UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported):  March 3, 2022

TRINITY CAPITAL INC.

(Exact name of Registrant as Specified in Its Charter)

Maryland

 

814-01341

 

35-2670395

(State or Other Jurisdiction
of Incorporation)

 

(Commission File Number)

 

(IRS Employer
Identification No.)

525

1 N 1st Street
Suite 302
Phoenix, Arizona

 

85004

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (480) 374-5350

Not Applicable

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

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

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

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

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

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

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

 

 


Item 2.02. Results of Operations and Financial Condition

On March 3, 2022, Trinity Capital Inc. (the “Company”) issued a press release announcing its financial results for the forth quarter and year ended December 31, 2021. Such press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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

Item 7.01 Regulation FD Disclosure

On March 3, 2022, the Company disseminated an earnings presentation to be used in connection with its conference call and live webcast to discuss its fourth quarter 2021 financial results on March 3, 2022, at 5 p.m. Eastern time. A copy of the earnings presentation is furnished as Exhibit 99.2 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference.

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

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Ugust 12

Exhibit Number

   

Description

 

 

 

99.1

 

Earnings Press Release, dated March 3, 2022

99.2

Earnings Presentation, dated March 3, 2022


SIGNATURES

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

Trinity Capital Inc.

March 3, 2022

By:

/s/ Steven L. Brown

Name:

Steven L. Brown

Title:

Chief Executive Officer


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Exhibit 99.1

Trinity Capital Inc. Reports Fourth Quarter and Full Year 2021 Financial Results

PHOENIX, (March 3, 2021 /PRNewswire/) -- Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity Capital” or the “Company”), a leading specialty lending company that provides debt, including loans and equipment financing, to growth stage companies backed by technology banks, venture capital and private equity firms, today announced its financial results for the fourth quarter and year ended December 31, 2021.

Fourth Quarter 2021 Highlights

Total investment income of $23.6 million, an increase of 53.9% year-over-year
Net investment income (“NII”) of $10.6 million, or $0.39 per share, an increase of 100.1% year-over-year
Made aggregate debt and equity investment commitments of $247.9 million
Total gross investments funded of $197.5 million, comprised of $121.0 million across 11 new portfolio companies and $76.5 million across 14 existing portfolio companies
Debt principal repayments of $41.7 million
Investment portfolio of $873.5 million at fair value, an increase of 29.0% from Q3 2021
Net asset value (“NAV”) per share increased to $16.40 from $14.70 on September 30, 2021
Declared a dividend distribution of $0.36 per share for the fourth quarter, an increase of 9.1% from Q3 2021

“Trinity Capital had a banner year in 2021,” said Steven Brown, Chairman and Chief Executive Officer of Trinity Capital. “After our Nasdaq listing at the beginning of the year, we have delivered on our promises, achieved consecutive net portfolio growth and generated a record $757.0 million of total new commitments. Our operating performance in the fourth quarter generated GAAP net investment income of $0.39 per share, which covered our dividend by 108.3%. We have optimized our platform, generating consistent deal flow, executing thoughtful underwriting and strengthening our capital structure. In 2022, we expect to continue this momentum with strategic decisions aimed at achieving our primary objective of maximizing shareholder return.”

Full Year 2021 Highlights

Total investment income of $82.2 million, an increase of 49.5% year-over-year
Net investment income of $39.0 million, or $1.50 per share, an increase of 67.0% year-over-year
Total gross investments funded of $558.3 million, an increase of 132.6% year-over-year
Net investment portfolio growth of $379.8 million, an increase of 76.9% year-over-year
Net asset value of $16.40 per share, an increase of 25.9% compared to $13.03 per share on December 31, 2020

“Our 2021 performance is a testament to our dedicated, best-in-class team and industry-leading platform that solidifies our position in an expanding market for growth-stage businesses,” said Kyle Brown, Chief Investment Officer and President of Trinity Capital. “2021 was just the beginning for Trinity Capital as a publicly traded BDC, and we enter 2022 committed to our disciplined investment strategy of generating long-term value for our shareholders.”

Fourth Quarter 2021 Operating Results

For the three months ended December 31, 2021, total investment income was $23.6 million compared to $15.3 million for the quarter ended December 31, 2020. This represents an effective yield on the average debt investments at cost of 15.2% and 14.5% for the periods ended December 31, 2021 and 2020, respectively. Effective yields generally include the effects of fees and income accelerations


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attributed to early loan repayments and other one-time events and may fluctuate quarter-to-quarter depending on the amount of prepayment activity. 

Total operating expenses, excluding interest expense, for the fourth quarter of 2021 were $6.8 million compared to $5.7 million during the fourth quarter of 2020. The increase was primarily attributable to higher D&O insurance expense following the Company’s IPO, higher compensation associated with additional headcount, variable compensation and amortization of restricted stock grants. Interest expense for the fourth quarter of 2021 was $6.2 million compared to $4.3 million during the fourth quarter of 2020. The increase is primarily attributable to the higher debt outstanding under our August 2026 Notes and December 2026 Notes offset by lower average debt outstanding under our credit facilities.

Net investment income was approximately $10.6 million, or $0.39 per share based on 27.2 million basic weighted average shares outstanding for the fourth quarter of 2021, compared to $5.3 million or $0.29 per share for the fourth quarter of 2020 based on 18.3 million basic weighted average shares outstanding.

Fourth quarter 2021 net realized gains on investments were approximately $7.5 million compared to a net realized loss of $5.0 million during the fourth quarter of 2020.

Net unrealized appreciation was $37.1 million during the fourth quarter of 2021, compared to net unrealized appreciation of $9.0 million during the fourth quarter of 2020.

