Trinity Capital : Investor Presentation – Q1 2024

First Quarter 2024 Investor Presentation

FORWARD-LOOKING STATEMENTS | DISCLAIMER

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. 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.

© 2024 Trinity Capital Inc. | 2

COMPANY OVERVIEW

TRINITY CAPITAL OVERVIEW

Diversified financial solutions to growth -stage companies | NASDAQ - TRIN, TRINL, TRINZ

1 5 - Y E A R

T R A C K

R E C O R D ( 1 )

$ 3 . 2 B F u n d i n g s

3 3 0 I n v e s t m e n t s

1 8 7 E x i t s

$ 1 . 6 B A s s e t s

U n d e r M a n a g e m e n t ( 2 )

M A R K E T C A P /

D I V I D E N D Y I E L D

$ 7 5 0 . 6 M

M a r k e t C a p ( 3 )

$ 1 2 . 8 8 N A V

p e r s h a r e ( 4 )

1 3 . 9 %

A n n u a l i z e d

D i v i d e n d Y i e l d ( 5 )

P O R T F O L I O ( 4 )

$ 1 , 0 1 0 . 8 M

S e c u r e d L o a n s

6 8 C o m p a n i e s

$ 2 7 7 . 6 M

E q u i p m e n t F i n a n c i n g s

2 9 C o m p a n i e s

$ 7 5 . 5 M

E q u i t y & W a r r a n t s

1 0 6 C o m p a n i e s

L I Q U I D I T Y ( 4 )

$ 1 7 2 . 0 M

A v a i l a b l e

L i q u i d i t y ( 6 )

B B B , B B B ( l o w )

I n v e s t m e n t

R a t i n g s ( 7 )

1 1 8 %

D e b t - t o - E q u i t y

1. Historical information includes information and data related to Trinity Capital's predecessor funds, the first of which was launched in 2008, through March 31, 2024. 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.
2. Includes the fair value of assets managed by Trinity Capital through the joint venture as of March 31, 2024.
3. Based on the closing price of TRIN of $15.17 on April 30, 2024.
4. As of March 31, 2024.
5. Annualized based on the $0.51 dividend per share declared for Q1 2024 and a closing stock price of $14.68 on March 28, 2024.

(6)	Includes $12.0 million of cash and cash equivalents and $160.0 million of available borrowing capacity on our KeyBank Credit Facility.	© 2024 Trinity Capital Inc. | 4
(7)	Credit ratings assigned by Egan-Jones Ratings Company and Morningstar DBRS, respectively, which are independent, unaffiliated rating agencies. 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.

THE TRINITY PLATFORM

In an evolving market, platform diversification further strengthens Trinity's position to capture

market share and differentiate its financing solutions

Business Development Company ("BDC")

Trinity's foundation was built on its successful investment track record supporting growth-stage businesses through

secured loans and equipment financings.

Registered Investment Adviser ("RIA")

Trinity's wholly owned RIA allows it to raise funds off - balance sheet in a complementary way and generate fee income that flows to the BDC.

BDC

• Additional liquidity
• Fee and interest income
• Incremental returns
• Co-investmentopportunities
• On/off-balancesheet growth
• Capability expansion

RIAJV

Joint Venture ("JV")

The JV invests in loans and equipment financings originated by Trinity, with an initial equity capital commitment of up to $171 million.

The JV's total investment portfolio at fair value was

$202 million as of March 31, 2024.

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WHY IS TRINITY DIFFERENT

We understand the growth-stage world and provide more than money to our portfolio company partners

	▪ Highly experienced executive team with startup experience
Deep Operating	▪	Decades of in-depthhigh-tech experience
Experience	▪	Numerous U.S. and international patents issued

▪ Diversified solutions including term loans, equipment financing and

Diversified		asset-based lending
▪ Runway extension to augment institutional equity funding
Financial Solutions
▪	Strong portfolio diversification
		▪ Robust and scalable systems for origination, underwriting and monitoring
Robust &		▪ Separation of origination, underwriting and portfolio management duties aids
Scalable Platform		"positive feedback" loop
	▪ 73 dedicated professionals with a unique culture built over 15+ years

© 2024 Trinity Capital Inc. | 6

ENTRENCHED INDUSTRY RELATIONSHIPS

Multiple shared portfolio companies with top venture capital firms

Relationships with top market share banks catering to majority of VC-backed companies

We have established intercreditor agreements with the banks

Combining with bank debt results in a lower blended cost to our customers

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UNDERWRITING APPROACH AND RISK MITIGATION

Disciplined investment approach keeps our annualized loss rate at 26 bps, which is more than offset by realized gains on warrant and equity investments (1)

CAPITALIZATION

FINANCIALS

DEBT STRUCTURE

Investor Syndicate		Revenue &		Collateral
		Gross Margins		Cash Life
Fund Vintage	Industry &		Product
Business
& Dry Capital	Start-up	Differentiation
Model
	Experience
		Market
	BOD Make-up		Potential
	MANAGEMENT		PRODUCT & MARKET

(1) Includes historical information of Trinity Capital's predecessor funds, the first of which was launched in 2008, through March 31, 2024. Past performance is not indicative of future results.	© 2024 Trinity Capital Inc. | 8
Investment results may vary significantly over any given time period.

SECURED TERM LOANS

Term Loans

01		SECURED LOANS
		Lien on all assets including IP
02		BACKED BY
	INSTITUTIONAL CAPITAL
	Companies have raised significant equity
03		STILL BURNING CASH
	Companies in growth mode and still
	burning cash

Select Examples

Axiom Space is developing the world's first commercial space station.

• Investor Syndicate

C5 Capital, TQS Advisors, Declaration Partners,

Boryung Pharma, Aljazira Capital

• Use of Loan

General corporate purposes

Whoop has developed a wearable device intended

to provide personalized insights to improve overall fitness and wellness.

• Investor Syndicate

Softbank, Foundry Group, IVP, Two Sigma

Ventures

• Use of Loan Extension of runway

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EQUIPMENT FINANCINGS

Equipment Financings

01		COMPANIES WITH
	CAPEX REQUIREMENTS
	Mission-critical hard assets
02		JUST-IN-TIME CAPITAL
	Available as needed to meet growing
	equipment needs
03		INDUSTRY AGNOSTIC

Select Examples

Athletic Brewing brews high-quality,great-tastingnon-alcoholic craft beer.

• Investor Syndicate

Alliance Consumer Growth, TRB Advisors, Keurig Dr

Pepper

• Use of Equipment Financing

New brewery build out with beverage canning lines and fermenting tanks

Rocket Lab is a company delivering launch services, spacecraft design services, spacecraft components, manufacturing and on-orbit management solutions.

• Investor Syndicate

Blackrock, Deer Management, Vanguard

• Use of Equipment Financing

Develop and produce rockets, equipment and design services for launch services, space vehicles.

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