Trinity Capital (TRIN) investor relations material

Executive summary

• Achieved record net investment income of $144.1 million ($2.08 per share) for 2025 and $39.9 million ($0.52 per share) in Q4, with strong momentum across all five business verticals.

• Platform assets under management reached $2.8 billion, up 38% year-over-year, and net asset value grew 33% year-over-year to $1.1 billion ($13.42 per share).

• Transitioned to monthly dividends starting January 2026, maintaining consistent or increased distributions for over six years.

• Originated $543.1 million in new commitments and funded $434.8 million in Q4 2025.

• Outperformed peers and the S&P 500 in total return since IPO, delivering a 109% cumulative return.

Financial highlights

• Q4 2025 total investment income was $83.2 million, up 17.5% year-over-year; net investment income was $39.9 million.

• Net asset value per share increased to $13.42 at year-end; total NAV rose 10% quarter-over-quarter.

• Paid a Q4 cash dividend of $0.51 per share and announced a $0.17 monthly dividend for Q1 2026; annualized dividend yield was 13.9%.

• Weighted average effective portfolio yield was 15.2% for Q4 2025.

• Net leverage ratio remained steady at 1.18x–1.19x at quarter end.

Outlook and guidance

• Entered 2026 with strong momentum and a robust investment pipeline, with $1.2 billion in unfunded commitments.

• 93% of unfunded commitments are subject to ongoing diligence and approval, ensuring disciplined deployment.

• Management expects continued growth in managed funds and sees opportunity to capitalize on market volatility, emphasizing stable and consistent returns.

• Forward-looking statements caution about risks from interest rate fluctuations, competition, and regulatory changes.