recw20112

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-39958

TRINITY CAPITAL INC.

(Exact name of registrant as specified in its charter)

Maryland	35-2670395
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

1 N. 1st Street Suite 302 Phoenix, Arizona	85004
(Address of principal executive offices)	(Zip Code)

(480) 374‑5350

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	TRIN	Nasdaq Global Select Market
7.00% Notes Due 2025	TRINL	Nasdaq Global Select Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the Exchange Act:

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Act). Yes ☐ No ☒

As of May 3, 2023, the registrant had 35,969,419 shares of common stock ($0.001 par value per share) outstanding.

TRINITY CAPITAL INC.

FORM 10‑Q FOR THE QUARTER ENDED MARCH 31, 2023

TABLE OF CONTENTS

		PAGE NO.
PART I	FINANCIAL INFORMATION	3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2023 (unaudited) and December 31, 2022	3
	Consolidated Statements of Operations for the Three Months Ended March 31, 2023 and 2022 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2023 and 2022 (unaudited)	5
	Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2023 and 2022 (unaudited)	6
	Consolidated Schedule of Investments as of March 31, 2023 (unaudited)	8
	Consolidated Schedule of Investments as of December 31, 2022	31
	Notes to Consolidated Financial Statements (unaudited)	55
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	88
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	104
Item 4.	Controls and Procedures	106
PART II	OTHER INFORMATION	106
Item 1.	Legal Proceedings	106
Item 1A.	Risk Factors	106
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	107
Item 3.	Defaults Upon Senior Securities	107
Item 4.	Mine Safety Disclosures	107
Item 5.	Other Information	107
Item 6.	Exhibits	107
SIGNATURES		109

PART I: FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

TRINITY CAPITAL INC.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)

	March 31,			December 31,
	2023			2022
	(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost of $44,096 and $43,375, respectively)	$	38,442		$	37,313
Affiliate investments (cost of $28,580 and $28,580, respectively)		7,688			1,528
Non-Control / Non-Affiliate investments (cost of $1,074,533 and $1,081,629, respectively)		1,045,401			1,055,545
Total investments (cost of $1,147,209 and $1,153,584, respectively)		1,091,531			1,094,386
Cash and cash equivalents		8,344			10,612
Interest receivable		10,450			9,971
Deferred credit facility costs		2,713			2,903
Other assets		10,264			8,567
Total assets	$	1,123,302		$	1,126,439
LIABILITIES
KeyBank Credit Facility	$	183,500		$	187,500
2025 Notes, net of $3,465 and $3,948, respectively, of unamortized deferred financing costs		179,035			178,552
August 2026 Notes, net of $1,959 and $2,103, respectively, of unamortized deferred financing costs		123,041			122,897
December 2026 Notes, net of $1,381 and $1,474, respectively, of unamortized deferred financing costs		73,619			73,526
Convertible Notes, net of $1,722 and $1,882, respectively, of unamortized deferred financing costs and discount		48,278			48,118
Distribution payable		16,885			21,326
Security deposits		15,277			15,100
Accounts payable, accrued expenses and other liabilities		13,997			19,771
Total liabilities		653,632			666,790
Commitments and contingencies (Note 6)
NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 35,925,764 and 34,960,672 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)		36			35
Paid-in capital in excess of par		484,951			480,532
Distributable earnings/(accumulated deficit)		(15,317	)		(20,918	)
Total net assets		469,670			459,649
Total liabilities and net assets	$	1,123,302		$	1,126,439
NET ASSET VALUE PER SHARE	$	13.07		$	13.15

See accompanying notes to consolidated financial statements.

3

TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

		Three Months Ended				Three Months Ended
	March 31, 2023				March 31, 2022
INVESTMENT INCOME:
Interest income:
Control investments	$		1,116		$		1,373
Affiliate investments			34				428
Non-Control / Non-Affiliate investments			39,381				26,605
Total interest income			40,531				28,406
Fee income:
Affiliate investments			453				—
Non-Control / Non-Affiliate investments			554				3,439
Total fee income			1,007				3,439
Total investment income			41,538				31,845
EXPENSES:
Interest expense and other debt financing costs			11,081				6,798
Compensation and benefits			7,617				6,455
Professional fees			1,417				832
General and administrative			1,495				1,477
Total expenses			21,610				15,562
NET INVESTMENT INCOME/(LOSS) BEFORE TAXES			19,928				16,283
Excise tax expense			597				674
NET INVESTMENT INCOME			19,331				15,609
NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Non-Control / Non-Affiliate investments			(365	)			52,644
Net realized gain/(loss) from investments			(365	)			52,644
NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments			408				(4,331	)
Affiliate investments			976				(3,264	)
Non-Control / Non-Affiliate investments			2,136				(69,723	)
Net change in unrealized appreciation/(depreciation) from investments			3,520				(77,318	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$		22,486		$		(9,065	)
NET INVESTMENT INCOME PER SHARE - BASIC	$		0.55		$		0.57
NET INVESTMENT INCOME PER SHARE - DILUTED	$		0.52		$		0.54
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC	$		0.64		$		(0.33	)
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED(1)	$		0.60		$		(0.33	)
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC			35,074,076				27,416,943
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED			38,740,871				30,768,333

(1) For the three months ended March 31, 2022, the impact of the hypothetical conversion of Convertible Notes was antidilutive (see Note 9).

See accompanying notes to consolidated financial statements.

4

TRINITY CAPITAL INC.

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended March 31, 2023:

									Distributable
						Paid In Capital			Earnings /
	Common Stock					in Excess of			(Accumulated			Total
	Shares			Par Value		Par Value			Loss)			Net Assets
Balance as of December 31, 2022		34,960,672		$	35	$	480,532		$	(20,918	)	$	459,649
Issuance of common stock pursuant to distribution reinvestment plan		54,185			—		663			—			663
Stock-based compensation		—			—		1,765			—			1,765
Issuance of restricted stock awards		783,100			1		(1	)		—			—
Issuance of common stock under ATM program, net of issuance costs		302,980			—		4,048			—			4,048
Stock repurchase and cancellation of shares		(91,691	)		—		(1,003	)		—			(1,003	)
Retired and forfeited shares of restricted stock		(83,482	)		—		(1,053	)		—			(1,053	)
Distributions to stockholders		—			—		—			(16,885	)		(16,885	)
Net increase/(decrease) in net assets resulting from operations		—			—		—			22,486			22,486
Balance as of March 31, 2023		35,925,764			36		484,951			(15,317	)		469,670

Three Months Ended March 31, 2022:

									Distributable
						Paid In Capital			Earnings /
	Common Stock					in Excess of			(Accumulated			Total
	Shares			Par Value		Par Value			Loss)			Net Assets
Balance as of December 31, 2021		27,229,541		$	27	$	368,609		$	77,897		$	446,533
Issuance of common stock pursuant to distribution reinvestment plan		59,534			—		1,053			—			1,053
Stock-based compensation		—			—		911			—			911
Issuance of restricted stock awards		704,723			1		(1	)		—			—
Retired and forfeited shares of restricted stock		(10,956	)		—		(2	)		—			(2	)
Distributions to stockholders		—			—		—			(15,389	)		(15,389	)
Net increase/(decrease) in net assets resulting from operations		—			—		—			(9,065	)		(9,065	)
Balance as of March 31, 2022		27,982,842		$	28	$	370,570		$	53,443		$	424,041

See accompanying notes to consolidated financial statements.

5

TRINITY CAPITAL INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three Months Ended			Three Months Ended
	March 31, 2023			March 31, 2022
Cash flows provided by/(used in) operating activities:
Net increase/(decrease) in net assets resulting from operations	$	22,486		$	(9,065	)
Adjustments to reconcile net increase/(decrease) in net assets resulting from operation to net cash provided by/(used in) operating activities:
Purchase of investments, net of deferred fees		(70,080	)		(221,179	)
Proceeds from sales and paydowns of investments		82,795			158,775
Net change in unrealized appreciation/(depreciation) from investments, net of third party participation		(3,520	)		77,318
Net realized gain/(loss) from investments		365			(52,644	)
Accretion of original issue discounts and end of term payments on investments		(6,684	)		(8,148	)
Amortization of deferred financing costs		1,070			808
Stock-based compensation		1,765			911
Change in operating assets and liabilities
(Increase)/Decrease in interest receivable		(500	)		(931	)
(Increase)/Decrease in receivable from sale of investments		—			1,710
(Increase)/Decrease in other assets		(1,354	)		(1,960	)
Increase/(Decrease) in security deposits		177			709
Increase/(Decrease) in accounts payable, accrued expenses and other liabilities		(5,774	)		1,330
Net cash provided by/(used in) operating activities		20,746			(52,366	)
Cash flows provided by/(used in) investing activities:
Disposal/(Acquisition) of fixed assets		(343	)		60
Net cash provided by/(used in) investing activities		(343	)		60
Cash flows provided by/(used in) financing activities
Issuance of common stock		4,156			—
Common stock issuance costs		(108	)		—
Stock repurchase and cancellation of shares net of costs		(1,003	)		—
Retirement of employee shares		(1,053	)		(2	)
Cash distributions paid		(20,663	)		(8,750	)
Borrowings under Credit Facilities		54,000			68,000
Repayments under Credit Facilities		(58,000	)		(25,000	)
Net cash provided by/(used in) financing activities		(22,671	)		34,248
Net increase/(decrease) in cash, cash equivalents		(2,268	)		(18,058	)
Cash, cash equivalents at beginning of period		10,612			46,742
Cash, cash equivalents at end of period	$	8,344		$	28,684

6

	Three Months Ended		Three Months Ended
	March 31, 2023		March 31, 2022
Supplemental and non-cash investing and financing activities:
Cash paid for interest	$	9,580	$	5,603
Non-cash settlement of investments	$	21	$	—
Accrued but unpaid distributions	$	16,885	$	15,389
Distributions reinvested	$	663	$	1,053
Income tax, including excise tax, paid	$	2,304	$	310

See accompanying notes to consolidated financial statements.