Fourth quarter 2021 net increase in net assets resulting from operations was $55.1 million, or $2.03 per share based on 27.2 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $9.7 million or $0.53 per share based on 18.3 million basic weighted average shares outstanding for the fourth quarter of 2020.

Trinity Capital’s higher weighted average share count for the three-month period and year ended December 31, 2021 as compared to prior year is the result of approximately 8.0 million shares of common stock issued in connection with the Company’s initial public offering, approximately 281,000 shares issued under the dividend reinvestment plan, approximately 36,000 shares issued in connection with the Company’s ATM program and approximately 585,000 net shares issued in connection with restricted stock awards.

Net Asset Value

As of December 31, 2021, NAV per share increased to $16.40, compared to $14.70 on September 30, 2021. The increase in NAV was primarily the result of the unrealized appreciation and realized gains recognized during the fourth quarter and investment income that exceeded the Company’s declared dividend by $0.03 per share. Total net assets at the end of the fourth quarter of 2021 increased by 11.9% to $446.5 million, compared to $399.0 million at the end of Q3 2021.

Portfolio and Investment Activity

As of December 31, 2021, Trinity Capital’s investment portfolio had an aggregate fair value of approximately $873.5 million and was comprised of approximately $551.9 million in secured loans, $184.1 million in equipment financings and $137.5 million in equity and warrants across 94 portfolio companies.

During the fourth quarter, the Company originated approximately $247.9 million of total new commitments comprised of secured loans totaling $174.2 million, equipment financing totaling $72.3 million and equity investments totaling $1.4 million. Fourth quarter investments funded totaled approximately $197.5 million, which was comprised of $121.0 million of investments in 11 new portfolio companies and approximately $76.5 million of investments in 14 existing portfolio companies. The Company continues to shift its portfolio to floating rate loans with approximately 56.8% of its debt portfolio at floating rates on December 31, 2021.

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Proceeds received from repayments of the Company's debt investments during the fourth quarter totaled approximately $41.7 million, which included $24.6 million from early debt repayments and $17.1 million from normal amortization. In addition, the Company received $8.3 million from the sale of equity and warrant investments primarily related to four portfolio companies. The investment portfolio increased by $159.1 million or approximately 24.9% on a cost basis, and by $196.2 million or approximately 29.0% at fair value as compared to September 30, 2021.

As of the end of the fourth quarter, loans to two portfolio companies were on non-accrual status with a total fair value of approximately $5.1 million, or just 0.7% of the Company’s debt investment portfolio at fair value.

The following table shows the distribution of the Company’s loan and equipment financing investments on the 1 to 5 investment risk rating scale at fair value as of December 31, 2021 and September 30, 2021 (dollars in thousands):

December 31, 2021

September 30, 2021

Investment Risk Rating  
Scale Range

Designation

Investments at
Fair Value

Percentage of
Total Portfolio

Investments at
Fair Value

Percentage of
Total Portfolio

4.0 - 5.0

Very Strong Performance

$

84,785

 

11.5%

$

62,872

 

10.9%

3.0 - 3.9

Strong Performance

 

236,466

 

32.1%

 

224,287

 

38.8%

2.0 - 2.9

Performing

 

396,846

 

53.9%

 

267,391

 

46.3%

1.6 - 1.9

Watch

 

13,427

 

1.8%

 

16,194

 

2.8%

1.0 - 1.5

Default/Workout

 

4,444

 

0.6%

 

6,919

 

1.2%

Total

$

735,968

 

100.0%

$

577,663

 

100.0%

As of December 31, 2021, the Company’s loan and equipment financing investments had a weighted average risk rating score of 3.0 as compared to 3.1 as of September 30, 2021.

Notes Offering

In December 2021, the Company closed a public offering of $75.0 million in aggregate principal amount of 4.25% Notes due 2026 (the “notes”). The notes will mature on December 15, 2026 and may be redeemed in whole or in part at Trinity Capital's option at any time at par plus a "make-whole" premium, if applicable. Trinity Capital received net proceeds from the offering of approximately $73.2 million after deducting underwriting discounts and commissions and estimated offering expenses.

Liquidity and Capital Resources

As of December 31, 2021, the Company had approximately $254.8 million in available liquidity, including $31.7 million in unrestricted cash and cash equivalents. At the end of the period, the Company had approximately $223.1 million in available borrowing capacity under its credit facilities with Credit Suisse and KeyBank, subject to existing terms and advance rates and regulatory and covenant requirements.

As of December 31, 2021, Trinity Capital's leverage was approximately 104.4% as compared to 77.7% as of September 30, 2021. The increase in the leverage ratio was primarily attributable to debt issued under the December 2026 Notes and borrowings under the KeyBank Credit Facility.

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Distributions

On December 20, 2021, the Company’s Board of Directors declared a dividend of $0.36 per share with respect to the quarter ended December 31, 2021, which was paid on January 14, 2022, to shareholders of record as of December 31, 2021.

Portfolio Company M&A and IPO Activity

As of March 2, 2022, Trinity Capital held debt, equity or warrant investments in three portfolio companies that recently went public through the completion of combinations with special purpose acquisition companies (“SPACs”) or through a traditional IPO, and two companies that have entered into definitive agreements to go public via SPACs.

On November 10, 2021, E la Carte, Inc., (d/b/a Presto, Inc.), announced it had entered into a definitive merger agreement with Ventoux CCM Acquisition Corp. (Nasdaq: VTAQ). Trinity Capital initially committed $10.0 million in debt financing beginning in March 2016 and held warrants for 104,284 shares of common stock, 497,138 shares of preferred Series A stock and 106,841 shares of Preferred Series AA-1 stock as of December 31, 2021.

