 50
Maxwell Financial Labs, Inc Equity January 22, 2021 84,998 Preferred Series B $ 313 $ 38 (17)
Equity May 10, 2024 229,972 Preferred Series B-1 365 155 (17)
Equity October 2, 2024 32,839 Preferred Series B-2 121 101 (17)
Equity October 2, 2024 17,804 Common Stock 66 2
Total Maxwell Financial Labs, Inc 865 296
Sub-Total: Real Estate Technology ( 0.4 %)* $ 5,115 $ 2,920
SaaS
Cart.com, Inc. Equity April 17, 2024 11,533 Preferred Series C $ 500 $ 541 (9)(17)
Smartly, Inc. Equity March 29, 2023 136,388 Preferred Series B $ 500 $ 689 (17)
The Tomorrow Companies, Inc. Equity July 5, 2023 108,088 Preferred Series E-1 $ 325 $ 231 (9)(17)
Sub-total: SaaS ( 0.2 %)* $ 1,325 $ 1,461

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Series Cost Fair Value (6) Footnotes
Equity Investments- United States, Continued
Space Technology
Astranis Space Technology Corporation Equity April 5, 2023 13,685 Series C Prime Preferred $ 300 $ 133 (9)(17)
Equity March 19, 2024 64,223 Preferred Series D 600 592 (9)(17)
Total Astranis Space Technology Corporation 900 725
Axiom Space, Inc. Equity August 11, 2021 3,624 Preferred Series C-1 $ 521 $ 449
Hadrian Automation, Inc. Equity March 29, 2022 53,154 Preferred A-4 $ 500 $ 570 (17)
Equity December 11, 2023 31,831 Preferred B-1 300 341 (9)(17)
Total Hadrian Automation, Inc. 800 911
Impulse Space, Inc. Equity August 30, 2024 35,754 Preferred Series B $ 500 $ 492 (17)
Sub-total: Space Technology ( 0.3 %)* $ 2,721 $ 2,577
Supply Chain Technology
Macrofab, Inc. Equity January 30, 2024 247,173 Preferred C-1 Preferred $ 500 $ 248 (17)
Sub-total: Supply Chain Technology ( 0.0 %)* $ 500 $ 248
Transportation Technology
NextCar Holding Company, Inc. Equity April 18, 2023 2,688,971 Preferred Series A-6 $ — $ — (17)
Sub-total: Transportation Technology ( 0.0 %)* $ — $ —
Total: Equity Investments- United States ( 8.2 %)* $ 73,506 $ 67,690

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

Portfolio Company (1) Type of Investment (2) Investment Date (3) Series Cost Fair Value (6) Footnotes
Equity Investments- Canada
Construction Technology
Nexii, Inc. Equity July 24, 2024 250 Preferred Series A $ 3,049 $ 2,614 (10)(17)
Equity July 24, 2024 50,000 Common Stock 1,370 1,008 (10)
Total Nexii, Inc. 4,419 3,622
Sub-Total: Construction Technology ( 0.4 %)* $ 4,419 $ 3,622
Supply Chain Technology
GoFor Delivers, Inc. Equity June 28, 2024 194,329 Series 2 Seed $ 660 $ 673 (10)(21)
Sub-total: Supply Chain Technology ( 0.1 %)* $ 660 $ 673
Total: Equity Investments- Canada ( 0.5 %)* $ 5,079 $ 4,295
Total: Equity Investments ( 8.7 %)* $ 78,585 $ 71,985
Total Investment in Securities ( 209.7 %)* $ 1,760,226 $ 1,725,570
Cash and Cash Equivalents
Goldman Sachs Financial Square Government Institutional Fund $ 3,750 $ 3,750
Other cash accounts 5,877 5,877
Cash and Cash Equivalents ( 1.2 %)* 9,627 9,627
Total Portfolio Investments and Cash and Cash Equivalents ( 210.8 %) of net assets) $ 1,769,853 $ 1,735,197
  • Value as a percent of net assets

(1) All portfolio companies are located in North America or Europe. As of December 31, 2024, Trinity Capital Inc. (the “Company”) had five foreign domiciled portfolio companies, two of which are based in Canada and three of which are based in Europe. In total, these foreign domiciled portfolio investments represent 6.3 % of total net asset value based on fair value. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale and may be deemed to be “restricted securities” under the Securities Act.

(2) All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. Equipment financed under our equipment financing investments relates to operational equipment essential to revenue production for the portfolio company in the industry noted.

(3) Investment date represents the date of initial investment date, either purchases or funding, not adjusted for modifications. For assets purchased from the Legacy Funds as part of the Formation Transactions (both terms as defined in “Note 1 – Organization and Basis of Presentation” ), the investment date is January 16, 2020, the date of the Formation Transactions.

(4) Interest rate is the fixed or variable rate of the debt investments and does not include any original issue discount, end-of-term (“EOT”) payment, or additional fees related to such investments, such as deferred interest, commitment fees, prepayment fees or exit fees. EOT payments are contractual payments due in cash at the maturity date of the loan, including upon prepayment, and are a fixed rate determined at the inception of the loan. At the end of the term of certain equipment financings, the borrower has the option to purchase the underlying assets at fair value, generally subject to a cap, or return the equipment and pay a restocking fee. The fair values of the financed assets have been estimated as a percentage of original cost for purpose of the EOT payment value. The EOT payment is amortized and recognized as non-cash income over the term of the loan or equipment financing prior to its payment and is included as a component of the cost basis of the Company’s current debt securities.

(5) Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

(6) Except as noted, all investments were valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board”) using Level 3 inputs.

(7) Asset is valued at fair value as determined in good faith by the Company's Board using Level 1 and Level 2 inputs.

(8) The interest rate on variable interest rate investments represents a benchmark rate plus spread. The benchmark interest rate is subject to an interest rate floor. As of December 31, 2024 , the U.S. Prime Rate (“ Prime ”) was 7.50 % and the Secured Overnight Financing Rate (“ SOFR ”) 30 Day Forward Rate and 3-Month Term Rate were 4.33 % and 4.31 %, respectively.

(9) Senior Credit Corp 2022 LLC owns an additional portion of this security. See “Note 12 – Related Party Transactions” for further discussion .

(10) Indicates a “non-qualifying asset” under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s percentage of non-qualifying assets at fair value represents 14.6 % of the Company’s total assets as of December 31, 2024 . Qualifying assets must represent at least 70 % of the Company’s total assets at the time of acquisition of any additional non-qualifying assets.

(11) Investment has zero cost basis as it was purchased at a fair value of zero as part of the Formation Transactions (as defined in “Note 1 – Organization and Basis of Presentation”).

(12) Investment is a secured loan warehouse facility collateralized by interest in specific assets that meet the eligibility requirements under the facility during the warehouse period. Repayment of the facility will occur over the amortizing period unless otherwise prepaid.

(13) Company has been issued warrants with pricing and number of shares dependent upon a future round of equity issuance by the portfolio company.

(14) Investment is pledged as collateral supporting amounts outstanding under the Company's credit facility with KeyBank, National Association (the “KeyBank Credit Facility”). See “Note 5 – Borrowings” for more information.

(15) Interest on this loan includes a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally collected through amortization, is recorded on an accrual basis to the extent such amounts are expected to be collected.

(16) Convertible notes represent investments through which the Company will participate in future equity rounds at preferential rates. There are no principal or interest payments made against the note unless conversion does not occur.

(17) Preferred stock represents investments through which the Company will have preference in liquidation rights and do not contain any cumulative preferred dividends.

(18) Investment is on non-accrual status as of December 31, 2024 , and is therefore considered non-income producing.

(19) EPT 16 LLC owns an additional portion of this security. See “Note 12 – Related Party Transactions” for further discussion.

(20) Investment has an unfunded commitment as of December 31, 2024 (see “Note 6 – Commitments and Contingencies”). The fair value of the investment includes the impact of the fair value of any unfunded commitments.

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TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2024

(In thousands, except share and per share data)

(21) This investment is deemed to be a “Control Investment” or an “Affiliate Investment.” The Company classifies its investment portfolio in accordance with the requirements of the 1940 Act. The 1940 Act defines Control Investments as investments in companies in which the Company owns beneficially, either directly or indirectly, more than 25% of the voting securities, or maintains greater than 50% of the board representation. Affiliate Investments are defined by the 1940 Act as investments in companies in which the Company owns beneficially, either directly or indirectly, between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation. Fair value as of December 31, 2024, along with transactions during the year ended December 31, 2024 in these control and affiliate investments are as follows:

Net change in
Unrealized
Fair Value at Gross Gross Realized (Depreciation)/ Fair Value at Interest and
December 31, 2023 Additions (1) Reductions (2) Gain/(Loss) Appreciation December 31, 2024 Dividend Income
For the Year Ended December 31, 2024
Control Investments
Edeniq, Inc. $ 11,386 $ 873 $ ( 3,036 ) $ — $ 8,882 $ 18,105 $ 1,075
3Q GoFor Holdings, LP 4,222 988 ( 7,148 ) ( 4,226 ) 6,164 — —
Project Frog, Inc. 8 — — — 36 44 —
Vertical Communications, Inc. 16,745 264 ( 150 ) — ( 251 ) 16,608 1,819
WorkWell Prevention and Care Inc. 500 — — — — 500 67
Knockaway, Inc. 22,989 29,252 ( 2,416 ) — ( 684 ) 49,141 5,803
Trinity Capital Adviser, LLC — 1 — — 4,850 4,851 —
Total Control Investments $ 55,850 $ 31,378 $ ( 12,750 ) $ ( 4,226 ) $ 18,997 $ 89,249 $ 8,764
Affiliate Investments
EPT 16 LLC $ — $ 9,215 $ — $ — $ — $ 9,215 $ —
GoFor Delivers, Inc. — 6,687 — — ( 246 ) 6,441 393
Senior Credit Corp 2022 LLC 11,335 7,401 — — 335 19,071 2,510
Total Affiliate Investments $ 11,335 $ 23,303 $ — $ — $ 89 $ 34,727 $ 2,903
Total Control and Affiliate Investments $ 67,185 $ 54,681 $ ( 12,750 ) $ ( 4,226 ) $ 19,086 $ 123,976 $ 11,667

(1) Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2) Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

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TRINITY CAPITAL INC.

NOTES TO CO NSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Organization and Basis of Presentation

Trinity Capital Inc. (“Trinity Capital” and, together with its subsidiaries, the “Company”) is a specialty lending company focused on providing debt, including loans, equipment financings and asset based lending, to growth-oriented companies, including institutional investor-backed companies. Trinity Capital was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. Prior to January 16, 2020, Trinity Capital had no operations, except for matters relating to its formation and organization as a business development company (“BDC”).

Trinity Capital is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Trinity Capital has elected to be treated, currently qualifies, and intends to continue to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), for U.S. federal income tax purposes.

On September 27, 2019, Trinity Capital was initially capitalized with the issuance of 10 shares of its common stock for $ 150 to its sole stockholder.

On January 16, 2020, Trinity Capital completed a private offering of shares of its common stock (the “Private Common Stock Offering”) pursuant to which it issued and sold 8,333,333 shares of its common stock for total aggregate gross proceeds of approximately $ 125.0 million, inclusive of an over-allotment option that was exercised in full on January 29, 2020.

Concurrent with the initial closing of the Private Common Stock Offering, the Company completed a private debt offering (the “144A Note Offering” and together with the Private Common Stock Offering, the “Private Offerings”), pursuant to which it issued and sold $ 125.0 million in aggregate principal amount of the Company’s unsecured 7.00 % Notes due 2025 (the “2025 Notes”), inclusive of the over-allotment option that was exercised in full on January 29, 2020.

On January 16, 2020, Trinity Capital completed a series of transactions, the Private Offerings, and the acquisition of Trinity Capital Investment, LLC, Trinity Capital Fund II, L.P. (“Fund II”), Trinity Capital Fund III, L.P., Trinity Capital Fund IV, L.P., and Trinity Sidecar Income Fund, L.P. (collectively, the “Legacy Funds”) through mergers of the Legacy Funds with and into Trinity Capital as well as Trinity Capital’s acquisition of Trinity Capital Holdings, LLC (“Trinity Capital Holdings”) (collectively, the “Formation Transactions”).

Trinity Capital’s common stock began trading on the Nasdaq Global Select Market on January 29, 2021, under the symbol “TRIN” in connection with its initial public offering of shares of its common stock (“IPO”).

On December 5, 2022, the Company entered into a joint venture agreement with certain funds and accounts managed by a specialty credit manager to co-manage Senior Credit Corp 2022 LLC (the “JV”), a Delaware limited liability company. The JV invests in secured loans and equipment financings to growth-oriented companies that have been originated by the Company. Refer to “Note 12 – Related Party Transactions” for additional information.

On March 16, 2023, the Company formed an unconsolidated wholly owned subsidiary, Trinity Capital Adviser LLC (“Adviser Sub”), a Delaware limited liability company. The Company was granted exemptive relief by the SEC that permits the Company to organize, acquire, wholly own and operate the Adviser Sub as an investment adviser registered under the Investment Advisers Act of 1940, as amended (the “Adviser Act”). The Adviser Sub may provide investment advisory and related services to one or more investment vehicles (the “Adviser Funds”) with ownership by one or more unrelated third-party investors and receive fee income for such services. Refer to “Note 12 – Related Party Transactions” for additional information.

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On June 28, 2024, the Company and a specialty credit manager funded a portion of their respective capital commitments to commence operations of a credit fund, EPT 16 LLC (“EPT 16”), a Delaware limited liability company. EPT 16 has acquired and intends to acquire, hold and, as applicable, dispose of investments that have been originated by the Company. Refer to “Note 12 – Related Party Transactions” for additional information.

Basis of Presentation

The Company’s interim consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of the results for the interim period included herein. The current period’s consolidated results of operations are not necessarily indicative of results that may be achieved for the year. The interim consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (“SEC”) on February 26, 2025. As an investment company, the Company follows accounting and reporting guidance determined by the Financial Accounting Standards Board (“FASB”), in Accounting Standards Codification, as amended (“ASC”) 946, Financial Services – Investment Companies (“ASC 946”).

Principles of Consolidation

Under ASC 946, the Company is precluded from consolidating portfolio company investments, including those in which it has a controlling interest, unless the portfolio company is another investment company. An exception to this general principle occurs if the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Consolidated Statements of Assets and Liabilities at fair value, as discussed further in “Note 3 - Investments,” with any adjustments to fair value recognized as “Net change in unrealized appreciation/(depreciation) from investments” on the Consolidated Statements of Operations.

The Company’s consolidated operations include the activities of its wholly owned subsidiaries, Trinity Funding 1, LLC (“TF1”) and TrinCap Funding, LLC (“TCF”). TF1 was formed on August 14, 2019, as a Delaware limited liability company with Fund II as its sole equity member. On January 16, 2020, in connection with the Formation Transactions, Trinity Capital acquired TF1 through Fund II and became a party to, and assumed, a credit agreement with Credit Suisse AG (the “Credit Suisse Credit Facility”) through TF1 which matured on January 8, 2022 in accordance with its terms. TCF was formed on August 5, 2021, as a Delaware limited liability company with Trinity Capital as its sole equity member for purposes of securing lending in conjunction with a credit agreement with KeyBank National Association (“KeyBank”) (such credit facility, as amended, the “KeyBank Credit Facility”). TF1 and TCF are special purpose bankruptcy-remote entities and are separate legal entities from Trinity Capital. Any assets conveyed to TF1 or TCF are not available to creditors of the Company or any other entity other than TF1 ’ s or TCF’s respective lenders. TF1 and TCF are consolidated for financial reporting purposes and in accordance with GAAP, and the portfolio investments held by these subsidiaries, if any, are included in the Company’s consolidated financial statements and recorded at fair value. All intercompany balances and transactions have been eliminated. As part of the Formation Transactions, Trinity Capital acquired 100 % of the equity interests of Trinity Capital Holdings. There has been no activity in Trinity Capital Holdings since acquisition.

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As permitted under Regulation S-X and consistent with the guidance in ASC 946-810-45-3, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. The Company does not consolidate the Adviser Sub because it is not an investment company as defined in ASC 946 and provides investment advisory services exclusively to the Adviser Funds with ownership by one or more unrelated third-party investors ("External Parties"). The Company does not consolidate the JV or EPT 16 as the Company does not hold a majority of the ownership or economic interests of such entities, and the Company's representatives do not comprise the majority of the board of managers of the JV. Pursuant to ASC 946, the Adviser Sub, JV, and EPT 16 are each accounted for as a portfolio investment of the Company held at fair value and are not included as a consolidated subsidiary in the Company's financial statements. Refer to “Note 12 – Related Party Transactions” for additional information.

In accordance with Rule 10-01(b)(1) of Regulation S-X, as amended, the Company must determine which of its unconsolidated controlled subsidiaries, if any, are considered “significant subsidiaries.” In evaluating these unconsolidated controlled subsidiaries, there are two significance tests utilized per Rule 1-02(w) of Regulation S-X to determine if any of the Company’s investments or unconsolidated controlled subsidiaries are considered significant: the investment test and the income test. As of June 30, 2025 and December 31, 2024 , none of the Company’s investments or unconsolidated controlled subsidiaries met either of these two significance tests.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ materially from these estimates.

Investment Transactions

Loan originations are recorded on the date of the legally binding commitment. Realized gains or losses are recorded using the specific identification method as the difference between the net proceeds received, excluding prepayment fees, if any, and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments written off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment fair values as of the last business day of the reporting period and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Valuation of Investments

The most significant estimate inherent in the preparation of the Company’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded.

The Company’s investments are carried at fair value in accordance with the 1940 Act and ASC 946 and measured in accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value, and provides disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that each of the portfolio investments is sold in a hypothetical transaction in the principal or, as applicable, most advantageous market using market participant assumptions as of the measurement date. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. The Company values its investments at fair value as determined in good faith pursuant to a consistent valuation policy by the Company’s Board of Directors (the “Board”) in accordance with the provisions of ASC 820 and the 1940 Act.

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The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”), which establishes a framework for determining fair value in good faith for purposes of the 1940 Act. As adopted, Rule 2a-5 permits boards of directors to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. The SEC also adopted Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. While the Company's Board has not elected to designate a valuation designee, the Company has adopted certain revisions to its valuation policies and procedures to comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

While the Board is ultimately and solely responsible for determining the fair value of the Company’s investments, the Company has engaged independent valuation firms, on a discretionary basis, to provide the Company with valuation assistance with respect to its investments. Specifically, on a quarterly basis, the Company identifies portfolio investments with respect to which an independent valuation firm assists in valuing such investments. The Company selects these portfolio investments based on a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality and the time lapse since the last valuation of the portfolio investment by an independent valuation firm.

Investments recorded on the Company’s Consolidated Statements of Assets and Liabilities are categorized based on the inputs to the valuation techniques as follows:

Level 1 — Investments whose values are based on unadjusted quoted prices for identical assets in an active market that the Company has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).

Level 2 — Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment.

Level 3 — Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.

Given the nature of lending to venture capital-backed growth-oriented companies, 99.2 % , based on fair value, of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC 820 because there is no known or accessible market or market index for these investment securities to be traded or exchanged. Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. The Company uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis, and investment valuation procedures. This system takes into account both quantitative and qualitative factors of the portfolio companies. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

Debt Securities

The debt securities identified on the Consolidated Schedule of Investments are secured loans and equipment financings made to growth-oriented companies. For portfolio investments in debt securities for which the Company has determined that third-party quotes or other independent pricing are not available, the Company generally estimates the fair value based on the assumptions that hypothetical market participants would use to value the investment in a current hypothetical sale using an income approach.

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In its application of the income approach to determine the fair value of debt securities, the Company bases its assessment of fair value on projections of the discounted future free cash flows that the security will likely generate, including analyzing the discounted cash flows of interest and principal amounts for the security, as set forth in the associated loan and equipment financing agreements, as well as market yields and the financial position and credit risk of the portfolio company (the “Hypothetical Market Yield Method”). The discount rate applied to the future cash flows of the security is based on the calibrated yield implied by the terms of the Company’s investment adjusted for changes in market yields and performance of the subject company. The Company’s estimate of the expected repayment date of its loans and equipment financings securities is either the maturity date of the instrument or the anticipated pre-payment date, depending on the facts and circumstances. The Hypothetical Market Yield Method also considers changes in leverage levels, credit quality, portfolio company performance, market yield movements, and other factors. If there is deterioration in credit quality or if a security is in workout status, the Company may consider other factors in determining the fair value of the security, including, but not limited to, the value attributable to the security from the enterprise value of the portfolio company or the proceeds that would most likely be received in a liquidation analysis.

Equity Securities and Warrants

Often the Company is issued warrants by issuers as yield enhancements. These warrants are recorded as assets at estimated fair value on the grant date. The Company determines the cost basis of the warrants or other equity securities received based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants or other equity securities received. Depending on the facts and circumstances, the Company generally utilizes a combination of one or several forms of the market approach and contingent claim analyses (a form of option analysis) to estimate the fair value of the securities as of the measurement date and determines the cost basis using a relative fair value methodology. As part of its application of the market approach, the Company estimates the enterprise value of a portfolio company utilizing customary pricing multiples, based on the development stage of the underlying issuers, or other appropriate valuation methods, such as considering recent transactions in the equity securities of the portfolio company or third-party valuations that are assessed to be indicative of fair value of the respective portfolio company. If appropriate, based on the facts and circumstances, the Company performs an allocation of the enterprise value to the equity securities utilizing a contingent claim analysis and/or other waterfall calculation by which it allocates the enterprise value across the portfolio company’s securities in order of their preference relative to one another.

Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. The carrying amounts of the Company’s financial instruments, consisting of cash, investments, receivables, payables, and other liabilities, approximate the fair values of such items due to the short-term nature of these instruments. Refer to “Note 4 – Fair Value of Financial Instruments” for further discussion.

Cash and Cash Equivalents

Cash, cash equivalents and restricted cash consist of funds deposited with financial institutions and short-term ( original maturity of three months or less ) liquid investments in money market deposit accounts. Cash equivalents are classified as Level 1 assets and are valued using the net asset value (“NAV”) per share of the money market fund. As of June 30, 2025 and December 31, 2024, cash and cash equivalents consisted of $ 26.3 million and $ 9.6 million, respectively, of which $ 2.0 million and $ 3.8 million, respectively, was held in the Goldman Sachs Financial Square Government Institutional Fund with a yield between 3 % - 6 %. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and therefore is subject to credit risk. All of the Company’s cash deposits are held at large, established, high credit quality financial institutions, and management believes that the risk of loss associated with any uninsured balances is remote. As of June 30, 2025 and December 31, 2024 , the Company did no t have any restricted cash.

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Other Assets

Other assets generally consist of fixed assets net of accumulated depreciation, leasehold improvements net of accumulated depreciation, right-of-use assets, prepaid expenses, deferred offering costs, unsettled receivables, and security deposits for operating leases. Foreign Currency Transactions

The accounting records of the Company are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the last business day of the period; and (ii) purchases and sales of investments, income, and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates.

The Company includes net realized gains (losses) and net change in unrealized appreciation (depreciation) on investments held resulting from foreign exchange rate fluctuations in foreign currency and other transactions in its Consolidated Statements of Operations, if any.

Foreign securities and currency transactions may involve certain considerations and risks not typically associated with investing in U.S. companies and U.S. government securities. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities. Derivative Instruments

The Company's derivative instruments include foreign currency forward contracts. The Company recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. Derivative contracts entered into by the Company are not designated as hedging instruments, and as a result, the Company presents changes in fair value through net change in unrealized appreciation (depreciation) on non-control/non-affiliate investments in the Consolidated Statements of Operations. Realized gains and losses of the derivative instruments are included in net realized gains (losses) on non-control/non-affiliate investments in the Consolidated Statements of Operations. The net cash flows realized on settlement of derivatives are included in realized (gain) loss in the Consolidated Statements of Cash Flows. Equity Offering Costs

Equity offering costs consist of fees and costs incurred in connection with the sale of the Company’s common stock, including legal, accounting and printing fees. These costs are deferred at the time of incurrence and are subsequently charged as a reduction to capital when the offering takes place or as shares are issued. Equity offering costs are periodically reviewed and expensed if the related registration is no longer active. Security Deposits

Security deposits are collected upon funding equipment financings and are applied in lieu of regular payments at the end of the term. Debt Financing Costs

The Company records costs related to the issuance of debt obligations as deferred debt financing costs. These costs are deferred and amortized using the straight-line method over the stated maturity life of the obligations. Debt financing costs related to secured or unsecured notes are netted with the outstanding principal balance on the Company’s Consolidated Statements of Assets and Liabilities. Debt financing costs related to the KeyBank Credit Facility are recorded as deferred credit facility costs on the Company’s Consolidated Statements of Assets and Liabilities.

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Income Recognition

Interest and Dividend Income

The Company recognizes interest income on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement to the extent that such amounts are expected to be collected. Original issue discount (“OID”) initially includes the estimated fair value of detachable warrants obtained in conjunction with the origination of debt securities and is accreted into interest income over the term of the loan as a yield enhancement based on the effective yield method. In addition, the Company may also be entitled to an end-of-term (“EOT”) payment. EOT payments to be paid at the termination of the debt agreements are accreted into interest income over the contractual life of the debt based on the effective yield method. When a portfolio company pre-pays their indebtedness prior to the scheduled maturity date, the acceleration of the unaccreted OID and EOT payment is recognized as interest income.

The Company has a limited number of debt investments in its portfolio that contain a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company will generally cease accruing PIK interest if there is insufficient value to support the accrual or management does not expect the portfolio company to be able to pay all principal and interest due. The Company recorded $ 1.5 million and $ 3.0 million in PIK interest income during the three and six months ended June 30, 2025 , respectively, and $ 1.5 million and $ 5.5 million in PIK interest income during the three and six months ended June 30, 2024, respectively.

Income related to application or origination payments, including facility commitment fees, net of related expenses and generally collected in advance, is amortized into interest income over the contractual life of the loan. The Company recognizes nonrecurring fees and additional OID and EOT payment received in consideration for contract modifications commencing in the quarter relating to the specific modification.

The Company records dividend income on an accrual basis to the extent amounts are expected to be collected. Dividend income is recorded when dividends are declared by the portfolio company or at such other time that an obligation exists for the portfolio company to make a distribution. During the three and six months ended June 30, 2025, the Company recorded $ 0.5 million and $ 1.3 million in dividend income, respectively. During the three and six months ended June 30, 2024, the Company recorded $ 0.3 million and $ 0.5 million in dividend income, respectively.

Fee and Other Income

The Company recognizes one-time fee income, including, but not limited to, structuring fees, prepayment penalties, and exit fees related to a change in ownership of the portfolio company, as other income when earned. These fees are generally earned when the portfolio company enters into an equipment financing arrangement or pays off their outstanding indebtedness prior to the scheduled maturity. In addition, fee income may include fees for originations and administrative agent services rendered by the Company to the JV. Such fees are earned in the period that the services are rendered.

Non-Accrual Policy

When a debt security becomes 90 days or more past due, or if management otherwise does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the debt security on non-accrual status and cease recognizing interest income on that debt security until all principal and interest due has been paid or the Company believes the borrower has demonstrated the ability to repay its current and future contractual obligations. Any uncollected interest is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection.

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As of June 30, 2025, loans to three portfolio companies and equipment financings to one portfolio company were on non-accrual status, with a total cost of approximately $ 47.8 million, and a total fair value of approximately $ 15.6 million, or 0.9 % , of the fair value of the Company’s debt investment portfolio. As of December 31, 2024 , loans to three portfolio companies and equipment financings to two portfolio companies were on non-accrual status, with a total cost of approximately $ 43.3 million, and a total fair value of approximately $ 12.7 million, or 0.8 % , of the fair value of the Company’s debt investment portfolio.

Net Realized Gains / (Losses)

Realized gains / (losses) are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net proceeds exclude any prepayment penalties, exit fees, and OID and EOT acceleration. Prepayment penalties and exit fees received at the time of sale or redemption are included in fee income on the Consolidated Statements of Operations. OID and EOT acceleration is included in interest income on the Consolidated Statements of Operations.

Net Change in Unrealized Appreciation / (Depreciation)

Net change in unrealized appreciation / (depreciation) reflects the net change in the fair value of the investment portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.

Stock-Based Compensation

The Company has issued and may, from time to time, issue restricted stock, incentive stock options and non-statutory stock options to its officers and employees under the 2019 Trinity Capital Inc. Long Term Incentive Plan, as amended, and to its non-employee directors under the Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan, as amended. The Company accounts for its stock-based compensation plans using the fair value method, as prescribed by ASC 718, Compensation – Stock Compensation . Accordingly, for restricted stock awards, the Company measures the grant date fair value based upon the market price of its common stock on the date of the grant. For stock option awards, the Company estimates fair value using the Monte Carlo model, which requires the use of subjective assumptions such as expected stock price volatility, expected term of the option, risk-free interest rate, and expected dividend yield. The Company does not estimate forfeitures, and reverses all unvested costs associated with the stock option awards in the period they are forfeited. The Company amortizes the fair value of the awards as stock-based compensation expense over the requisite service period, which is generally the vesting term.

The Company has also adopted Accounting Standards Update (“ASU”) 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting , which requires that all excess tax benefits and tax deficiencies (including tax benefits of dividends on stock-based payment awards) be recognized as income tax expense or benefit in the income statement and not delay recognition of a tax benefit until the tax benefit is realized through a reduction to taxes payable. Accordingly, the tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. Additionally, the Company has elected to account for forfeitures as they occur.

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Earnings Per Share

The Company's earnings per share (“EPS”) amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic earnings per share is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted-average number of common shares outstanding for the period. In accordance with ASC 260, Earnings Per Share , the unvested shares of restricted stock awarded pursuant to Trinity Capital’s equity compensation plans are participating securities and, therefore, are included in the basic earnings per share calculation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued and the additional shares of common stock were dilutive. Diluted EPS, if any, during the fiscal year ending December 31, 2025 will reflect the dilutive effect of common stock deliverable pursuant to stock options which are subject to certain time-based and market-based vesting conditions before the delivery of the underlying common stock. Diluted EPS, if any, during the fiscal year ending December 31, 2024 reflects the potential dilution from the assumed conversion of the Company’s 6.00 % Convertible Notes due 2025 (the “Convertible Notes”).

Income Taxes

The Company has elected to be treated, currently qualifies, and intends to continue to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal tax purposes. In order to maintain its treatment as a RIC, the Company is generally required to distribute at least annually to its stockholders at least the sum of 90 % of its investment company taxable income (which generally includes its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90 % of its net tax-exempt income (if any). The Company generally will not be subject to U.S. federal income tax on these distributed amounts but will pay U.S. federal income tax at corporate rates on any retained amounts.

The Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC 740, Income Taxes (“ASC 740”) , as modified by ASC 946. Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. The Company has no material uncertain tax positions as of June 30, 2025 and December 31, 2024. All the Company’s tax returns remain subject to examination by U.S. federal and state tax authorities.

Based on federal excise distribution requirements applicable to RICs, the Company will be subject to a 4 % nondeductible federal excise tax on undistributed taxable income and gains unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98 % of its ordinary income for each calendar year, (2) 98.2 % of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income or gain realized, but not distributed, in the preceding years. For this purpose, however, any ordinary income or capital gain net income retained by the Company and on which the Company paid corporate income tax is considered to have been distributed. The Company, at its discretion, may determine to carry forward taxable income or gain and pay a 4 % excise tax on the amount by which it falls short of this calendar-year distribution requirement. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to stockholders. The Company will accrue excise tax on estimated undistributed taxable income and capital gains as required on an annual basis.

Distributions

Distributions to common stockholders are recorded on the record date. The amount of taxable income to be paid out as a distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Capital gains, if any, are distributed at least annually, although the Company may decide to retain all or some of those capital gains for investment and pay U.S. federal income tax at corporate rates on those retained amounts. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to stockholders.

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Note 3. Investments

The Company provides debt, including loans, equipment financings and asset based lending to growth-oriented companies, including institutional investor-backed companies, primarily in the United States. The Company’s investment strategy includes making investments consisting primarily of term loans and equipment financings, and, to a lesser extent, working capital loans, equity, and equity-related investments. In addition, the Company may obtain warrants or contingent exit fees at funding from many of its portfolio companies.

Debt Securities

The Company’s debt securities primarily consist of direct investments in interest-bearing secured loans and equipment financings to privately held companies based in the United States. Secured loans are generally secured by a blanket first lien or a blanket second lien on the assets of the portfolio company. Equipment financings typically include a specific asset lien on mission-critical assets as well as a second lien on the assets of the portfolio company. These debt securities typically have a term of between three and five year s from the original investment date. Certain of the debt securities are “covenant-lite” loans, which generally are loans that do not have a complete set of financial maintenance covenants and have covenants that are incurrence-based, meaning they are only tested and can only be breached following an affirmative action of the borrower rather than by a deterioration in the borrower’s financial condition. The equipment financings in the investment portfolio generally have fixed interest rates. The secured loans in the investment portfolio generally have floating interest rates subject to interest rate floors. Both equipment financings and secured loans generally include an EOT payment.

The specific terms of each debt security vary depending on the creditworthiness of the portfolio company and the projected value of the financed assets. Companies with stronger creditworthiness may receive an initial period of lower financing factor, which is analogous to an interest-only period on a traditional term loan. Equipment financings may include upfront interim payments and security deposits. Equipment financing arrangements have various structural protections, including customary default penalties, information and reporting rights, material adverse change or investor abandonment provisions, consent rights for any additions or changes to senior debt, and, as needed, intercreditor agreements with cross-default provisions to protect the Company’s second lien positions.

Warrant Investments

In connection with the Company’s debt investments, the Company may receive warrants in the portfolio company. Warrants received in connection with a debt investment typically include a potentially discounted contract price to exercise, and thus, as a portfolio company appreciates in value, the Company may achieve additional investment return from this equity interest. The warrants typically contain provisions that protect the Company as a minority-interest holder, as well as secured or unsecured put rights, or rights to sell such securities back to the portfolio company, upon the occurrence of specified events. In certain cases, the Company may also obtain follow-up rights in connection with these equity interests, which allow the Company to participate in future financing rounds.

Equity Investments

In specific circumstances, the Company may seek to make direct equity investments in situations where it is appropriate to align the interests of the Company with key management and stockholders of the portfolio company, and to allow for participation in the appreciation in the equity values of the portfolio company. These equity investments are generally made in connection with debt investments. The Company seeks to maintain fully diluted equity positions in its portfolio companies of 5 % to 50 % and may have controlling equity interests in some instances.

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Portfolio Composition

The Company’s portfolio investments are in companies conducting business in a variety of industries. Industry classifications have been updated to a preferred presentation and the prior year has been amended to conform with the new preferred presentation. The following table summarizes the composition of the Company’s portfolio investments by industry at cost and fair value and as a percentage of the total portfolio as of June 30, 2025 and December 31, 2024 (dollars in thousands):

June 30, 2025 — Cost Fair Value December 31, 2024 — Cost Fair Value
Industry Amount % Amount % Amount % Amount %
Finance and Insurance $ 302,840 15.0 % $ 307,007 15.6 % $ 319,278 18.1 % $ 322,735 18.7 %
Other Healthcare Services 217,882 10.9 % 219,376 11.1 % 142,430 8.1 % 143,186 8.3 %
Medical Devices 210,194 10.5 % 212,582 10.7 % 170,923 9.7 % 172,395 10.0 %
SaaS 193,961 9.7 % 197,922 10.0 % 144,896 8.2 % 146,778 8.5 %
Space Technology 170,470 8.5 % 170,336 8.6 % 141,163 8.0 % 142,034 8.2 %
Real Estate Technology 142,288 7.1 % 130,180 6.6 % 101,825 5.8 % 93,587 5.4 %
Green Technology 108,940 5.4 % 129,048 6.5 % 146,851 8.3 % 158,852 9.2 %
Artificial Intelligence & Automation 100,077 5.0 % 100,799 5.1 % 83,505 4.7 % 84,448 4.9 %
Healthcare Technology 91,790 4.6 % 82,057 4.1 % 78,381 4.5 % 71,853 4.2 %
Marketing, Media, and Entertainment 75,248 3.8 % 74,992 3.8 % 38,749 2.2 % 38,479 2.2 %
Biotechnology 57,238 2.9 % 58,474 3.0 % 56,547 3.2 % 57,836 3.4 %
Connectivity 58,376 2.9 % 56,671 2.9 % 36,099 2.1 % 35,249 2.0 %
Transportation Technology 74,154 3.7 % 51,760 2.6 % 62,735 3.6 % 41,547 2.4 %
Consumer Products & Services 38,579 1.9 % 39,556 2.0 % 56,210 3.2 % 54,607 3.2 %
Multi-Sector Holdings (1) 28,193 1.4 % 37,791 1.9 % 27,623 1.6 % 33,137 1.9 %
Education Technology 33,387 1.7 % 28,346 1.4 % 33,275 1.9 % 29,740 1.7 %
Supply Chain Technology 30,182 1.5 % 27,839 1.4 % 29,765 1.7 % 28,535 1.7 %
Human Resource Technology 35,126 1.8 % 27,729 1.4 % 33,421 1.9 % 28,891 1.7 %
Food and Agriculture Technologies 19,448 1.0 % 18,705 0.9 % 31,824 1.8 % 24,469 1.4 %
Construction Technology 9,443 0.5 % 3,898 0.2 % 9,443 0.5 % 4,042 0.2 %
Industrials 3,122 0.2 % 3,262 0.2 % 11,772 0.7 % 9,677 0.6 %
Digital Assets Technology and Services — — — — 3,511 0.2 % 3,493 0.2 %
Total $ 2,000,938 100.0 % $ 1,978,330 100.0 % $ 1,760,226 100.0 % $ 1,725,570 100.0 %

(1) Multi-Sector Holdings consist of the Company's investments in Senior Credit Corp 2022 LLC, Trinity Capital Adviser LLC, EPT 16 LLC and AZ-VC Fund I, LLC. These entities invest or manage investments in secured loans and equipment financings to growth-oriented companies that have been originated by the Company. The portfolio companies held by the Multi-Sector Holdings represent a diverse set of industry classifications, which are similar to those in which the Company invests directly.

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The geographic composition of the Company's investment portfolio is determined by the location of the corporate headquarters of the portfolio company. The following table summarizes the composition of the Company’s portfolio investments by geographic region of the United States and other countries at cost and fair value and as a percentage of the total portfolio as of June 30, 2025 and December 31, 2024 (dollars in thousands):

June 30, 2025 — Cost Fair Value December 31, 2024 — Cost Fair Value
Geographic Region Amount % Amount % Amount % Amount %
United States:
West $ 566,022 28.2 % $ 577,765 29.0 % $ 543,501 30.7 % $ 543,102 31.5 %
Northeast 485,907 24.3 % 476,378 24.1 % 494,131 28.1 % 475,944 27.6 %
South 205,142 10.3 % 203,877 10.3 % 162,180 9.2 % 164,654 9.5 %
Southeast 209,915 10.5 % 200,318 10.1 % 184,636 10.5 % 180,002 10.4 %
Mountain 198,131 9.9 % 182,034 9.2 % 191,244 10.9 % 180,644 10.5 %
Midwest 181,279 9.1 % 173,461 8.8 % 104,074 5.9 % 96,193 5.6 %
Multi-Sector Holdings (1) 27,623 1.4 % 37,221 1.9 % 27,623 1.6 % 33,137 1.9 %
International:
Western Europe 67,456 3.3 % 68,539 3.6 % 41,366 2.4 % 41,455 2.4 %
Canada 59,463 3.0 % 58,737 3.0 % 11,471 0.7 % 10,439 0.6 %
Total $ 2,000,938 100.0 % $ 1,978,330 100.0 % $ 1,760,226 100.0 % $ 1,725,570 100.0 %

(1) Multi-Sector Holdings consist of the Company's investments in Senior Credit Corp 2022 LLC, Trinity Capital Adviser LLC and EPT 16 LLC. These entities invest or manage investments in secured loans and equipment financings to growth-oriented companies that have been originated by the Company. The portfolio companies held by the Multi-Sector Holdings represent a diverse set of geographical classifications, which are similar to those in which the Company invests directly.

The following table summarizes the composition of the Company’s portfolio investments by investment type at cost and fair value and as a percentage of the total portfolio as of June 30, 2025 and December 31, 2024 (dollars in thousands):

June 30, 2025 — Cost Fair Value December 31, 2024 — Cost Fair Value
Investment Amount % Amount % Amount % Amount %
Secured Loans $ 1,528,241 76.4 % $ 1,491,803 75.4 % $ 1,322,999 75.1 % $ 1,286,668 74.5 %
Equipment Financings 346,823 17.3 % 342,620 17.3 % 317,962 18.1 % 315,463 18.3 %
Equity 80,022 4.0 % 80,247 4.1 % 78,585 4.5 % 71,985 4.2 %
Warrants 45,852 2.3 % 63,660 3.2 % 40,680 2.3 % 51,454 3.0 %
Total $ 2,000,938 100.0 % $ 1,978,330 100.0 % $ 1,760,226 100.0 % $ 1,725,570 100.0 %

Certain Risk Factors

In the ordinary course of business, the Company manages a variety of risks, including market risk, credit risk and liquidity risk. The Company identifies, measures and monitors risk through various control mechanisms, including investment limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.

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The Company’s investments are generally comprised of securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

The Company’s investments consist of growth-oriented companies, many of which have relatively limited operating histories and may experience variation in operating results. Many of these companies conduct business in regulated industries and could be affected by changes in government regulations. Most of the Company’s borrowers will need additional capital to satisfy their continuing working capital needs and other requirements, and in many instances, to service the interest and principal payments on the debt.

Derivative Instruments

The Company enters into forward currency contracts from time to time to help mitigate the impact that an adverse change in foreign exchange rates would have on the value of the Company’s investments denominated in foreign currencies.

The following is a summary of the fair value and location of the Company’s derivative instruments in the Consolidated Statements of Assets and Liabilities held as of June 30, 2025 and December 31, 2024:

Derivative Instrument Statement Location Fair Value — June 30, 2025 December 31, 2024
Foreign currency forward contract Accounts payable, accrued expenses and other liabilities $ ( 317 ) —
Total $ ( 317 ) $ —

Net realized and unrealized gains and losses on derivative instruments recorded by the Company during the three and six months ended June 30, 2025 and 2024 are in the following locations in the Consolidated Statements of Operations:

Derivative Instrument Statement Location Three Months Ended — June 30, 2025 Three Months Ended — June 30, 2024 Six Months Ended — June 30, 2025 Six Months Ended — June 30, 2024
Foreign currency forward contract Net change in unrealized appreciation/(depreciation) from investments $ ( 317 ) $ — $ ( 317 ) $ —
Total $ ( 317 ) $ — $ ( 317 ) $ —

Note 4. Fair Value of Financial Instruments

ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value, and provides disclosure requirements for fair value measurements. The Company accounts for its investments at fair value in accordance with ASC 820. As of June 30, 2025 and December 31, 2024, the Company’s portfolio investments consisted primarily of investments in secured loans and equipment financings. The fair value amounts have been measured as of the reporting date and have not been reevaluated or updated for purposes of these financial statements subsequent to that date. As such, the fair values of these financial instruments subsequent to the reporting date may be different than amounts reported.