7

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States
Automation & Internet of Things
Ambient Photonics, Inc.	Secured Loan⁽¹⁴⁾	July 28, 2022	July 1, 2025	Variable interest rate Prime + 6.0% or Floor rate 9.5%; EOT 4.0% ⁽⁸⁾	$	3,511	$	3,558	$	3,598
	Secured Loan⁽¹⁴⁾	November 17, 2022	May 1, 2025	Variable interest rate Prime + 6.0% or Floor rate 9.5%; EOT 4.0% ⁽⁸⁾		4,104		4,124		4,147
	Secured Loan⁽¹⁴⁾	December 20, 2022	June 1, 2025	Variable interest rate Prime + 6.0% or Floor rate 9.5%; EOT 4.0% ⁽⁸⁾		675		676		676
Total Ambient Photonics, Inc.					$	8,290	$	8,358	$	8,421
Rigetti & Co, Inc.	Secured Loan	March 10, 2021	April 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾	$	10,289	$	10,434	$	10,372
	Secured Loan	May 18, 2021	June 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾		7,326		7,399		7,351
	Secured Loan	November 10, 2021	December 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾		7,000		7,005		6,940
	Secured Loan	January 27, 2022	February 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾		5,000		5,042		4,991
Total Rigetti & Co, Inc.						29,615		29,880		29,654
Stratifyd, Inc.	Secured Loan	September 3, 2021	January 1, 2026	Variable interest rate Prime + 7.8% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾	$	5,734	$	5,805	$	5,775
Sub-total: Automation & Internet of Things (3.9%)*					$	43,639	$	44,043	$	43,850
Connectivity
Vertical Communications, Inc.(21)	Secured Loan⁽¹⁴⁾	August 23, 2021	March 1, 2026	Variable interest rate Prime + 4.0% or Floor rate 11.0%; EOT 23.8% ⁽⁸⁾	$	13,300	$	15,660	$	15,659
viaPhoton, Inc.	Secured Loan⁽¹⁴⁾	March 31, 2022	April 1, 2027	Variable interest rate Prime + 6.6% or Floor rate 9.9%; EOT 5.0%	$	15,000	$	15,156	$	13,532
Sub-total: Connectivity (2.6%)*					$	28,300	$	30,816	$	29,191
Construction Technology
EquipmentShare, Inc.	Equipment Financing	June 24, 2020	July 1, 2023	Fixed interest rate 11.0%; EOT 5.0%	$	583	$	886	$	886
	Equipment Financing	October 2, 2020	November 1, 2023	Fixed interest rate 10.4%; EOT 5.0%		187		228		228
	Equipment Financing	October 9, 2020	November 1, 2023	Fixed interest rate 10.5%; EOT 5.0%		591		721		722
Total EquipmentShare, Inc.						1,361		1,835		1,836
Sub-total: Construction Technology (0.2%)*					$	1,361	$	1,835	$	1,836

8

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Consumer Products & Services
Eterneva, Inc.	Equipment Financing⁽¹⁴⁾	November 24, 2021	December 1, 2025	Fixed interest rate 10.6%; EOT 11.5%	$	394	$	428	$	392
	Equipment Financing⁽¹⁴⁾	March 16, 2022	April 1, 2026	Fixed interest rate 10.4%; EOT 11.5%		594		630		572
	Equipment Financing⁽¹⁴⁾	June 17, 2022	July 1, 2026	Fixed interest rate 16.2%; EOT 11.5%		1,617		1,684		1,568
Total Eterneva, Inc.						2,605		2,742		2,532
Fernished, Inc.	Equipment Financing⁽¹⁴⁾	October 29, 2021	November 1, 2024	Fixed interest rate 13.4%; EOT 3.0%	$	286	$	295	$	291
	Equipment Financing⁽¹⁴⁾	March 21, 2022	April 1, 2025	Fixed interest rate 13.2%; EOT 3.0%		1,057		1,066		1,047
	Equipment Financing⁽¹⁴⁾	May 10, 2022	June 1, 2025	Fixed interest rate 13.2%; EOT 3.0%		759		762		744
Total Fernished, Inc.						2,102		2,123		2,082
Happiest Baby, Inc.	Equipment Financing	February 7, 2020	June 1, 2023	Fixed interest rate 8.2%; EOT 9.5%	$	68	$	179	$	177
	Equipment Financing	September 16, 2020	January 1, 2024	Fixed interest rate 8.4%; EOT 9.5%		342		463		453
	Equipment Financing	January 22, 2021	May 1, 2024	Fixed interest rate 8.4%; EOT 9.5%		364		449		437
Total Happiest Baby, Inc.						774		1,091		1,067
Molekule, Inc.	Equipment Financing	June 19, 2020	January 1, 2024	Fixed interest rate 8.8%; EOT 10.0%	$	695	$	969	$	945
	Equipment Financing	September 29, 2020	April 1, 2025	Fixed interest rate 12.3%; EOT 15.7%		316		386		372
	Equipment Financing	December 18, 2020	July 1, 2025	Fixed interest rate 11.9%; EOT 16.3%		538		642		616
	Equipment Financing	August 25, 2021	March 1, 2026	Fixed interest rate 11.3%; EOT 17.8%		425		488		456
Total Molekule, Inc.						1,974		2,485		2,389
Ogee, Inc.	Secured Loan⁽¹⁴⁾	February 14, 2023	March 1, 2027	Variable interest rate Prime + 5.8% or Floor rate 12.0%; EOT 3.8% ⁽⁸⁾	$	5,000	$	4,905	$	4,905
Portofino Labs, Inc.	Secured Loan	April 1, 2021	November 1, 2025	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾	$	1,821	$	1,862	$	1,842
Quip NYC, Inc.	Secured Loan	March 9, 2021	April 1, 2026	Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.0% ⁽⁸⁾	$	17,500	$	17,642	$	17,801
	Secured Loan	February 10, 2022	April 1, 2026	Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.0% ⁽⁸⁾		2,500		2,533		2,563
Total Quip NYC, Inc.						20,000		20,175		20,364
Rinse, Inc.	Secured Loan	May 10, 2022	June 1, 2027	Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8% ⁽⁸⁾	$	5,000	$	4,964	$	5,050
SI Tickets, Inc.	Secured Loan	May 11, 2022	September 1, 2026	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾	$	3,000	$	2,969	$	2,919
Super73, Inc.	Secured Loan	December 31, 2020	January 1, 2025	Variable interest rate Prime + 7.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾	$	3,603	$	3,754	$	3,775
	Secured Loan	October 25, 2021	January 1, 2025	Variable interest rate Prime + 7.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾		2,948		3,049		3,065
Total Super73, Inc.						6,551		6,803		6,840
UnTuckIt, Inc.	Secured Loan⁽¹⁴⁾	January 16, 2020	June 1, 2025	Fixed interest rate 12.0%; EOT 3.8%	$	11,738	$	12,503	$	12,118
VitaCup, Inc.	Secured Loan	June 23, 2021	July 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.5%; EOT 2.5% ⁽⁸⁾	$	5,500	$	5,552	$	5,582
Sub-total: Consumer Products & Services (6.0%)*					$	66,065	$	68,174	$	67,690

9

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Digital Assets Technology and Services
Cleanspark, Inc.	Equipment Financing	April 22, 2022	May 1, 2025	Fixed interest rate 10.3%; EOT 5.0%	$	14,439	$	14,908	$	14,442
Core Scientific, Inc.	Equipment Financing(18)	August 31, 2021	October 1, 2024	Fixed interest rate 10.3%; EOT 5.0%	$	674	$	700	$	420
	Equipment Financing(18)	November 19, 2021	December 1, 2024	Fixed interest rate 10.7%; EOT 5.0%		10,132		10,437		6,260
	Equipment Financing(18)	December 13, 2021	January 1, 2025	Fixed interest rate 10.5%; EOT 5.0%		3,753		3,853		2,311
	Equipment Financing(18)	February 9, 2022	March 1, 2025	Fixed interest rate 10.5%; EOT 5.0%		8,018		8,179		4,906
Total Core Scientific, Inc.						22,577		23,169		13,897
Sub-total: Digital Assets Technology and Services (2.5%)*					$	37,016	$	38,077	$	28,339
Education Technology
Medical Sales Training Holding Company	Secured Loan⁽¹⁴⁾	March 18, 2021	April 1, 2025	Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾	$	5,834	$	6,132	$	5,832
	Secured Loan⁽¹⁴⁾	July 21, 2021	August 1, 2025	Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾		2,000		2,099		1,981
Total Medical Sales Training Holding Company						7,834		8,231		7,813
Yellowbrick Learning, Inc.	Secured Loan⁽¹⁴⁾	February 1, 2021	March 1, 2026	Fixed interest rate 2.0%; EOT 5.0%	$	7,500	$	7,875	$	4,891
	Secured Loan⁽¹⁴⁾	August 10, 2021	March 1, 2026	Fixed interest rate 2.0%; EOT 5.0%		2,500		2,625		1,634
Total Yellowbrick Learning, Inc.						10,000		10,500		6,525
Sub-total: Education Technology (1.3%)*					$	17,834	$	18,731	$	14,338
Finance and Insurance
Bestow, Inc.	Secured Loan	April 25, 2022	May 1, 2027	Variable interest rate Prime + 6.5% or Floor rate 10.0%; EOT 1.5% ⁽⁸⁾	$	25,000	$	25,019	$	24,730
	Secured Loan	May 12, 2022	June 1, 2027	Variable interest rate Prime + 6.5% or Floor rate 10.0%; EOT 1.5% ⁽⁸⁾		15,000		15,004		14,973
Total Bestow, Inc.						40,000		40,023		39,703
Eqis Capital Management, Inc.	Secured Loan	June 15, 2022	July 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 10.8%; EOT 3.0% ⁽⁸⁾	$	7,000	$	7,052	$	7,047
Openly Holdings Corp.	Secured Loan⁽¹⁴⁾	November 18, 2022	December 1, 2027	Variable interest rate Prime + 6.3% or Floor rate 10.5%; EOT 2.8% ⁽⁸⁾		5,000		4,990		5,099
	Secured Loan⁽¹⁴⁾	January 31, 2023	December 1, 2027	Variable interest rate Prime + 6.3% or Floor rate 10.5%; EOT 2.8% ⁽⁸⁾		10,000		9,959		9,959
Total Openly Holdings Corp.						15,000		14,949		15,058
Petal Card, Inc.	Secured Loan	January 16, 2020	January 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 7.0% ⁽⁸⁾	$	9,272	$	9,569	$	9,652
	Secured Loan	August 6, 2021	January 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 7.0% ⁽⁸⁾		6,491		6,625		6,587
	Secured Loan (12)	January 28, 2021	January 11, 2024	Variable interest rate Prime + 7.3% or Floor rate 11.5%; EOT 0.0% ⁽⁸⁾		26,582		26,511		26,487
Total Petal Card, Inc.						42,345		42,705		42,726
Slope Tech, Inc.	Secured Loan(12)(14)	October 5, 2022	March 14, 2025	Variable interest rate SOFR 30 Day Forward + 3.0% or Floor rate 11.8%; EOT 0.0% ⁽⁸⁾		3,314		3,231		3,238
ZenDrive, Inc.	Secured Loan	July 16, 2021	August 1, 2026	Variable interest rate Prime + 7.0% or Floor rate 10.3%; EOT 3.0% ⁽⁸⁾	$	15,000	$	15,116	$	15,333
Sub-total: Finance and Insurance (11.0%)*					$	122,659	$	123,076	$	123,105

