Trinity Capital — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total investment income reached $98.4 million for the quarter, a 30.2% increase year-over-year compared to $75.6 million in Q3 2025.
• Net investment income (NII) hit a record $49.9 million, or $0.52 per basic share, representing a 34.9% year-over-year increase from $37.0 million in Q3 2025.
• Net increase in net assets resulting from operations was $46.9 million, or $0.49 per basic share, compared to $27.6 million, or $0.39 per share, in the prior year period.
• Return on Average Equity (ROAE) was 15.5%, and Return on Average Assets (ROAA) was 7.0%.
• Total operating expenses and excise taxes, excluding interest expense, were $20.2 million, up from $17.6 million in Q3 2025, driven primarily by higher compensation costs.
• Interest expense was $28.3 million, an increase from $21.0 million in Q3 2025, primarily due to higher weighted average debt outstanding.
• Net unrealized appreciation totaled $4.5 million, while net realized loss on investments was $7.5 million.
• Total net assets increased 4.6% to $1.33 billion, with Net Asset Value (NAV) per share rising to $13.61 from $13.47 at the end of Q2 2026.
• Net leverage (net debt-to-equity ratio) was approximately 117% as of September 30, 2026, down slightly from 118% in June 2026.
• The effective yield on average debt investments at cost was 15.2% for the quarter, compared to 15.0% in Q3 2025.

Guidance and Future Outlook:

• Management expressed confidence in the platform's ability to perform across market environments, citing a foundation built for growth.
• The Company announced $0.17 monthly distributions for October, November, and December 2026, totaling $0.51 for the fourth quarter, marking the 28th consecutive quarter of consistent regular dividends.
• CEO Kyle Brown highlighted the growth of platform AUM to $3.4 billion and the expansion of managed funds offerings to enhance returns beyond the BDC portfolio.

Business Segments and Product Lines:

• Total gross investment commitments for the quarter were $880.5 million.
• Gross investments funded totaled $614.1 million, comprising $431.9 million to 15 new portfolio companies, $117.7 million to 24 existing portfolio companies, and $64.5 million to multi-sector holdings.
• Gross investment exits and repayments totaled $494.8 million, including $237.2 million from investments sold, $194.3 million from early debt repayments and refinancings, $57.3 million from scheduled/amortizing debt payments, and $6.0 million from warrant and equity sales.
• The investment portfolio fair value was approximately $2.9 billion, consisting of $2.0 billion in secured loans, $470.7 million in equipment financings, and $369.5 million in equity and warrants across 198 portfolio companies.
• The debt portfolio is comprised of 89.2% first-lien loans and 10.8% second-lien loans, with 78.4% at floating rates.
• Loans to three portfolio companies were on non-accrual status with a total fair value of $17.2 million (0.7% of the debt investment portfolio).

Market and Competitive Landscape:

• The Company operates across five distinct business verticals: Sponsor Finance, Equipment Finance, Tech Lending, Asset-Based Lending, and Healthcare & Life Sciences.
• The investment portfolio risk rating weighted average score was 3.1 as of September 30, 2026, compared to 3.0 as of June 30, 2026.
• 99.5% of debt investments were rated "Very Strong Performance," "Strong Performance," or "Performing" (Ratings 2.0–5.0).

Risks and Challenges:

• Net realized losses were driven by the loss of two loan positions and one equipment financing position, partially offset by a gain on one warrant position.
• Operating expenses increased due to higher compensation costs.
• Interest expense increased due to higher debt levels.
• The press release notes forward-looking statements involve risks and uncertainties, including factors described in SEC filings, which could cause actual results to differ materially.

Management Commentary and Tone:

• CEO Kyle Brown stated the third quarter was "another step in building a platform designed to perform across market environments."
• Management highlighted the expansion of managed funds offerings and the growth of platform AUM to $3.4 billion as key drivers for enhancing shareholder returns.
• The tone was positive, emphasizing the strength of the foundation built and excitement for future growth.

Other Key Points:

• The Company utilized its equity ATM offering program during the quarter to sell 3,280,462 shares at a weighted average price of $17.82, raising $57.8 million in net proceeds.
• Between October 1, 2026, and November 2, 2026, the Company issued and sold 1,423,221 shares at a weighted average price of $16.65, raising $23.5 million.
• On October 5, 2026, the Company issued $350.0 million in unsecured 7.500% Notes due 2032, with proceeds used to pay down a portion of existing KeyBank indebtedness and for general corporate purposes.
• Available liquidity as of September 30, 2026, was approximately $225.0 million, including $20.7 million in unrestricted cash and $204.3 million in available borrowing capacity under the KeyBank credit facility.
• The Company held a conference call on November 4, 2026, to discuss these results.