In accordance with ASC 820, the Company has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3). See “Note 2 – Summary of Significant Accounting Policies.”

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As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

The fair value determination of each portfolio investment categorized as Level 3 requires one or more of the following unobservable inputs:

• Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;

• Current and projected financial condition of the portfolio company;

• Current and projected ability of the portfolio company to service its debt obligations;

• Type and amount of collateral, if any, underlying the investment;

• Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;

• Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);

• Pending debt or capital restructuring of the portfolio company;

• Projected operating results of the portfolio company;

• Current information regarding any offers to purchase the investment;

• Current ability of the portfolio company to raise any additional financing as needed;

• Changes in the economic environment, which may have a material impact on the operating results of the portfolio company;

• Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;

• Qualitative assessment of key management;

• Contractual rights, obligations or restrictions associated with the investment; and

• Time to exit.

The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of the Company’s investments, are (i) earnings before interest, tax, depreciation, and amortization (“EBITDA”) and revenue multiples (both projected and historic), and (ii) volatility assumptions. Significant increases (decreases) in EBITDA and revenue multiple inputs in isolation would result in a significantly higher (lower) fair value measurement. Similarly, significant increases (decreases) in volatility inputs in isolation would result in a significantly higher (lower) fair value assessment. Conversely, significant increases (decreases) in weighted average cost of capital inputs in isolation would result in a significantly lower (higher) fair value measurement. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third-party appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.

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The Company’s assets measured at fair value by investment type on a recurring basis as of June 30, 2025 were as follows (in thousands):

Fair Value Measurements at Reporting Date Using
Quoted Prices Significant
in Active Other Significant
Markets for Observable Unobservable
Identical Assets Inputs Inputs Measured at
Assets (Level 1) (Level 2) (Level 3) Net Asset Value (1) Total
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
Total Investments at fair value — — 1,962,131 16,199 1,978,330
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

(1) In accordance with ASC 820, the Company's equity investments in Senior Credit Corp 2022 LLC, EPT 16 LLC and AZ-VC Fund I, LLC are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus have not been classified in the fair value hierarchy.

The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2024 were as follows (in thousands):

Fair Value Measurements at Reporting Date Using
Quoted Prices Significant
in Active Other Significant
Markets for Observable Unobservable
Identical Assets Inputs Inputs Measured at
Assets (Level 1) (Level 2) (Level 3) Net Asset Value (1) Total
Secured Loans $ — $ — $ 1,286,668 $ — $ 1,286,668
Equipment Financings — — 315,463 — 315,463
Warrants — — 51,454 — 51,454
Equity — — 56,584 15,401 71,985
Total Investments at fair value — — 1,710,169 15,401 1,725,570
Cash and cash equivalents 9,627 — — — 9,627
Total Investments including cash and cash equivalents $ 9,627 $ — $ 1,710,169 $ 15,401 $ 1,735,197

(1) In accordance with ASC 820, the Company's equity investments in Senior Credit Corp 2022 LLC and EPT 16 LLC are measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus have not been classified in the fair value hierarchy.

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The methodology for determining the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The following table provides a summary of the significant unobservable inputs used to measure the fair value of the Level 3 portfolio investments as of June 30, 2025.

Fair Value as of — June 30, 2025 Valuation Techniques/ Unobservable Weighted
Investment Type (in thousands) Methodologies Inputs (1) Range Average (2)
Debt investments $ 1,370,192 Discounted Cash Flows Hypothetical Market Yield 3.6 % - 38.1 % 15.8 %
434,409 Cost approximates fair value (6) n/a n/a n/a
16,937 Scenario Analysis Probability Weighting of Alternative Outcomes 5.0 % - 90.0 % n/a
Debt investment in the JV 12,885 Enterprise Value (7) n/a n/a n/a
Equity investments 64,048 Market Approach Revenue Multiple (3) 0.3 x - 29.6 x 2.8 x
Volatility (5) 39.5 % - 102.8 % 54.2 %
Risk-Free Interest Rate 3.7 % - 4.1 % 3.8 %
Estimated Time to Exit (in years) 0.8 - 3.8 2.3
Warrants 63,660 Market Approach Revenue Multiple (3) 0.2 x - 29.6 x 3.5 x
Company Specific Adjustment (4) n/a n/a
Volatility (5) 37.7 % - 132.5 % 59.4 %
Risk-Free Interest Rate 3.7 % - 4.1 % 3.8 %
Estimated Time to Exit (in years) 0.8 - 4.5 2.4
Total Level 3 Investments $ 1,962,131

(1) The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The significant unobservable inputs used in the fair value measurement of the Company’s equity and warrant securities are revenue multiples and portfolio company specific adjustment factors. Additional inputs used in the option pricing model (“OPM”) include industry volatility, risk free interest rate and estimated time to exit. Significant increases (decreases) in the inputs in isolation would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing, merger or acquisition events near the measurement date.

(2) Weighted averages are calculated based on the fair value of each investment.

(3) Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.

(4) Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.

(5) Represents the range of industry volatility used by market participants when pricing the investment.

(6) Includes debt investments originated within the past three months, for which cost approximates fair value, unless events have occurred during the period that would indicate a different valuation is warranted.

(7) The Company determined the value of its subordinated note of Senior Credit Corp 2022 LLC based on the total assets less the total liabilities senior to the subordinated notes held at Senior Credit Corp 2022 LLC in an amount not exceeding par under the Enterprise Value technique.

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The following table provides a summary of the significant unobservable inputs used to fair value the Level 3 portfolio investments as of December 31, 2024.

Fair Value as of — December 31, 2024 Valuation Techniques/ Unobservable Weighted
Investment Type (in thousands) Methodologies Inputs (1) Range Average (2)
Debt investments $ 1,206,947 Discounted Cash Flows Hypothetical Market Yield 9.6 % - 56.3 % 16.3 %
369,600 Cost approximates fair value (6) n/a n/a n/a
12,699 Scenario Analysis Probability Weighting of Alternative Outcomes 1.0 % - 100.0 % n/a
Debt investment in the JV 12,885 Enterprise Value (7) n/a n/a n/a
Equity investments 56,584 Market Approach Revenue Multiple (3) 0.5 x - 34.9 x 3.4 x
Volatility (5) 40.1 % - 118.8 % 55.4 %
Risk-Free Interest Rate 4.2 % - 4.3 % 4.3 %
Estimated Time to Exit (in years) 1.0 - 4.5 2.8
Warrants 51,454 Market Approach Revenue Multiple (3) 0.2 x - 34.9 x 4.1 x
Company Specific Adjustment (4) n/a n/a
Volatility (5) 35.4 % - 127.9 % 61.0 %
Risk-Free Interest Rate 4.2 % - 4.4 % 4.3 %
Estimated Time to Exit (in years) 0.7 - 5.0 2.4
Total Level 3 Investments $ 1,710,169

(1) The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The significant unobservable inputs used in the fair value measurement of the Company’s equity and warrant securities are revenue multiples and portfolio company specific adjustment factors. Additional inputs used in the OPM include industry volatility, risk free interest rate and estimated time to exit. Significant increases (decreases) in the inputs in isolation would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing, merger or acquisition events near the measurement date.

(2) Weighted averages are calculated based on the fair value of each investment.

(3) Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.

(4) Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.

(5) Represents the range of industry volatility used by market participants when pricing the investment.

(6) Includes debt investments originated within the past three months, for which cost approximates fair value, unless events have occurred during the period that would indicate a different valuation is warranted.

(7) Under the enterprise value technique, the significant unobservable inputs used in the fair value measurement of the Company's investment in debt or equity securities are: (i) EBITDA, (ii) revenue or (iii) asset multiple; as applicable. Increases or decreases in the valuation multiples in isolation may result in a higher or lower fair value measurement, respectively.

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The following table provides a summary of changes in the fair value of the Company’s Level 3 debt, including loans and equipment financings (collectively “Debt”), equity and warrant portfolio investments for the six months ended June 30, 2025 (in thousands):

Type of Investment — Debt Equity Warrants Total
Fair Value as of December 31, 2024 $ 1,602,131 $ 56,584 $ 51,454 $ 1,710,169
Purchases, net of deferred fees 569,505 1,468 8,278 579,251
Non-cash conversions (1) — 69 ( 69 ) —
Proceeds from sales and paydowns ( 349,517 ) ( 666 ) ( 1,915 ) ( 352,098 )
Accretion of OID, EOT, and PIK payments 23,406 — — 23,406
Net realized gain/(loss) ( 9,292 ) ( 3 ) ( 908 ) ( 10,203 )
Net change in unrealized appreciation/(depreciation) ( 1,810 ) 6,596 6,820 11,606
Fair Value as of June 30, 2025 $ 1,834,423 $ 64,048 $ 63,660 $ 1,962,131
Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of June 30, 2025 $ ( 12,849 ) $ 6,596 $ 5,517 $ ( 736 )

(1) The non-cash conversion includes an exercise of a warrant to an equity position.

(2) During the six months ended June 30, 2025 , there were no transfers into or out of Level 3.

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The following table provides a summary of changes in the fair value of the Company’s Level 3 Debt, equity, warrant and escrow receivables portfolio investments for the year ended December 31, 2024 (in thousands):

Type of Investment — Debt Equity Warrants Escrow Receivables Total
Fair Value as of December 31, 2023 $ 1,222,077 $ 15,150 $ 31,201 $ 2,441 $ 1,270,869
Purchases, net of deferred fees 1,180,013 6,709 20,774 — 1,207,496
Non-cash conversion (1) ( 25,674 ) 31,802 ( 6,128 ) — —
Transfers into/(out of) of Level 3 (2) ( 28,315 ) — — — ( 28,315 )
Proceeds from sales and paydowns ( 759,113 ) ( 11,477 ) 8,006 ( 2,441 ) ( 765,025 )
Accretion of OID and EOT payments 39,574 — — — 39,574
Net realized gain/(loss) ( 21,294 ) 7,826 ( 9,962 ) — ( 23,430 )
Net change in unrealized appreciation/(depreciation) ( 5,137 ) 6,574 7,563 — 9,000
Fair Value as of December 31, 2024 $ 1,602,131 $ 56,584 $ 51,454 $ — $ 1,710,169
Net change in unrealized appreciation/(depreciation) on Level 3 investments still held as of December 31, 2024 $ ( 24,105 ) $ 4,631 $ 1,996 $ — $ ( 17,478 )

(1) The non-cash conversion includes the exercise of debt and warrant positions to equity positions during the period.

(2) Transfers out of Level 3 during the year ended December 31, 2024, were related to the conversion of debt to equity in one publicly-traded portfolio company. During the year ended December 31, 2024 , there were no transfers into Level 3.

Fair Value of Financial Instruments Carried at Cost

As of June 30, 2025 and December 31, 2024, the carrying value of the KeyBank Credit Facility was approximately $ 483.0 million and $ 113.0 million, respectively. The carrying value of the KeyBank Credit Facility as of June 30, 2025 and December 31, 2024 approximates the fair value, which was estimated using a relative market yield approach with Level 3 inputs.

As of June 30, 2025 and December 31, 2024 , the carrying value of the 4.375 % Notes due 2026 (the “August 2026 Notes”) was approximately $ 124.3 million and $ 124.1 million, respectively, net of unamortized deferred financing costs and discount of $ 0.7 million and $ 1.0 million, respectively. The August 2026 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company’s August 2026 Notes as of June 30, 2025, and December 31, 2024, was approximately $ 115.8 million and $ 114.1 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

As of June 30, 2025, and December 31, 2024 , the carrying value of the Company’s 4.25 % Notes due 2026 (the “December 2026 Notes”) was approximately $ 74.5 million and $ 74.3 million, respectively, net of unamortized deferred financing fees of $ 0.5 million and $ 0.7 million, respectively. The December 2026 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company’s December 2026 Notes as of June 30, 2025 and December 31, 2024 was approximately $ 69.7 million and $ 68.6 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

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As of June 30, 2025 and December 31, 2024 , the carrying value of the Company's 7.875 % Notes due March 2029 (the “March 2029 Notes”) was approximately $ 113.9 million and $ 112.1 million, respectively, net of unamortized deferred financing fees of $ 2.7 million and $ 2.9 million, respectively. The March 2029 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company's March 2029 Notes as of June 30, 2025 and December 31, 2024 was approximately $ 117.2 million and $ 116.2 million, respectively, based on the market closing price of the March 2029 Notes, which trade on the Nasdaq Global Select Market under the symbol “TRINZ”.

As of June 30, 2025 and December 31, 2024 , the carrying value of the Company's 7.875 % Notes due September 2029 (the “September 2029 Notes”) was approximately $ 116.0 million and $ 111.6 million, respectively, net of unamortized deferred financing fees of $ 3.2 million and $ 3.4 million, respectively. The September 2029 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company's September 2029 Notes as of June 30, 2025 and December 31, 2024 was approximately $ 120.2 million and $ 118.0 million, respectively, based on the market closing price of the September 2029 Notes, which trade on the Nasdaq Global Select Market under the symbol “TRINI”.

As of June 30, 2025 and December 31, 2024, the carrying value of the Series A Senior Notes (the “Series A Notes”) was approximately $ 141.1 million and $ 140.9 million, respectively, net of unamortized deferred financing costs and discount of $ 1.4 million and $ 1.7 million, respectively. The Series A Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company’s Series A Notes as of June 30, 2025 and December 31, 2024 was approximately $ 143.0 million and $ 142.5 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

Note 5. Borrowings

KeyBank Credit Facility

On October 27, 2021, TCF, a wholly owned subsidiary of the Company, as borrower, and the Company, as servicer, entered into a credit agreement (as amended, the “KeyBank Credit Agreement”) with the lenders from time-to-time party thereto, KeyBank, as administrative agent and syndication agent, and Wells Fargo, National Association, as collateral custodian and paying agent.

The KeyBank Credit Facility includes a commitment of $ 600.0 million from KeyBank and other banks and allows the Company, through TCF, to borrow up to $ 690.0 million. Borrowings under the KeyBank Credit Agreement generally bear interest at a rate equal to Adjusted Term SOFR plus 2.85 % to 3.25 %, subject to the number of eligible loans in the collateral pool. The KeyBank Credit Facility provides for a variable advance rate of up to 62 % on eligible first lien loans and up to 47 % on eligible second lien loans.

The KeyBank Credit Facility includes a three-year revolving period and a two-year amortization period and matures on July 27, 2029 , unless extended. Such credit facility is collateralized by all investment assets held by TCF. The KeyBank Credit Agreement contains representations and warranties and affirmative and negative covenants customary for secured financings of this type, including certain financial covenants such as a consolidated tangible net worth requirement and a required asset coverage ratio.

The KeyBank Credit Agreement also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; inaccuracy of representations or warranties in any material respect; voluntary or involuntary bankruptcy proceedings; and change of control of the borrower without the prior written consent of KeyBank.

During the three months ended June 30, 2025, the Company borrowed $ 329.2 million and made repayments of $ 238.2 million under the KeyBank Credit Facility. During the six months ended June 30, 2025, the Company borrowed $ 727.2 million and made repayments of $ 357.2 million under the KeyBank Credit Facility.

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The Company incurred approximately $ 9.0 million of initial and additional financing costs in connection with the KeyBank Credit Facility that were capitalized and deferred using the straight-line method over the life of the facility. As of June 30, 2025 and December 31, 2024, unamortized deferred financing costs related to the KeyBank Credit Facility were $ 5.9 million and $ 6.6 million, respectively. As of June 30, 2025 and December 31, 2024, the Company had a borrowing availability of approximately $ 117.0 million and $ 487.0 million, respectively.

The summary information regarding the KeyBank Credit Facility is as follows (dollars in thousands):

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Stated interest expense $ 7,472 $ 4,508 $ 13,600 $ 9,351
Amortization of deferred financing costs 384 215 770 420
Total interest and amortization of deferred financing costs $ 7,856 $ 4,723 $ 14,370 $ 9,771
Weighted average effective interest rate 7.8 % 9.4 % 8.1 % 9.3 %
Weighted average outstanding balance $ 402,755 $ 200,452 $ 354,294 $ 210,769

Unsecured Notes

As of June 30, 2025 and December 31, 2024, the Company had the following outstanding Unsecured Notes (dollars in thousands):

June 30, 2025 December 31, 2024
Series A Notes, net of $ 1,409 and $ 1,650 , respectively, of unamortized deferred financing costs $ 141,091 $ 140,850
August 2026 Notes, net of $ 661 and $ 950 , respectively, of unamortized deferred financing costs 124,339 124,050
September 2029 Notes, net of $ 3,221 and $ 3,433 , respectively, of unamortized deferred financing costs 115,973 111,567
March 2029 Notes, net of $ 2,690 and $ 2,879 , respectively, of unamortized deferred financing costs 113,947 112,121
December 2026 Notes, net of $ 542 and $ 729 , respectively, of unamortized deferred financing costs 74,458 74,271
2025 Notes, net of $ 0 and $ 81 , respectively, of unamortized deferred financing costs — 152,419
Convertible Notes, net of $ 0 and $ 605 , respectively, of unamortized deferred financing costs and discount — 49,395
Total Unsecured Notes, net of $ 8,523 and $ 10,327 , respectively, of unamortized deferred financing costs $ 569,808 $ 764,673

2025 Notes

Concurrent with the completion of the Private Common Stock Offering, on January 16, 2020, the Company completed its offering of $ 105.0 million in aggregate principal amount of the unsecured 2025 Notes in reliance upon the available exemptions from the registration requirements of the Securities Act (the “144A Note Offering”). Keefe, Bruyette & Woods, Inc. (“KBW”), as the initial purchaser, exercised in full its option to purchase or place additional 2025 Notes and on January 29, 2020, the Company issued and sold an additional $ 20.0 million in aggregate principal amount of the 2025 Notes. As a result, the Company issued and sold a total of $ 125.0 million in aggregate principal amount of the 2025 Notes pursuant to the 144A Note Offering.

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Concurrent with the closing of the 144A Note Offering, on January 16, 2020, the Company entered into a registration rights agreement for the benefit of the purchasers of the 2025 Notes in the 144A Note Offering. Pursuant to the terms of this registration rights agreement, the Company filed with the SEC a registration statement, which was initially declared effective on October 20, 2020, registering the public resale of the 2025 Notes by the holders thereof that elected to include their 2025 Notes in such registration statement.

The 2025 Notes were issued pursuant to an Indenture dated as of January 16, 2020 (the “Base Indenture”), between the Company and U.S. Bank National Association, as trustee (together with its successor in interest, U.S. Bank Trust Company, National Association, the “Trustee”), and a First Supplemental Indenture, dated as of January 16, 2020 (the “First Supplemental Indenture” and together with the Base Indenture, the “2025 Notes Indenture”), between the Company and the Trustee.

On July 22, 2022, the Company issued $ 50.0 million in aggregate principal amount of the 2025 Notes in an additional issuance of such 2025 Notes. On July 27, 2022, the underwriters exercised, in full, their option to purchase from the Company an additional $ 7.5 million in aggregate principal amount of the 2025 Notes solely to cover over-allotments in accordance with the Underwriting Agreement. The 2025 Notes issued pursuant to July 2022 offering were treated as a single series with the then-existing 2025 Notes under the 2025 Notes Indenture (the “Then-Existing 2025 Notes”) and had the same terms as the Then-Existing 2025 Notes (other than issue date and issue price). The 2025 Notes had the same CUSIP number and were fungible and ranked equally.

In connection with the additional issuance of the 2025 Notes, the 2025 Notes began trading on the Nasdaq Global Select Market under the symbol “TRINL” on July 29, 2022.

The 2025 Notes bore interest at a fixed rate of 7.00 % per year that was payable quarterly on March 15, June 15, September 15, and December 15 of each year, commencing on March 15, 2020. The 2025 Notes were the direct, general unsecured obligations of the Company and ranked pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that were not so subordinated.

On May 17, 2024, the Company redeemed $ 30.0 million in aggregate principal amount of the $ 182.5 million in aggregate principal amount of then outstanding 2025 Notes.

On January 16, 2025, the 2025 Notes matured pursuant to their terms and were repaid in full. The 2025 Notes are no longer outstanding or listed on Nasdaq Global Select Market.

Aggregate offering costs in connection with the 2025 Notes issuance, including the underwriters' discount and commissions, were approximately $ 7.8 million, which were capitalized and deferred. As of June 30, 2025 , there were no unamortized deferred financing costs related to the 2025 Notes. As of December 31, 2024, unamortized deferred financing costs related to the 2025 Notes was $ 0.1 million.

The components of interest expense and related fees for the 2025 Notes are as follows (in thousands):

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Stated interest expense $ — $ 2,937 $ 445 $ 6,131
Amortization of deferred financing costs — 483 81 982
Total interest and amortization of deferred financing costs $ — $ 3,420 $ 526 $ 7,113
Weighted average effective interest rate — % 8.2 % 8.3 % 8.1 %
Weighted average outstanding balance $ — $ 167,665 $ 12,638 $ 175,082

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6.00% Convertible Notes due 2025

On December 11, 2020, the Company completed a private offering (the “Private Convertible Note Offering”) of $ 50.0 million in aggregate principal amount of its unsecured Convertible Notes in reliance upon the available exemptions from the registration requirements of the Securities Act. KBW acted as the initial purchaser and placement agent in connection with the Private Convertible Note Offering pursuant to a purchase/placement agreement dated December 4, 2020, by and between the Company and KBW.