10

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Food and Agriculture Technologies
Athletic Brewing Company, LLC	Equipment Financing	December 7, 2021	September 1, 2026	Fixed interest rate 11.1%; EOT 7.0%	$	19,911	$	20,185	$	19,979
	Equipment Financing	March 16, 2022	September 1, 2026	Fixed interest rate 11.2%; EOT 7.0%		4,970		5,014		4,981
Total Athletic Brewing Company, LLC						24,881		25,199		24,960
Bowery Farming, Inc.	Secured Loan⁽¹⁴⁾	September 10, 2021	December 1, 2025	Variable interest rate LIBOR + 11.0% or Floor rate 10.1% ⁽⁸⁾	$	10,000	$	9,567	$	9,493
Daring Foods, Inc.	Equipment Financing	April 8, 2021	May 1, 2024	Fixed interest rate 9.6%; EOT 7.5%	$	197	$	229	$	224
	Equipment Financing	August 31, 2021	September 1, 2024	Fixed interest rate 10.0%; EOT 7.5%		308		341		333
	Equipment Financing	November 1, 2021	December 1, 2024	Fixed interest rate 9.4%; EOT 7.5%		626		676		658
	Equipment Financing	March 8, 2022	April 1, 2025	Fixed interest rate 9.5%; EOT 7.5%		1,586		1,667		1,613
	Equipment Financing	April 29, 2022	May 1, 2025	Fixed interest rate 10.2%; EOT 7.5%		723		754		731
	Equipment Financing	July 6, 2022	August 1, 2025	Fixed interest rate 10.9%; EOT 7.5%		362		374		366
	Equipment Financing	August 25, 2022	September 1, 2025	Fixed interest rate 12.1%; EOT 7.5%		874		898		886
Total Daring Foods, Inc.						4,676		4,939		4,811
DrinkPak, LLC	Secured Loan(9)(14)	September 13, 2022	April 1, 2026	Variable interest rate Prime + 7.3% or Floor rate 12.8%; EOT 4.0% ⁽⁸⁾	$	6,000	$	6,088	$	6,178
	Equipment Financing(9)(14)	February 17, 2023	September 1, 2026	Fixed interest rate 12.9%; EOT 4.2%		15,207		15,184		15,184
Total DrinkPak, LLC					$	21,207	$	21,272	$	21,362
Emergy, Inc.	Equipment Financing⁽¹⁴⁾	January 8, 2021	May 1, 2024	Fixed interest rate 9.1%; EOT 8.5%	$	213	$	256	$	250
	Equipment Financing⁽¹⁴⁾	December 15, 2021	July 1, 2025	Fixed interest rate 9.3%; EOT 11.5%		7,508		8,185		7,854
	Equipment Financing(9)(14)	December 13, 2022	July 1, 2026	Fixed interest rate 12.6%; EOT 7.8%		10,075		10,221		10,221
Total Emergy, Inc.						17,796		18,662		18,325
Miyoko's Kitchen	Equipment Financing	February 5, 2021	September 1, 2023	Fixed interest rate 8.5%; EOT 9.0%	$	118	$	176	$	173
	Equipment Financing	June 25, 2021	January 1, 2024	Fixed interest rate 8.9%; EOT 9.0%		192		241		236
Total Miyoko's Kitchen						310		417		409
RoBotany, Inc.	Equipment Financing(14)(18)	January 16, 2020	January 1, 2024	Fixed interest rate 7.6%; EOT 17.3%	$	714	$	1,154	$	49
Sun Basket, Inc.	Secured Loan	December 31, 2020	June 1, 2023	Variable interest rate Prime + 8.5% or Floor rate 11.8%; EOT 5.8% ⁽⁸⁾	$	11,270	$	12,327	$	12,528
The Fynder Group, Inc.	Equipment Financing	October 14, 2020	May 1, 2024	Fixed interest rate 9.1%; EOT 10.0%	$	240	$	294	$	286
	Equipment Financing	March 31, 2022	October 1, 2025	Fixed interest rate 9.3%; EOT 10.0%		2,210		2,299		2,227
Total The Fynder Group, Inc.						2,450		2,593		2,513
Sub-total: Food and Agriculture Technologies (8.4%)*					$	93,304	$	96,130	$	94,450

11

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Green Technology
Bolb, Inc.	Equipment Financing	October 12, 2021	November 1, 2024	Fixed interest rate 10.3%; EOT 6.0%	$	965	$	1,034	$	998
Commonwealth Fusion Systems, LLC	Equipment Financing	September 10, 2021	October 1, 2024	Fixed interest rate 9.5%; EOT 8.5%	$	1,253	$	1,400	$	1,363
	Equipment Financing	October 20, 2021	November 1, 2024	Fixed interest rate 9.7%; EOT 8.5%		381		422		411
Total Commonwealth Fusion Systems, LLC						1,634		1,822		1,774
Dandelion Energy, Inc.	Equipment Financing	March 17, 2020	April 1, 2024	Fixed interest rate 9.0%; EOT 12.5%	$	156	$	218	$	210
	Equipment Financing	October 27, 2020	November 1, 2024	Fixed interest rate 9.2%; EOT 12.5%		249		308		294
	Equipment Financing	November 19, 2020	December 1, 2024	Fixed interest rate 9.1%; EOT 12.5%		316		387		369
	Equipment Financing	December 29, 2020	January 1, 2025	Fixed interest rate 9.2%; EOT 12.5%		379		458		437
	Equipment Financing	March 25, 2021	April 1, 2025	Fixed interest rate 9.1%; EOT 12.5%		804		942		897
	Equipment Financing	December 1, 2021	January 1, 2026	Fixed interest rate 8.8%; EOT 12.5%		982		1,072		1,018
	Equipment Financing	April 8, 2022	May 1, 2026	Fixed interest rate 8.9%; EOT 12.5%		1,792		1,901		1,810
	Equipment Financing	May 27, 2022	June 1, 2026	Fixed interest rate 9.2%; EOT 12.5%		826		869		834
	Equipment Financing	June 13, 2022	July 1, 2026	Fixed interest rate 9.5%; EOT 12.5%		1,256		1,316		1,263
	Equipment Financing	August 24, 2022	September 1, 2026	Fixed interest rate 11.1%; EOT 12.5%		802		829		817
	Equipment Financing	November 10, 2022	December 1, 2026	Fixed interest rate 11.6%; EOT 12.5%		733		748		758
Total Dandelion Energy, Inc.						8,295		9,048		8,707
Electric Hydrogen Co.	Equipment Financing⁽¹⁴⁾	September 12, 2022	April 1, 2026	Fixed interest rate 9.0%; EOT 10.0%	$	1,772	$	1,828	$	1,812
Hi-Power, LLC	Equipment Financing	September 30, 2021	April 1, 2025	Fixed interest rate 12.4%; EOT 1.0%	$	4,323	$	4,362	$	4,266
	Equipment Financing	September 30, 2022	April 1, 2026	Fixed interest rate 14.7%; EOT 1.0%		3,694		3,670		3,630
Total Hi-Power, LLC						8,017		8,032		7,896
SeaOn Global, LLC	Equipment Financing⁽¹⁴⁾	June 16, 2022	July 1, 2026	Fixed interest rate 9.3%; EOT 11.0%	$	5,645	$	5,876	$	5,625
	Equipment Financing⁽¹⁴⁾	August 17, 2022	September 1, 2026	Fixed interest rate 9.3%; EOT 11.0%		2,837		2,922		2,830
Total SeaOn Global, LLC						8,482		8,798		8,455
Edeniq, Inc.(21)	Secured Loan⁽¹⁴⁾	November 30, 2021	June 1, 2025	Fixed interest rate 18.0%; EOT 5.7%	$	4,108	$	2,199	$	4,117
Footprint International Holding, Inc.	Secured Loan	February 18, 2022	March 1, 2027	Variable interest rate Prime + 7.3% or Floor rate 10.5%; EOT 3.0% ⁽⁸⁾	$	20,000	$	18,381	$	20,074
	Secured Loan	April 20, 2022	March 1, 2027	Variable interest rate Prime + 7.3% or Floor rate 10.5%; EOT 3.0% ⁽⁸⁾		20,000		18,287		19,982
Total Footprint International Holding, Inc.						40,000		36,668		40,056
Mainspring Energy, Inc.	Secured Loan	March 18, 2022	October 1, 2026	Fixed interest rate 11.0%; EOT 3.8%	$	30,000	$	30,133	$	29,226
RTS Holding, Inc.	Secured Loan	December 31, 2021	January 1, 2027	Variable interest rate Prime + 7.25% or Floor rate 10.5%+PIK Interest Rate 4.25%; EOT 3.0% (15)	$	23,000	$	23,497	$	23,546
	Secured Loan	October 21, 2022	November 1, 2027	Variable interest rate Prime + 7.25% or Floor rate 13.5%+PIK Interest Rate 1.25%; EOT 3.0% (15)		12,000		11,963		12,042
Total RTS Holding, Inc.						35,000		35,460		35,588
Sub-total: Green Technology (12.3%)*					$	138,273	$	135,022	$	138,629

12

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Healthcare
Emerald Cloud Lab, Inc.	Equipment Financing	July 13, 2021	August 1, 2024	Fixed interest rate 9.7%; EOT 7.0%	$	5,077	$	5,673	$	5,519
Dentologie Enterprises, Inc.	Secured Loan⁽¹⁴⁾	October 14, 2022	November 1, 2027	Variable interest rate Prime + 6.9% or Floor rate 10.9%; EOT 3.0% ⁽⁸⁾		5,000		4,946		4,970
Exer Holdings, LLC	Secured Loan	November 19, 2021	December 1, 2026	Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾	$	22,500	$	22,576	$	21,986
	Secured Loan	February 18, 2022	December 1, 2026	Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾		7,500		7,512		7,320
Total Exer Holdings, LLC						30,000		30,088		29,306
FemTec Health, Inc.	Secured Loan(18)	December 1, 2021	February 1, 2026	Fixed interest rate 11.0%; EOT 7.5%	$	9,725	$	10,472	$	2,504
	Secured Loan(18)	July 23, 2021	September 1, 2022(20)	Fixed interest rate 11.0%		2,092		2,091		—
	Secured Loan(18)	September 29, 2021	April 1, 2026	Fixed interest rate 11.0%; EOT 7.5%		2,918		2,971		—
Total FemTec Health, Inc. (21)						14,735		15,534		2,504
Lark Technologies, Inc.	Secured Loan	September 30, 2020	April 1, 2025	Variable interest rate Prime + 8.3% or Floor rate 11.5% or ceiling rate of 13.5%; EOT 4.0%(8)	$	3,672	$	3,765	$	3,686
	Secured Loan	June 30, 2021	January 1, 2026	Variable interest rate Prime + 8.3% or Floor rate 11.5% or ceiling rate of 13.5%; EOT 4.0%(8)		4,772		4,768		4,642
Total Lark Technologies, Inc.						8,444		8,533		8,328
WorkWell Prevention & Care Inc.	Secured Loan(14)	December 31, 2022	January 1, 2027	Variable interest rate Prime + 5.0% or Floor rate 6.0%; EOT 0.0% ⁽⁸⁾	$	500	$	500	$	500
Sub-total: Healthcare (4.6%)*					$	63,756	$	65,274	$	51,127

