2024年第三季度 投資者報告 推動顛覆性技術。革新未來。

前瞻性聲明|免責聲明Trinity Capital Inc.（以下簡稱「公司」）提醒本展示可能包含基於未來事件的當前預期和假設，而非基於歷史事實的前瞻性聲明。本展示中的前瞻性聲明基於本展示發佈之日的當前狀況，幷包括但不限於就我們的財務目標、信念、策略、預期的未來營業收入和現金流、營業費用、投資來源和表現、可用資本以及未來分紅和股東回報等方面的聲明。儘管我們的管理層認爲反映在任何前瞻性聲明中的預期是合理的，實際結果可能與該前瞻性聲明中所表述的預期不一致。由於其本質所決定，這些前瞻性聲明涉及衆多假設、不確定因素和風險，包括一般性和具體性風險。存在這樣的風險，即這些聲明可能無法實現。我們提醒本展示的讀者不要對這些前瞻性聲明過度依賴，因爲許多因素可能會導致公司未來的結果與這些前瞻性聲明所描述的結果存在實質性的差異。前瞻性聲明可能會受到多種因素的影響，特別是包括利率和股票指數波動、在我們所經營領域的競爭影響以及經濟、政治和監管條件變化的因素。投資者在依賴前瞻性聲明做出決策時，應仔細考慮上述因素以及其他不確定因素和事件。本展示中討論的歷史結果並不代表未來結果。本展示中披露的信息截至本文發佈之日，反映Trinity Capital Inc.對其最近披露的財務業績的現有評估。在未來向美國證監會報告其財務報表之前，實際財務結果可能會與此處所披露的內容存在差異。本展示中的信息應與Trinity Capital Inc.最近披露的第十四號季報表(Form 10-Q)、年度報告(Form 10-k)或414B1表(Form 424B1)結合使用。我們不承諾更新此處所包含的信息，以反映後續發生或的情況，除非適用的證券法律和法規規定必須這樣做。本展示不構成招股說明書，在任何情況下都不應被理解爲出售本公司的普通股或其他任何證券的要約或請求，在任何未在此類股份或證券依據相關州或管轄區法律和法規註冊或取得資格之前，也不會在這類股份或證券所在的任何州或管轄區出售。本材料中的任何內容都不能被視爲對投資於Trinity Capital Inc.發行的任何證券的推薦或法律、會計或稅務建議。

公司概述

歷史信息包括有關Trinity Capital前身基金的信息和數據，最早的基金於2008年推出，截至2024年9月30日。前身基金於2020年1月16日與Trinity Capital合併，隨後Trinity Capital開始作爲一家業務發展公司運營。包括截至2024年9月30日由Trinity Capital經Trinity Capital Adviser, LLC（RIA）進行管理的資產的公允價值。基於2024年10月28日TRIN收盤價爲13.88美元。截至2024年9月30日。根據2024年第三季度宣佈的每股股息爲0.51美元和2024年9月30日收盤股價爲13.57美元的數據進行年化。包括現金及現金等價物850萬美元和我公司KeyBank信貸設施22000萬美元的可用借款額度。不包括JV籌集的資金和我們全資擁有的RIA子公司管理的基金。分別由Egan-Jones Ratings Company和Morningstar DBRS頒發的信用評級，它們是獨立的、不附屬的評級機構。信用評級不構成購買、賣出或持有證券的建議，並可能隨時進行修訂或撤回。不能保證此評級將在任何給定時間內保持。TRINITY CAPITAL概況 爲成長階段公司提供多元化的金融解決方案 | 納斯達克 – TRIN, TRINL, TRINZ, TRINI 15年以上的 股票記錄(1) 投資組合(4) 流動性(4) 374項投資 210項退出 20億資產 管理中(2) 市值/每股股息收益率 15.0%的 年化 股息收益率(5) 81760萬的 市值(3) 每股淨資產價值13.13美元(4) 126970萬的 已擔保貸款 81家公司 30510萬的 裝備融資 30家公司 11210萬的 股權 & 徒權益 124家公司 38億的 資金 2.285億的 可用流動性(6) BBb, BBB(low)的 投資評級(7) 122%的 負債/股權比