The Convertible Notes were issued pursuant to the Base Indenture and a Second Supplemental Indenture, dated as of December 11, 2020 (the “Second Supplemental Indenture” and together with the Base Indenture, the “Convertible Notes Indenture”), between the Company and the Trustee. Concurrent with the closing of the Convertible Note Offering, on December 11, 2020, the Company entered into a registration rights agreement for the benefit of the holders of the Convertible Notes and the shares of common stock issuable upon conversion thereof. Aggregate offering costs in connection with the Convertible Note Offering, including the initial purchaser and placement agent discount and commissions, were approximately $ 1.9 million, which were capitalized and deferred.

The Convertible Notes bore interest at a fixed rate of 6.00 % per year, subject to additional interest upon certain events, payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2021. Had an investment grade rating not been maintained with respect to the Convertible Notes, additional interest of 0.75 % per annum would have accrued on the Convertible Notes until such time as the Convertible Notes received an investment grade rating of “BBB-” (or its equivalent) or better. The Convertible Notes rating remained at investment grade through the conversion date . The Convertible Notes would have matured on December 11, 2025.

On February 20, 2025, the holders of the Convertible Notes exercised their right to convert all of the outstanding principal amount of the Convertible Notes, pursuant to the terms of conditions of the Convertible Notes. At its election, the Company paid $ 66.2 million in cash to satisfy in full its obligation to pay the principal amount of the Convertible Notes and any accrued interest, such settlement amount being determined based on the then existing conversion rate of 81.6439 per $ 1,000 principal amount of the Convertible Notes. The net amount of the carrying value of the Convertible Notes and cash paid of $ 15.8 million was recorded in Paid-In Capital in Excess of Par Value on the Consolidated Statements of Assets and Liabilities, and as such, no realized gain/loss was recorded. As of June 30, 2025, the Convertible Notes are no longer outstanding.

The Convertible Notes were direct unsecured obligations of the Company and ranked pari passu, or equal in right of payment, with all of the Company’s then-existing and future unsecured indebtedness or other obligations that were not so subordinated, and senior in right of payment to all of the Company’s future indebtedness or other obligations that were expressly subordinated, or junior, in right of payment to the Convertible Notes.

The Convertible Notes were accounted for in accordance with ASC 470-20, Debt Instruments with Conversion and Other Options . In accounting for the Convertible Notes, the Company estimated at the time of issuance that the values of the debt and the embedded conversion feature of the Convertible Notes were approximately 99.1 % and 0.9 %, respectively. The original issue discount of 0.9 %, or approximately $ 0.5 million, attributable to the conversion feature of the Convertible Notes was recorded in “capital in excess of par value” in the Consolidated Statements of Assets and Liabilities as of December 31, 2020.

The components of the carrying value of the Convertible Notes were as follows (in thousands):

Principal amount of debt June 30, 2025 — $ — December 31, 2024 — $ 50,000
Unamortized debt financing cost — ( 356 )
Original issue discount, net of accretion — ( 249 )
Carrying value of Convertible Notes $ — $ 49,395

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The components of interest expense and related fees for the Convertible Notes were as follows (in thousands):

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Stated interest expense $ — $ 750 $ 417 $ 1,500
Amortization of deferred financing costs and original issue discount — 160 89 325
Total interest and amortization of deferred financing costs and original issue discount $ — $ 910 $ 506 $ 1,825
Weighted average effective interest rate — % 7.3 % 7.2 % 7.3 %
Weighted average outstanding balance $ — $ 50,000 $ 14,088 $ 50,000

August 2026 Notes

On August 24, 2021, the Company issued and sold $ 125.0 million in aggregate principal amount of its unsecured August 2026 Notes under its shelf Registration Statement on Form N-2. The August 2026 Notes were issued pursuant to the Base Indenture and a Third Supplemental Indenture, dated as of August 24, 2021 (together with the Base Indenture, the “August 2026 Notes Indenture”), between the Company and the Trustee. The August 2026 Notes mature on August 24, 2026 , unless repurchased or redeemed in accordance with their terms prior to such date. The August 2026 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company’s option, at a redemption price equal to the greater of (1) 100% of the principal amount of the August 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the August 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable treasury rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any August 2026 Notes on or after July 24, 2026, the redemption price for the August 2026 Notes will be equal to 100% of the principal amount of the August 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, if a change of control repurchase event (as defined in the August 2026 Notes Indenture) occurs prior to the maturity date of the August 2026 Notes or the Company’s redemption of all outstanding August 2026 Notes, the Company will be required, subject to certain conditions, to make an offer to the holders thereof to repurchase for cash some or all of the August 2026 Notes at a repurchase price equal to 100 % of the principal amount of the August 2026 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

The August 2026 Notes bear interest at a fixed rate of 4.375 % per year payable semiannually on February 15 and August 15 of each year, commencing on February 15, 2022. The August 2026 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated.

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Aggregate offering costs in connection with the August 2026 Notes issuance, including the underwriters’ discount and commissions, were approximately $ 2.9 million, which were capitalized and deferred. As of June 30, 2025 and December 31, 2024, unamortized deferred financing costs related to the August 2026 Notes were $ 0.7 million and $ 1.0 million, respectively.

The components of interest expense and related fees for the 2026 Notes are as follows (in thousands):

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Stated interest expense $ 1,367 $ 1,367 $ 2,734 $ 2,734
Amortization of deferred financing costs 144 144 288 288
Total interest and amortization of deferred financing costs $ 1,511 $ 1,511 $ 3,022 $ 3,022
Weighted average effective interest rate 4.8 % 4.8 % 4.8 % 4.8 %
Weighted average outstanding balance $ 125,000 $ 125,000 $ 125,000 $ 125,000

December 2026 Notes

On December 15, 2021, the Company issued and sold $ 75.0 million in aggregate principal amount of its unsecured December 2026 Notes under its shelf Registration Statement on Form N-2. The December 2026 Notes were issued pursuant to the Base Indenture and a Fourth Supplemental Indenture, dated as of December 15, 2021 (together with the Base Indenture, the “December 2026 Notes Indenture”), between the Company and the Trustee. The December 2026 Notes mature on December 15, 2026 , unless repurchased or redeemed in accordance with their terms prior to such date. The December 2026 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company’s option, at a redemption price equal to the greater of (1) 100 % of the principal amount of the December 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the December 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable treasury rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any December 2026 Notes on or after November 15, 2026, the redemption price for the December 2026 Notes will be equal to 100% of the principal amount of the December 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, if a change of control repurchase event (as defined in the December 2026 Notes Indenture) occurs prior to the maturity date of the December 2026 Notes or the Company’s redemption of all outstanding December 2026 Notes, the Company will be required, subject to certain conditions, to make an offer to the holders thereof to repurchase for cash some or all of the December 2026 Notes at a repurchase price equal to 100% of the principal amount of the December 2026 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

The December 2026 Notes bear interest at a fixed rate of 4.25 % per year payable semiannually on June 15 and December 15 of each year, commencing on June 15, 2022. The December 2026 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated.

Aggregate offering costs in connection with the December 2026 Notes issuance, including the underwriters’ discount and commissions, were approximately $ 1.9 million, which were capitalized and deferred. As of June 30, 2025 and December 31, 2024, unamortized deferred financing costs related to the December 2026 Notes were $ 0.5 million and $ 0.7 million, respectively.

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The components of interest expense and related fees for the December 2026 Notes are as follows (in thousands):

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Stated interest expense $ 797 $ 797 $ 1,594 $ 1,594
Amortization of deferred financing costs 99 93 192 192
Total interest and amortization of deferred financing costs $ 896 $ 890 $ 1,786 $ 1,786
Weighted average effective interest rate 4.8 % 4.7 % 4.8 % 4.8 %
Weighted average outstanding balance $ 75,000 $ 75,000 $ 75,000 $ 75,000

March 2029 Notes

On March 28, 2024, the Company issued and sold $ 115.0 million in aggregate principal amount of its unsecured March 2029 Notes under its shelf Registration Statement on Form N-2, which amount includes the underwriters' exercise, in full, of their option to purchase an additional $ 15.0 million in aggregate principal amount of the March 2029 Notes.

The March 2029 Notes were issued pursuant to the Base Indenture and a Fifth Supplemental Indenture, dated as of March 28, 2024 (together with the Base Indenture, the “March 2029 Notes Indenture”), between the Company and the Trustee. The March 2029 Notes mature on March 30, 2029 , unless repurchased or redeemed in accordance with their terms prior to such date. The March 2029 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company's option on or after March 30, 2026 upon not less than 30 days’ nor more than 60 days’ written notice prior to the date fixed for redemption thereof, at a redemption price equal to 100% of the outstanding principal amount of the March 2029 Notes, plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption. In addition, if a change of control repurchase event (as defined in the March 2029 Notes Indenture) occurs prior to the maturity date of the March 2029 Notes, unless the Company has exercised its right to redeem the March 2029 Notes in full, holders will have the right, at their option, to require the Company to repurchase for cash some or all of the March 2029 Notes at a repurchase price equal to 100 % of the principal amount of the March 2029 Notes being repurchased, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

The March 2029 Notes bear interest at a fixed rate of 7.875 % per year payable quarterly on March 30, June 30, September 30 and December 30 of each year, commencing on June 30, 2024. The March 2029 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated.

The March 2029 Notes began trading on the Nasdaq Global Select Market under the symbol “TRINZ” on April 1, 2024.

O n February 10, 2025, the Company entered into an open market sale agreement (the “Sales Agreement”) with B. Riley Securities, Inc. (the “Sales Agent”), as sales agent and/or principal thereunder. Under the Sales Agreement, the Company may, but has no obligation to, issue and sell, from time to time, up to $ 100,000,000 aggregate principal amount of the March 2029 Notes (the “ATM March 2029 Notes”) through the Sales Agent or to the Sale Agent, as principal for its own account. The ATM March 2029 Notes are treated as a single series with the existing March 2029 Notes and have the same terms as the existing March 2029 Notes (other than the issue date and issue price). The March 2029 Notes have the same CUSIP number and are fungible and ranked equally. Any ATM March 2029 Notes issued in the future will be issued pursuant to the March 2029 Notes Indenture.

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During the three months ended June 30, 2025, the Company issued and sold $ 1.4 million in aggregate principal amount of its ATM March 2029 Notes and raised $ 1.4 million of net proceeds after deducting deferred offering costs and commissions to the Sales Agent on notes sold under the Sales Agreement. During the six months ended June 30, 2025, the Company issued and sold $ 1.6 million in aggregate principal amount of its ATM March 2029 Notes and raised $ 1.6 million of net proceeds after deducting deferred offering costs and commissions to the Sales Agent on notes sold under the Sales Agreement.

The com ponents of the carrying value of the March 2029 Notes were as follows (in thousands):

Principal amount of debt June 30, 2025 — $ 116,637 $ 115,000
Unamortized deferred financing cost ( 2,704 ) ( 2,879 )
Issuance premium and/or (discount), net of accretion 14 —
Carrying value of March 2029 Notes $ 113,947 $ 112,121

Aggregate offering costs in connection with the March 2029 Notes issuance, including the underwriters’ discount and commissions, were approximately $ 3.6 million, which were capitalized and deferred.

The components of interest expense and related fees for the March 2029 Notes are as follows (in thousands):

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Stated interest expense $ 2,271 $ 2,264 $ 4,535 $ 2,340
Amortization of deferred financing costs 179 167 352 172
Total interest and amortization of deferred financing costs $ 2,450 $ 2,431 $ 4,887 $ 2,512
Weighted average effective interest rate 8.4 % 8.5 % 8.5 % 8.5 %
Weighted average outstanding balance $ 115,987 $ 115,000 $ 115,508 $ 59,396

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September 2029 Notes

On July 19, 2024, the Company issued and sold $ 115.0 million in aggregate principal amount of the September 2029 Notes under its shelf Registration Statement on Form N-2, which amount includes the underwriters' exercise, in full, of their option to purchase an additional $ 15.0 million in aggregate principal amount of additional September 2029 Notes.

The September 2029 Notes were issued pursuant to the Base Indenture and a Sixth Supplemental Indenture, dated as of July 19, 2024, between the Company and the Trustee (together with the Base Indenture, the "September 2029 Notes Indenture"). The September 2029 Notes mature on September 30, 2029 , unless repurchased or redeemed in accordance with their terms prior to such date. The September 2029 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company's option on or after September 30, 2026 upon not less than 30 days’ nor more than 60 days’ written notice prior to the date fixed for redemption thereof, at a redemption price equal to 100 % of the outstanding principal amount of the September 2029 Notes, plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but excluding, the date fixed for redemption . In addition, if a change of control repurchase event (as defined in the September 2029 Notes Indenture) occurs prior to maturity date of the September 2029 Notes, unless the Company has exercised its right to redeem the September 2029 Notes in full, holders will have the right, at their option, to require the Company to repurchase for cash some or all of the September 2029 Notes at a repurchase price equal to 100 % of the principal amount of the September 2029 Notes being repurchased, plus accrued and unpaid interest, if any, to, but not including, the repurchase date.

The September 2029 Notes bear interest at a fixed rate of 7.875 % per year payable quarterly on March 30, June 30, September 30 and December 30 of each year, commencing on September 30, 2024. The September 2029 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated.

The September 2029 Notes began trading on the Nasdaq Global Select Market under the symbol “TRINI” on July 22, 2024.

O n February 10, 2025, the Company entered into the Sales Agreement with the Sales Agent. Under the Sales Agreement, the Company may, but has no obligation to, issue and sell, from time to time, up to $ 100,000,000 aggregate principal amount of the September 2029 Notes (the “ATM September 2029 Notes”) through the Sales Agent or to the Sale Agent, as principal for its own account. The ATM September 2029 Notes are treated as a single series with the existing September 2029 Notes and have the same terms as the existing September 2029 Notes (other than the issue date and issue price). The September 2029 Notes have the same CUSIP number and are fungible and ranked equally. Any ATM September 2029 Notes issued in the future will be issued pursuant to the September 2029 Notes Indenture.

During the three months ended June 30, 2025, the Company issued and sold $ 0.8 million in aggregate principal amount of its ATM March 2029 Notes and raised $ 0.8 million of net proceeds after deducting deferred offering costs and commissions to the Sales Agent on notes sold under the Sales Agreement. During the six months ended June 30, 2025, the Company issued and sold $ 4.2 million in aggregate principal amount of its ATM September 2029 Notes and raised $ 4.2 million of net proceeds after deducting deferred offering costs and commissions to the Sales Agent on notes sold under the Sales Agreement.

The com ponents of the carrying value of the September 2029 Notes were as follows (in thousands):

Principal amount of debt June 30, 2025 — $ 119,194 $ 115,000
Unamortized deferred financing cost ( 3,257 ) ( 3,433 )
Issuance premium and/or (discount), net of accretion 36 —
Carrying value of September 2029 Notes $ 115,973 $ 111,567

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Aggregate offering costs in connection with the September 2029 Notes issuance, including the underwriters’ discount and commissions, were approximately $ 4.0 million, which were capitalized and deferred.

The components of interest expense and related fees for the September 2029 Notes are as follows (in thousands):

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Stated interest expense $ 2,321 $ — $ 4,586 $ —
Amortization of deferred financing costs 189 — 373 —
Total interest and amortization of deferred financing costs $ 2,510 $ — $ 4,959 $ —
Weighted average effective interest rate 8.4 % — % 8.5 % — %
Weighted average outstanding balance $ 119,010 $ — $ 117,140 $ —

Series A Notes

On October 29, 2024, the Company entered into a note purchase agreement (the “Note Purchase Agreement”) governing the issuance of (i) $ 55.5 million in aggregate principal amount of Series A Senior Notes, Tranche A, due October 29, 2027 (the “Series A 2027 Notes”), (ii) $ 73.0 million in aggregate principal amount of Series A Senior Notes, Tranche B, due October 29, 2028 (the “Series A 2028 Notes”) and (iii) $ 14.0 million in aggregate principal amount of Series A Senior Notes, Tranche C, due October 29, 2029 (the “Series A 2029 Notes” and, together with the Series A 2027 Notes and Series A 2028 Notes, collectively, the “Series A Notes”) to certain qualified institutional investors in a private placement.

The Series A Notes were delivered and paid for on October 29, 2024, subject to certain customary closing conditions. The Series A 2027 Notes have a fixed interest rate of 7.54 % per year, the Series A 2028 Notes have a fixed interest rate of 7.60 % per year and the Series A 2029 Notes have a fixed interest rate of 7.66 % per year, subject to a step up to the extent a Below Investment Grade Event (as defined in the Note Purchase Agreement) or a Secured Debt Ratio Event (as defined in the Note Purchase Agreement) occurs. The Series A 2027 Notes will mature on October 29, 2027, the Series A 2028 Notes will mature on October 29, 2028 and the Series A 2029 Notes will mature on October 29, 2029, unless redeemed, purchased or prepaid prior to such date by us in accordance with the terms of the Note Purchase Agreement. Interest on the Series A Notes will be due semiannually in April and October of each year, beginning in April 2025. In addition, the Company is obligated to offer to repay the Series A Notes at par (plus accrued and unpaid interest to, but not including, the date of prepayment) if certain change in control events occur. Subject to the terms of the Note Purchase Agreement, the Company may redeem the Series A Notes in whole or in part at any time or from time to time at our option at par plus accrued interest to the prepayment date and, if the Series A 2027 Notes are redeemed on or before August 31, 2027, the Series A 2028 Notes are redeemed on or before August 31, 2028 or the Series A 2029 Notes are redeemed on or before August 1, 2029, a make-whole premium.

The Series A Notes were offered in reliance on Section 4(a)(2) of the Securities Act. The Series A Notes have not and will not be registered under the Securities Act or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, as applicable.

Aggregate offering costs in connection with the Series A Notes issuance, including the underwriters’ discount and commissions, were approximately $ 1.7 million, which were capitalized and deferred. As of June 30, 2025 and December 31, 2024, unamortized deferred financing costs related to the Series A Notes were $ 1.4 million and $ 1.7 million, respectively.

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The components of interest expense and related fees for the Series A Notes are as follows (in thousands):

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Stated interest expense $ 2,701 $ — $ 5,403 $ —
Amortization of deferred financing costs 120 — 241 —
Total interest and amortization of deferred financing costs $ 2,821 $ — $ 5,644 $ —
Weighted average effective interest rate 7.9 % — % 7.9 % — %
Weighted average outstanding balance $ 142,500 $ — $ 142,500 $ —

As of June 30, 2025, the Company was in compliance with the terms of the KeyBank Credit Agreement, the August 2026 Notes Indenture, the December 2026 Notes Indenture, the March 2029 Notes Indenture, the September 2029 Notes Indenture and the Note Purchase Agreement. As of December 31, 2024 , the Company was in compliance with the terms of the KeyBank Credit Agreement, the 2025 Notes Indenture, the Convertible Notes Indenture, the August 2026 Notes Indenture, the December 2026 Notes Indenture, the March 2029 Notes Indenture, the September 2029 Notes Indenture and the Note Purchase Agreement.

Note 6. Commitments and Contingencies

Unfunded Commitments

The Company’s commitments and contingencies consist primarily of unused commitments to extend credit in the form of loans or equipment financings to the Company’s portfolio companies. A portion of these unfunded contractual commitments as of June 30, 2025 and December 31, 2024 are generally dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements contain customary lending provisions that allow the Company relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the Company. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments as of June 30, 2025 and December 31, 2024 includes only those commitments that are available at the request of the portfolio company and are unencumbered by milestones or additional lending provisions.

The Company has entered into a capital commitment with the JV and EPT 16 in the amount of $ 21.4 million and $ 10.0 million, respectively. As of June 30, 2025, the Company had unfunded commitments of $ 3.0 million and $ 0.8 million for the JV and EPT 16, respectively. As of June 30, 2025, the Company had aggregate unfunded commitments of $ 51.6 million to six portfolio companies. As of December 31, 2024, the Company had unfunded commitments of $ 3.0 million and $ 0.8 million for the JV and EPT 16, respectively. As of December 31, 2024, the Company had aggregate unfunded commitments of $ 31.2 million to two portfolio companies. The Company did not have any other off-balance sheet financings or liabilities as of June 30, 2025 or December 31, 2024.

The Company will fund its unfunded commitments, if any, from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under its KeyBank Credit Facility) and maintains adequate liquidity to fund its unfunded commitments through these sources.

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In the normal course of business, the Company enters into contracts that provide a variety of representations and warranties, and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

Leases

ASU No. 2016‑02, Leases (Topic 842) (“ASU 2016‑02”) requires that a lessee evaluate its leases to determine whether they should be classified as operating or finance leases. The Company classified the leases for its headquarters and other administrative office spaces as operating leases.

The total lease expense incurred for the three and six months ended June 30, 2025 was $ 0.4 million and $ 0.8 million, respectively, and for the three and six months ended June 30, 2024 was approximately $ 0.3 million and $ 0.6 million, respectively. As of June 30, 2025 and December 31, 2024 , the right of use assets related to the office operating leases were $ 5.2 million and $ 5.4 million, respectively, and the lease liabilities were $ 5.5 million and $ 5.7 million, respectively.

As of June 30, 2025 and December 31, 2024 , the weighted-average discount rate determined for the operating lease liabilities was 8.49 % and 8.53 % , respectively. As of June 30, 2025 and December 31, 2024, the weighted-average remaining lease term for the operating leases was 5.6 years and 6.1 years, respectively.