On November 11, 2021, Blackbaze, Inc. completed its initial public offering and began trading its common stock on the Nasdaq under the stock symbol “BLZE.” Trinity Capital initially committed $14.5 million of equipment financing beginning in December 2018 and held $8.4 million in equipment financing as of December 31, 2021.

On December 13, 2021, Footprint International Holding, Inc. announced it had entered into a definitive merger agreement with Gores Holding III (Nasdaq: GIIXU). Trinity Capital initially committed $18.0 million in equipment financing in February 2020 and held $6.8 million in secured loans, $10.6 million in equipment financing and a warrant for 38,171 shares of common stock as of December 31, 2021.

On February 3, 2022, GreenLight Biosciences, Inc. completed its de-SPAC merger with Environmental Impact Acquisition Corp. and began trading on the Nasdaq under the stock symbol “GRNA.” Trinity Capital initially committed $11.3 million in equipment financing beginning in March 2021 and held $9.5 million in equipment financing and a warrant for 219,839 shares of common stock as of December 31, 2021.

On March 2, 2022, Rigetti & Co., Inc. completed its de-SPAC merger with Supernova Partners Acquisition Company II, Ltd. and began trading on the Nasdaq under the stock symbol “RGTI.” Trinity Capital initially committed $12.0 million in debt financing beginning in April 2021 and held $27.0 million in secured loans and a warrant for 995,099 shares of common stock as of December 31, 2021.

Subsequent Events

In January 2022, the Company disposed of 1,867,973 shares of common stock in Lucid Group, Inc. (Nasdaq: LCID) (“Lucid”) and 571,941 shares of common stock in Matterport Inc. (Nasdaq: MTTR) (“Matterport”), which had a combined investment cost of approximately $9.0 million. The Company received approximately $59.8 million in aggregate net proceeds and expects to recognize an aggregate net realized gain of approximately $50.8 million in the quarter ending March 31, 2022 from the sale of its equity investments in Lucid and Matterport. These sales liquidated the Company’s position in both investments.

On January 8, 2022, the Credit Suisse Credit Facility matured in accordance with its terms, and all outstanding indebtedness thereunder was repaid. Additionally, in conjunction with the maturity of the Credit Suisse Credit Facility, the restrictions on our cash thereunder expired.

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Conference Call

Trinity Capital will hold a conference call to discuss its fourth quarter and full year 2021 financial results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on Thursday, March 3, 2021.

To listen to the call, please dial (800) 909-7113, or (785) 830-1914 internationally, and reference Conference ID: TRINQ421 if asked, approximately 10 minutes prior to the start of the call.

A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for seven days. To access the replay, please dial (800) 839-9557 or (402) 220-6089.

About Trinity Capital Inc.

Trinity Capital (Nasdaq: TRIN), an internally managed specialty lending company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, is a leading provider of debt, including loans and equipment financing, to growth stage companies, including venture-backed companies and companies with institutional equity investors. Trinity Capital's investment objective is to generate current income and, to a lesser extent, capital appreciation through investments consisting primarily of term loans and equipment financings and, to a lesser extent, working capital loans, equity and equity-related investments. Trinity Capital believes it is one of only a select group of specialty lenders that has the depth of knowledge, experience, and track record in lending to growth stage companies.

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties, including the impact of the COVID 19 pandemic on the economy, financial markets, our business, our portfolio companies and our industry. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission ("SEC"). The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. More information on risks and other potential factors that could affect the Company's financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein or on the webcast/conference call, is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed annual report on Form 10-K and subsequent SEC filings.

Contact

Vibhor Garg
Director, Marketing
Trinity Capital, Inc.
vgarg@trincapinvestment.com

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TRINITY CAPITAL INC.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)

    

December 31, 

    

December 31, 

2021

2020

 

ASSETS

 

  

 

  

Investments at fair value:

 

  

 

  

Control investments (cost of $38,994 and $57,072, respectively)

$

32,214

$

48,730

Affiliate investments (cost of $41,609 and $20,653, respectively)

 

32,192

 

27,650

Non-control / Non-affiliate investments (cost of $717,253 and $420,611, respectively)

 

809,064

 

417,271

Total investments (cost of $797,856 and $498,336, respectively)

 

873,470

 

493,651

Cash and cash equivalents

 

31,685

 

44,656

Restricted cash

 

15,057

 

16,445

Interest receivable

 

5,551

 

3,468

Deferred credit facility costs

2,308

Prepaid expenses

 

693

 

744

Other assets

 

8,354

 

744

Total assets

$

937,118

$

559,708

 

  

 

  

LIABILITIES

 

  

 

  

August 2026 Notes, net of $2,679, and $0, respectively, of unamortized deferred financing costs

$

122,321

$

2025 Notes, net of $3,616, and $4,697, respectively, of unamortized deferred financing costs

 

121,384

 

120,303

December 2026 Notes, net of $1,842, and $0, respectively, of unamortized deferred financing costs

73,158

Convertible Notes, net of $2,515, and $3,448, respectively, of unamortized deferred financing costs and discount

47,485

46,552

KeyBank Credit Facility

81,000

Credit Suisse Credit Facility, net of $0 and $2,107, respectively, of unamortized deferred financing costs

10,000

132,893

Distribution payable

9,803

4,947

Security deposits

 

10,840

 

7,874

Accounts payable, accrued expenses and other liabilities

 

14,594

 

8,391

Total liabilities

 

490,585

 

320,960

 

  

 

  

Commitments and contingencies (Note 6)