13

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Human Resource Technology
Nomad Health, Inc.	Secured Loan	March 29, 2022	October 1, 2026	Variable interest rate Prime + 5.5% or Floor rate 9.3%; EOT 4.0% ⁽⁸⁾	$	30,000	$	30,164	$	30,614
Qwick, Inc.	Secured Loan	December 31, 2021	January 1, 2026	Variable interest rate Prime + 8.0% or Floor rate 11.0%; EOT 5.0% ⁽⁸⁾	$	5,000	$	5,064	$	5,202
	Secured Loan	August 12, 2022	September 1, 2026	Variable interest rate Prime + 8.0% or Floor rate 11.0%; EOT 5.0% ⁽⁸⁾		5,000		4,968		5,097
Total Qwick, Inc.						10,000		10,032		10,299
Sub-total: Human Resource Technology (3.6%)*					$	40,000	$	40,196	$	40,913
Industrials
3DEO, Inc.	Equipment Financing	February 23, 2022	March 1, 2025	Fixed interest rate 9.1%; EOT 9.0%	$	2,599	$	2,909	$	2,598
	Equipment Financing	April 12, 2022	May 1, 2025	Fixed interest rate 9.0%; EOT 9.0%		1,274		1,415		1,257
Total 3DEO, Inc.						3,873		4,324		3,855
Sub-total: Industrials (0.3%)*					$	3,873	$	4,324	$	3,855
Life Sciences
Greenlight Biosciences Inc.	Equipment Financing⁽¹⁴⁾	March 29, 2021	April 1, 2024	Fixed interest rate 9.7%; EOT 8.0%	$	1,214	$	1,443	$	1,416
	Equipment Financing⁽¹⁴⁾	June 17, 2021	July 1, 2024	Fixed interest rate 9.5%; EOT 8.0%		1,968		2,244		2,198
	Equipment Financing⁽¹⁴⁾	August 31, 2021	September 1, 2024	Fixed interest rate 9.7%; EOT 8.0%		1,128		1,257		1,223
	Equipment Financing⁽¹⁴⁾	August 31, 2021	September 1, 2024	Fixed interest rate 9.7%; EOT 8.0%		653		728		706
Total Greenlight Biosciences Inc.						4,963		5,672		5,543
Pendulum Therapeutics, Inc.	Equipment Financing	January 16, 2020	May 1, 2023	Fixed interest rate 7.7%; EOT 5.0%	$	14	$	39	$	52
	Equipment Financing	January 17, 2020	August 1, 2023	Fixed interest rate 7.8%; EOT 5.0%		293		429		427
	Equipment Financing	March 6, 2020	October 1, 2023	Fixed interest rate 7.7%; EOT 5.0%		122		159		158
	Equipment Financing	July 15, 2020	February 1, 2024	Fixed interest rate 9.8%; EOT 6.0%		269		324		320
	Secured Loan	December 31, 2021	January 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾		5,000		5,038		5,057
	Secured Loan	February 28, 2022	March 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾		5,000		5,029		5,045
	Secured Loan	March 30, 2022	April 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾		5,000		5,024		5,039
	Secured Loan	May 6, 2022	June 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾		5,000		5,012		5,030
	Secured Loan	June 17, 2022	July 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾		5,000		5,008		5,026
Total Pendulum Therapeutics, Inc.						25,698		26,062		26,154
Deerfield Imaging Holdings, Inc.	Secured Loan⁽¹⁴⁾	April 14, 2022	May 1, 2027	Variable interest rate Prime + 6.0% or Floor rate 10.0%; EOT 5.0% ⁽⁸⁾	$	18,250	$	18,429	$	18,606
RXAnte, Inc.	Secured Loan(9)(14)	November 21, 2022	November 1, 2027	Variable interest rate Prime + 4.48% or Floor rate 9.98%+PIK Fixed Interest Rate 1.5%; EOT 3.5% (15)		9,038		8,949		9,022
TMRW Life Sciences, Inc.	Secured Loan	April 29, 2022	May 1, 2027	Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 4.0% ⁽⁸⁾	$	5,000	$	5,020	$	5,103
	Secured Loan	March 3, 2023	May 1, 2027	Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 4.0% ⁽⁸⁾		15,000		14,881		14,881
Total TMRW Life Sciences, Inc.					$	20,000	$	19,901	$	19,984
Sub-total: Life Sciences (7.1%)*					$	77,949	$	79,013	$	79,309

14

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Marketing, Media, and Entertainment
Drone Racing League, Inc.	Secured Loan⁽¹⁴⁾	October 17, 2022	April 17, 2027	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.5% ⁽⁸⁾		10,000	$	9,787	$	9,787
Grabit Interactive Media, Inc.	Secured Loan	April 8, 2022	November 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 10.8%; EOT 2.5% ⁽⁸⁾	$	4,500	$	4,493	$	4,515
Incontext Solutions, Inc.	Secured Loan⁽¹⁴⁾	January 16, 2020	September 1, 2025	Fixed interest rate 11.8%; EOT 16.4%	$	3,188	$	4,337	$	3,432
PebblePost, Inc.	Secured Loan	May 7, 2021	June 1, 2026	Variable interest rate Prime + 8.8% or Floor rate 11.5%; EOT 3.8% ⁽⁸⁾	$	11,500	$	11,699	$	11,620
Vox Media Holdings, Inc.	Secured Loan(9)(14)	October 18, 2022	November 1, 2027	Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 1.5% ⁽⁸⁾		12,000		11,901		12,132
	Secured Loan(9)(14)	December 29, 2022	January 1, 2028	Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 1.5% ⁽⁸⁾		6,000		5,935		5,935
Total Vox Media Holdings, Inc.						18,000		17,836		18,067
Sub-total: Marketing, Media, and Entertainment (4.2%)*					$	47,188	$	48,152	$	47,421
Multi-Sector Holdings
i40, LLC (10)(21)	Secured Loan⁽¹⁴⁾	January 30, 2023	December 5, 2028	Fixed interest rate 8.5%; EOT 0.0%		3,629		3,629		3,629
Sub-total: Multi-Sector Holdings (0.3%)*					$	3,629	$	3,629	$	3,629
Real Estate Technology
BlueGround US, Inc.	Equipment Financing	June 6, 2022	January 1, 2026	Fixed interest rate 9.6%; EOT 8.0%	$	3,609	$	3,729	$	3,646
	Equipment Financing	July 26, 2022	February 1, 2026	Fixed interest rate 11.1%; EOT 8.0%		5,092		5,233		5,171
	Equipment Financing	August 12, 2022	March 1, 2026	Fixed interest rate 11.6%; EOT 8.0%		4,030		4,128		4,122
	Equipment Financing	September 26, 2022	April 1, 2026	Fixed interest rate 11.9%; EOT 8.0%		4,897		4,994		5,041
	Equipment Financing	October 25, 2022	May 1, 2026	Fixed interest rate 12.6%; EOT 8.0%		3,986		4,052		4,094
	Equipment Financing	November 30, 2022	June 1, 2026	Fixed interest rate 12.7%; EOT 8.0%		2,566		2,599		2,663
Total BlueGround US, Inc.						24,180		24,735		24,737
BoardRE, Inc.	Secured Loan	October 15, 2021	June 1, 2026	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.5% ⁽⁸⁾	$	5,000	$	5,234	$	4,695
Knockaway, Inc.	Secured Loan	November 10, 2021	June 1, 2026	Variable interest rate Prime + 6.3% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾	$	14,734	$	14,845	$	12,851
	Secured Loan	November 30, 2021	June 1, 2026	Variable interest rate Prime + 6.3% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾		2,000		2,014		1,744
	Secured Loan	December 28, 2021	July 1, 2026	Variable interest rate Prime + 6.3% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾		4,275		4,300		3,701
Total Knockaway, Inc.						21,009		21,159		18,296
Maxwell Financial Labs, Inc.	Secured Loan	September 30, 2021	April 1, 2026	Variable interest rate Prime + 6.0% or Floor rate 10.0%; EOT 5.0% ⁽⁸⁾	$	18,000	$	18,297	$	17,571
Orchard Technologies, Inc.	Secured Loan	March 11, 2021	April 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 4.0% ⁽⁸⁾	$	5,000	$	5,107	$	5,078
	Secured Loan	July 23, 2021	April 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 4.0% ⁽⁸⁾		12,500		12,726		12,653
	Secured Loan	August 2, 2022	April 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 4.0% ⁽⁸⁾		12,500		12,545		12,620
Total Orchard Technologies, Inc.						30,000		30,378		30,351
Sub-total: Real Estate Technology (8.5%)*					$	98,189	$	99,803	$	95,650

15

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Software as a Service ("SaaS")
All Seated, Inc.	Secured Loan	February 28, 2022	March 1, 2027	Variable interest rate Prime + 7.0% or Floor rate 10.8%; EOT 3.5% ⁽⁸⁾	$	6,000	$	6,044	$	5,962
BackBlaze, Inc.	Equipment Financing	January 16, 2020	June 1, 2023	Fixed interest rate 7.4%; EOT 11.5%	$	68	$	230	$	228
	Equipment Financing	January 16, 2020	August 1, 2023	Fixed interest rate 7.5%; EOT 11.5%		25		55		55
	Equipment Financing	January 16, 2020	September 1, 2023	Fixed interest rate 7.7%; EOT 11.5%		31		62		61
	Equipment Financing	January 16, 2020	October 1, 2023	Fixed interest rate 7.5%; EOT 11.5%		37		66		65
	Equipment Financing	January 16, 2020	November 1, 2023	Fixed interest rate 7.2%; EOT 11.5%		138		234		229
	Equipment Financing	January 16, 2020	December 1, 2023	Fixed interest rate 7.5%; EOT 11.5%		204		326		319
	Equipment Financing	January 16, 2020	January 1, 2024	Fixed interest rate 7.4%; EOT 11.5%		194		297		291
	Equipment Financing	January 20, 2020	February 1, 2024	Fixed interest rate 7.4%; EOT 11.5%		214		316		309
	Equipment Financing	February 1, 2020	March 1, 2024	Fixed interest rate 7.2%; EOT 11.5%		199		285		278
	Equipment Financing	March 26, 2020	April 1, 2024	Fixed interest rate 7.4%; EOT 11.5%		64		89		87
	Equipment Financing	April 17, 2020	May 1, 2024	Fixed interest rate 7.3%; EOT 11.5%		439		595		577
	Equipment Financing	July 27, 2020	August 1, 2024	Fixed interest rate 7.4%; EOT 11.5%		539		690		666
	Equipment Financing	September 4, 2020	October 1, 2024	Fixed interest rate 7.2%; EOT 11.5%		103		128		124
	Equipment Financing	March 29, 2021	April 1, 2025	Fixed interest rate 7.5%; EOT 11.5%		1,487		1,728		1,659
Total BackBlaze, Inc.						3,742		5,101		4,948
Smartly, Inc.	Secured Loan	May 16, 2022	December 1, 2026	Variable interest rate Prime + 7.0% or Floor rate 10.5%; EOT 2.5% ⁽⁸⁾	$	10,000	$	9,956	$	10,038
The Tomorrow Companies, Inc.	Secured Loan⁽¹⁴⁾	December 14, 2022	January 1, 2028	Variable interest rate Prime + 7.0% or Floor rate 10.8%; EOT 3.0% ⁽⁸⁾		5,000		4,895		4,895
Sub-total: SaaS (2.3%)*					$	24,742	$	25,996	$	25,843
Space Technology
Axiom Space, Inc.	Secured Loan	May 28, 2021	June 1, 2026	Variable interest rate Prime + 6.0% or Floor rate 9.3%; EOT 2.5% ⁽⁸⁾	$	30,000	$	30,223	$	30,478
Hadrian Automation, Inc.	Equipment Financing⁽¹⁴⁾	March 2, 2022	September 1, 2025	Fixed interest rate 12.6%; EOT 0.0%	$	379	$	377	$	368
	Equipment Financing⁽¹⁴⁾	May 6, 2022	November 1, 2025	Fixed interest rate 12.9%; EOT 0.0%		3,908		3,893		3,816
	Equipment Financing⁽¹⁴⁾	July 15, 2022	January 1, 2026	Fixed interest rate 14.3%; EOT 0.0%		2,769		2,758		2,721
	Equipment Financing(9)(14)	September 30, 2022	March 1, 2026	Fixed interest rate 15.2%; EOT 0.0%		4,849		4,835		5,070
	Equipment Financing(9)(14)	December 22, 2022	June 1, 2026	Fixed interest rate 16.1%; EOT 0.0%		1,162		1,145		1,145
	Equipment Financing(9)(14)	December 22, 2022	December 1, 2026	Fixed interest rate 16.4%; EOT 0.0%		1,029		1,023		1,023
	Equipment Financing⁽¹⁴⁾	March 29, 2023	March 1, 2027	Fixed interest rate 16.4%; EOT 0.0%		5,306		5,279		5,279
Total Hadrian Automation, Inc.						19,402		19,310		19,422
Hermeus Corporation	Equipment Financing⁽¹⁴⁾	August 9, 2022	March 1, 2026	Fixed interest rate 9.4%; EOT 6.0%	$	1,555	$	1,555	$	1,522
	Equipment Financing⁽¹⁴⁾	October 11, 2022	May 1, 2026	Fixed interest rate 11.6%; EOT 6.0%		2,780		2,760		2,733
Total Hermeus Corporation					$	4,335	$	4,315	$	4,255
Space Perspective, Inc.	Secured Loan	March 3, 2022	July 1, 2026	Variable interest rate Prime + 7.8% or Floor rate 11.0%; EOT 5.0% ⁽⁸⁾	$	5,000	$	4,989	$	4,984
Sub-total: Space Technology (5.3%)*					$	58,737	$	58,837	$	59,139