The following table shows future minimum payments under the Company’s operating leases as of June 30, 2025 (in thousands):

For the Years Ended December 31, Total
2025 $ 718
2026 1,144
2027 1,066
2028 1,051
2029 1,080
Thereafter 1,565
Total $ 6,624

Legal Proceedings

The Company may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. As of June 30, 2025 , there were no material legal matters or material litigation pending of which the Company is aware.

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Note 7. Stockholders' Equity

The Company authorized 200,000,000 shares of its common stock with a par value of $ 0.001 per share. On September 27, 2019, the Company was initially capitalized by the issuance of 10 shares of its common stock for an aggregate purchase price of $ 150 to its sole stockholder.

Private Common Stock Offerings

On January 16, 2020, the Company completed the Private Common Stock Offering in reliance upon the available exemptions from the registration requirements of the Securities Act. As a result, the Company issued and sold a total of 7,000,000 shares of its common stock for aggregate net proceeds of approximately $ 105.0 million. The related over-allotment option was exercised in full on January 29, 2020, pursuant to which the Company issued and sold an additional 1,333,333 shares of its common stock for gross proceeds of approximately $ 20.0 million. As a result, the Company issued and sold a total of 8,333,333 shares of its common stock pursuant to the Private Common Stock Offering for aggregate net proceeds of approximately $ 114.4 million, net of offering costs of approximately $ 10.6 million.

Concurrent with the closing of the Private Common Stock Offering, on January 16, 2020, the Company entered into a registration rights agreement for the benefit of the purchasers of shares of its common stock in such offering and the certain of the investors in the Legacy Funds (the “Legacy Investors”) that received shares of its common stock in connection with the Formation Transactions that were not the Company’s directors, officers and affiliates. Pursuant to the terms of this registration rights agreement, the Company no longer has any registration obligations with respect to such shares because (i) such shares may be sold by any such stockholder in a single transaction without registration pursuant to Rule 144 under the Securities Act, (ii) the Company has been subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for a period of at least 90 days and is current in the filing of all such required reports and (iii) such shares have been listed for trading on the Nasdaq Global Select Market.

Formation Transactions

On January 16, 2020, immediately following the initial closings of the Private Offerings, the Company used the proceeds from the Private Offerings to complete the Formation Transactions, pursuant to which the Company acquired the Legacy Funds and Trinity Capital Holdings. As consideration for the Legacy Funds, the Company issued 9,183,185 shares of common stock at $ 15.00 per share for a total value of approximately $ 137.7 million and paid approximately $ 108.7 million in cash to certain of the Legacy Investors. As consideration for all of the equity interests in Trinity Capital Holdings, the Company issued 533,332 shares of its common stock at $ 15.00 per share for a total value of approximately $ 8.0 million and paid approximately $ 2.0 million in cash.

Initial Public Offering

On February 2, 2021, the Company completed its initial public offering of 8,006,291 shares of common stock at a price of $ 14.00 per share, inclusive of the underwriters’ option to purchase additional shares, which was exercised in full. The Company’s common stock began trading on the Nasdaq Global Select Market on January 29, 2021, under the symbol “TRIN.”

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Equity ATM Program

On November 9, 2021, the Company established an at-the-market equity program (the “ATM Program”), pursuant to which the Company can issue and sell, from time to time, up to $ 50.0 million in aggregate offering price of shares of its common stock by any method permitted by law and deemed to be part of an “at-the-market” offering (as defined in Rule 415 under the Securities Act). On December 1, 2023, the Company entered into new equity distribution agreements to (i) increase the maximum aggregate offering price of shares of its common stock to be sold through the ATM Program to $ 145.7 million and (ii) add one additional sales agent to the ATM Program. On August 23, 2024, the Company entered into new equity distribution agreements to (i) increase the maximum aggregate offering price of shares of its common stock to be sold through the ATM Program to $ 250.0 million and (ii) add one additional sales agent to the ATM Program.

The Company generally uses net proceeds from the ATM Program to make investments in accordance with its investment objective and investment strategy and for general corporate purposes.

During the three months ended June 30, 2025, the Company issued and sold 5,717,121 shares of its common stock at a weighted-average price of $ 14.43 per share and raised $ 81.5 million of net proceeds after deducting deferred offering costs and commissions to the sales agents on shares sold under the ATM Program. During the six months ended June 30, 2025, the Company issued and sold 7,694,584 shares of its common stock at a weighted-average price of $ 14.73 per share and raised $ 112.0 million of net proceeds after deducting deferred offering costs and commissions to the sales agents on shares sold under the ATM Program.

During the year ended December 31, 2024, the Company issued and sold 14,161,064 shares of its common stock at a weighted-average price of $ 14.35 per share and raised $ 200.2 million of net proceeds after deducting deferred offering costs and commissions to the sales agents on shares sold under the ATM Program.

For additional information regarding the ATM Program, see “Note 15 – Subsequent Events.”

Stock Repurchase Program

On November 7, 2024, the Board authorized a program permitting the Company to repurchase up to $ 30.0 million of the Company’s common stock (the “2024 Repurchase Program”). Under the 2024 Repurchase Program, the Company may, but is not obligated to, repurchase its outstanding common stock in the open market from time to time, provided that the Company complies with guidelines specified in Rule 10b-18 of the Exchange Act, including certain price, market, volume, and timing constraints. The 2024 Share Repurchase Program is expected to be in effect until November 7, 2025, unless extended or until the aggregate repurchase amount that has been approved by the Board has been expended.

The Board authorized the 2024 Repurchase Program because it believes sustained macroeconomic pressures and other market factors may cause the Company’s common stock to be undervalued from time to time, especially relative to the Company’s performance and its peers, and that such repurchase demonstrates the Company’s stability and strength, including the resilience and creditworthiness of its portfolio. The timing and number of shares to be repurchased will depend on a number of factors, including market conditions and alternative investment opportunities. In addition, any repurchases will be conducted in accordance with the 1940 Act.

The Company did no t repurchase shares of its outstanding common stock during the three and six months ended June 30, 2025 or during the year ended December 31, 2024.

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Equity Offerings

On April 7, 2022, the Company issued 2,754,840 shares of the Company’s common stock, par value $ 0.001 per share, at a public offering price of $ 18.15 per share, resulting in net proceeds to the Company of approximately $ 47.9 million, after deducting discounts and commissions and offering expenses. In addition, the underwriters exercised their option to purchase an additional 413,226 shares of common stock, resulting in additional net proceeds to the Company of $ 7.2 million, after deducting discounts, commissions and offering expenses.

On August 18, 2022, the Company issued 3,587,736 shares of the Company’s common stock, par value $ 0.001 per share, at a public offering price of $ 15.33 per share, resulting in net proceeds to the Company of approximately $ 53.3 million, after deducting discounts and commissions and offering expenses. In addition, the underwriters exercised their option in part to purchase an additional 132,168 shares of common stock, resulting in additional net proceeds to the Company of $ 2.0 million, after deducting discounts, commissions and offering expenses.

On August 8, 2023, the Company issued 5,190,312 shares of the Company’s common stock, par value $ 0.001 per share, at a public offering price of $ 14.45 per share, resulting in net proceeds to the Company of approximately $ 72.5 million, after deducting discounts and commissions and offering expenses. In addition, the underwriters exercised their option in part to purchase an additional 500,000 shares of common stock, resulting in additional net proceeds to the Company of $ 6.9 million, after deducting discounts, commissions and offering expenses.

Distribution Reinvestment Plan

The Company’s amended and restated distribution reinvestment plan (“DRIP”) provides for the reinvestment of distributions in the form of common stock on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if the Company declares a cash distribution, its stockholders who have not “opted out” of the DRIP by the opt out date will have their cash distribution automatically reinvested into additional shares of the Company’s common stock. The share requirements of the DRIP may be satisfied through the issuance of common shares or through open market purchases of common shares by the DRIP plan administrator. Newly issued shares will be valued based upon the final closing price of the Company’s common stock on the valuation date determined for each distribution by the Board.

The Company’s DRIP is administered by its transfer agent on behalf of the Company’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the Company’s DRIP but may provide a similar distribution reinvestment plan for their clients. During the three months ended June 30, 2025, the Company issued 21,072 shares of common stock for a total of approximately $ 0.3 million under the DRIP. During the six months ended June 30, 2025 , the Company issued 41,421 shares of common stock for a total of approximately $ 0.6 million under the DRIP.

During the year ended December 31, 2024, the Company issued 90,245 shares of common stock for a total of approximately $ 1.3 million under the DRIP.

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Distributions

The following table summarizes distributions declared and/or paid by the Company since inception:

Declaration Date Type Record Date Payment Date Per Share Amount
May 7, 2020 Quarterly May 29, 2020 June 5, 2020 $ 0.22
August 10, 2020 Quarterly August 21, 2020 September 4, 2020 0.27
November 9, 2020 Quarterly November 20, 2020 December 4, 2020 0.27
December 22, 2020 Quarterly December 30, 2020 January 15, 2021 0.27
March 23, 2021 Quarterly March 31, 2021 April 16, 2021 0.28
June 15, 2021 Quarterly June 30, 2021 July 15, 2021 0.29
September 13, 2021 Quarterly September 30, 2021 October 15, 2021 0.33
December 16, 2021 Quarterly December 31, 2021 January 14, 2022 0.36
March 15, 2022 Quarterly March 31, 2022 April 15, 2022 0.40
March 15, 2022 Supplemental March 31, 2022 April 15, 2022 0.15
June 15, 2022 Quarterly June 30, 2022 July 15, 2022 0.42
June 15, 2022 Supplemental June 30, 2022 July 15, 2022 0.15
September 15, 2022 Quarterly September 30, 2022 October 14, 2022 0.45
September 15, 2022 Supplemental September 30, 2022 October 14, 2022 0.15
December 15, 2022 Quarterly December 30, 2022 January 13, 2023 0.46
December 15, 2022 Supplemental December 30, 2022 January 13, 2023 0.15
March 14, 2023 Quarterly March 31, 2023 April 14, 2023 0.47
June 14, 2023 Quarterly June 30, 2023 July 14, 2023 0.48
June 14, 2023 Supplemental June 30, 2023 July 14, 2023 0.05
September 13, 2023 Quarterly September 30, 2023 October 13, 2023 0.49
September 13, 2023 Supplemental September 30, 2023 October 13, 2023 0.05
December 14, 2023 Quarterly December 29, 2023 January 12, 2024 0.50
March 14, 2024 Quarterly March 28, 2024 April 15, 2024 0.51
June 13, 2024 Quarterly June 28, 2024 July 15, 2024 0.51
September 18, 2024 Quarterly September 30, 2024 October 15, 2024 0.51
December 12, 2024 Quarterly December 31, 2024 January 15, 2025 0.51
March 19, 2025 Quarterly March 31, 2025 April 15, 2025 0.51
June 18, 2025 Quarterly June 30, 2025 July 15, 2025 0.51
Total $ 9.72

Note 8. Equity Incentive Plans

2019 Long Term Incentive Plan

The Company’s Board initially adopted and approved the 2019 Trinity Capital Inc. Long Term Incentive Plan (as amended, the “2019 Long Term Incentive Plan”) on October 17, 2019 and the Company’s stockholders approved the 2019 Long Term Incentive Plan on June 17, 2021 at the Company’s 2021 Annual Meeting of Stockholders, with the 2019 Long Term Incentive Plan becoming effective on June 17, 2021. The Company’s Board adopted and approved Amendment No. 1 to the 2019 Trinity Capital Inc. Long-Term Incentive Plan on April 23, 2024 to, among other things, increase the total number of shares available for issuance under the 2019 Long Term Incentive Plan by 5,800,000 shares (from 3,600,000 shares to 9,400,000 shares) and the Company’s stockholders approved such amendment on June 12, 2024 at the Company’s 2024 Annual Meeting of Stockholders, with such amendment becoming effective on June 12, 2024.

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Under the 2019 Long Term Incentive Plan, awards of restricted stock, incentive stock options and non-statutory stock options (together with incentive stock options, “Options”) may be granted to certain of the Company’s executive officers, employee directors and other employees (collectively, the “Employee Participants”) in accordance with the SEC exemptive order the Company received on May 27, 2021 (the “SEC Exemptive Order”). While the 2019 Long Term Incentive Plan contemplates grants of restricted stock, restricted stock units, Options, dividend equivalent rights, performance awards and other stock-based awards to the Employee Participants, the Company only sought and received exemptive relief from the SEC pursuant to the SEC Exemptive Order to grant awards of restricted stock and Options. As a result, the Company will only grant awards of such securities under the 2019 Long Term Incentive Plan. The Employee Participants will have the right to receive dividends on such awarded restricted stock, unless and until the restricted stock is forfeited.

Subject to certain adjustments under the 2019 Long Term Incentive Plan, the maximum aggregate number of shares of the Company’s common stock authorized for issuance under the 2019 Long Term Incentive Plan is 9,400,000 shares. The 2019 Long Term Incentive Plan is to be administered by the Compensation Committee of the Board (the “Compensation Committee”) in accordance with the terms of the 2019 Long Term Incentive Plan. The 2019 Long Term Incentive Plan will terminate on the day prior to the tenth anniversary of the date it was initially adopted by the Board, unless terminated sooner by action of the Board or the Compensation Committee, as applicable.

For additional information regarding the 2019 Long Term Incentive Plan, please refer to the Company’s Current Reports on Form 8-K filed with the SEC on June 23, 2021 and June 14, 2024, and the Company’s definitive proxy statement for the 2025 Annual Meeting of Stockholders. The following table summarizes issuances, vesting, and retirement of shares under the plan as well as the fair value of granted stock for the six months ended June 30, 2025 and 2024 (dollars in thousands).

June 30, 2025 Grant Date Fair Value June 30, 2024 Grant Date Fair Value
Unvested as of Beginning of Period 1,993,459 $ 14.53 1,326,891 $ 14.56
Shares Granted 319,956 15.83 753,051 14.80
Shares Vested and Forfeited ( 428,706 ) 14.84 ( 427,979 ) 14.57
Unvested as of Ending of Period 1,884,709 $ 14.68 1,651,963 $ 14.67
Fair Value of Granted Stock $ 5,065 $ 11,145
Compensation Cost Recognized $ 5,596 $ 5,242

As of June 30, 2025, there was approximately $ 25.7 million of total unrecognized compensation costs related to the non-vested restricted stock awards. These costs are expected to be recognized over a weighted average period of 2.8 years. As of December 31, 2024, there was approximately $ 26.3 million of total unrecognized compensation costs related to non-vested restricted stock awards. These costs were expected to be recognized over a weighted average period of 3.0 years. Shares vested and forfeited primarily relate to shares acquired of common stock held by employees who tendered owned shares to satisfy tax withholding obligations.

Option Awards

On March 14, 2025 (the “Option Awards Grant Date”), the Company's Board approved grants of non-statutory stock options to certain executive officers of the Company each to purchase up to 300,000 shares of the Company’s common stock pursuant to the 2019 Long Term Incentive Plan (the “Option Awards”) for a total of 1,500,000 shares. Each Option Award is subject to certain time-based and market-based vesting conditions, which are set forth in the Company's Non-Statutory Stock Option Award Agreement.

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Within four years following the Option Awards Grant Date, the volume weighted average trading price (“VWAP”) per share of the Company’s common stock on any established stock exchange or national market system for ninety (90) consecutive calendar days ending on the last trading day preceding the applicable day must be equal to or greater than $ 23.75 . If the VWAP condition is satisfied, and the applicable recipient of the Option Award remains in the continuous employment of the Company through the applicable vesting date (subject to certain limited exceptions), the stock option will vest as follows: 25 % on March 14, 2026 with the remaining 75 % vesting pro rata over the twelve (12) full calendar quarters immediately following March 14, 2026. The Option Awards expire on March 14, 2035.

The $ 15.83 exercise price of the Option Awards was calculated based on the closing stock price on the Option Awards Grant Date. As of June 30, 2025, there were no Option Awards exercised as time-based and market-based vesting conditions have not been met.

During the three and six months ended June 30, 2025, there was $ 0.1 million and $ 0.1 million, respectively, of total compensation costs related to the Option Awards. As of June 30, 2025, there was approximately $ 1.6 million of total unrecognized compensation costs expected to be recognized over a weighted average period of 3.7 years. The fair value of the Option Awards as of June 30, 2025 was approximately $ 1.7 million. 2019 Restricted Stock Plan

The Company’s Board initially adopted and approved the Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan (as amended, the “2019 Restricted Stock Plan”) on October 17, 2019 and the Company’s stockholders approved the 2019 Restricted Stock Plan on June 17, 2021 at the Company’s 2021 Annual Meeting of Stockholders, with the 2019 Restricted Stock Plan becoming effecting on June 17, 2021. The Company’s Board adopted and approved Amendment No. 1 to the Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan on April 23, 2024 to increase the total number of shares available for issuance under the 2019 Restricted Stock Plan by 60,000 shares (from 60,000 shares to 120,000 shares) and the Company’s stockholders approved such amendment on June 12, 2024 at the Company’s 2024 Annual Meeting of Stockholders, with such amendment becoming effective on June 12, 2024.

The 2019 Restricted Stock Plan provides for grants of restricted stock awards (“Non-Employee Director Awards”) to the Company’s non-employee directors (the “Non-Employee Director Participants”), which are directors who are not “interested persons” of the Company (as such term is defined in Section 2(a)(19) of the 1940 Act) in accordance with the SEC Exemptive Order. The Non-Employee Director Participants will have the right to receive dividends on such awarded restricted stock, unless and until the restricted stock is forfeited.

Subject to certain adjustments under the 2019 Restricted Stock Plan, the total number of shares of the Company’s common stock that may be subject to Non-Employee Director Awards is 120,000 shares. The 2019 Restricted Stock Plan is to be administered by the Compensation Committee, subject to the discretion of the Board. The 2019 Restricted Stock Plan will terminate on the day prior to the tenth anniversary of the date it was approved by the Company’s stockholders, unless terminated sooner by action of the Board.

For additional information regarding the 2019 Restricted Stock Plan, please refer to the Company’s Current Reports on Form 8-K, filed with the SEC on June 23, 2021 and June 14, 2024, and the Company’s definitive proxy statement for the 2025 Annual Meeting of Stockholders. The following table summarizes issuances, vesting, and retirement of shares under the plan as well as the fair value of granted stock for the six months ended June 30, 2025 and 2024 (dollars in thousands).

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June 30, 2025 Grant Date Fair Value June 30, 2024 Grant Date Fair Value
Unvested as of Beginning of Period, 13,340 $ 14.99 15,196 $ 13.16
Shares Granted 13,772 14.52 13,340 14.99
Shares Vested and Forfeited ( 13,340 ) 14.99 ( 15,196 ) 13.16
Unvested as of Ending of Period, 13,772 $ 14.52 13,340 $ 14.99
Fair Value of Granted Stock $ 200 $ 200
Compensation Cost Recognized $ 99 $ 101

As of June 30, 2025, there was less than $ 0.2 million of total unrecognized compensation costs related to non-vested restricted stock awards. These costs are expected to be recognized over a twelve-month period. As of December 31, 2024, there was approximately $ 0.1 million of total unrecognized compensation costs related to non-vested restricted stock awards. These costs were expected to be recognized over a six-month period.

Note 9. Earnings Per Share

The following table sets forth the computation of the basic and diluted earnings per common share for the three and six months ended June 30, 2025 and 2024 (in thousands except shares and per share information):

Three Months Ended Three Months Ended Six Months Ended Six Months Ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Earnings per common share - basic
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
Earnings per common share - diluted
Numerator for increase in net assets per share 41,414 30,828 68,499 45,337
Adjustment for dilutive effect of Option Awards and Convertible Notes — 910 — 1,825
Numerator for diluted earnings per share 41,414 31,738 68,499 47,162
Denominator for basic weighted average shares 65,911,570 50,161,680 64,242,822 48,455,033
Adjustment for dilutive effect of Option Awards and Convertible Notes — 3,902,715 — 3,902,715
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

Diluted earnings (loss) available to each share of common stock outstanding during the reporting period included any additional shares of common stock that would be issued if all potentially dilutive securities were exercised. In accordance with ASU 2020-06, the Company is required to disclose diluted EPS using (i) the treasury stock method for Option Awards that assumes shares were exercised at the beginning of the reporting period (or at time of issuance, if later) and is intended to show the dilution effect to common stockholders and (ii) the if-converted method for the Convertible Notes that assumes the conversion of convertible securities at the beginning of the reporting period and is intended to show the maximum dilution effect to common stockholders regardless of how the conversion can occur. During the three and six months ended June 30, 2025, the market-based conditions for the Option Awards were not met and the Convertible Notes were converted in full and are no longer outstanding, as such, both were not considered in the calculation of diluted EPS. During the three and six months ended June 30, 2024 , the adjustments for diluted EPS included additional effects for the Convertible Notes.

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Note 10. Income Taxes

The Company has elected to be treated, currently qualifies, and intends to continue to qualify annually as, a RIC under Subchapter M of the Code for U.S. federal tax purposes. In order to maintain its treatment as a RIC, the Company is generally required to distribute at least annually to its stockholders at least the sum of 90 % of its investment company taxable income (which generally includes its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90 % of its net tax-exempt income (if any). The Company generally will not be subject to U.S. federal income tax on these distributed amounts, but will pay U.S. federal income tax at corporate rates on any retained amounts.

The amount of taxable income to be paid out as a distribution is determined by the Board each quarter and is generally based upon the annual earnings estimated by management of the Company. Net capital gains, if any, are distributed at least annually, although the Company may decide to retain all or some of those capital gains for investment and pay U.S. federal income tax at corporate rates on those retained amounts. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to stockholders. In the event the Company’s taxable income (including any net capital gains) for a fiscal year falls below the amount of distributions declared and paid with respect to that year, however, a portion of the total amount of those distributions may be deemed a return of capital for tax purposes to the Company’s stockholders.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

For the three and six months ended June 30, 2025, $ 0.6 million and $ 1.2 million, respectively, was recorded for U.S. federal excise tax. For the three and six months ended June 30, 2024, $ 0.6 million and $ 1.3 million, respectively, was recorded for U.S. federal excise tax.

