Trinity Capital (TRIN) investor relations material

Executive summary

• Achieved record net investment income of $144.1 million ($2.08/share) for 2025, with Q4 net investment income of $39.9 million ($0.52/share), up 15.4% year-over-year.

• Total investment income for 2025 was $293.7 million, up 23.5% year-over-year, with Q4 investment income of $83.2 million.

• Platform assets under management reached $2.8 billion at year-end, a 38.2% increase year-over-year.

• Net asset value grew to $1.1 billion ($13.42/share), up 32.9% year-over-year.

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

Financial highlights

• Q4 2025 net investment income was $39.9 million, up 15% year-over-year; total investment income for Q4 was $83.2 million, a 17.5% increase.

• Return on average equity for Q4 was 15.3%, and return on average assets was 6.7%.

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

• Net asset value per share increased to $13.42 at year-end.

• Annualized dividend yield stood at 13.9% as of December 31, 2025.

Outlook and guidance

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

• 93% of unfunded commitments are subject to ongoing diligence and approval.

• Management expects continued growth, emphasizing disciplined execution and long-term value creation.

• Rate cuts expected to have a muted impact due to interest rate floors on most loans.

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