2024年第三季度 投资者报告 推动颠覆性技术。革新未来。

前瞻性声明|免责声明Trinity Capital Inc.（以下简称“公司”）提醒本展示可能包含基于未来事件的当前预期和假设，而非基于历史事实的前瞻性声明。本展示中的前瞻性声明基于本展示发布之日的当前状况，并包括但不限于就我们的财务目标、信念、策略、预期的未来营业收入和现金流、营业费用、投资来源和表现、可用资本以及未来分红和股东回报等方面的声明。尽管我们的管理层认为反映在任何前瞻性声明中的预期是合理的，实际结果可能与该前瞻性声明中所表述的预期不一致。由于其本质所决定，这些前瞻性声明涉及众多假设、不确定因素和风险，包括一般性和具体性风险。存在这样的风险，即这些声明可能无法实现。我们提醒本展示的读者不要对这些前瞻性声明过度依赖，因为许多因素可能会导致公司未来的结果与这些前瞻性声明所描述的结果存在实质性的差异。前瞻性声明可能会受到多种因素的影响，特别是包括利率和股票指数波动、在我们所经营领域的竞争影响以及经济、政治和监管条件变化的因素。投资者在依赖前瞻性声明做出决策时，应仔细考虑上述因素以及其他不确定因素和事件。本展示中讨论的历史结果并不代表未来结果。本展示中披露的信息截至本文发布之日，反映Trinity Capital Inc.对其最近披露的财务业绩的现有评估。在未来向美国证监会报告其财务报表之前，实际财务结果可能会与此处所披露的内容存在差异。本展示中的信息应与Trinity Capital Inc.最近披露的第十四号季报表(Form 10-Q)、年度报告(Form 10-k)或414B1表(Form 424B1)结合使用。我们不承诺更新此处所包含的信息，以反映后续发生或的情况，除非适用的证券法律和法规规定必须这样做。本展示不构成招股说明书，在任何情况下都不应被理解为出售本公司的普通股或其他任何证券的要约或请求，在任何未在此类股份或证券依据相关州或管辖区法律和法规注册或取得资格之前，也不会在这类股份或证券所在的任何州或管辖区出售。本材料中的任何内容都不能被视为对投资于Trinity Capital Inc.发行的任何证券的推荐或法律、会计或税务建议。

公司概述

历史信息包括有关Trinity Capital前身基金的信息和数据，最早的基金于2008年推出，截至2024年9月30日。前身基金于2020年1月16日与Trinity Capital合并，随后Trinity Capital开始作为一家业务发展公司运营。包括截至2024年9月30日由Trinity Capital经Trinity Capital Adviser, LLC（RIA）进行管理的资产的公允价值。基于2024年10月28日TRIN收盘价为13.88美元。截至2024年9月30日。根据2024年第三季度宣布的每股股息为0.51美元和2024年9月30日收盘股价为13.57美元的数据进行年化。包括现金及现金等价物850万美元和我公司KeyBank信贷设施22000万美元的可用借款额度。不包括JV筹集的资金和我们全资拥有的RIA子公司管理的基金。分别由Egan-Jones Ratings Company和Morningstar DBRS颁发的信用评级，它们是独立的、不附属的评级机构。信用评级不构成购买、卖出或持有证券的建议，并可能随时进行修订或撤回。不能保证此评级将在任何给定时间内保持。TRINITY CAPITAL概况 为成长阶段公司提供多元化的金融解决方案 | 纳斯达克 – TRIN, TRINL, TRINZ, TRINI 15年以上的 股票记录(1) 投资组合(4) 流动性(4) 374项投资 210项退出 20亿资产 管理中(2) 市值/每股股息收益率 15.0%的 年化 股息收益率(5) 81760万的 市值(3) 每股净资产价值13.13美元(4) 126970万的 已担保贷款 81家公司 30510万的 装备融资 30家公司 11210万的 股权 & 徒权益 124家公司 38亿的 资金 2.285亿的 可用流动性(6) BBb, BBB(low)的 投资评级(7) 122%的 负债/股权比

TRINITY平台独特的内部管理结构和资本多元化巩固了TRIN平台，并产生了增强的价值主张。额外的流动性、费用和利息收入、增量回报、共同投资机会。TRINITY CAPITAL（纳斯达克：TRIN）内部管理的BDC科技信贷 | 设备融资 | 生命科学 | 仓库融资 | 赞助方融资。Senior Credit corp 2022 LLC（合资企业）TRIN拥有12.5%的合资车辆。潜在的私人车辆（私募基金、BDCs、SMAs、JVs）EPt 16 LLC（RIA建议的私募基金）EPt 16是一个预期转变为私人BDC的私人共同投资基金（等待SEC豁免）。Trinity Capital Adviser（注册投资顾问“RIA”）Trinity全资拥有的RIA通过为私募基金提供建议管理和激励费用。对TRIN股东的好处。

多元化的业务垂直领域，涵盖投资类型、交易规模、行业和地理位置 赞助融资 生命科学 科技 贷款 设备融资 仓库贷款 纳斯达克 TRIN 为机构支持的科技公司提供高级担保期限贷款 为关键生产设备和硬资产融资 提供有机会的商业阶段生命科学公司高级担保期限贷款 为股权投资支持的软件公司提供企业价值担保贷款 资产为基础的对破产远离的法律实体提供贷款 高达10000万美元的多元化业务垂直领域，最大的信贷敞口占总债务投资的不到4%（截至2024年9月30日） 平台交易规模

凭借独特的资本化和多元化业务，我们的目标是通过提供对私人信贷市场的访问，为投资者提供稳定和持续的回报。内部管理的BDC员工与股东之间的利益一致 管理公司和多元化资产池 强大且可扩展的平台 强大且可扩展的原始融资、核保和监测系统 分离原始融资、核保和投资组合管理职责有助于“积极反馈”循环 86位专业人士，建立了超过15年的独特文化 TRINITY有何不同 多元化的业务垂直领域 科技借贷|生命科学|仓储借贷|赞助方融资|设备融资 投资类型、行业和地理位置的多元化 我们保持对交易管道的完全拥有权和控制

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