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments for federal income tax purposes as of June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025 December 31, 2024
Tax Cost of Investments $ 2,003,895 $ 1,763,183
Unrealized appreciation June 30, 2025 — $ 80,137 December 31, 2024 — $ 60,872
Unrealized depreciation ( 105,702 ) ( 113,528 )
Net change in unrealized appreciation/(depreciation) from investments $ ( 25,565 ) $ ( 52,656 )

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Note 11. Financial Highlights

The following presents financial highlights (in thousands except share and per share information):

Six Months Ended — June 30, 2025 June 30, 2024
Per Share Data: (1)
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 (2) 0.02 ( 0.13 )
Net increase/(decrease) in net assets resulting from operations 1.07 0.94
Offering costs ( 0.02 ) ( 0.02 )
Effect of shares issued and repurchased (3) ( 0.11 ) 0.03
Distributions (4) ( 1.02 ) ( 1.02 )
Total increase/(decrease) in net assets ( 0.08 ) ( 0.07 )
Net asset value, end of period $ 13.27 $ 13.12
Shares outstanding, end of period 69,574,146 51,849,429
Weighted average shares outstanding 64,242,822 48,455,033
Total return based on net asset value (5)(9) 7.0 % 7.2 %
Total return based on market value (6)(9) 4.2 % 4.3 %
Ratio/Supplemental Data:
Per share market value at end of period $ 14.07 $ 14.14
Net assets, end of period $ 923,568 $ 680,039
Ratio of total expenses to average net assets (10) 16.0 % 16.8 %
Ratio of net investment income to average net assets (10) 15.9 % 16.4 %
Ratio of interest and credit facility expenses to average net assets (10) 8.4 % 8.2 %
Portfolio turnover rate (7)(9) 19.4 % 24.7 %
Asset coverage ratio (8) 187.0 % 188.1 %

(1) Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.

(2) Net realized and unrealized gains/(losses) on investments include rounding adjustments to reconcile the change in net asset value per share.

(3) Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. Also includes the impact of the issuance of shares related to the equity incentive plans, the accretive effect of DRIP issuance and stock offerings (issuing shares above NAV per share), and the impact of share repurchases under the 2024 Repurchase Program.

(4) The per share data reflects the actual amount of distributions declared per share for the applicable period.

(5) Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared distributions per share during the period, divided by the beginning net asset value per share.

(6) Total return based on market value is calculated as the change in market value per share during the period, taking into account dividends.

(7) Portfolio turnover rate is calculated using the lesser of year-to-date cash sales/repayments or year-to-date cash purchases over the average of the total investments at fair value.

(8) Based on outstanding debt of $ 1,061.3 million and $ 772.2 million as of June 30, 2025 and 2024, respectively.

(9) Not annualized.

(10) Annualized.

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Senior Securities

Information about the Company’s senior securities (including debt securities and other indebtedness) is shown in the following table as of June 30, 2025, and December 31, 2024, 2023, 2022, 2021 and 2020. No senior securities were outstanding as of December 31, 2019.

Class and Period Average Market Value per Unit (4)
Credit Suisse Credit Facility
June 30, 2025 (Unaudited) (5) $ — — — $ —
December 31, 2024 (5) — — — —
December 31, 2023 (5) — — — —
December 31, 2022 (5) — — — —
December 31, 2021 10,000 1,958 — —
December 31, 2020 135,000 1,770 — —
KeyBank Credit Facility
June 30, 2025 (Unaudited) $ 483,000 1,870 — $ —
December 31, 2024 113,000 1,927 — —
December 31, 2023 213,000 1,947 — —
December 31, 2022 187,500 1,741 — —
December 31, 2021 81,000 1,958 — —
December 31, 2020 — — — —
2025 Notes
June 30, 2025 (Unaudited) (6) $ — — — $ —
December 31, 2024 152,500 1,927 — 1,009
December 31, 2023 182,500 1,947 — 1,006
December 31, 2022 182,500 1,741 — 1,006
December 31, 2021 125,000 1,958 — —
December 31, 2020 125,000 1,770 — —
Convertible Notes
June 30, 2025 (Unaudited) (7) $ — — — $ —
December 31, 2024 50,000 1,927 — —
December 31, 2023 50,000 1,947 — —
December 31, 2022 50,000 1,741 — —
December 31, 2021 50,000 1,958 — —
December 31, 2020 50,000 1,770 — —
August 2026 Notes
June 30, 2025 (Unaudited) $ 125,000 1,870 — $ —
December 31, 2024 125,000 1,927 — —
December 31, 2023 125,000 1,947 — —
December 31, 2022 125,000 1,741 — —
December 31, 2021 125,000 1,958 — —
December 31, 2020 — — — —
December 2026 Notes
June 30, 2025 (Unaudited) $ 75,000 1,870 — $ —
December 31, 2024 75,000 1,927 — —
December 31, 2023 75,000 1,947 — —
December 31, 2022 75,000 1,741 — —
December 31, 2021 75,000 1,958 — —
December 31, 2020 — — — —

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Class and Period, Continued Average Market Value per Unit (4)
March 2029 Notes
June 30, 2025 (Unaudited) $ 116,637 1,870 — $ 1,010
December 31, 2024 115,000 1,927 — 1,012
December 31, 2023 — — — —
December 31, 2022 — — — —
December 31, 2021 — — — —
December 31, 2020 — — — —
September 2029 Notes
June 30, 2025 (Unaudited) $ 119,194 1,870 — $ 1,012
December 31, 2024 115,000 1,927 — 1,014
December 31, 2023 — — — —
December 31, 2022 — — — —
December 31, 2021 — — — —
December 31, 2020 — — — —
Series A Notes
June 30, 2025 (Unaudited) $ 142,500 1,870 — $ —
December 31, 2024 142,500 1,927 — —
December 31, 2023 — — — —
December 31, 2022 — — — —
December 31, 2021 — — — —
December 31, 2020 — — — —
Total
June 30, 2025 (Unaudited) $ 1,061,331 1,870 — $ —
December 31, 2024 888,000 1,927 — —
December 31, 2023 645,500 1,947 — —
December 31, 2022 620,000 1,741 — —
December 31, 2021 466,000 1,958 — —
December 31, 2020 310,000 1,770 — —

(1) Total amount of each class of senior securities outstanding at the end of the period presented.

(2) Asset coverage per unit is the ratio of the carrying value of total assets, less all liabilities excluding indebtedness represented by senior securities in this table to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $ 1,000 of indebtedness and is calculated on a consolidated basis.

(3) The amount to which such class of senior security would be entitled upon the Company’s involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4) Not applicable because the senior securities are not registered for public trading, with the exception of the 2025 Notes, March 2029 Notes and September 2029 Notes. The average market value per unit calculated for the 2025 Notes, March 2029 Notes and September 2029 Notes are based on the average daily price of such notes and are expressed in terms of dollar amounts per $ 1,000 of indebtedness.

(5) The Credit Suisse Credit Facility matured on January 8, 2022, in accordance with its terms, and all outstanding indebtedness thereunder was repaid.

(6) The 2025 Notes matured on January 16, 2025 pursuant to their terms and were repaid in full.

(7) The Convertible Notes were converted on February 20, 2025 and repaid in full pursuant to their terms and conditions.

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Note 12. Related Party Transactions

During the three and six months ended June 30, 2025 and the year ended December 31, 2024, certain related parties received distributions from the Company relating to their shares held. Refer to “Note 7 – Stockholder’s Equity” for further details on the Company’s DRIP and the distributions declared.

During the three and six months ended June 30, 2025 and the year ended December 31, 2024, the Company’s directors and executive officers and certain employees received restricted stock awards under the 2019 Long Term Incentive Plan and the 2019 Restricted Stock Plan. Refer to “Note 8 – Equity Incentive Plans” for further details on the Company’s stock-based compensation plans.

The Company has entered into indemnification agreements with its directors and executive officers. The indemnification agreements are intended to provide the Company’s directors and executive officers the maximum indemnification permitted under Maryland law and the 1940 Act. Each indemnification agreement provides that the Company shall indemnify the director or executive officer who is a party to the agreement, or an “Indemnitee,” including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Maryland law and the 1940 Act.

The Company and its executives and directors are covered by directors and officers insurance. In addition, each of our directors and officers have entered into an indemnification agreement with us pursuant to which our directors and officers are indemnified by us to the maximum extent permitted by Maryland law subject to the restrictions of the 1940 Act. Senior Credit Corp 2022 LLC

As disclosed in “Note 1 - Organization and Basis of Presentation”, the Company entered into a joint venture agreement with certain funds and accounts managed by a specialty credit manager (collectively, the “JV Partner”) on December 5, 2022 to co-manage the JV. The JV invests in secured loans and equipment financings to growth-oriented companies that have been originated by the Company. The Company and the JV Partner committed to initially contribute $ 21.4 million and $ 150.0 million, respectively, of capital in the form of 8.5 % notes and preferred equity in the JV. The JV is capitalized as investment transactions are completed and all portfolio decisions and generally all other actions in respect of the JV must be approved by the board of managers of the JV consisting of an equal number of representatives of the Company and the JV Partner. Capital contributions are called from each JV member on a pro-rata basis based on their total capital commitments, with 70 % of each such capital contribution invested in the JV’s 8.5 % notes and the remaining 30 % invested in the JV's preferred equity. As of June 30, 2025 , the Company’s and the JV Partner’s ownership of the JV was 12.5 % and 87.5 %, respectively.

The Company has agreed to offer the JV the opportunity to purchase a percentage of each secured loan and equipment financing advance originated by the Company during the period commencing on September 1, 2022 and ending on June 5, 2026. The JV is required to pay the Company a fee equal to 100 basis points of the total principal amount of each loan or equipment financing advance acquired by the JV from the Company, with 50 % of the fee for each such particular loan or advance payable by the JV to the Company within two business days of the date of such acquisition or advance and the remaining 50 % payable in equal monthly installments over 24 months following the date of such acquisition or advance. In addition, the JV shall pay the Company an administrative agent fee equal to 75 basis points of the daily average aggregate value of the JV’s outstanding loans and equipment financings.

As of June 30, 2025, the Company contributed $ 18.4 million of capital to the JV, which consisted of a debt investment of $ 12.9 million and an equity investment of $ 5.5 million. As of December 31, 2024, the Company contributed $ 18.4 million of capital to the JV, which consisted of a debt investment of $ 12.9 million and an equity investment of $ 5.5 million. As of June 30, 2025 and December 31, 2024, the Company's unfunded commitment of capital to the JV was $ 3.0 million and $ 3.0 million, respectively.

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As of June 30, 2025 and December 31, 2024, the JV’s total investment portfolio on a fair value basis was $ 228.5 million and $ 219.1 million, respectively. During the three and six months ended June 30, 2025, the Company received $ 17.5 million and $ 46.6 million, respectively, in net proceeds from the sale of investments to the JV. During the year ended December 31, 2024, the Company received $ 157.3 million in net proceeds from the sale of investments to the JV.

During the three and six months ended June 30, 2025, the Company earned approximately $ 0.6 million and $ 1.3 million, respectively, for originations and administrative agent fees which are recognized as fee income on the Consolidated Statements of Operations. During the three and six months ended June 30, 2024, the Company earned approximately $ 0.8 million and $ 1.7 million, respectively, for originations and administrative agent fees which are recognized as fee income on the Consolidated Statements of Operations. As of June 30, 2025 and December 31, 2024, the Company had approximately $ 0.9 million and $ 1.1 million, respectively, in unsettled receivables due from the JV that were included in other assets in the accompanying Consolidated Statements of Assets and Liabilities.

Trinity Capital Adviser LLC

As disclosed in “Note 1 - Organization and Basis of Presentation”, the Company formed the Adviser Sub on March 16, 2023 as a wholly owned subsidiary of the Company. The Company was granted exemptive relief by the SEC that permits the Company to organize, acquire, wholly own and operate the Adviser Sub as an investment adviser registered under the Advisers Act. The Adviser Sub may provide investment advisory and related services to the Adviser Funds with ownership by one or more External Parties and receives fee income for such services. The Adviser Sub commenced operations on June 28, 2024.

The Company has entered into a resource sharing agreement (“Sharing Agreement”) with the Adviser Sub, through which the Adviser Sub has access to the Company's human capital resources, facilities and systems. Under the terms of Sharing Agreement, the Company allocates the related expenses of such shared resources to the Adviser Sub pro rata based on total assets under management by the Adviser Sub and the Company. The Company's total expenses are net of such expenses allocated to the Adviser Sub of $ 0.5 million and $ 0.9 million for the three and six months ended June 30, 2025, respectively. There were no allocated expenses during the three and six months ended June 30, 2024. As of June 30, 2025 and December 31, 2024 , there were $ 3.1 million and $ 1.8 million, respectively, receivable from the Adviser Sub.

The Adviser Sub has entered into an investment management agreement with EPT 16 and may enter into additional investment management agreements with other Adviser Funds in the future, pursuant to which the Adviser Sub receives management fees and/or incentive fees based on the assets under management and the performance of the Adviser Funds, respectively. With respect to such fee income, the Adviser Sub expects to declare and pay dividend distributions to the Company. During the three and six months ended June 30, 2025 and 2024 , no dividend distributions were declared and paid by the Adviser Sub to the Company.

EPT 16 LLC

As disclosed in “Note 1 - Organization and Basis of Presentation”, the Company and a specialty credit manager (the “Class A Member”) funded a portion of their respective capital commitments on June 28, 2024 to commence the operations of a credit fund, EPT 16. EPT 16 has acquired and intends to acquire, hold and, as applicable, dispose of investments that have been originated by the Company. The Company and the Class A Member had capital commitments to EPT 16 in the amount of $ 10.0 million and $ 50.0 million, respectively. As of June 30, 2025 , the Company's and the Class A Member’s ownership percentages were 16.7 % and 83.3 %, respectively. EPT 16 has entered into an investment management agreement with the Adviser Sub, pursuant to which the Adviser Sub will earn certain base management and incentive fees in exchange for providing advisory services to EPT 16.

As of June 30, 2025 and December 31, 2024, the Company had contributed $ 9.2 million of capital to EPT 16. As of June 30, 2025 and December 31, 2024, the Company's unfunded commitment was $ 0.8 million and $ 0.8 million, respectively.

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As of June 30, 2025 and December 31, 2024, EPT 16’s total investment portfolio on a fair value basis was $ 82.9 million and $ 66.9 million, respectively. During the three and six months ended June 30, 2025 , the Company received $ 15.2 million and $ 21.2 million, respectively, in net proceeds from the sale of investments to the EPT 16. During the year ended December 31, 2024 , the Company received $ 74.7 million in net proceeds from the sale of investments to the EPT 16.

Note 13. Segment Reporting

The Company has determined that is has a single operating segment in accordance with Topic 280, Segment Reporting (“ASC 280”). The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer (“CEO”). While the Company derives income and capital appreciation by providing debt to growth-oriented companies across various industries, the Company and the CODM evaluate and monitor performance of the business on a consolidated basis. Further, each investment is evaluated and managed using similar processes and shared operations support functions such as deal origination, underwriting, loan servicing in addition to the administrative functions of human resources, legal, finance and information technology. The accounting policies of the segment align with those outlined in “Note 2 - Summary of Significant Accounting Policies” included in the notes of the consolidated financial statements.

The CODM uses consolidated net investment income and net increase/(decrease) in net assets resulting from operations when allocating resources and assessing the Company’s performance . Net investment income is comprised of consolidated total investment income (“segment revenues”) and consolidated total net operating expenses (“significant segment expenses”). The net increase/(decrease) in net assets is comprised of consolidated net investment income and consolidated net realized gain/(loss) from investments and consolidated net change in unrealized appreciation/(depreciation) from investments. These performance metrics are considered the key segment measure of profit or loss received by the CODM. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as Total Assets, investments held on the Consolidated Statements of Investments, and the significant segment expenses are listed on the accompanying Consolidated Statements of Operations.

Note 14. Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) related to expense disclosures. The amendments in ASU 2024-03 require public entities to provide disaggregated disclosure of expenses included within relevant income statement expense captions, as well as additional disclosures about selling expenses. This update will become effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of adopting this guidance with respect to the consolidated financial statements.

Note 15. Subse quent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. Except as noted below, there have been no subsequent events that occurred during such period that would require recognition or disclosure. Equity ATM Program

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.

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July 2030 Notes

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 July 2030 Notes were issued pursuant to the Base Indenture and a Seventh Supplemental Indenture, dated as of July 3, 2025, between the Company and the Trustee (together with the Base Indenture, the “July 2030 Notes Indenture”). The July 2030 Notes mature on July 3, 2030 , unless repurchased or redeemed in accordance with their terms prior to such date. The July 2030 Notes are redeemable, in whole or in part at the Company’s option at any time prior to June 3, 2030 at par value plus a “make-whole” premium calculated in accordance with terms under the July 2030 Notes Indenture and at par on June 3, 2030 or thereafter.

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. The July 2030 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated.

Co-Investment Exemptive Relief Order

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. The Order contains certain conditions and requires the Board to maintain oversight of the Company’s participation in the co-investment program. The Order also requires a “required majority” (as defined in Section 57(o) of the 1940 Act) of the Company’s eligible directors to make certain conclusions pursuant to Section 57(f) of the 1940 Act in connection with certain co-investment transactions, including co-investment transactions in which an affiliate of the Company is an existing investor in the portfolio company, non-pro rata follow on investments and non-pro rata dispositions of investments.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Except where the context suggests otherwise, the terms “we,” “us,” “our,” and “the Company” refer to Trinity Capital Inc. and its consolidated subsidiaries. The information contained in this section should be read in conjunction with our consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report on Form 10‑Q.

Forward-Looking Statements

This quarterly report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of several factors discussed under Item 1A. “Risk Factors” of Part II of this quarterly report and Item 1A. "Risk Factors" of Part I of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC") on February 26, 2025, including but not limited to the following:

• our future operating results;

• our dependence upon our management team and key investment professionals;

• our ability to manage our business and future growth;

• risks related to investments in growth-oriented companies, other venture capital-backed companies and generally U.S. companies;

• the ability of our portfolio companies to achieve their objectives;

• the use of leverage;

• risks related to the uncertainty of the value of our portfolio investments;

• changes in political, economic or industry conditions, including as a result of supply chain disruptions, disruptions related to tariffs or other trade or sanction related issues, the interest rate and inflation rate environments or conditions affecting the financial and capital markets;

• uncertainty surrounding domestic and/or global financial and/or political stability;

• the dependence of our future success on the general economy and its impact on the industries in which we invest;

• risks related to changes in interest rates and inflation rates, our expenses, and other general economic conditions and the effect on our net investment income;

• the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, on our operations and/or the operations of our portfolio companies;

• risks related to market volatility, including general price and volume fluctuations in stock markets;

• our ability to make distributions; and

• our ability to maintain our status as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and qualify annually for tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

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Additionally, there may be other risks that are otherwise described from time to time in the reports that we file with the SEC. Any forward-looking statements in this Quarterly Report on Form 10-Q should be considered in light of various important factors, including the risks and uncertainties listed above, as well as others. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the risk factors discussed throughout this quarterly report. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Because we are an investment company, the forward-looking statements and projections contained in this quarterly report are excluded from the safe harbor protections provided by Section 27A(b)(2)(B) of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act (the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995).

Overview

We are a specialty lending company providing debt, including loans, equipment financings and asset based lending, to growth-oriented companies, including institutional investor-backed companies. We are an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. We have elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. As a BDC and a RIC, we are required to comply with certain regulatory requirements.

Our investment objective is to generate current income and, to a lesser extent, capital appreciation through our investments across five distinct vertical markets. We seek to achieve our investment objective by making investments consisting primarily of term loans, equipment financings, and asset based lending and, to a lesser extent, working capital loans, equity and equity-related investments. In addition, we may obtain warrants or contingent exit fees at funding from many of our portfolio companies, providing an additional potential source of investment returns. We generally are required to invest at least 70% of our total assets in qualifying assets in accordance with the 1940 Act but may invest up to 30% of our total assets in non-qualifying assets, as permitted by the 1940 Act.

We target investments in growth-oriented companies, which are typically private companies, including institutional investor-based companies. We define “growth-oriented companies” as companies that have significant ownership and active participation by sponsors, such as institutional investors or private equity firms, and expected annual revenues of up to $100 million. Subject to the requirements of the 1940 Act, we are not limited to investing in any particular industry or geographic area and seek to invest in under-financed segments of the private credit markets.

Our loans generally may have initial interest-only periods of up to 24 months, and our equipment financings generally begin amortizing immediately. Our loans and equipment financings generally have a total term of up to 60 months. These investments are typically secured by a blanket first position lien, a specific asset lien on mission-critical assets and/or a blanket second position lien. We may also make a limited number of direct equity and equity-related investments in conjunction with our debt investments. We target growth-oriented companies that have recently issued equity to raise cash to offset potential cash flow needs related to projected growth, have achieved positive cash flow to cover debt service, or have institutional investors committed to providing additional funding. A loan or equipment financing may be structured to tie the amortization of the loan or equipment financing to the portfolio company’s projected cash balances while cash is still available for operations. As such, the loan or equipment financing may have a reduced risk of default. We believe that the amortizing nature of our investments will mitigate risk and significantly reduce the risk of our investments over a relatively short period. We focus on protecting and recovering principal in each investment and structure our investments to provide downside protection.