 

  

 

  

 

  

 

  

NET ASSETS

 

  

 

  

Common stock, $0.001 par value per share (200,000,000 authorized, 27,229,541 and 18,321,274 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively)

 

27

 

18

Paid-in capital in excess of par

 

368,609

 

263,366

Distributable earnings/(accumulated loss)

 

77,897

 

(24,636)

Total net assets

 

446,533

 

238,748

Total liabilities and net assets

$

937,118

$

559,708

NET ASSET VALUE PER SHARE

$

16.40

$

13.03

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TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

Three Months Ended

Three Months Ended

Year Ended

Year Ended

    

December 31, 2021

    

December 31, 2020

    

December 31, 2021

    

December 31, 2020

INVESTMENT INCOME:

 

  

  

 

  

  

Interest income:

 

  

  

 

  

  

Control investments

$

578

$

307

$

5,242

$

3,661

Affiliate investments

 

254

 

88

 

1,607

 

1,191

Non-Control / Non-Affiliate investments

 

20,677

 

14,048

 

69,778

 

46,403

Total interest income

21,509

14,443

76,627

51,255

Fee income:

Non-Control / Non-Affiliate investments

2,098

897

5,565

3,709

Total fee income

2,098

897

5,565

3,709

Total investment income

 

23,607

 

15,340

 

82,192

 

54,964

 

  

 

  

 

  

 

  

EXPENSES:

 

  

 

  

 

  

 

  

Interest expense and other debt financing costs

 

6,241

 

4,340

 

20,394

 

16,773

Compensation and benefits

 

4,475

 

4,496

 

15,518

 

10,433

Professional fees

688

731

 

2,667

 

2,283

General and administrative

 

1,627

 

487

4,581

2,104

Total expenses

 

13,031

 

10,054

 

43,160

 

31,593

 

  

 

  

 

  

 

  

NET INVESTMENT INCOME (LOSS)

 

10,576

 

5,286

 

39,032

 

23,371

 

  

 

  

 

  

 

  

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:

 

  

 

  

 

  

 

  

Control investments

 

 

 

(2,725)

 

Affiliate investments

 

668

 

 

2,159

 

Non-Control / Non-Affiliate investments

 

6,784

 

(5,030)

 

13,274

 

(9,403)

Net realized gain/(loss) from investments

 

7,452

 

(5,030)

 

12,708

 

(9,403)

 

  

 

  

 

  

 

  

NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:

 

  

 

  

 

  

 

  

Control investments

 

483

 

(992)

 

1,570

 

(8,342)

Affiliate investments

 

(2,250)

 

2,620

 

(16,415)

 

6,997

Non-Control / Non-Affiliate investments

 

38,849

 

7,367

 

95,425

 

(3,621)

Net change in unrealized appreciation/(depreciation) from investments

 

37,082

 

8,995

 

80,580

 

(4,966)

 

  

 

  

 

  

 

  

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS BEFORE FORMATION COSTS

 

55,110

 

9,251

 

132,320

 

9,002

Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds

 

 

472

 

 

(15,114)

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

$

55,110

$

9,723

$

132,320

$

(6,112)

 

  

 

  

 

  

 

  

NET INVESTMENT INCOME PER SHARE - BASIC

$

0.39

$

0.29

$

1.50

$

1.29

NET INVESTMENT INCOME PER SHARE - DILUTED

$

0.38

0.29

$

1.45

$

1.29

 

  

 

  

 

  

 

  

NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC

$

2.03

$

0.53

$

5.09

$

(0.34)

NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED

$

1.83

$

0.53

$

4.64

$

(0.34)

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WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC

27,201,085

18,261,331

25,980,797

18,092,494

WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED

30,540,885

18,261,331

29,320,597

18,092,494

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Exhibit 99.2

GRAPHIC

A National Leader in Growth Stage Lending Fourth Quarter and Full Year 2021 Investor Presentation

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© 2022 Trinity Capital Inc. | 2 Trinity Capital Inc. (the “Company”) cautions that this presentation may contain forward-looking statements that are based on current expectations and assumptions about future events, and which are not based in historical fact. The forward-looking statements in this presentation are based on current conditions as of the date of this presentation, and include, but are not limited to, statements regarding our financial objectives, beliefs, strategies, anticipated future operating results and cash flows, operating expenses, investment originations and performance, available capital, and payment of future dividends and stockholder returns. Although our management believes that the expectations reflected in any forward-looking statements are reasonable, actual results could differ materially from those expressed or implied in the forward-looking statements. By their nature, these forward-looking statements involve numerous assumptions, uncertainties and risks, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements, as a number of factors could cause future Company results to differ materially from these statements. Forward-looking statements may be influenced in particular by factors such as fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate, and changes in economic, political and regulatory conditions, including as a result of the coronavirus (COVID-19) pandemic. When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events. Historical results discussed in this presentation are not indicative of future results. The information disclosed in this presentation is made as of the date hereof and reflects Trinity Capital Inc.’s current assessment of its financial performance for the most recent period reported. Actual financial results filed with the Securities and Exchange Commission in the future may differ from those contained herein in the event of additional adjustments recorded prior to the filing of its financial statements. The information contained in this presentation should be viewed in conjunction with Trinity Capital Inc.'s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K or Registration Statement on Form 424B1. We undertake no obligation to update the information contained herein to reflect subsequently occurring events or circumstances, except as required by applicable securities laws and regulations. This presentation does not constitute a prospectus and should under no circumstances be understood as an offer to sell or the solicitation of an offer to buy our common stock or any other securities nor will there be any sale of the common stock or any other securities referred to in this presentation in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. Nothing in these materials should be construed as a recommendation to invest in any securities that may be issued by Trinity Capital Inc. or as legal, accounting or tax advice. FORWARD LOOKING STATEMENTS | DISCLAIMER