TRINITY平台獨特的內部管理結構和資本多元化鞏固了TRIN平台，併產生了增強的價值主張。額外的流動性、費用和利息收入、增量回報、共同投資機會。TRINITY CAPITAL（納斯達克：TRIN）內部管理的BDC科技信貸 | 設備融資 | 生命科學 | 倉庫融資 | 贊助方融資。Senior Credit corp 2022 LLC（合資企業）TRIN擁有12.5%的合資車輛。潛在的私人車輛（私募基金、BDCs、SMAs、JVs）EPt 16 LLC（RIA建議的私募基金）EPt 16是一個預期轉變爲私人BDC的私人共同投資基金（等待SEC豁免）。Trinity Capital Adviser（註冊投資顧問「RIA」）Trinity全資擁有的RIA通過爲私募基金提供建議管理和激勵費用。對TRIN股東的好處。

多元化的業務垂直領域，涵蓋投資類型、交易規模、行業和地理位置 贊助融資 生命科學 科技 貸款 設備融資 倉庫貸款 納斯達克 TRIN 爲機構支持的科技公司提供高級擔保期限貸款 爲關鍵生產設備和硬資產融資 提供有機會的商業階段生命科學公司高級擔保期限貸款 爲股權投資支持的軟件公司提供企業價值擔保貸款 資產爲基礎的對破產遠離的法律實體提供貸款 高達10000萬美元的多元化業務垂直領域，最大的信貸敞口占總債務投資的不到4%（截至2024年9月30日） 平台交易規模

憑藉獨特的資本化和多元化業務，我們的目標是通過提供對私人信貸市場的訪問，爲投資者提供穩定和持續的回報。內部管理的BDC員工與股東之間的利益一致 管理公司和多元化資產池 強大且可擴展的平台 強大且可擴展的原始融資、覈保和監測系統 分離原始融資、覈保和投資組合管理職責有助於「積極反饋」循環 86位專業人士，建立了超過15年的獨特文化 TRINITY有何不同 多元化的業務垂直領域 科技借貸|生命科學|倉儲借貸|贊助方融資|設備融資 投資類型、行業和地理位置的多元化 我們保持對交易管道的完全擁有權和控制

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

Investor Syndicate Revenue & Gross Margins Business Model Includes historical information of Trinity Capital's predecessor funds, the first of which was launched in 2008, through September 30, 2024. 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 27 bps, which is more than offset by realized gains on warrant and equity investments(1)

WHOOP is a leading designer for wearable health and fitness trackers that capture biometric data shown to have the most impact on your health. Investor Syndicate SoftBank Vision Fund, IVP, Cavu Ventures, NextView Ventures Select Examples TECH LENDING Senior secured term loans to institutionally-backed technology companies Empower Finance is helping people find financial security through machine learning models that evaluate creditworthiness. Investor Syndicate Sequoia Capital, Blisce, Icon Ventures, Initialized Capital Term Loans 01 SECURED LOANS Lien on all assets including IP 02 BACKED BY INSTITUTIONAL CAPITAL Companies have raised significant equity 03 GROWTH CAPITAL Debt proceeds used to fuel growth and scale business

Equipment Financings 02 01 03 EQUIPMENT FINANCING Financing mission-critical manufacturing equipment and hard assets Athletic Brewing brews great tasting Non-Alcoholic Craft Beer made with high-quality, all-natural ingredients and low calories for the active lifestyle. Investor Syndicate AG Ventures, Valency Capital, TRB Advisors Rocket Lab delivers reliable launch services, spacecraft components, satellites and other spacecraft to make it faster and easier to access space. Investor Syndicate BlackRock, Space Capital, Vector Capital Select Examples COMPANIES WITH CAPEX REQUIREMENTS Mission-critical hard assets JUST-IN-TIME CAPITAL Available as needed to meet growing equipment needs EQUIPMENT COLLATERAL Secured by perfected lien on equipment collateral

Term Loans 02 LIFE SCIENCES Senior secured term loans for growth capital to commercial stage life sciences companies RxAnte is a leading predictive analytics and clinical services company dedicated to improving medications use and health outcomes. Investor Syndicate First Trust Capital Partners, UPMC Enterprises Select Examples 01 SECURED LOANS Lien on all assets including IP STRONG CLINICAL DATA PROFILE Established or clear “line of sight” to favorable reimbursement 03 REGULATORY COMPLIANCE Companies received regulatory (FDA or EMA) approval or late-stage clinical trials Shoulder Innovations is a shoulder arthroplasty-focused medical device development company that designs and commercializes products that have the potential for improved patient care and reduced cost to the healthcare system. Investor Syndicate Gilde Healthcare Partners, US Venture Partners, Lightstone, Aperture Venture Partners

