Trinity Capital : Investor Presentation – Q4 2023

F o u r th Q u a r ter 2 0 2 3

I n v e s tor Pr e s e ntat ion

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

1 5 - Y E A R

T R A C K

R E C O R D ( 1 )

$ 3 . 0 B F u n d i n g s

3 1 7 I n v e s t m e n t s

1 8 5 E x i t s

$ 1 . 5 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

$ 6 6 8 . 2 M

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

$ 1 3 . 1 9 N A V

p e r s h a r e ( 4 )

1 3 . 8 %

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 )

$ 8 8 5 . 3 M

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

6 3 C o m p a n i e s

$ 3 3 6 . 8 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

$ 5 3 . 1 M

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

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

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

$ 1 4 1 . 8 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 0 6 %

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 December 31, 2023. 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 December 31, 2023.
3. Based on the closing price of TRIN of $14.39 on March 5, 2024.
4. As of December 31, 2023.
5. Annualized based on the $0.50 dividend per share declared for Q4 2023 and a closing stock price of $14.53 on December 29, 2023.

(6)	Includes $4.8 million of cash and cash equivalents and $137.0 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 differentiates 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.

BDC

• Additional liquidity

• Fee and interest income

• Incremental returns

• Co-investment opportunities

• On/off-balance sheet growth

• Capability expansion

Registered Investment Adviser ("RIA")

Trinity is permitted to organize, acquire and wholly own

a portfolio company that intends to operate as anRIAJV investment adviser registered with the SEC.

This allows Trinity to raise funds off the balance sheet in a complementary way.

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 credit facility with KeyBank was closed in Q2 2023. The JV's total investment portfolio at fair value was $150.7 million as of December 31, 2023.

© 2024 Trinity Capital Inc. | 5

WHY IS TRINITY DIFFERENT

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

Deep Operating Experience

Diversified Financial Solutions

• Highly experienced executive team with startup experience
• Decades of in-depthhigh-tech experience
• Numerous U.S. and international patents issued
• • Provider of diversified financial solutions to growth-stage companies worldwide
  • Runway extension to augment institutional equity funding
  • Strong portfolio diversification
  • • Robust and scalable systems for origination, underwriting and monitoring

Robust & Scalable Platform

• Separation of origination, underwriting and portfolio management duties aids
  "positive feedback" loop
• 68 dedicated professionals with a unique culture built over 15+ years

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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

We provide equipment financing and incremental debt capital

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UNDERWRITING APPROACH AND RISK MITIGATION

Disciplined investment approach keeps our annualized loss rate at 27 bps and is more than offset by realized gains on warrant/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 December 31, 2023. 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
		Partner with the banks
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

Mainspring developed a new category of clean power generation - the linear generator - that delivers fuel-flexible power to accelerate the transition to the future grid.

• Investor Syndicate

Lightrock, Khosla Ventures, Bill Gates

• Use of Loan Extension of runway

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EQUIPMENT FINANCINGS

Equipment Financings

01		COMPANIES WITH
	CAPEX REQUIREMENTS
	Manufacturing equipment and hard assets
02		HARDWARE AS A SERVICE
		Equipment at customer location
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

Nature's Fynd is a food company creating versatile alternative proteins to nourish the world's growing population while nurturing the planet.

• Investor Syndicate

SoftBank, Breakthrough Energy Ventures,

Blackstone Strategic Partners

• Use of Equipment Financing Food production equipment

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