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© 2022 Trinity Capital Inc. | 3 Company & Strategic Overview Financial Highlights Portfolio Highlights Venture Capital and Lending Market 4 13 23 30 34 Supplemental Information 36 Analyst Coverage INVESTOR PRESENTATION | AGENDA

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COMPANY OVERVIEW

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© 2022 Trinity Capital Inc. | 5 Market Capitalization 14 Year Track Record(4) Annualized Dividend Yield Portfolio(2) $254.8 Million Available Liquidity Liquidity(2) 65 Companies Warrant Positions 17 Companies Equity Positions $27.7 Billion Opportunities $1.69 Billion Fundings 221 Investments 131 Exits 73 Companies Debt Positions Internally Managed - Business Development Company | Nasdaq - TRIN Structure | Ticker BBB Investment Rating(5) Debt to Equity 104% TRINITY CAPITAL OVERVIEW Secured loans and equipment financing to growth stage companies backed by technology banks, venture capital and private equity firms Business (4) Historical information includes information and data related to Trinity Capital's predecessor funds, the first of which was launched in 2008, through December 31, 2021. The predecessor funds were merged with and into Trinity Capital on January 16, 2020, immediately after which Trinity Capital began operating as a business development company. (1) Based on the closing price of TRIN on March 2, 2022. (5) Credit rating assigned by Egan-Jones Ratings Company, an independent, unaffiliated rating agency. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. There can be no assurance that this rating will remain for any given period-of-time. (2) As of December 31, 2021. $16.40(2) NAV per Share $500.5 Million(1) Market Cap 8.2%(3) December 31, 2021 (3) Annualized based on the $0.36 dividend declared for Q4 2021 and a closing stock price of $17.58 on December 31, 2021

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© 2022 Trinity Capital Inc. | 6 We understand the growth stage world and provide more than money to our portfolio company partners Deep Operating Experience ▪ Highly experienced executive team with startup experience ▪ Decades of in-depth high-tech experience ▪ Numerous U.S. and International patents issued One Stop – Loans & Equipment Financing ▪ Providing term loans and equipment financing to growth stage companies ▪ Flexible financing solutions based on the company’s requirement ▪ Financing solutions to a highly fragmented, underserved market Robust & Scalable Platform ▪ Robust and scalable systems for origination, underwriting and monitoring ▪ Separation of origination, underwriting and monitoring duties aides “positive feedback” loop ▪ 41 dedicated professionals with a unique culture built over 14+ years WHY IS TRINITY DIFFERENT

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© 2022 Trinity Capital Inc. | 7 SEED SEED INVESTMENT PROFITABILITY EARLY GROWTH STAGE LATER TECHNOLOGY PROVEN PRODUCT DEVELOPED SALES DEVELOPMENT & REVENUE REVENUE GROWTH C O M P A N Y V A L U A T I O N COMPANY MILESTONES Trinity Investment Horizon Execution Risk vs. Technology Risk INVESTMENT HORIZON Growth Stage Companies are generally defined as having active equity sponsors, annual revenues up to $100 million and are past technology risk

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© 2022 Trinity Capital Inc. | 8 Term Loans Axiom Space is developing the world’s first commercial space station. ▪ Investor Syndicate C5 Capital, TQS Advisors, Declaration Partners ▪ Use of Loan General corporate purposes Petal's aim is to bring financial innovation and opportunity to everyone, using modern technology to help people build credit, avoid debt, and spend responsibly. ▪ Investor Syndicate Tarsadia Investments, Valar Ventures, CUNA Mutual ▪ Use of Loan Extension of runway Select Examples SENIOR & SUBORDINATED TERM LOANS 01 SENIOR / SUBORDINATED LOAN Work With The Banks 02 BACKED BY INSTITUTIONAL CAPITAL Companies Have Raised Equity 03 STILL BURNING CASH Companies in Growth Mode and Still Burning Cash

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© 2022 Trinity Capital Inc. | 9 Equipment Financing Select Examples EQUIPMENT FINANCING 01 COMPANIES WITH CAPEX REQUIREMENTS Manufacturing Equipment and Hard Assets 02 HARDWARE AS A SERVICE Equipment at Customer Location 03 INDUSTRY AGNOSTIC Nature’s Fynd is a food company creating versatile alternative proteins to nourish the world’s growing popula- tion while nurturing the planet. ▪ Investor Syndicate SoftBank, Breakthrough Energy Ventures, Blackstone Strategic Partners ▪ Use of Equipment Financing Food production equipment Emerald Cloud Lab is a remote-controlled life science laboratory that allows scientists to conduct their experiments without being anchored to a physical lab. ▪ Investor Syndicate Founders Fund, Schooner Capital, Alcazar Capital ▪ Use of Equipment Financing Laboratory Equipment

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© 2022 Trinity Capital Inc. | 10 Continued investment in our team and platform ▪ We’ve added to the team over the last year ▪ Robust Pipeline activity – 44% increase in opportunities compared to 2020 The VC ecosystem has been incredibly resilient ▪ Venture Capital funding nearly doubled in 2021 - $330 Billion(1) ▪ US VCs closed 730 funds totaling $128 billion(1) Focusing on areas that we think are attractive ▪ Identified certain industries and company profiles that help reduce risk in this environment ▪ Large underserved market to growth stage companies (1) Pitchbook NVCA Venture Monitor Q4 2021 CURRENT MARKET CONDITIONS AND OPPORTUNITIES Attractive Growth Opportunity in the Debt and Equipment Financing Space