WAREHOUSE LENDING Asset-based lending to bankruptcy-remote SPVs Denim provides comprehensive financial tools, including invoice audit, a document inbox, TMS integrations, and smart automation technologies to streamline your back-office operations. Investor Syndicate Pelion Venture Partners, Crosslink Capital, Anthemis, FJ Labs Parafin empowers small businesses by providing them customized, embedded financial products through the platforms they already use, such as on-demand marketplaces, point-of-sales solutions, and vertical SaaS. Investor Syndicate GIC, Thrive Capital, Ribbit Capital Select Examples Revolving Credit Line 01 REVOLVING CREDIT LINE Based on eligible assets in SPV 03 ASSET-BASED COLLATERAL Borrowing base is comprised of cash flow positive assets 02 BACKED BY INSTITUTIONAL CAPITAL Companies have raised significant equity

01 03 02 Enterprise value secured term loans to private equity-backed software companies SPONSOR FINANCE ServiceTrade streamlines service and project operations to reduce administrative costs, optimizes field performance to increase revenue per technician, and boosts sales and client retention to grow margins. Investor Syndicate JMI Equity Impel offers auto dealers, wholesalers, OEMs, and marketplaces the industry’s most advanced AI-powered customer lifecycle management platform. Investor Syndicate Silversmith Capital Partners Select Examples Term Loans 01 SENIOR SECURED LOANS Lien on all assets including IP MAJORITY CONTROL BY PRIVATE EQUITY Significant cash equity cushion relative to senior debt 03 ESTABLISHED BUSINESSES Well positioned and growing at above market rate, with a fully funded plan

FINANCIAL HIGHLIGHTS

Most of Trinity’s unfunded commitments are conditional, subject to additional lending provisions, and generally dependent upon the portfolio company reaching certain milestones before the commitment becomes available. Includes the fair value of assets managed by Trinity Capital through the JV, EPT 16, and the RIA as of September 30, 2024. Effective yield includes fees and accelerated income from prepayments but excludes fees earned from the JV, and is calculated based on the daily weighted average debt investments at cost. Core yield excludes fees and accelerated income from prepayments. Total Investment Income of $61.8M Net Investment Income (“NII”) of $29.4M Net Interest Margin (“NIM”) of 11.9% NII per share of $0.54 provides 105.9% of regular distribution coverage Consistent third quarter regular dividend distribution of $0.51 per share Robust Earnings Total Debt Investments (at cost): $1,610.3M Total Investments (at cost): $1,723.5M Total Platform Assets Under Management(2) (at fair value): $1,983.1M Effective Yield(3): 16.1% Core Yield(4): 14.9% Debt & equity commitments in 3Q24: $629.2M Debt & equity fundings in 3Q24: $459.0M Unfunded commitments(1) as of 9/30/2024: $606.4M Term sheets signed as of 9/30/2024: $387.4M Q3 2024 HIGHLIGHTS Leading Originations Platform Portfolio Assets

Net Investment Income covered regular dividend by 105.9% in 3Q24 Nineteenth consecutive consistent or increased regular dividend 15.0% annualized total dividend yield(1) SOLID SHAREHOLDER RETURNS Annualized based on the $0.51 dividend per share declared for Q3 2024 and a closing stock price of $13.57 on September 30, 2024.

For the three months ended For the three months ended Nine Months Ended September 30 (In thousands, except per share amounts) 09/30/2024 06/30/2024 03/31/2024 12/31/2023 09/30/2023 Total Investment Income $ 61,766 $ 54,641 $ 50,453 $ 47,834 $ 46,438 Interest expense and other debt financing costs 16,868 13,885 12,144 10,446 10,783 Compensation and benefits 11,528 9,944 9,864 8,434 8,693 General and administrative(1) 4,010 4,069 3,288 3,887 3,556 Total Operating Expenses 32,406 27,898 25,296 22,767 23,032 Net Investment Income (NII) 29,360 26,743 25,157 25,067 23,406 Net Realized Gain / (Loss) from Investments (13,880) (6,488) 1,351 773 (1,868) Net Change in Unrealized Appreciation / (Depreciation) from Investments 8,920 10,573 (12,000) (8,136) (4,717) Net Increase (Decrease) in Net Assets from Operations $ 24,400 $ 30,828 $ 14,508 $ 17,704 $ 16,821 Net Investment Income (NII) per Share – Basic $0.54 $0.53 $0.54 $0.57 $0.58 Net Increase (Decrease) in Net Assets resulting from Operations per Share – Basic $0.45 $0.61 $0.31 $0.40 $0.42 Weighted Average Shares Outstanding – Basic 54,413 50,162 46,748 44,308 40,119 QUARTERLY INCOME STATEMENT General and administrative expenses include excise tax expense.