16

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Transportation Technology
NextCar Holding Company, Inc.	Secured Loan	December 14, 2021	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 5.3% ⁽⁸⁾	$	5,109	$	5,370	$	5,211
	Secured Loan	December 15, 2021	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 5.3% ⁽⁸⁾		2,044		2,149		2,085
	Secured Loan	February 23, 2022	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 5.3% ⁽⁸⁾		2,555		2,686		2,605
	Secured Loan	March 16, 2022	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 5.3% ⁽⁸⁾		3,065		3,223		3,126
	Secured Loan	April 18, 2022	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 5.3% ⁽⁸⁾		2,555		2,686		2,603
	Secured Loan	April 18, 2022	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 5.3% ⁽⁸⁾		2,555		2,686		2,603
	Secured Loan	May 17, 2022	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 5.3% ⁽⁸⁾		5,109		5,372		5,204
	Secured Loan	June 22, 2022	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 5.3% ⁽⁸⁾		2,555		2,686		2,602
Total NextCar Holding Company, Inc.						25,547		26,858		26,039
Zuum Transportation, Inc.	Secured Loan	December 17, 2021	January 1, 2027	Variable interest rate Prime + 6.0% or Floor rate 10.8%; EOT 2.5% ⁽⁸⁾	$	5,000	$	5,029	$	4,770
Sub-total: Transportation Technology (2.7%)*					$	30,547	$	31,887	$	30,809
Total: Debt Securities- United States (87.2%)*					$	997,061	$	1,013,015	$	979,123

17

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- Canada
Construction Technology
Nexii Building Solutions, Inc. (10)	Secured Loan	August 27, 2021	August 27, 2025	Variable interest rate Prime + 7.0% or Floor rate 10.3%; EOT 2.5% ⁽⁸⁾	$	10,000	$	9,888	$	10,009
	Secured Loan	June 8, 2022	June 8, 2026	Variable interest rate Prime + 7.0% or Floor rate 10.3%; EOT 2.5% ⁽⁸⁾		5,000		4,844		4,793
Total Nexii Building Solutions, Inc.						15,000		14,732		14,802
Sub-total: Construction Technology (1.3%)*					$	15,000	$	14,732	$	14,802
Digital Assets Technology and Services
Hut 8 Holdings, Inc. (10)	Equipment Financing	December 30, 2021	January 1, 2025	Fixed interest rate 9.5%; EOT 3.5%	$	18,386	$	18,963	$	18,598
Sub-total: Digital Assets Technology and Services (1.7%)*					$	18,386	$	18,963	$	18,598
Supply Chain Technology
GoFor Industries, Inc. (10)(21)	Secured Loan(18)	January 21, 2022	February 1, 2026	Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 2.5% ⁽⁸⁾	$	9,570	$	9,385	$	7,476
Sub-total: Supply Chain Technology (0.7%)*					$	9,570	$	9,385	$	7,476
Total: Debt Securities- Canada (3.6%)*					$	42,956	$	43,080	$	40,876
Debt Securities- Europe
Industrials
Aledia, Inc. (10)	Equipment Financing⁽¹⁴⁾	March 31, 2022	April 1, 2025	Fixed interest rate 9.0%; EOT 7.0%	$	12,602	$	13,246	$	12,860
	Equipment Financing⁽¹⁴⁾	June 30, 2022	July 1, 2025	Fixed interest rate 9.7%; EOT 7.0%		905		935		916
	Equipment Financing⁽¹⁴⁾	August 5, 2022	September 1, 2025	Fixed interest rate 10.7%; EOT 7.0%		1,255		1,287		1,269
	Equipment Financing⁽¹⁴⁾	September 30, 2022	October 1, 2025	Fixed interest rate 12.0%; EOT 7.0%		2,050		2,088		2,077
Total Aledia, Inc.						16,812		17,556		17,122
Sub-total: Industrials (1.5%)*					$	16,812	$	17,556	$	17,122
Space Technology
All.Space Networks, Limited.(10)	Secured Loan⁽¹⁴⁾	August 22, 2022	September 1, 2027	Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 2.5% ⁽⁸⁾	$	10,000	$	9,932	$	9,977
Sub-total: Space Technology (0.9%)*					$	10,000	$	9,932	$	9,977
Total: Debt Securities- Europe (2.4%)*					$	26,812	$	27,488	$	27,099
Total: Debt Securities (93.2%)(19)*					$	1,066,829	$	1,083,583	$	1,047,098

18

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares		Strike Price		Cost		Fair Value (6)
Warrant Investments- United States
Automation & Internet of Things
Ambient Photonics, Inc.	Warrant⁽¹⁴⁾	July 27, 2022	July 27, 2032	Common Stock		159,760	$	0.55	$	48	$	155
Everalbum, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	July 29, 2026	Preferred Series A⁽¹⁷⁾		851,063	$	0.10	$	25	$	1
Hologram, Inc.	Warrant⁽¹⁴⁾	January 31, 2020	January 27, 2030	Common Stock		193,054	$	0.26	$	49	$	301
Presto Automation, Inc.	Warrant(7)(14)	January 16, 2020	April 28, 2027	Preferred Series A⁽¹⁷⁾		497,183	$	0.30	$	185	$	380
	Warrant(7)(14)	January 16, 2020	July 28, 2027	Common Stock		104,284	$	7.49		28		5
Total Presto Automation, Inc.										213		385
Stratifyd, Inc.	Warrant⁽¹⁴⁾	September 3, 2021	September 3, 2031	Preferred Series B-2⁽¹⁷⁾		106,719	$	2.53	$	56	$	21
Sub-Total: Automation & Internet of Things (0.1%)*									$	391	$	863
Connectivity
Tarana Wireless, Inc.	Warrant⁽¹⁴⁾	June 30, 2021	June 30, 2031	Common Stock		5,027,629	$	0.19	$	968	$	1,566
Vertical Communications, Inc. (21)	Warrant⁽¹¹⁾⁽¹⁴⁾	January 16, 2020	July 11, 2026	Preferred Series A⁽¹⁷⁾		828,479	$	1.00	$	—	$	—
viaPhoton, Inc.	Warrant⁽¹⁴⁾	March 31, 2022	March 31, 2032	Common Stock		15,839	$	0.60	$	22	$	3
Sub-Total: Connectivity (0.1%)*									$	990	$	1,569
Construction Technology
Project Frog, Inc. (21)	Warrant⁽¹⁴⁾	January 16, 2020	July 26, 2026	Preferred Series AA-1⁽¹⁷⁾		211,649	$	0.19	$	9	$	—
	Warrant⁽¹⁴⁾	January 16, 2020	July 26, 2026	Common Stock		180,340	$	0.19		9		—
	Warrant⁽¹⁴⁾	August 3, 2021	December 31, 2031	Preferred Series CC⁽¹⁷⁾		250,000	$	0.01		20		24
Total Project Frog, Inc.										38		24
Sub-total: Construction Technology (0.0%)*									$	38	$	24

19

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares		Strike Price		Cost		Fair Value (6)
Warrant Investments- United States, Continued
Consumer Products & Services
BaubleBar, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	March 29, 2027	Preferred Series C⁽¹⁷⁾		531,806	$	1.96	$	638	$	466
	Warrant⁽¹⁴⁾	January 16, 2020	April 20, 2028	Preferred Series C⁽¹⁷⁾		60,000	$	1.96		72		53
Total BaubleBar, Inc.										710		519
Boosted eCommerce, Inc.	Warrant⁽¹⁴⁾	December 18, 2020	December 14, 2030	Preferred Series A-1⁽¹⁷⁾		759,263	$	0.84	$	259	$	28
Fernished, Inc.	Warrant⁽¹⁴⁾	May 5, 2021	May 5, 2031	Common Stock		54,427	$	0.15	$	39	$	23
	Warrant⁽¹⁴⁾	November 30, 2022	November 30, 2032	Common Stock		25,547	$	0.15		20		21
Total Fernished, Inc.									$	59	$	44
,
Happiest Baby, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	May 16, 2029	Common Stock		182,554	$	0.33	$	193	$	72
Madison Reed, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	March 23, 2027	Preferred Series C⁽¹⁷⁾		194,553	$	2.57	$	185	$	489
	Warrant⁽¹⁴⁾	January 16, 2020	July 18, 2028	Common Stock		43,158	$	0.99		71		145
	Warrant⁽¹⁴⁾	January 16, 2020	June 30, 2029	Common Stock		36,585	$	1.23		56		118
Total Madison Reed, Inc.										312		752
Molekule, Inc.	Warrant(7)(14)	June 19, 2020	June 19, 2030	Common Stock		3,205	$	3.12	$	8	$	5
	Warrant(7)(14)	June 1, 2022	June 1, 2032	Preferred Series 1⁽¹⁷⁾		257,135	$	0.39		22		435
	Warrant(7)(14)	June 19, 2022	June 19, 2030	Preferred Series 2⁽¹⁷⁾		100,000	$	1.00		8		169
Total Molekule, Inc.										38		609
Ogee, Inc.	Warrant⁽¹⁴⁾	February 14, 2023	February 14, 2033	Preferred Series A-3⁽¹⁷⁾		259,222	$	0.68	$	57	$	57
Portofino Labs, Inc.	Warrant⁽¹⁴⁾	December 31, 2020	December 31, 2030	Common Stock		99,148	$	1.53	$	160	$	81
	Warrant⁽¹⁴⁾	April 1, 2021	April 1, 2031	Common Stock		39,912	$	1.46		99		33
Total Portofino Labs, Inc.										259		114
Quip NYC, Inc.	Warrant⁽¹⁴⁾	March 9, 2021	March 9, 2031	Preferred Series A-1⁽¹⁷⁾		10,833	$	48.46	$	203	$	49
Rinse, Inc.	Warrant⁽¹⁴⁾	May 10, 2022	May 10, 2032	Preferred Series C⁽¹⁷⁾		278,761	$	1.13	$	118	$	144
SI Tickets, Inc.	Warrant⁽¹⁴⁾	May 11, 2022	May 11, 2032	Common Stock		53,029	$	2.52	$	162	$	56
Super73, Inc.	Warrant⁽¹⁴⁾	December 31, 2020	December 31, 2030	Common Stock		177,305	$	3.16	$	105	$	686
Trendly, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	August 10, 2026	Preferred Series A⁽¹⁷⁾		245,506	$	1.14	$	222	$	7
VitaCup, Inc.	Warrant⁽¹⁴⁾	June 23, 2021	June 23, 2031	Preferred Series C⁽¹⁷⁾		68,996	$	2.79	$	9	$	3
Sub-Total: Consumer Products & Services (0.3%)*									$	2,706	$	3,140