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© 2022 Trinity Capital Inc. | 11 Multiple shared portfolio companies with top Venture Capital Firms We have established inter-creditor agreements with the banks Combining with bank debt results in a lower blended cost to our customers We provide equipment financing and incremental debt capital Relationships with top market share banks catering to majority of VC-backed companies PARTNERSHIP WITH TOP VCs AND TECHNOLOGY BANKS

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© 2022 Trinity Capital Inc. | 12 Investor Syndicate Revenue & Gross Margins Business Model (1) Includes historical information of Trinity Capital's predecessor funds, the first of which was launched in 2008, through December 31, 2021. Past performance is not indicative of future results. Investment results may vary significantly over any given time period. FINANCIALS DEBT STRUCTURE CAPITALIZATION MANAGEMENT PRODUCT & MARKET Product Differentiation Market Potential Industry & Start-up Experience BOD Make-up Fund Vintage & Dry Capital Collateral Cash Life UNDERWRITING APPROACH AND RISK MITIGATION Disciplined investment approach keeps our annualized loss rate at 24 Bps and is more than offset by realized gains on warrant/equity investments (1)

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FINANCIAL HIGHLIGHTS

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© 2022 Trinity Capital Inc. | 14 ▪ Total Investment Income of $23.6M ▪ Net Investment Income (“NII”) of $10.6M ▪ Net Interest Margin (“NIM”) of $10.6% ▪ NII per share of $0.39 provides 108% distribution coverage ▪ Increased the fourth quarter dividend distribution to $0.36 per share, an increase of 9.1% over the dividend declared in the prior quarter Robust Earnings Leading Originations Platform Portfolio Assets Liquidity Credit Rating ▪ Total Debt Investments (at cost): $740.9M ▪ Total Investments (at cost): $797.9M ▪ Effective Yield: 15.2% ▪ Core yield: 13.2% ▪ Debt & equity commitments in Q4 2021: $247.9M ▪ Debt & equity fundings in Q4 2021: $197.5M ▪ Net portfolio growth at Cost: $159.1M ▪ Net portfolio growth at FMV: $196.2M ▪ $254.8M available liquidity (subject to existing terms and covenants of the Company’s credit facilities) ▪ Debt to Equity 104% ▪ Egan Jones BBB(1) ▪ Stable Outlook Q4 2021 HIGHLIGHTS (1) Credit rating assigned by Egan-Jones Ratings Company, an independent, unaffiliated rating agency. A credit rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. There can be no assurance that this rating will remain for any given period of time.

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© 2022 Trinity Capital Inc. | 15 For the three months ended (In 000’s, except per share amounts) 12/31/2021 09/30/2021 06/30/2021 3/31/2021 12/31/2020 Total Investment Income $23,607 $21,790 $19,476 $17,320 $15,340 Interest expense and other debt financing costs 6,241 5,112 4,425 4,616 4,340 Compensation and benefits 4,475 3,677 3,370 3,996 4,482 General and administrative 2,315 1,878 1,601 1,455 1,232 Total Operating Expenses 13,031 10,667 9,396 10,067 10,054 Net Investment Income (NII) 10,576 11,123 10,080 7,253 5,286 Net Realized Gain / (Loss) from Investments 7,452 666 1,995 2,595 (5,029) Net Change in Unrealized Appreciation / (Depreciation) from Investments 37,082 15,392 12,630 15,476 8,995 Costs related to the acquisition of Trinity Capital Holdings, LLC. and Legacy Funds ---- 472 Net Increase (Decrease) in Net Assets from Operations $55,110 $27,181 $24,705 $25,324 $9,724 Net Investment Income (NII) per Share – Basic $0.39 $0.42 $0.38 $0.31 $0.29 Net Increase (Decrease) in Net Assets resulting from Operations per Share – Basic $2.03 $1.02 $0.93 $1.08 $0.53 Weighted Average Shares Outstanding – Basic 27,201 26,641 26,479 23,555 18,261 QUARTERLY INCOME STATEMENT

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© 2022 Trinity Capital Inc. | 16 INCOME SOURCE & PORTFOLIO YIELD TRENDS $448 $464 $521 $578 $741 13.0% 13.7% 13.4% 13.1% 13.2% 14.5% 15.6% 15.9% 15.8% 15.2% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% $200 $300 $400 $500 $600 $700 $800 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 PORTFOLIO YIELDS Total Debt Investments (Cost, $ in million) Core Yield (excluding fee income) Effective Yield (including fee income) Strong Effective Yields Produces Solid Investment Income 63.8% 64.0% 61.9% 64.6% 69.8% 26.0% 23.8% 20.9% 18.3% 17.5% 10.1% 12.2% 17.1% 17.1% 12.7% $- $3,000 $6,000 $9,000 $12,000 $15,000 $18,000 $21,000 $24,000 4Q20 1Q21 2Q21 3Q21 4Q21 SOURCES OF INVESTMENT INCOME IN THOUSANDS Loans - Cash + OID Equipment Financing - Cash + OID Accelarated OID + Fees

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© 2022 Trinity Capital Inc. | 17 NET INVESTMENT INCOME PER SHARE BRIDGE

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© 2022 Trinity Capital Inc. | 18 BALANCE SHEET