INCOME SOURCE & PORTFOLIO YIELD TRENDS Strong Yields Produce Solid Investment Income Includes fees and dividend income earned from the JV. Effective yield includes fees and accelerated income from prepayments but excludes fees earned from the JV, and is calculated based on the daily weighted average debt investments at cost. Core yield excludes fees and accelerated income from prepayments. (2) (3) (1)

NII RETURNS AND USE OF LEVERAGE Delivering strong returns through effective use of leverage NII return on average assets (ROAA) is calculated as NII divided by average assets for the period and is annualized for the quarterly periods presented. NII return on average equity (ROAE) is calculated as NII divided by average net assets for quarterly period and is annualized for the quarterly periods presented. Leverage ratio is calculated as outstanding principal of borrowings divided by net assets as of the end of the period.

NET INVESTMENT INCOME (NII) PER SHARE BRIDGE Includes the impact of share activity and equity incentive plans. (1)

For the three months ended Nine Months Ended September 30 (In thousands, except per share amounts) 09/30/2024 06/30/2024 03/31/2024 12/31/2023 09/30/2023 Assets Total investments at fair value $ 1,686,862 $ 1,424,815 $ 1,363,862 $ 1,275,180 $ 1,116,552 Cash and cash equivalents 8,535 46,102 11,967 4,761 7,230 Interest receivable 16,947 13,976 13,312 11,206 10,920 Other assets 22,419 20,534 20,551 19,835 16,224 Total Assets $ 1,734,763 $ 1,505,427 $ 1,409,692 $ 1,310,982 $ 1,150,926 Liabilities KeyBank Credit Facility $ 290,000 $ 254,700 $ 190,000 $ 213,000 $ 100,000 Unsecured Notes, net of unamortized deferred financing costs (1) 622,586 510,157 539,304 426,614 425,734 Distribution payable 29,397 26,443 24,808 23,162 23,353 Security deposits 9,393 11,169 11,114 12,287 14,464 Accounts payable, accrued expenses, and other liabilities 26,592 22,919 18,150 24,760 17,912 Total Liabilities $ 977,968 $ 825,388 $ 783,376 $ 699,823 $ 581,463 Net Assets $ 756,795 $ 680,039 $ 626,316 $ 611,159 $ 569,463 Shares outstanding 57,642 51,849 48,643 46,324 43,247 Net Assets per Share (NAV per share) $13.13 $13.12 $12.88 $13.19 $13.17 QUARTERLY BALANCE SHEET Includes the 2025 Unsecured Notes, August 2026 Unsecured Notes, March 2029 Unsecured Notes, September 2029 Unsecured Notes, December 2026 Unsecured Notes, and Convertible Notes. Refer to the ‘Debt Capital Structure’ slide for further details.

Includes the impact of share activity and equity incentive plans. NET ASSET VALUE (NAV) PER SHARE BRIDGE Earnings and Distributions Investment Portfolio Performance ShareImpact(1)

The 2025 Unsecured Notes trade on the Nasdaq Global Select Market under the symbol “TRINL” and are callable at par, in whole or in part, at any time on or after January 16, 2023. The March 2029 Unsecured Notes trade on the Nasdaq Global Select Market under the symbol “TRINZ” and are callable at par, in whole or in part, at any time on or after March 30, 2026. The September 2029 Unsecured Notes trade on the Nasdaq Global Select Market under the symbol “TRINI” and are callable at par, in whole or in part, at any time on or after September 30, 2026. Represents the current maximum availability of $510.0 million as of September 30, 2024. Such commitment can be increased up to $690.0 million under the current terms of the facility. Diversified Borrowings ($ in millions) as of September 30, 2024 Funding Source Debt Commitment Outstanding Principal Undrawn Commitment Stated Maturity Interest Rate Notes: 2025 Unsecured Notes(1) $152.5 $152.5 - January 16, 2025(1) 7.00% Convertible Notes $50.0 $50.0 - December 11, 2025 6.00% August 2026 Unsecured Notes $125.0 $125.0 - August 24, 2026 4.375% December 2026 Unsecured Notes $75.0 $75.0 - December 16, 2026 4.25% March 2029 Unsecured Notes(2) $115.0 $115.0 - March 30, 2029(2) 7.875% September 2029 Unsecured Notes (3) $115.0 $115.0 - September 30, 2029(3) 7.875% Bank Facility: KeyBank Credit Facility $510.0(4) $290.0 $220.0(4) July 27, 2029 Adjusted Term SOFR + 2.85% to 3.25% DEBT CAPITAL STRUCTURE