20

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares		Strike Price		Cost		Fair Value (6)
Warrant Investments- United States, Continued
Education Technology
Medical Sales Training Holding Company	Warrant⁽¹⁴⁾	March 18, 2021	March 18, 2031	Common Stock		28,732	$	7.74	$	108	$	20
Yellowbrick Learning, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	September 30, 2028	Common Stock		222,222	$	0.90	$	120	$	—
Sub-Total: Education Technology (0.0%)*									$	228	$	20
Finance and Insurance
DailyPay, Inc.	Warrant⁽¹⁴⁾	September 30, 2020	September 30, 2030	Common Stock		89,264	$	3.00	$	152	$	377
Dynamics, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	March 10, 2024	Common Stock		17,000	$	10.59	$	86	$	—
Eqis Capital Management, Inc.	Warrant⁽¹⁴⁾	June 15, 2022	June 15, 2032	Preferred Class B⁽¹⁷⁾		904,000	$	0.99	$	10	$	8
Petal Card, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	November 27, 2029	Common Stock		250,268	$	1.32	$	147	$	638
	Warrant⁽¹⁴⁾	January 11, 2021	January 11, 2031	Common Stock		135,835	$	0.01		312		455
	Warrant⁽¹⁴⁾	August 6, 2021	August 6, 2031	Common Stock		111,555	$	1.60		197		267
Total Petal Card, Inc.										656		1,360
RealtyMogul, Co.	Warrant⁽¹⁴⁾	January 16, 2020	December 18, 2027	Preferred Series B⁽¹⁷⁾		234,421	$	3.88	$	285	$	13
Slope Tech, Inc.	Warrant⁽¹⁴⁾	September 14, 2022	September 14, 2032	Common Stock		45,485	$	0.88	$	109	$	121
ZenDrive, Inc.	Warrant⁽¹⁴⁾	July 16, 2021	July 16, 2031	Common Stock		30,466	$	2.46	$	29	$	—
Sub-Total: Finance and Insurance (0.2%)*									$	1,327	$	1,879
Food and Agriculture Technologies
Athletic Brewing Company, LLC	Warrant⁽¹⁴⁾	October 28, 2022	October 28, 2032	Preferred Class B⁽¹⁷⁾		3,741	$	140.21	$	287	$	250
Bowery Farming, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	June 10, 2029	Common Stock		68,863	$	5.08	$	410	$	282
	Warrant⁽¹⁴⁾	December 22, 2020	December 22, 2030	Common Stock		29,925	$	6.24		160		117
	Warrant⁽¹⁴⁾	September 10, 2021	September 10, 2028	Common Stock		21,577	$	0.01		617		109
Total Bowery Farming, Inc.										1,187	$	508
Daring Foods, Inc.	Warrant⁽¹⁴⁾	April 8, 2021	April 8, 2031	Common Stock		68,100	$	0.27	$	106	$	110
DrinkPak, LLC	Warrant(9)(14)	September 13, 2022	September 13, 2032	Common Stock		3,977	$	19.12	$	7	$	4
	Warrant(9)(14)	February 17, 2023	February 17, 2033	Common Stock		22,697	$	18.89		29		23
Total DrinkPak, LLC									$	36	$	27
Emergy, Inc.	Warrant(9)(14)	October 5, 2022	October 5, 2032	Common Stock		45,439	$	3.96	$	181	$	176
GrubMarket, Inc.	Warrant⁽¹⁴⁾	June 15, 2020	June 15, 2030	Common Stock		405,000	$	1.10	$	115	$	2,908
PSB Holdings, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	October 5, 2027	Common Stock		103,636	$	14.47	$	111	$	3
	Warrant⁽¹⁴⁾	December 31, 2020	December 29, 2032	Common Stock		33,348	$	3.17		546		—
Total PSB Holdings, Inc.										657		3
RoBotany, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	July 19, 2029	Common Stock		262,870	$	0.26	$	129	$	—
The Fynder Group, Inc.	Warrant⁽¹⁴⁾	October 14, 2020	October 14, 2030	Common Stock		36,445	$	0.49	$	68	$	141
Zero Acre Farms, Inc.	Warrant⁽¹⁴⁾	December 23, 2022	December 23, 2032	Preferred ⁽¹⁷⁾		20,181	$	2.13	$	79	$	79
Sub-Total: Food and Agriculture Technologies (0.4%)*									$	2,845	$	4,202

21

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares		Strike Price		Cost		Fair Value (6)
Warrant Investments- United States, Continued
Green Technology
Bolb, Inc.	Warrant⁽¹⁴⁾	October 12, 2021	October 12, 2031	Common Stock		181,784	$	0.07	$	35	$	2
Edeniq, Inc.	Warrant(11)(14)	January 16, 2020	December 23, 2026	Preferred Series B⁽¹⁷⁾		2,685,501	$	0.22	$	—	$	171
	Warrant(11)(14)	January 16, 2020	December 23, 2026	Preferred Series B⁽¹⁷⁾		2,184,672	$	0.01		—		316
	Warrant(11)(14)	January 16, 2020	June 29, 2027	Preferred Series C⁽¹⁷⁾		5,106,972	$	0.44		—		56
	Warrant(11)(14)	January 16, 2020	November 2, 2028	Preferred Series C⁽¹⁷⁾		3,850,294	$	0.01		—		979
	Warrant(14)	November 29, 2021	November 29, 2031	Preferred Series D⁽¹⁷⁾		154,906,320	$	0.01		7		1,690
Total Edeniq, Inc.(21)										7		3,212
Footprint International Holding, Inc.	Warrant⁽¹⁴⁾	February 14, 2020	February 14, 2030	Common Stock		38,171	$	0.31	$	9	$	237
	Warrant⁽¹⁴⁾	February 18, 2022	February 18, 2032	Common Stock		77,524	$	0.01		4,246		482
	Warrant⁽¹⁴⁾	June 23, 2022	June 23, 2032	Common Stock		14,624	$	0.01		359		91
Total Footprint International Holding, Inc.										4,614		810
Mainspring Energy, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	July 9, 2029	Common Stock		140,186	$	1.15	$	284	$	569
	Warrant⁽¹⁴⁾	November 20, 2020	November 20, 2030	Common Stock		81,294	$	1.15		226		331
	Warrant⁽¹⁴⁾	March 18, 2022	March 18, 2032	Common Stock		137,692	$	1.66		344		544
Total Mainspring Energy, Inc.										854		1,444
RTS Holding, Inc.	Warrant⁽¹⁴⁾	December 10, 2021	December 10, 2031	Preferred Series C⁽¹⁷⁾		3,857	$	205.28	$	153	$	551
	Warrant⁽¹⁴⁾	October 10, 2022	October 10, 2032	Preferred Series D⁽¹⁷⁾		1,528	$	196.50		117		246
Total RTS Holding, Inc.									$	270	$	797
Sub-Total: Green Technology (0.6%)*									$	5,780	$	6,265
Healthcare
Dentologie Enterprises, Inc.	Warrant⁽¹⁴⁾	October 14, 2022	October 14, 2032	Common Stock		86,054	$	0.76	$	110	$	113
Exer Holdings, LLC	Warrant⁽¹⁴⁾	November 19, 2021	November 19, 2031	Common Stock		281	$	527.51	$	93	$	93
Hospitalists Now, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	March 30, 2026	Preferred Series D-2⁽¹⁷⁾		135,807	$	5.89	$	71	$	608
	Warrant⁽¹⁴⁾	January 16, 2020	December 6, 2026	Preferred Series D-2⁽¹⁷⁾		750,000	$	5.89		391		3,359
Total Hospitalists Now, Inc.										462		3,967
Lark Technologies, Inc.	Warrant⁽¹⁴⁾	September 30, 2020	September 30, 2030	Common Stock		76,231	$	1.76	$	177	$	52
	Warrant⁽¹⁴⁾	June 30, 2021	June 30, 2031	Common Stock		79,325	$	1.76		258		54
	Warrant⁽¹⁴⁾	December 22, 2022	December 22, 2032	Preferred Series D⁽¹⁷⁾		97,970	$	2.49		58		61
Total Lark Technologies, Inc.										493		167
Sub-Total: Healthcare (0.4%)*									$	1,158	$	4,340
Human Resource Technology
BetterLeap, Inc.	Warrant⁽¹⁴⁾	April 20, 2022	April 20, 2032	Common Stock		88,435	$	2.26	$	38	$	15
Qwick, Inc.	Warrant⁽¹⁴⁾	December 31, 2021	December 31, 2031	Common Stock		33,928	$	2.79	$	96	$	287
Sub-Total: Human Resource Technology (0.0%)*									$	134	$	302