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Our History

Trinity Capital Inc. was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Prior to January 16, 2020, we had no operations, except for matters relating to our formation and organization as a BDC.

On January 16, 2020, through a series of transactions, we acquired Trinity Capital Investment, LLC, Trinity Capital Fund II, L.P., Trinity Capital Fund III, L.P., Trinity Capital Fund IV, L.P., and Trinity Sidecar Income Fund, L.P. (collectively, the “Legacy Funds”) and all of their respective assets, including their respective investment portfolios (the “Legacy Portfolio”), as well as Trinity Capital Holdings, LLC, a holding company whose subsidiaries managed and/or had the right to receive fees from certain of the Legacy Funds. In order to complete these transactions, we used a portion of the proceeds from our private equity offering and private debt offering that occurred on January 16, 2020 (the “Private Offerings”).

On February 2, 2021, we completed our initial public offering of 8,006,291 shares of our common stock at a price of $14.00 per share, inclusive of the underwriters’ option to purchase additional shares, which was exercised in full. Our common stock began trading on the Nasdaq Global Select Market on January 29, 2021 under the symbol “TRIN.”

On December 5, 2022, we entered into a joint venture agreement with certain funds and accounts managed by a specialty credit manager to co-manage Senior Credit Corp 2022 LLC, a Delaware limited liability company (the “JV”). The JV invests in secured loans and equipment financings to growth-oriented companies that have been originated by us.

On March 16, 2023, we formed an unconsolidated wholly owned subsidiary, Trinity Capital Adviser LLC, a Delaware limited liability company (“Adviser Sub”). We were granted exemptive relief by the SEC that permits us to organize, acquire, wholly own and operate the Adviser Sub as an investment adviser registered under the Investment Advisers Act of 1940, as amended (the “Adviser Act”). The Adviser Sub may provide investment advisory and related services to one or more investment vehicles (the “Adviser Funds”) with ownership by one or more unrelated third-party investors and receive fee income for such services.

On June 28, 2024, we and a specialty credit manager funded a portion of their respective capital commitments to commence operations of a credit fund, EPT 16 LLC, a Delaware limited liability company (“EPT 16”). EPT 16 has acquired and intends to acquire, hold and, as applicable, dispose of investments that have been originated by us.

Critical Accounting Estimates and Policies

The preparation of our financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially. Our critical accounting estimates, including those relating to valuation of investments and income recognition, are described below. Please refer to “Note 2 – Summary of Significant Accounting Policies” in the notes to the consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of our significant accounting policies.

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Valuation of Investments

The most significant estimate inherent in the preparation of the Company’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. The Company’s investments are carried at fair value in accordance with the 1940 Act and Accounting Standards Codification (“ASC”) 946, Financial Services — Investment Companies (“ASC 946”) and measured in accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value, and provides disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that each of the portfolio investments is sold in a hypothetical transaction in the principal or, as applicable, most advantageous market using market participant assumptions as of the measurement date. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. The Company values its investments at fair value as determined in good faith by the Company’s Board of Directors (the “Board”) in accordance with the provisions of ASC 820 and the 1940 Act.

The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”), which establishes a framework for determining fair value in good faith for purposes of the 1940 Act. As adopted, Rule 2a-5 permits boards of directors to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. The SEC also adopted Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. While the Company's Board has not elected to designate a valuation designee, the Company has adopted certain revisions to its valuation policies and procedures to comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

While the Board is ultimately and solely responsible for determining the fair value of the Company’s investments, the Company has engaged independent valuation firms to provide the Company with valuation assistance with respect to its investments. The Company engages independent valuation firms on a discretionary basis. Specifically, on a quarterly basis, the Company identifies portfolio investments with respect to which an independent valuation firm assists in valuing certain investments. The Company selects these portfolio investments based on a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality and the time lapse since the last valuation of the portfolio investment by an independent valuation firm.

Investments recorded on our Consolidated Statements of Assets and Liabilities are categorized based on the inputs to the valuation techniques as follows:

Level 1 — Investments whose values are based on unadjusted quoted prices for identical assets in an active market that the Company has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).

Level 2 — Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment.

Level 3 — Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.

Given the nature of lending to venture capital-backed growth-oriented companies, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC 820 because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged. The Company uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures. This system takes into account both quantitative and qualitative factors of the portfolio companies. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

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Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. The carrying amounts of the Company’s financial instruments, consisting of cash, investments, receivables, payables and other liabilities approximate the fair values of such items due to the short-term nature of these instruments.

Income Recognition

The Company recognizes interest income on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement to the extent that such amounts are expected to be collected. Original issue discount (“OID”) initially includes the estimated fair value of detachable warrants obtained in conjunction with the origination of debt securities, and is accreted into interest income over the term of the loan as a yield enhancement based on the effective yield method. Interest income from payment-in-kind (“PIK”) represents contractually deferred interest added to the loan balance recorded on an accrual basis to the extent such amounts are expected to be collected.

In addition, the Company may also be entitled to an end-of-term (“EOT”) payment. EOT payments to be paid at the termination of the debt agreement are accreted into interest income over the contractual life of the debt based on the effective yield method. When a portfolio company pre-pays their indebtedness prior to the scheduled maturity date, the acceleration of the unaccreted OID and EOT is recognized as interest income.

Income related to application or origination payments, including facility commitment fees, net of related expenses and generally collected in advance, are accreted into interest income over the contractual life of the loan. The Company recognizes nonrecurring fees and additional OID and EOT received in consideration for contract modifications commencing in the quarter relating to the specific modification.

The Company records dividend income on an accrual basis to the extent amounts are expected to be collected. Dividend income is recorded when dividends are declared by the portfolio company or at such other time that an obligation exists for the portfolio company to make a distribution. During three and six months ended June 30, 2025, the Company recorded $0.5 million and $1.3 million, respectively, in dividend income. During the three and six months ended June 30, 2024, the Company recorded $0.3 million and $0.5 million, respectively, in dividend income.

The Company recognizes one-time fee income, including, but not limited to, structuring fees, prepayment penalties, and exit fees related to a change in ownership of the portfolio company, as other income when earned. These fees are generally earned when the portfolio company enters into an equipment financing arrangement or pays off their outstanding indebtedness prior to the scheduled maturity. In addition, fee income may include fees for originations and administrative agent services rendered by the Company to the JV. Such fees are earned in the period that the services are rendered.

Portfolio Composition and Investment Activity

Portfolio Composition

As of June 30, 2025, our 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. As of December 31, 2024, our investment portfolio had an aggregate fair value of approximately $1,725.6 million and was comprised of approximately $1,286.7 million in secured loans, $315.5 million in equipment financings, and $123.4 million in equity and warrants, across 151 portfolio companies.

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A summary of the composition of our investment portfolio at cost and fair value as a percentage of total investments are shown in the following table as of June 30, 2025 and December 31, 2024:

Type June 30, 2025 — Cost Fair Value December 31, 2024 — Cost 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 %

The following table shows the composition of our investment portfolio by geographic region at cost and fair value as a percentage of total investments as of June 30, 2025 and December 31, 2024. The geographic composition is determined by the location of the corporate headquarters of the portfolio company.

Geographic Region June 30, 2025 — Cost Fair Value December 31, 2024 — Cost Fair Value
United States
West 28.2 % 29.0 % 30.7 % 31.5 %
Northeast 24.3 % 24.1 % 28.1 % 27.6 %
South 10.3 % 10.3 % 9.2 % 9.5 %
Southeast 10.5 % 10.1 % 10.5 % 10.4 %
Mountain 9.9 % 9.2 % 10.9 % 10.5 %
Midwest 9.1 % 8.8 % 5.9 % 5.6 %
Multi-Sector Holdings (1) 1.4 % 1.9 % 1.6 % 1.9 %
International:
Western Europe 3.3 % 3.6 % 2.4 % 2.4 %
Canada 3.0 % 3.0 % 0.7 % 0.6 %
Total 100.0 % 100.0 % 100.0 % 100.0 %

(1) Multi-Sector Holdings consist of the Company's investments in Senior Credit Corp 2022 LLC, Trinity Capital Adviser LLC and EPT 16 LLC. These entities invest or manage investments in secured loans and equipment financings to growth-oriented companies that have been originated by the Company. The portfolio companies held by the Multi-Sector Holdings represent a diverse set of geographical classifications, which are similar to those in which the Company invests directly.

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Set forth below is a table showing the industry composition of our investment portfolio at cost and fair value as a percentage of total investments as of June 30, 2025 and December 31, 2024:

Industry June 30, 2025 — Cost Fair Value December 31, 2024 — Cost Fair Value
Finance and Insurance 15.0 % 15.6 % 18.1 % 18.7 %
Other Healthcare Services 10.9 % 11.1 % 8.1 % 8.3 %
Medical Devices 10.5 % 10.7 % 9.7 % 10.0 %
SaaS 9.7 % 10.0 % 8.2 % 8.5 %
Space Technology 8.5 % 8.6 % 8.0 % 8.2 %
Real Estate Technology 7.1 % 6.6 % 5.8 % 5.4 %
Green Technology 5.4 % 6.5 % 8.3 % 9.2 %
Artificial Intelligence & Automation 5.0 % 5.1 % 4.7 % 4.9 %
Healthcare Technology 4.6 % 4.1 % 4.5 % 4.2 %
Marketing, Media, and Entertainment 3.8 % 3.8 % 2.2 % 2.2 %
Biotechnology 2.9 % 3.0 % 3.2 % 3.4 %
Connectivity 2.9 % 2.9 % 2.1 % 2.0 %
Transportation Technology 3.7 % 2.6 % 3.6 % 2.4 %
Consumer Products & Services 1.9 % 2.0 % 3.2 % 3.2 %
Multi-Sector Holdings (1) 1.4 % 1.9 % 1.6 % 1.9 %
Education Technology 1.7 % 1.4 % 1.9 % 1.7 %
Supply Chain Technology 1.5 % 1.4 % 1.7 % 1.7 %
Human Resource Technology 1.8 % 1.4 % 1.9 % 1.7 %
Food and Agriculture Technologies 1.0 % 0.9 % 1.8 % 1.4 %
Construction Technology 0.5 % 0.2 % 0.5 % 0.2 %
Industrials 0.2 % 0.2 % 0.7 % 0.6 %
Digital Assets Technology and Services — — 0.2 % 0.2 %
Total 100.0 % 100.0 % 100.0 % 100.0 %

(1) Multi-Sector Holdings consist of the Company's investments in Senior Credit Corp 2022 LLC, Trinity Capital Adviser LLC, EPT 16 LLC and AZ-VC Fund I, LLC. These entities invest or manage investments in secured loans and equipment financings to growth-oriented companies that have been originated by the Company. The portfolio companies held by the Multi-Sector Holdings represent a diverse set of industry classifications, which are similar to those in which the Company invests directly.

As of both June 30, 2025 and December 31, 2024, the debt, including loans and equipment financings, in our portfolio had a weighted average time to maturity of approximately 3.2 years. Additional information regarding our portfolio is set forth in the Consolidated Schedule of Investments and the related notes thereto included with this Quarterly Report on Form 10-Q.

Concentrations of Credit Risk

Credit risk is the risk of default or non-performance by portfolio companies, equivalent to the investment’s carrying amount. Industry and sector concentrations will vary from period to period based on portfolio activity.

As of June 30, 2025 and December 31, 2024, the Company’s ten largest portfolio companies represented approximately 26.9% and 26.7%, respectively, of the total fair value of the Company’s investments in portfolio companies. As of both June 30, 2025 and December 31, 2024, the Company had seven portfolio companies that represented 5% or more of the Company’s net assets.

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Investment Activity

During the six months ended June 30, 2025, we invested approximately $387.1 million in 21 new portfolio companies, and approximately $198.8 million in 25 existing portfolio companies, excluding deferred fees. During the six months ended June 30, 2025, we received an aggregate of $352.1 million in proceeds from repayments and sales of our investments, including proceeds of approximately $168.4 million from early repayments on our debt investments, $113.8 million from scheduled/amortizing debt payments, $69.6 million from investments sold primarily to Multi-Sector Holdings and $0.4 million from warrant and equity exits.

During the year ended December 31, 2024, we invested approximately $969.1 million in 39 new portfolio companies, approximately $244.1 million in 28 existing portfolio companies, and approximately $16.6 million in the Multi-Sector Holdings, excluding deferred fees. During the year ended December 31, 2024, we received an aggregate of $807.9 million in proceeds from repayments and sales of our investments, including proceeds of approximately $313.2 million from early repayments on our debt investments, $45.7 million from warrant and equity exits, $207.3 million from scheduled/amortizing debt payments and $241.7 million from investments sold primarily to Multi-Sector Holdings.

The following table provides a summary of the changes in the investment portfolio for the six months ended June 30, 2025 and the year ended December 31, 2024 (in thousands):

Six Months Ended — June 30, 2025 December 31, 2024
Beginning Portfolio, at fair value $ 1,725,570 $ 1,275,180
Purchases, net of deferred fees 579,821 1,218,931
Principal payments received on investments (113,766 ) (207,328 )
Proceeds from early debt repayments (168,401 ) (313,207 )
Sales of investments (69,931 ) (287,331 )
Accretion of OID, EOT, and PIK payments 23,406 39,574
Net realized gain/(loss) (10,416 ) (9,730 )
Net change in unrealized appreciation/(depreciation) 12,047 9,481
Ending Portfolio, at fair value $ 1,978,330 $ 1,725,570

The level of our investment activity can vary substantially from period to period depending on many factors, including the amount of debt, including loans and equipment financings, and equity capital required by growth-oriented companies, the general economic environment and market conditions and the competitive environment for the types of investments we make.

Portfolio Asset Quality

Our portfolio management team uses an ongoing investment risk rating system to characterize and monitor our outstanding loans and equipment financings. Our portfolio management team monitors and, when appropriate, recommends changes to the investment risk ratings. Our investment committee reviews the recommendations and/or changes to the investment risk ratings, which are submitted on a quarterly basis to the Board and its audit committee.

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For our investment risk rating system, we review seven different criteria and, based on our review of such criteria, we assign a risk rating on a scale of 1 to 5, as set forth in the following illustration.

The following table shows the distribution of our secured loan and equipment financing investments on the 1 to 5 investment risk rating scale range at fair value as of June 30, 2025 and December 31, 2024 (dollars in thousands):

Investment Risk Rating June 30, 2025 — Investments at Percentage of December 31, 2024 — Investments at Percentage of
Scale Range Designation Fair Value Total Portfolio Fair Value Total Portfolio
4.0 - 5.0 Very Strong Performance $ 97,881 5.3 % $ 89,716 5.6 %
3.0 - 3.9 Strong Performance 589,329 32.1 % 453,584 28.3 %
2.0 - 2.9 Performing 1,021,331 55.7 % 972,001 60.7 %
1.6 - 1.9 Watch 97,396 5.3 % 62,883 3.9 %
1.0 - 1.5 Default/Workout 15,601 0.9 % 11,062 0.7 %
Total Debt Investments excluding Senior Credit Corp 2022 LLC 1,821,538 99.3 % 1,589,246 99.2 %
. Senior Credit Corp 2022 LLC (1) 12,885 0.7 % 12,885 0.8 %
Total Debt Investments $ 1,834,423 100.0 % $ 1,602,131 100.0 %

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

As of June 30, 2025 and December 31, 2024, our debt investments had a weighted average risk rating score of 2.9 and 2.9, respectively.

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Debt Investments on Non-Accrual Status

When a debt security becomes 90 days or more past due, or if our management otherwise does not expect that principal, interest, and other obligations due will be collected in full, we will generally place the debt security on non-accrual status and cease recognizing interest income on that debt security until all principal and interest due has been paid or we believe the borrower has demonstrated the ability to repay its current and future contractual obligations. Any uncollected interest is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, we may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection.

As of June 30, 2025, loans to three portfolio companies and equipment financings to one portfolio company were on non-accrual status with a total cost of approximately $47.8 million, and a total fair value of approximately $15.6 million, or 0.9%, of the fair value of the Company’s debt investment portfolio. As of December 31, 2024, loans to three portfolio companies and equipment financings to two portfolio companies were on non-accrual status with a total cost of approximately $43.3 million, and a total fair value of approximately $12.7 million, or 0.8%, of the fair value of the Company’s debt investment portfolio.

Results of Operations

The following discussion and analysis of our results of operations encompasses our consolidated results for the three and six months ended June 30, 2025 and 2024.

Investment Income

The following table sets forth the components of investment income (in thousands):

Three Months Ended Three Months Ended Six Months Ended Six Months Ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Stated interest income $ 51,903 $ 41,827 $ 102,096 $ 79,667
Amortization of OID and EOT 7,115 6,065 14,037 12,375
Acceleration of OID and EOT 5,702 2,243 8,960 3,194
PIK interest income 1,493 1,452 2,993 5,543
Prepayment penalty and related fees 870 495 1,182 495
Dividend income 500 250 1,300 450
Other fee income 1,900 2,309 4,300 3,370
Total investment income $ 69,483 $ 54,641 $ 134,868 $ 105,094

For the three and six months ended June 30, 2025, total investment income was approximately $69.5 million and $134.9 million, respectively, which represents an approximate effective yield of 15.7% and 15.5%, respectively, on the average investments during the year. For the three and six months ended June 30, 2024, total investment income was approximately $54.6 million and $105.1 million, respectively, which represents an approximate effective yield of 16.0% and 15.9%, respectively, on the average investments during the year. The increase in investment income for the three and six months ended June 30, 2025 is due to higher interest income and amortization of OID and EOT based on an increased principal value of income producing debt investments.

Net Operating Expenses and Excise Taxes

Our operating expenses are comprised of interest and fees on our borrowings, employee compensation, professional fees, general and administrative expenses, and excise taxes. Our operating expenses totaled approximately $34.7 million and $67.7 million, respectively, for the three and six months ended June 30, 2025 and $27.9 million and $53.2 million, respectively, for the three and six months ended June 30, 2024. The increase in our operating expenses for the three and six months ended June 30, 2025 is discussed with respect to each component of such expenses below.

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Interest Expense and Other Debt Financing Costs

Our interest expense and other debt financing costs are primarily comprised of interest and fees related to our secured borrowings, the 4.375% Notes due 2026 (the “August 2026 Notes”), the 4.25% Notes due 2026 (the “December 2026 Notes”), the 7.875% Notes due March 2029 (the “March 2029 Notes”), the 7.875% Notes due September 2029 (the “September 2029 Notes”), the 7.54% Notes due 2027 (the “Series A 2027 Notes”), the 7.60% Notes due 2028 (the “Series A 2028 Notes”) and the 7.66% Notes due 2029 (the “Series A 2029 Notes” and together with the Series A 2027 Notes and Series A 2028 Notes, the “Series A Notes”). Interest expense and other debt financing costs on our borrowings totaled approximately $18.0 million and $35.7 million, respectively, for the three and six months ended June 30, 2025, and $13.9 million and $26.0 million, respectively, for the three and six months ended June 30, 2024. Our weighted average effective interest rate, comprised of interest and amortization of fees and discount, was approximately 7.4% and 7.5%, respectively, for the three and six months ended June 30, 2025, and 7.6% and 7.5%, respectively, for the three and six months ended June 30, 2024. The increase in interest expense for the three and six months ended June 30, 2025 was primarily due to the increased borrowings under our credit facility with KeyBank, National Association (the “KeyBank Credit Facility”).

Employee Compensation and Benefits

Employee compensation and benefits totaled approximately $12.5 million and $23.1 million, respectively, for the three and six months ended June 30, 2025, and $9.9 million and $19.8 million, respectively, for the three and six months ended June 30, 2024. The increase in employee compensation expenses for the three and six months ended June 30, 2025 relates primarily to the increased compensation related to a higher headcount and stock-based compensation. As of June 30, 2025 and 2024, the Company had 95 and 83 employees, respectively.

Professional Fees Expenses

Professional fees expenses, consisting of legal fees, accounting fees, third-party valuation fees, and talent acquisition fees, totaled approximately $1.8 million and $3.8 million, respectively, for the three and six months ended June 30, 2025, and $1.3 million and $2.1 million, respectively, for the three and six months ended June 30, 2024. The increase in professional fees expenses for the three and six months ended June 30, 2025 resulted primarily from an increase in legal fees, third-party valuation fees and other consulting fees.

General and Administrative Expenses

General and administrative expenses include insurance premiums, rent, state taxes and various other expenses related to our ongoing operations. Our general and administrative expenses totaled approximately $2.2 million and $4.7 million for the three and six months ended June 30, 2025, and $2.1 million and $4.0 million, respectively, for the three and six months ended June 30, 2024. The increase in general and administrative expenses for the three and six months ended June 30, 2025 was primarily due to additional office rent and related expenses. Allocated Expenses to Trinity Capital Adviser, LLC

The resource sharing agreement (the “Sharing Agreement”) with the Adviser Sub provides the Adviser Sub with access to the Company's human capital resources, facilities and systems. Under the terms of the Sharing Agreement, we allocate the related expenses of such shared resources to the Adviser Sub based on total assets under management by the Adviser Sub and us. The Company's total expenses are net of such expenses allocated to the Adviser Sub of $0.5 million and $0.9 million for the three and six months ended June 30, 2025, respectively. There were no expenses allocated to the Adviser Sub during the three and six months ended June 30, 2024. As of June 30, 2025 and December 31, 2024, there was $3.1 million and $1.8 million, respectively, receivable due from the Adviser Sub.