PORTFOLIO HIGHLIGHTS

PORTFOLIO DIVERSIFICATION Diversified across investment type, transaction size, industry and geography Based on fair market value as of September 30, 2024. Includes debt investments only. Consists of the fair value of our investments in the JV, EPT 16, and the RIA as of September 30, 2024. The portfolio companies held within the multi-sector holdings investment portfolio represent a diverse set of geographic regions generally consistent with those in which we invest directly. Investment Type(1) Transaction Size(1)(2) Industry Type(1) Geographic Allocation(1) International 1.6% Multi-Sector Holdings(3) 1.5% 32.7% 11.2% 4.0% 10.3% 10.7% 28.0%

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

3Q24 2Q24 1Q24 4Q23 3Q23 Very Strong Performance (4.0 – 5.0) $105,385 6.8% $70,183 5.3% $56,991 4.5% $40,584 3.3% $34,728 3.3% Strong Performance (3.0 – 3.9) $458,494 29.4% $306,187 23.1% $275,106 21.5% $277,867 22.9% $225,408 21.3% Performing (2.0 – 2.9) $918,292 58.7% $886,030 67.0% $875,950 68.5% $805,730 66.3% $740,097 70.1% Watch (1.6– 1.9) $57,457 3.7% $53,449 4.0% $65,410 5.1% $56,740 4.7% $38,584 3.6% Default/Workout (1.0 – 1.5) $22,201 1.4% $8,035 0.6% $5,539 0.4% $33,452 2.8% $17,540 1.7% Weighted Average 2.9 2.7 2.7 2.7 2.8 Credit Risk Rating of Debt investments at Fair Value, 3Q 2023 – 3Q 2024 ($ in thousands)(1) Consistent and Disciplined Underwriting Standards DISCIPLINED CREDIT RATING The total fair value of debt investments excludes our debt investment in the JV, which was $12.9 million as of September 30, 2024. (1)

INTEREST RATE SENSITIVITY 76.6% floating rate debt investment portfolio as of September 30, 2024(1) 31.4% floating rate borrowings as of September 30, 2024(2) Based on outstanding principal of debt investments. Based on outstanding principal of borrowings.

HYPOTHETICAL WARRANT UPSIDE Proceeds of $70.4 million (2X) Potential gain of $14.9 millionor $0.26 per share Proceeds of $105.7 million (3X) Potential gain of $50.2 millionor $0.87 per share Proceeds of $140.9 million (4X) Potential gain of $85.4 millionor $1.48 per share 168 Warrant Positions in 111 Portfolio Companies GAAP fair value ~ $50.5 million GAAP cost ~ $40.6 million ~ $70.4 million in nominal exercise value Hypothetical Models of Potential Warrant Gains at 9/30/2024 Assume that only 50% of warrants will monetize Cost of exercised warrants is ~ $55.5 million Based on 57.6 million shares of common stock outstanding at 9/30/2024 MULTIPLE MULTIPLE MULTIPLE 2X 3X 4X For Illustration Purposes Only

Select List of Current & Historical Investments DIVERSIFIED PORTFOLIO

ANALYST COVERAGE

EXTENSIVE INDUSTRY ANALYST COVERAGE Followed by eight firms Paul Johnson (initiated coverage 2/23/2021) Finian O’Shea (initiated coverage 2/23/2021) Douglas Harter (initiated coverage 2/23/2021) Bryce Rowe (initiated coverage 9/16/2022) Casey Alexander (initiated coverage 2/23/2021) Christopher Nolan (initiated coverage 2/23/2021) Mitchell Penn (initiated coverage 5/3/2021) 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. Matt Hurwit (initiated coverage 7/5/2023)

SUPPLEMENTAL INFORMATION

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

36 THANK YOU We look forward to our growing partnership. TRINITYCAP.COM