22

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares		Strike Price		Cost		Fair Value (6)
Warrant Investments- United States, Continued
Industrials
3DEO, Inc.	Warrant⁽¹⁴⁾	February 23, 2022	February 23, 2032	Common Stock		37,218	$	1.81	$	93	$	—
	Warrant⁽¹⁴⁾	July 31, 2022	July 31, 2032	Common Stock		37,311	$	1.35		1		—
Total 3DEO, Inc.									$	94	$	—
SBG Labs, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	July 29, 2023	Preferred Series A-1⁽¹⁷⁾		42,857	$	0.70	$	13	$	—
	Warrant⁽¹⁴⁾	January 16, 2020	September 18, 2024	Preferred Series A-1⁽¹⁷⁾		25,714	$	0.70		8		—
	Warrant⁽¹⁴⁾	January 16, 2020	January 14, 2024	Preferred Series A-1⁽¹⁷⁾		21,492	$	0.70		7		—
	Warrant⁽¹⁴⁾	January 16, 2020	March 24, 2025	Preferred Series A-1⁽¹⁷⁾		12,155	$	0.70		4		—
	Warrant⁽¹⁴⁾	January 16, 2020	October 10, 2023	Preferred Series A-1⁽¹⁷⁾		11,150	$	0.70		4		—
	Warrant⁽¹⁴⁾	January 16, 2020	May 6, 2024	Preferred Series A-1⁽¹⁷⁾		11,145	$	0.70		4		—
	Warrant⁽¹⁴⁾	January 16, 2020	June 9, 2024	Preferred Series A-1⁽¹⁷⁾		7,085	$	0.70		2		—
	Warrant⁽¹⁴⁾	January 16, 2020	May 20, 2024	Preferred Series A-1⁽¹⁷⁾		342,857	$	0.70		110		—
	Warrant⁽¹⁴⁾	January 16, 2020	March 26, 2025	Preferred Series A-1⁽¹⁷⁾		200,000	$	0.70		65		—
Total SBG Labs, Inc.										217		—
Sub-total: Industrials (0.0%)*									$	311	$	—
Life Sciences
Pendulum Therapeutics, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	October 9, 2029	Preferred Series B⁽¹⁷⁾		55,263	$	1.90	$	43	$	8
	Warrant⁽¹⁴⁾	June 1, 2020	July 15, 2030	Preferred Series B⁽¹⁷⁾		36,844	$	1.90		36		5
	Warrant⁽¹⁴⁾	December 31, 2021	December 31, 2031	Preferred Series C⁽¹⁷⁾		322,251	$	3.24		118		22
Total Pendulum Therapeutics, Inc.										197		35
RXAnte, Inc.	Warrant(9)(14)	November 21, 2022	November 21, 2032	Preferred A		30,000	$	10.00	$	94	$	147
TMRW Life Sciences, Inc.	Warrant⁽¹⁴⁾	April 29, 2022	April 29, 2032	Preferred Class A⁽¹⁷⁾		537,966	$	2.09	$	160	$	117
Sub-Total: Life Sciences (0.0%)*									$	451	$	299
Marketing, Media, and Entertainment
Drone Racing League, Inc.	Warrant⁽¹⁴⁾	October 17, 2022	October 17, 2032	Common Stock		253,824	$	6.76	$	374	$	377
Firefly Systems, Inc.	Warrant⁽¹⁴⁾	January 31, 2020	January 29, 2030	Common Stock		133,147	$	1.14	$	282	$	185
Grabit Interactive Media, Inc.	Warrant⁽¹⁴⁾	April 8, 2022	April 8, 2034	Preferred Series A⁽¹⁷⁾		142,828	$	1.00	$	40	$	123
Incontext Solutions, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	September 28, 2028	Common Stock		2,219	$	220.82	$	34	$	—
PebblePost, Inc.	Warrant⁽¹⁴⁾	May 7, 2021	May 7, 2031	Common Stock		657,343	$	0.75	$	68	$	235
Sub-Total: Marketing, Media, and Entertainment (0.1%)*									$	798	$	920

23

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares		Strike Price		Cost		Fair Value (6)
Warrant Investments- United States, Continued
Real Estate Technology
Homelight, Inc.	Warrant⁽¹⁴⁾	October 1, 2022	October 1, 2032	Common Stock		5,452	$	18.40	$	1	$	—
Knockaway, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	May 24, 2029	Preferred Series X-1⁽¹⁷⁾		8,795	$	85.27	$	208	$	—
	Warrant⁽¹⁴⁾	November 10, 2021	November 10, 2031	Common Stock		163,500	$	0.22		265		—
Total Knockaway, Inc.										473		—
Maxwell Financial Labs, Inc.	Warrant⁽¹⁴⁾	October 7, 2020	October 7, 2030	Common Stock		106,735	$	0.29	$	21	$	8
	Warrant⁽¹⁴⁾	December 22, 2020	December 22, 2030	Common Stock		110,860	$	0.29		34		10
	Warrant⁽¹⁴⁾	September 30, 2021	September 30, 2031	Common Stock		79,135	$	1.04		148		4
Total Maxwell Financial Labs, Inc.										203		22
Sub-Total: Real Estate Technology (0.0%)*									$	677	$	22
SaaS
All Seated, Inc.	Warrant⁽¹⁴⁾	February 28, 2022	February 28, 2032	Common Stock		5,101	$	15.72	$	20	$	—
Crowdtap, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	December 16, 2025	Preferred Series B⁽¹⁷⁾		442,233	$	1.09	$	42	$	17
	Warrant⁽¹⁴⁾	January 16, 2020	December 11, 2027	Preferred Series B⁽¹⁷⁾		100,000	$	1.09		9		4
Total Crowdtap, Inc.										51		21
Gtxcel, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	September 24, 2025	Preferred Series C⁽¹⁷⁾		1,000,000	$	0.21	$	83	$	—
	Warrant⁽¹⁴⁾	January 16, 2020	September 24, 2025	Preferred Series D⁽¹⁷⁾		1,000,000	$	0.21		83		11
Total Gtxcel, Inc.										166		11
Lucidworks, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	June 27, 2026	Preferred Series D⁽¹⁷⁾		619,435	$	0.77	$	806	$	1,309
Reciprocity, Inc.	Warrant⁽¹⁴⁾	September 25, 2020	September 25, 2030	Common Stock		114,678	$	4.17	$	99	$	144
	Warrant⁽¹⁴⁾	April 29, 2021	April 29, 2031	Common Stock		57,195	$	4.17		54		72
Total Reciprocity, Inc.										153		216
Resilinc, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	December 15, 2025	Preferred Series A⁽¹⁷⁾		589,275	$	0.51	$	40	$	—
Smartly, Inc.	Warrant⁽¹⁴⁾	May 16, 2022	May 16, 2034	Common Stock		48,097	$	1.10	$	84	$	39
Utility Associates, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	June 30, 2025	Preferred Series A⁽¹⁷⁾		92,511	$	4.54	$	55	$	—
	Warrant⁽¹⁴⁾	January 16, 2020	May 1, 2026	Preferred Series A⁽¹⁷⁾		60,000	$	4.54		36		—
	Warrant⁽¹⁴⁾	January 16, 2020	May 22, 2027	Preferred Series A⁽¹⁷⁾		200,000	$	4.54		120		—
Total Utility Associates, Inc.										211		—
The Tomorrow Companies, Inc.	Warrant⁽¹⁴⁾	December 31, 2022	December 31, 2032	Common Stock		40,192	$	1.70	$	76	$	78
Sub-Total: SaaS (0.1%)*									$	1,607	$	1,674

24

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares			Strike Price			Cost		Fair Value (6)
Warrant Investments- United States, Continued
Space Technology
Axiom Space, Inc.	Warrant⁽¹⁴⁾	May 28, 2021	May 28, 2031	Common Stock		1,773		$	169.24		$	120	$	39
	Warrant⁽¹⁴⁾	May 28, 2021	May 28, 2031	Common Stock		882		$	340.11			39		5
Total Axiom Space, Inc.												159		44
Hermeus Corporation	Warrant⁽¹⁴⁾	August 9, 2022	August 9, 2032	Common Stock		43,205		$	6.24		$	326	$	373
Space Perspective, Inc.	Warrant⁽¹⁴⁾	March 3, 2022	March 3, 2032	Preferred Series A⁽¹⁷⁾		221,280		$	2.75		$	256	$	303
Sub-Total: Space Technology (0.1%)*											$	741	$	720
Transportation Technology
NextCar Holding Company, Inc.	Warrant⁽¹⁴⁾	December 14, 2021	December 14, 2026	Preferred Stock(17)		328,369	(13)	$	1.29	(13)	$	34	$	—
	Warrant⁽¹⁴⁾	February 23, 2022	February 23, 2027	Preferred Stock(17)		25,653	(13)	$	1.29	(13)	$	3	$	—
	Warrant⁽¹⁴⁾	March 16, 2022	March 16, 2027	Preferred Stock(17)		30,784	(13)	$	1.29	(13)	$	3	$	—
	Warrant⁽¹⁴⁾	April 18, 2022	April 18, 2027	Preferred Stock(17)		282,192	(13)	$	1.29	(13)	$	7	$	—
	Warrant⁽¹⁴⁾	September 29, 2022	September 29, 2027	Preferred Stock(17)		410,462	(13)	$	1.29	(13)	$	170	$	—
Total NextCar Holding Company, Inc.												217		—
Sub-Total: Transportation Technology (0.0%)*											$	217	$	—
Total: Warrant Investments- United States (2.3%)*											$	20,399	$	26,239

25

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares			Strike Price			Cost		Fair Value (6)
Warrant Investments- Canada
Construction Technology
Nexii Building Solutions, Inc. (10)	Warrant⁽¹⁴⁾	August 27, 2021	August 27, 2026	Common Stock		63,175	(13)	$	15.83	(13)	$	410	$	211
	Warrant⁽¹⁴⁾	June 8, 2022	June 8, 2027	Common Stock		24,123	(13)	$	20.73	(13)		204		57
Total Nexii Building Solutions, Inc.												614		268
Sub-Total: Construction Technology (0.0%)*											$	614	$	268
Total: Warrant Investments- Canada (0.0%)*											$	614	$	268
Warrant Investments- Europe
Industrials
Aledia, Inc. (10)	Warrant⁽¹⁴⁾	March 31, 2022	March 31, 2032	Preferred Series D-3⁽¹⁷⁾		11,573	(13)	$	149.01	(13)	$	130	$	453
Sub-Total: Information (0.0%)*											$	130	$	453
Space Technology
All.Space Networks, Limited. (10)	Warrant⁽¹⁴⁾	August 22, 2022	August 22, 2032	Common Stock		71,203		$	21.79		$	113	$	3
Sub-Total: Space Technology (0.0%)*											$	113	$	3
Total: Warrant Investments- Europe (0.0%)*											$	243	$	456
Total: Warrant Investments- (2.4%)*											$	21,256	$	26,963