Excise Taxes

Our excise taxes totaled approximately $0.6 million and $1.2 million for the three and six months ended June 30, 2025, respectively, and $0.6 million and $1.3 million for the three and six months ended June 30, 2024, respectively.

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Net Investment Income

For the three months ended June 30, 2025 and 2024, we recognized approximately $69.5 million and $54.6 million, respectively, in total investment income as compared to approximately $34.7 million and $27.9 million, respectively, in total expenses, including excise tax expense, resulting in net investment income of $34.8 million and $26.7 million, respectively. For the six months ended June 30, 2025 and 2024, we recognized approximately $134.9 million and $105.1 million, respectively, in total investment income as compared to approximately $67.7 million and $53.2 million, respectively, in total expenses, including excise tax expense, resulting in net investment income of $67.2 million and $51.9 million, respectively.

Net Realized Gains and Losses

Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written off during the period.

During the six months ended June 30, 2025, our gross realized gains primarily consisted of the repayment of one equipment financing position and the repayment of one warrant position. Our gross realized losses primarily consisted of the sale of one equipment financing position, the extinguishment of one debt position and one receivable associated with a loan position. During the six months ended June 30, 2024, our gross realized gains primarily consisted of the repayment of one equipment financing and the sale of one equity position. Our gross realized losses primarily consisted of the sale of one equity position, the repayment of one debt position and the conversion of debt positions in three portfolio companies.

The net realized gains (losses) from the sales, repayments, or exits of investments for the three and six months ended June 30, 2025 and 2024 were comprised of the following (in thousands):

June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Net realized gain/(loss) on investments:
Gross realized gains $ 2,249 $ 4,282 $ 2,623 $ 8,559
Gross realized losses (10,511 ) (10,770 ) (13,039 ) (13,695 )
Total net realized gains/(losses) on investments $ (8,262 ) $ (6,488 ) $ (10,416 ) $ (5,136 )

Net Change in Unrealized Appreciation / (Depreciation) from Investments

Net change in unrealized appreciation/(depreciation) from investments primarily reflects the net change in the fair value of the investment portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.

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Net unrealized appreciation and depreciation on investments for the three and six months ended June 30, 2025 and 2024 is comprised of the following (in thousands):

Three Months Ended — June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Gross unrealized appreciation $ 20,858 $ 12,462 $ 35,673 $ 21,080
Gross unrealized depreciation (14,773 ) (21,024 ) (36,181 ) (37,093 )
Net unrealized appreciation/(depreciation) reclassified related to net realized gains or losses 9,104 19,135 12,555 14,586
Net change in unrealized appreciation/(depreciation) on portfolio investments 15,189 10,573 12,047 (1,427 )
Other net changes in unrealized appreciation/(depreciation) (1) (317 ) — (317 ) —
Total net unrealized gains/(losses) on investments $ 14,872 $ 10,573 $ 11,730 $ (1,427 )

(1) Includes the net change in unrealized appreciation/(depreciation) related to derivative instruments.

During the three months ended June 30, 2025, our net unrealized appreciation totaled approximately $15.2 million, which included net unrealized appreciation of $7.3 million from our warrant investments, net unrealized appreciation of $5.5 million from our equity investments and net unrealized appreciation of $2.4 million from our debt investments.

During the six months ended June 30, 2025, our net unrealized appreciation totaled approximately $12.0 million, which included net unrealized appreciation of $7.0 million from our warrant investments, net unrealized appreciation of $6.8 million from our equity investments and net unrealized depreciation of $1.8 million from our debt investments.

During the three months ended June 30, 2024, our net unrealized appreciation totaled approximately $10.6 million, which included net unrealized depreciation of $0.2 million from our warrant investments, net unrealized appreciation of $4.2 million from our equity investments and net unrealized appreciation of $6.6 million from our debt investments.

During the six months ended June 30, 2024, our net unrealized depreciation totaled approximately $1.4 million, which included net unrealized appreciation of $3.6 million from our warrant investments, net unrealized appreciation of $0.8 million from our equity investments and net unrealized depreciation of $5.8 million from our debt investments.

Net Increase (Decrease) in Net Assets Resulting from Operations

Net increase in net assets resulting from operations during the three and six months ended June 30, 2025, totaled approximately $41.4 million and $68.5 million, respectively. Net increase in net assets resulting from operations during the three and six months ended June 30, 2024, totaled approximately $30.8 million and $45.3 million, respectively.

Net Increase (Decrease) in Net Assets Resulting from Operations and Earnings Per Share

For the three months ended June 30, 2025, basic and diluted net increase in net assets per common share were $0.63 and $0.63, respectively. For the six months ended June 30, 2025, basic and diluted net increase in net assets per common share were $1.07 and $1.07, respectively.

For the three months ended June 30, 2024, basic and diluted net decrease in net assets per common share were $0.61 and $0.59, respectively. For the six months ended June 30, 2024, basic and diluted net increase in net assets per common share were $0.94 and $0.90, respectively.

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Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated primarily from the net proceeds of offerings of our securities, including our “at-the-market” offering, the August 2026 Notes offering, the December 2026 Notes offering, the March 2029 Notes offering, the September 2029 Notes offering and the Series A Notes offering and borrowings under the KeyBank Credit Facility, each of which were outstanding as of June 30, 2025, as well as cash flows from our operations, including investment sales and repayments and income earned on investments and cash equivalents. Our primary use of our funds includes investments in portfolio companies, payments of interest on our outstanding debt, and payments of fees and other operating expenses we incur. We also expect to use our funds to pay distributions to our stockholders. We have used, and expect to continue to use, our borrowings, including under the KeyBank Credit Facility or any future credit facility, as well as proceeds from the turnover of our portfolio, to finance our investment objectives and activities.

From time to time, we may enter into additional credit facilities, increase the size of our existing KeyBank Credit Facility, or issue additional securities in private or public offerings. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions, and other factors.

During the six months ended June 30, 2025, we experienced a net increase in cash and cash equivalents in the amount of $16.6 million, which is the net result of $203.8 million of cash provided by financing activities, offset by $186.9 million of cash used in operating activities and $0.3 million of cash used in investing activities. During the six months ended June 30, 2024, we experienced a net increase in cash and cash equivalents in the amount of $41.3 million, which is the net result of $144.8 million of cash provided by financing activities, offset by $103.3 million of cash used in operating activities and less than $0.2 million of cash used in investing activities.

As of June 30, 2025 and December 31, 2024, we had cash and cash equivalents of $26.3 million and $9.6 million, respectively, of which $2.0 million and $3.8 million, respectively, was held in the Goldman Sachs Financial Square Government Institutional Fund. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and therefore is subject to credit risk. All of the Company’s cash deposits are held at large established high credit quality financial institutions, and management believes that the risk of loss associated with any uninsured balances is remote.

As of June 30, 2025 and December 31, 2024, we had approximately $117.0 million and $487.0 million, respectively, of available borrowings under the KeyBank Credit Facility, subject to its terms and regulatory requirements. Cash and cash equivalents, taken together with available borrowings under the KeyBank Credit Facility, as of June 30, 2025, are expected to be sufficient for our investing activities and to conduct our operations in the near term and long term.

Refer to “Note 5 – Borrowings” in the notes to our consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information, including a discussion of our borrowings.

Asset Coverage Requirements

In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. On September 27, 2019, the Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) and our initial stockholder approved the application to us of the 150% minimum asset coverage ratio set forth in Section 61(a)(2) of the 1940 Act. As a result, we are permitted to potentially borrow $2 for investment purposes of every $1 of investor equity. As of June 30, 2025, our asset coverage ratio was approximately 187.0% and our asset coverage ratio per unit was approximately $1,870. As of December 31, 2024, our asset coverage ratio was approximately 192.7% and our asset coverage ratio per unit was approximately $1,927.

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Commitments and Off-Balance Sheet Arrangements

The Company has entered into a capital commitment with the JV and EPT 16 in the amount of $21.4 million and $10.0 million, respectively. As of June 30, 2025, unfunded commitments were $3.0 million and $0.8 million for the JV and EPT 16, respectively. As of June 30, 2025, the Company also had unfunded commitments of approximately $51.6 million to six portfolio companies. As of December 31, 2024, unfunded commitments were $3.0 million for the JV and $0.8 million for EPT 16, respectively. As of December 31, 2024, the Company also had unfunded commitments of $31.2 million to two portfolio companies. The Company did not have any other off-balance sheet financings or liabilities as of June 30, 2025 or December 31, 2024.

The Company’s commitments and contingencies consist primarily of unfunded commitments to extend credit in the form of loans to the Company’s portfolio companies. A portion of these unfunded contractual commitments as of June 30, 2025 and December 31, 2024 are dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements with its portfolio companies generally contain customary lending provisions that allow the Company relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the company. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments includes only those which are available at the request of the portfolio company and unencumbered by milestones. The Company will fund future unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the KeyBank Credit Facility).

In the normal course of business, the Company enters into contracts that provide a variety of representations and warranties, and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

Contractual Obligations

A summary of our contractual payment obligations as of June 30, 2025, is as follows (in thousands):

Payments Due by Period
Less than 1
year 1 - 3 years 4 - 5 years After 5 years Total
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 Contractual Obligations $ 718 $ 257,710 $ 807,962 $ 1,565 $ 1,067,955

Distributions

We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. All distributions will be paid at the discretion of the Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

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The following table summarizes distributions declared and/or paid by the Company since inception:

Declaration Date Type Record Date Payment Date Per Share Amount
May 7, 2020 Quarterly May 29, 2020 June 5, 2020 $ 0.22
August 10, 2020 Quarterly August 21, 2020 September 4, 2020 0.27
November 9, 2020 Quarterly November 20, 2020 December 4, 2020 0.27
December 22, 2020 Quarterly December 30, 2020 January 15, 2021 0.27
March 23, 2021 Quarterly March 31, 2021 April 16, 2021 0.28
June 15, 2021 Quarterly June 30, 2021 July 15, 2021 0.29
September 13, 2021 Quarterly September 30, 2021 October 15, 2021 0.33
December 16, 2021 Quarterly December 31, 2021 January 14, 2022 0.36
March 15, 2022 Quarterly March 31, 2022 April 15, 2022 0.40
March 15, 2022 Supplemental March 31, 2022 April 15, 2022 0.15
June 15, 2022 Quarterly June 30, 2022 July 15, 2022 0.42
June 15, 2022 Supplemental June 30, 2022 July 15, 2022 0.15
September 15, 2022 Quarterly September 30, 2022 October 14, 2022 0.45
September 15, 2022 Supplemental September 30, 2022 October 14, 2022 0.15
December 15, 2022 Quarterly December 30, 2022 January 13, 2023 0.46
December 15, 2022 Supplemental December 30, 2022 January 13, 2023 0.15
March 14, 2023 Quarterly March 31, 2023 April 14, 2023 0.47
June 14, 2023 Quarterly June 30, 2023 July 14, 2023 0.48
June 14, 2023 Supplemental June 30, 2023 July 14, 2023 0.05
September 13, 2023 Quarterly September 30, 2023 October 13, 2023 0.49
September 13, 2023 Supplemental September 30, 2023 October 13, 2023 0.05
December 14, 2023 Quarterly December 29, 2023 January 12, 2024 0.50
March 14, 2024 Quarterly March 28, 2024 April 15, 2024 0.51
June 13, 2024 Quarterly June 28, 2024 July 15, 2024 0.51
September 18, 2024 Quarterly September 30, 2024 October 15, 2024 0.51
December 12, 2024 Quarterly December 31, 2024 January 15, 2025 0.51
March 19, 2025 Quarterly March 31, 2025 April 15, 2025 0.51
June 18, 2025 Quarterly June 30, 2025 July 15, 2025 0.51
Total $ 9.72

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Price Range of Common Stock

Our common stock began trading on the Nasdaq Global Select Market (“Nasdaq”) on January 29, 2021 under the symbol “TRIN” in connection with our IPO, which closed on February 2, 2021. Prior to our IPO, the shares of our common stock were offered and sold in transactions exempt from registration under the Securities Act. As such, there was no public market for shares of our common stock during year ended December 31, 2020. Since our IPO, our common stock has traded at prices both above and below our net asset value per share.

The following table sets forth the net asset value per share of our common stock, the range of high and low closing sales prices of our common stock reported on Nasdaq, the closing sales price as a premium (discount) to net asset value and the dividends declared by us in each fiscal quarter since we began trading on Nasdaq. On August 4, 2025, the last reported closing sales price of our common stock on Nasdaq was $ 14.95 per share, which represented a premium of approximately 12.7 % to our net asset value per share of $ 13.27 as of June 30, 2025. As of August 4, 2025, we had approximately 47 stockholders of record, which does not include stockholders for whom shares are held in nominee or “street” name.

Class and Period Net Asset Value (1) Price Range — High Low High Sales Price Premium (Discount) to Net Asset Value (2) Low Sales Price Premium (Discount) to Net Asset Value (2) Cash Dividend Per Share (3)
Year Ending December 31, 2025
Third Quarter (through August 4, 2025) * $ 15.07 $ 14.04 * * *
Second Quarter $ 13.27 $ 15.52 $ 13.53 16.9 % 1.9 % $ 0.51
First Quarter $ 13.05 $ 16.56 $ 14.26 26.9 % 9.3 % $ 0.51
Year Ending December 31, 2024
Fourth Quarter $ 13.35 $ 14.87 $ 13.11 11.4 % ( 1.8 ) % $ 0.51
Third Quarter $ 13.13 $ 14.74 $ 13.57 12.3 % 3.4 % $ 0.51
Second Quarter $ 13.12 $ 15.26 $ 14.03 16.3 % 7.0 % $ 0.51
First Quarter $ 12.88 $ 15.08 $ 13.68 17.1 % 6.2 % $ 0.51
Year Ending December 31, 2023
Fourth Quarter $ 13.19 $ 15.40 $ 13.33 16.7 % 1.0 % $ 0.50
Third Quarter $ 13.17 $ 15.29 $ 13.75 16.1 % 4.4 % $ 0.54 (4)
Second Quarter $ 13.15 $ 13.91 $ 11.36 5.8 % ( 13.6 ) % $ 0.53 (4)
First Quarter $ 13.07 $ 14.26 $ 10.91 9.1 % ( 16.5 ) % $ 0.47

(1) Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter.

(2) Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).

(3) Represents the dividend or distribution declared in the relevant quarter.

(4) Consists of a quarterly dividend and a supplemental dividend.

  • Not determined at time of filing.

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Shares of BDCs may trade at a market price that is less than the value of the net assets attributable to those shares. At times, our shares of common stock have traded at prices both above and below our net asset value per share. The possibility that our shares of common stock will trade at a discount from net asset value per share or at premiums that are unsustainable over the long term are separate and distinct from the risk that our net asset value per share will decrease. It is not possible to predict whether our common stock will trade at, above, or below net asset value per share.

Related Party Transactions

Certain members of management as well as employees of the Company hold shares of the Company’s stock.

We have entered into indemnification agreements with our directors and executive officers. The indemnification agreements are intended to provide our directors and executive officers with the maximum indemnification permitted under Maryland law and the 1940 Act. Each indemnification agreement provides that we shall indemnify the director or executive officer who is a party to the agreement, or an “Indemnitee,” including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Maryland law and the 1940 Act.

Refer to “Note 12 – Related Party Transactions” included in the notes to our consolidated financial statements included in this Quarterly Report on Form 10-Q for additional information. Recent Developments Equity ATM Program

For the period from April 1, 2025 to August 4, 2025, we 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. July 2030 Notes

On July 3, 2025, we issued and sold $125.0 million in aggregate principal amount of our unsecured 6.750% Notes due 2030 (the “July 2030 Notes”) under our shelf Registration Statement on Form N-2.

The July 2030 Notes were issued pursuant to the Base Indenture and a Seventh Supplemental Indenture, dated as of July 3, 2025, between us and the Trustee (together with the Base Indenture, the “July 2030 Notes Indenture”). The July 2030 Notes mature on July 3, 2030, unless repurchased or redeemed in accordance with their terms prior to such date. The July 2030 Notes are redeemable, in whole or in part at our option at any time prior to June 3, 2030 at par value plus a “make-whole” premium calculated in accordance with terms under the July 2030 Notes Indenture and at par on June 3, 2030 or thereafter.

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. The July 2030 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated.

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Co-Investment Exemptive Relief Order

On July 8, 2025, we and certain of our affiliates were granted an exemptive relief order (the “Order”) from the SEC that permits us to enter into certain negotiated co-investment transactions alongside certain of our affiliates in a manner consistent with our investment objective, positions, policies, strategies, and restrictions as well as regulatory requirements and other pertinent factors, subject to compliance with the Order. The Order contains certain conditions and requires the Board to maintain oversight of our participation in the co-investment program. The Order also requires a “required majority” (as defined in Section 57(o) of the 1940 Act) of our eligible directors to make certain conclusions pursuant to Section 57(f) of the 1940 Act in connection with certain co-investment transactions, including co-investment transactions in which our affiliate is an existing investor in the portfolio company, non-pro rata follow on investments and non-pro rata dispositions of investments.

Item 3. Quantitative a nd Qualitative Disclosures About Market Risk

We are subject to financial market risks, including valuation risk and interest rate risk. Uncertainty with respect to the economic effects of the overall market conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below.

Valuation Risk

Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5), and those investments which do not have readily available market quotations are valued at fair value as determined in good faith by our Board of Directors in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.

In accordance with Rule 2a-5, our Board periodically assesses and manages material risks associated with the determination of the fair value of our investments.

Interest Rate Risk

Interest rate sensitivity and risk refer to the change in earnings that may result from changes in the level of interest rates. To the extent that we borrow money to make investments, including under the KeyBank Credit Facility or any future financing arrangement, our net investment income will be affected by the difference between the rate at which we borrow funds and the rate at which we invest these funds. In periods of rising interest rates, our cost of borrowing funds would increase, which may reduce our net investment income. As a result, there can be no assurance that a significant change in market interest rates, including as a result of inflation, will not have a material adverse effect on our net investment income. Inflation is likely to continue in the near to medium-term, particularly in the United States and Europe, with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

As of June 30, 2025, approximately 80.0% of our debt investments based on outstanding principal balance represented floating-rate investments based on U.S. Prime Rate (“Prime”), Secured Overnight Financing Rate (“SOFR”) or Canadian Overnight Repo Rate Average (“CORRA”), and approximately 20.0% of our debt investments based on outstanding principal balance represented fixed rate investments. In addition, borrowings under the KeyBank Credit Facility are subject to floating interest rates based on SOFR, generally bearing interest at a rate of the Adjusted Term SOFR Reference Rate plus 2.85% to 3.25%, subject to the number of eligible debt investments in the collateral pool.

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Based on our Consolidated Statements of Operations as of June 30, 2025, the following table shows the annualized impact on net income of hypothetical base rate changes in the Prime Rate on our debt investments (considering interest rate floors for floating-rate instruments) and the hypothetical base rate changes in the SOFR on our KeyBank Credit Facility, assuming that there are no changes in our investment and borrowing structure (in thousands):

Interest — Income Expense Income/(Loss)
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

Any investments we make that are denominated in a foreign currency will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved. As of June 30, 2025, we had eight foreign domiciled portfolio companies. Our exposure to currency risk related to these debt investments is minimal as payments from such portfolio companies are primarily received in U.S. dollars. No other investments as of June 30, 2025 were subject to currency risk.

Hedging

We currently, and may in the future, hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates. We may also borrow funds in local currency as a way to hedge our non-U.S. denominated investments.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) under the Exchange Act, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by this Quarterly Report on Form 10-Q.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended June 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II: OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors

Investing in our securities involves a number of significant risks. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K filed with the SEC on February 26, 2025, all of which could materially affect our business, financial condition and/or results of operations. Although the risks described in our other SEC filings referenced above represent the principal risks associated with an investment in us, they are not the only risks we face. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, might materially and adversely affect our business, financial condition and/or results of operations.

During the six months ended June 30, 2025 , there have been no material changes to the risk factors discussed in our SEC filings referenced above. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Dividend Reinvestment Plan

On July 15, 2025, pursuant to its amended and restated distribution reinvestment plan, the Company issued 22,729 shares of its common stock, at a price of $14.52 per share, to stockholders of record as of June 30, 2025 that did not opt out of the Company’s amended and restated distribution reinvestment plan in order to satisfy the reinvestment portion of the Company’s distribution. This issuance was not subject to the registration requirements of the Securities Act. See “Item 1. Consolidated Financial Statements – Note 7. Stockholder’s Equity – Distribution Reinvestment Plan” for more information.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2025 , none of the Company's directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits

The following exhibits are filed as part of this Quarterly Report on Form 10‑Q or hereby incorporated by reference to exhibits previously filed with the SEC:

Exhibit Number Description of Exhibits
3.1 Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed June 30, 2023).
3.2 Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 10 filed on January 16, 2020).
4.1 Seventh Supplemental Indenture, dated as of July 3, 2025, between Trinity Capital Inc. and U.S. Bank Trust Company, National Association, as Trustee (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on July 3, 2025).
4.2 Form of 6.750% Note Due 2030 (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed on July 3, 2025).
31.1* Certification of Principal Executive Officer Pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2* Certification of Principal Financial Officer Pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1** Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2** Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS Inline XBRL Instance Document-the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH Inline XBRL Taxonomy Extension Schema Document with Embedded Linkbase Documents
104 Cover Page formatted as Inline XBRL and contained in Exhibit 101
  • Filed herewith

** Furnished herewith

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

/s/ Kyle Brown
Kyle Brown
Chief Executive Officer, President and Chief
Investment Officer (Principal Executive Officer)
Dated: August 6, 2025
Michael Testa
Chief Financial Officer and Treasurer
(Principal Financial and Accounting Officer)

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