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© 2022 Trinity Capital Inc. | 19 GROWING NET ASSET VALUE Accretive NAV per Share Growth Net Asset Value – 11.9% increase this quarter Initial Public Offering in Q1 of 2021 $224.6 $228.6 $237.3 $238.7 $361.6 $379.7 $399.0 $446.5 $12.44 $12.61 $13.01 $13.03 $13.69 $14.33 $14.70 $16.40 $0.00 $2.00 $4.00 $6.00 $8.00 $10.00 $12.00 $14.00 $16.00 $18.00 $- $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 NAV ($ millions) NAV per Share

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© 2022 Trinity Capital Inc. | 20 NET ASSET VALUE (NAV) PER SHARE BRIDGE $13.0 $14.0 $15.0 $16.0 $17.0 $14.70 0.39 0.27 1.40 $16.40 (0.04) (0.36) 0.03

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© 2022 Trinity Capital Inc. | 21 Diversified Borrowings ($ in million) at 12/31/21 Funding Source Debt Commitment Outstanding Principle Undrawn Commitment Stated Maturity Interest Rate Notes: 2025 Unsecured Notes $125 $125 - January 16, 2025(1) 7.0% Convertible Notes $50 $50 - December 11, 2025 6.0% August 2026 Unsecured Notes $125 $125 - August 24, 2026 4.375% December 2026 Unsecured Notes $75 $75 - December 15, 2026 4.25% Bank Facility: KeyBank Credit Facility $300 $81 $219 October 27, 2026 3-month Libor + 3.25% Credit Suisse Credit Facility $300 $10 $290 January 8, 2022 3-month Libor + 3.25% DEBT CAPITAL STRUCTURE (1) Callable at par in January 2023

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© 2022 Trinity Capital Inc. | 22 $0.22 $0.49 $0.76 $1.03 $1.31 $1.60 $1.93 $2.29 $- $0.50 $1.00 $1.50 $2.00 $2.50 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Cumulative Distributions per share Total Dividends Distributable Net Income covered dividends by 108% in Q4’2021 Strong Earnings and Dividend Growth Consistently paid a quarterly dividend since formation in Q1 2020 SOLID SHAREHOLDER RETURNS

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PORTFOLIO HIGHLIGHTS

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(1) Based on Fair Market Value © 2022 Trinity Capital Inc. | 24 Industry Diversification(1) Geography Diversification(1) 25.4% 18.5% 12.3% 7.5% 5.1% 4.5% 4.7% 22.0% Professional, Scientific, and Technical Services Manufacturing Information Healthcare and Social Assistance Real Estate Retail Trade Space Research and Technology Finance and Insurance Industry Diversification(1) Other <= 4.5% individual industry Agriculture, Forestry, Fishing and Hunting Pharmaceutical Educational Services Administrative and Support and Waste Management Rental and Leasing Services Construction Wholesale Trade 50.7% 8.1% 2.7% 7.0% 0.1% 24.5% 6.9% PORTFOLIO DIVERSIFICATION As of December 31, 2021 Utilities

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© 2022 Trinity Capital Inc. | 25 PORTFOLIO SUMMARY (1) Based on Fair Market Value $468,869 $108,794 $72,066 $27,517 Total Portfolio: By Type At Fair Value as of September 30, 2021 I n $ 0 0 0 Secured Loan Equipment Financing Equity Warrant $551,894 $184,074 $100,732 $36,770 Total Portfolio: By Type At Fair Value as of December 31, 2021 I n $ 0 0 0 Secured Loan Equipment Financing Equity Warrant December 31, 2021 September 30, 2021 Cost Fair Value Cost Fair Value Type Amount % Amount % Amount % Amount % Secured Loan $557,627 69.8% $551,894 63.2% $474,412 74.3% $468,869 69.2% Equipment Financing 183,298 23.0% 184,074 21.1% 108,812 17.0% 108,794 16.1% Equity 42,046 5.3% 100,732 11.5% 40,677 6.4% 72,066 10.6% Warrants 14,885 1.9% 36,770 4.2% 14,813 2.3% 27,517 4.1% Total $797,856 100.0% $873,470 100.0% $638,714 100.0% $677,246 100.0%

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© 2022 Trinity Capital Inc. | 26 PORTFOLIO TRENDS (1) Based on outstanding principal (2) Based on Fair Market Value 74.6% 67.9% 50.7% 40.0% 43.2% 25.4% 32.1% 49.3% 60.0% 56.8% 4Q20 1Q21 2Q21 3Q21 4Q21 FIXED VS FLOATING DEBT INVESTMENTS(1) Fixed Floating 65.0% 62.6% 66.4% 69.2% 63.2% 23.9% 20.2% 16.1% 21.1% 6.6% 9.3% 8.8% 10.6% 11.5% 3.6% 4.2% 4.6% 4.1% 4.2% 4Q20 1Q21 2Q21 3Q21 4Q21 TOTAL PORTFOLIO BY INVESTMENT TYPE(2) Loans Equipment Finance Equity Warrant 22.0% Pivoting to floating rate portfolio Strong Asset Diversification

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© 2022 Trinity Capital Inc. | 27 HYPOTHETICAL WARRANT UPSIDE • Investment of $19.1 million (50%) • Proceeds of $38.1 million (2X) • Cost of $26.5 million • Potential gain of $11.6 million or $0.43 per share • Investment of $19.1 million (50%) • Proceeds of $57.2 million (3X) • Cost of $26.5 million • Potential gain of $30.7 million or $1.13 per share • Investment of $19.1 million (50%) • Proceeds of $76.3 million (4X) • Cost of $26.5 million • Potential gain of $49.8 million or $1.83 per share Recent and Pending Portfolio Company M&A Liquidity Events ▪ Footprint and E la Carte (dba Presto) have entered into definitive merger agreements with Special Purpose Acquisition Companies (SPACs) ▪ Greenlight Bio and Rigetti completed their deSPAC transactions, subsequent to 12/31/21 110 Warrant Positions in 65 Portfolio Companies ▪ GAAP fair value ~ $36.8 million ▪ GAAP cost ~ $14.9 million ▪ ~ $38.1 million in nominal exercise value Hypothetical Models of Potential Warrant Gains at 12/31/21 ▪ Assume that only 50% of warrants will monetize ▪ Cost of exercised warrants is ~ $19.1 million ▪ Based on 27.2 million shares of common stock outstanding at 12/31/21 MULTIPLE MULTIPLE MULTIPLE 2X 3X 4X For Illustration Purposes Only

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© 2022 Trinity Capital Inc. | 28 $371 $380 $381 $443 $464 $518 $578 $736 2.9 3.2 3.2 3.2 3.2 3.1 3.1 3.0 1 1.5 2 2.5 3 3.5 $- $100 $200 $300 $400 $500 $600 $700 $800 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Total Debt Investments (FV, $ in million) Weighted Investment Credit Rating Q4 2021 Q3 2021 Q2 2021 Q1 2021 Q4 2020 Very Strong Performance (4.0 – 5.0) $84,785 11.5% $62,872 10.9% $83,915 16.2% $110,278 23.8% $92,519 20.9% Strong Performance (3.0 – 3.9) $236,466 32.1% $224,287 38.8% $204,906 39.5% $164,709 35.4% 212,969 48.0% Performing (2.0 – 2.9) $396,846 53.9% $267,391 46.3% $199,449 38.5% $148,690 32.1% 116,895 26.4% Watch (1.6– 1.9) $13,427 1.8% $16,194 2.8% $29,820 5.7% $39,194 8.5% 19,230 4.3% Default/Workout (1.0 – 1.5) $4,444 0.6% $6,919 1.2% $343 0.1% $812 0.2% 1,606 0.4% Weighted Average 3.0 3.1 3.1 3.2 3.2 Credit risk rating at Fair Value, Q4 2021 – Q4 2020 ($ in thousands) Consistent and Disciplined Underwriting Standards DISCIPLINED CREDIT RATING

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© 2022 Trinity Capital Inc. | 29 Select List of Current & Historical Investments DIVERSIFIED PORTFOLIO

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VENTURE CAPITAL AND LENDING MARKET

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© 2022 Trinity Capital Inc. | 31 US VC Deal Activity VENTURE CAPITAL MARKET Source: Pitchbook NVCA Venture Monitor Q4 2021 $30 $38 $37 $28 $32 $45 $42 $49 $75 $86 $83 $88 $144 $145 $167 $330 3,405 4,406 4,851 4,598 5,515 6,900 8,026 9,510 10,713 11,344 10,215 11,109 11,606 12,490 12,173 17,054 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 $- $50 $100 $150 $200 $250 $300 $350 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 # of Deals Dollar Invested (billions) VC dollars # of deals

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© 2022 Trinity Capital Inc. | 32 US VC Fundraising Activity VENTURE CAPITAL FUNDRAISING Source: Pitchbook NVCA Venture Monitor Q4 2021 $35 $32 $13 $19 $23 $25 $22 $39 $42 $50 $45 $74 $71 $87 $128 $- $20 $40 $60 $80 $100 $120 $140 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Billions Capital Raised ($)

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© 2022 Trinity Capital Inc. | 33 VENTURE DEBT MARKET $4 $8 $8 $11 $17 $15 $15 $25 $32 $33 $30 1,071 1,371 1,654 2,031 2,551 2,424 2,652 2,776 3,145 3,074 3,172 - 500 1,000 1,500 2,000 2,500 3,000 3,500 $- $5 $10 $15 $20 $25 $30 $35 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 # of Deals Dollar Invested (billions) Venture Debt # of deals US Venture Debt Deal Activity Source: Pitchbook NVCA Venture Monitor Q4 2021

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ANALYST COVERAGE

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© 2022 Trinity Capital Inc. | 35 Followed by Seven Firms Trinity Capital is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding Trinity Capital’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of Trinity Capital or its management. Trinity Capital does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations. Ryan Lynch (initiated coverage 2/23/21) Finian O’Shea (initiated coverage 2/23/21) Brock Vandervliet (initiated coverage 2/23/21) Sarkis Sherbetchyan (initiated coverage 2/23/21) Casey Alexander (initiated coverage 2/23/21) Christopher Nolan (initiated coverage 2/23/21) EXTENSIVE INDUSTRY ANALYST COVERAGE Mitchell Penn (initiated coverage 5/3/21)

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SUPPLEMENTAL INFORMATION

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© 2022 Trinity Capital Inc. | 37 BUSINESS DEVELOPMENT COMPANY (BDC) REGULATED INVESTMENT COMPANY (RIC) Trinity Capital Inc. is an Internally Managed BDC under the 1940 Act and has Elected to be treated as a RIC for Federal Income Tax Purposes beginning with its Taxable Year ending December 31, 2020 ▪ Regulated by the SEC under the Investment Company Act of 1940 (the “1940 Act”) ▪ Leverage limited to approximately 2:1 debt/equity ▪ Investments are required to be carried at fair value ▪ Majority of Board of Directors must be independent ▪ Offer managerial assistance to portfolio companies ▪ Distribute taxable income as dividend distributions to shareholders, subject to approval by Trinity Capital’s Board of Directors ▪ Mandates asset diversification ▪ Eliminates corporate taxation ▪ Allows for the retention of capital gains and/or spillover of taxable income REGULATION & STRUCTURE

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We look forward to our growing partnership. THANK YOU