26

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Shares / Principal		Series	Cost		Fair Value (6)
Equity Investments- United States
Automation & Internet of Things
Rigetti & Co, Inc.	Equity(7)(14)	February 25, 2022		50,000	Common Stock	$	500	$	28
	Equity(7)(14)	May 18, 2021		757,297	Common Stock		506		429
Total Rigetti & Co, Inc.							1,006		457
Sub-Total: Automation & Internet of Things (0.0%)*						$	1,006	$	457
Connectivity
Tarana Wireless, Inc.	Equity⁽¹⁴⁾	March 16, 2022		611,246	Preferred Series 6⁽¹⁷⁾	$	500	$	375
Vertical Communications, Inc.	Equity⁽¹¹⁾⁽¹⁴⁾	January 16, 2020		3,892,485	Preferred Series 1⁽¹⁷⁾	$	—	$	—
	Equity⁽¹⁴⁾	January 16, 2020	$	5,500	Convertible Note⁽¹⁶⁾		3,966		2,029
Total Vertical Communications, Inc. (21)							3,966		2,029
Sub-Total: Connectivity (0.2%)*						$	4,466	$	2,404
Construction Technology
Project Frog, Inc.	Equity⁽¹⁴⁾	January 16, 2020		4,383,497	Preferred Series AA-1⁽¹⁷⁾	$	352	$	15
	Equity⁽¹⁴⁾	January 16, 2020		3,401,678	Preferred Series BB⁽¹⁷⁾		1,333		36
	Equity⁽¹⁴⁾	August 3, 2021		6,633,486	Common Stock		1,684		11
	Equity⁽¹⁴⁾	August 3, 2021		3,129,887	Preferred Series CC⁽¹⁷⁾		1,253		324
Total Project Frog, Inc. (21)							4,622		386
Sub-Total: Construction Technology (0.0%)*						$	4,622	$	386
Consumer Products & Services
Fernished, Inc.	Equity⁽¹⁴⁾	October 6, 2021		454,905	Preferred Series B-1⁽¹⁷⁾	$	500	$	348
Molekule, Inc.	Equity(7)(14)	January 12, 2023		2,361	Common Stock	$	7	$	4
Portofino Labs, Inc.	Equity⁽¹⁴⁾	November 1, 2021		256,291	Preferred Series B-1⁽¹⁷⁾	$	500	$	493
Quip NYC, Inc.	Equity⁽¹⁴⁾	August 17, 2021		3,320	Preferred Series B-1⁽¹⁷⁾	$	500	$	359
Sub-Total: Consumer Products & Services (0.1%)*						$	1,507	$	1,204
Finance and Insurance
Dynamics, Inc.	Equity⁽¹⁴⁾	January 16, 2020		17,726	Preferred Series A⁽¹⁷⁾	$	390	$	—
Sub-Total: Finance and Insurance (0.0%)*						$	390	$	—
Food and Agriculture Technologies
Emergy, Inc.	Equity⁽¹⁴⁾	June 28, 2021		75,958	Preferred Series B⁽¹⁷⁾	$	500	$	513
Prüvit Ventures, Inc.	Equity⁽¹⁴⁾	January 16, 2020		30,357	Common Stock	$	537	$	445
Sub-Total: Food and Agriculture Technologies (0.1%)*						$	1,037	$	958
Green Technology
Edeniq, Inc.	Equity⁽¹¹⁾⁽¹⁴⁾	January 16, 2020		7,807,499	Preferred Series B⁽¹⁷⁾	$	—	$	1,162
	Equity⁽¹¹⁾⁽¹⁴⁾	January 16, 2020		3,657,487	Preferred Series C⁽¹⁷⁾		—		957
	Equity⁽¹¹⁾⁽¹⁴⁾	January 16, 2020		133,766,138	Preferred Series D⁽¹⁷⁾		—		2,920
Total Edeniq, Inc. (21)							—		5,039
Mainspring Energy, Inc.	Equity⁽¹⁴⁾	March 30, 2022		65,614	Preferred Series E-1⁽¹⁷⁾	$	500	$	473
RTS Holding, Inc.	Equity⁽¹⁴⁾	July 5, 2022		2,544	Preferred Series D⁽¹⁷⁾	$	500	$	829
	Equity⁽¹⁴⁾	February 15, 2023		2,458	Preferred Series D-1⁽¹⁷⁾		500		477
Total RTS Holding, Inc.						$	1,000	$	1,306
Sub-Total: Green Technology (0.6%)*						$	1,500	$	6,818

27

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Shares / Principal		Series	Cost		Fair Value (6)
Equity Investments- United States, Continued
Healthcare
Emerald Cloud Lab, Inc.	Equity⁽¹⁴⁾	June 3, 2022		199,537	Preferred Series C⁽¹⁷⁾	$	500	$	490
FemTec Health, Inc. (21)	Equity⁽¹⁴⁾	July 22, 2021		1,098,093	Common Stock	$	13,046	$	—
Lark Technologies, Inc.	Equity⁽¹⁴⁾	August 19, 2021		32,416	Preferred Series D⁽¹⁷⁾	$	500	$	162
WorkWell Prevention & Care Inc.	Equity⁽¹⁴⁾	January 16, 2020		7,000,000	Common Stock	$	51	$	—
	Equity⁽¹⁴⁾	January 16, 2020		3,450	Preferred Series P⁽¹⁷⁾		3,450		—
	Equity⁽¹⁴⁾	January 16, 2020	$	3,170	Convertible Note⁽¹⁶⁾		3,219		—
Total WorkWell Prevention & Care Inc. (21)							6,720		—
Sub-Total: Healthcare (0.1%)*						$	20,766	$	652
Human Resource Technology
Nomad Health, Inc.	Equity⁽¹⁴⁾	May 27, 2022		37,920	Preferred Series D-1⁽¹⁷⁾	$	500	$	489
Sub-Total: Human Resource Technology (0.0%)*						$	500	$	489
Multi-Sector Holdings
i40, LLC (10)(21)	Equity⁽¹⁴⁾	January 30, 2023		—	Preferred ⁽¹⁷⁾	$	1,555	$	1,555
Sub-Total: Multi-Sector Holdings (0.1%)*						$	1,555	$	1,555
Real Estate Technology
Knockaway, Inc.	Equity⁽¹⁴⁾	March 30, 2022		304,579	Preferred Series Y⁽¹⁷⁾	$	500	$	—
Orchard Technologies, Inc.	Equity⁽¹⁴⁾	August 6, 2021		74,406	Preferred Series D⁽¹⁷⁾	$	500	$	21
	Equity⁽¹⁴⁾	March 16, 2023		50,000	Preferred Series 1⁽¹⁷⁾		500		522
Total Orchard Technologies, Inc.						$	1,000	$	543
Maxwell Financial Labs, Inc	Equity⁽¹⁴⁾	January 22, 2021		135,641	Preferred Series B⁽¹⁷⁾	$	500	$	159
Sub-Total: Real Estate Technology (0.1%)*						$	2,000	$	702
SaaS
Smartly, Inc.	Equity⁽¹⁴⁾	March 29, 2023		136,388	Preferred Series B⁽¹⁷⁾	$	500	$	500
Sub-total: SaaS (0.0%)*						$	500	$	500
Space Technology
Axiom Space, Inc.	Equity⁽¹⁴⁾	August 11, 2021		3,624	Preferred Series C⁽¹⁷⁾	$	521	$	541
Hadrian Automation, Inc.	Equity⁽¹⁴⁾	March 29, 2022		53,154	Preferred A-4⁽¹⁷⁾	$	500	$	473
Sub-total: Space Technology (0.1%)*						$	1,021	$	1,014
Supply Chain Technology
3Q GoFor Holdings, LP (21)	Equity⁽¹⁴⁾	August 25, 2022		—	Preferred ⁽¹⁷⁾	$	500	$	—
	Equity⁽¹⁴⁾	January 17, 2023		—	Preferred ⁽¹⁷⁾		500		—
Total 3Q GoFor Holdings, LP (21)						$	1,000	$	—
Sub-total: Supply Chain Technology (0.0%)*						$	1,000	$	—
Total: Equity Investments- United States (1.5%)*						$	41,870	$	17,139
Equity Investments- Canada
Construction Technology
Nexii Building Solutions, Inc. (10)	Equity⁽¹⁴⁾	February 28, 2022		24,418	Common Stock	$	500	$	331
Sub-Total: Construction Technology (0.0%)*						$	500	$	331
Total: Equity Investments- Canada (0.0%)*						$	500	$	331
Total: Equity Investments (1.6%)*						$	42,370	$	17,470
Total Investment in Securities (97.2%)*						$	1,147,209	$	1,091,531
Cash and Cash Equivalents
Goldman Sachs Financial Square Government Institutional Fund						$	5,424	$	5,424
Other cash accounts							2,920		2,920
Cash and Cash Equivalents (0.7%)*							8,344		8,344
Total Portfolio Investments and Cash and Cash Equivalents (97.9% of total assets)						$	1,155,553	$	1,099,875

(1)All portfolio companies are located in North America or Europe. As of March 31, 2023, Trinity Capital Inc. (the "Company") had five foreign domiciled portfolio companies, three of which are based in Canada and two of which are based in Europe. In total, these foreign domiciled portfolio investments represent 14.7% of total net asset value based on fair value. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These

28

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

investments are generally subject to certain limitations on resale and may be deemed to be “restricted securities” under the Securities Act.

(2)All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. Equipment financed under our equipment financing investments relates to operational equipment essential to revenue production for the portfolio company in the industry noted.

(3)Investment date represents the date of initial investment date, either purchases or funding, not adjusted for modifications. For assets purchased from the Legacy Funds as part of the Formation Transactions (both terms as defined in "Note 1 - Organization and Basis of Presentation"), the investment date is January 16, 2020, the date of the Formation Transactions.

(4)Interest rate is the fixed or variable rate of the debt investments and does not include any original issue discount, end-of-term (“EOT”) payment, or additional fees related to such investments, such as deferred interest, commitment fees, prepayment fees or exit fees. EOT payments are contractual payments due in cash at the maturity date of the loan, including upon prepayment, and are a fixed rate determined at the inception of the loan. At the end of the term of certain equipment financings, the borrower has the option to purchase the underlying assets at fair value, generally subject to a cap, or return the equipment and pay a restocking fee. The fair values of the financed assets have been estimated as a percentage of original cost for purpose of the EOT payment value. The EOT payment is amortized and recognized as non-cash income over the term of the loan or equipment financing prior to its payment and is included as a component of the cost basis of the Company’s current debt securities.

(5)Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.

(6)Except as noted, all investments were valued at fair value as determined in good faith by the Company’s Board of Directors (the "Board") using Level 3 inputs.

(7)Asset is valued at fair value as determined in good faith by the Company's Board using Level 1 and Level 2 inputs.

(8)The interest rate on variable interest rate investments represents a benchmark rate plus spread. The benchmark interest rate is subject to an interest rate floor. The Prime rate was 8.00%, the 1-month U.S. Dollar London Interbank Offered Rate (“LIBOR”) was 4.86% and the Secured Overnight Financing Rate ("SOFR") 30 Day Forward Rate was 4.67% as of March 31, 2023.

(9)i40, LLC owns an additional portion of this security. See Note 1 for further discussion.

(10)Indicates a “non-qualifying asset” under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s percentage of non-qualifying assets at fair value represents 6.6% of the Company’s total assets as of March 31, 2023. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. Asset is not a U.S. entity.

(11)Investment has zero cost basis as it was purchased at a fair value of zero as part of the Formation Transactions (as defined in "Note 1 - Organization and Basis of Presentation").

(12)Investment is a secured loan warehouse facility collateralized by interest in specific assets that meet the eligibility requirements under the facility during the warehouse period. Repayment of the facility will occur over the amortizing period unless otherwise prepaid.

(13)Company has been issued warrants with pricing and number of shares dependent upon a future round of equity issuance by the portfolio company.

(14)Investment is not pledged as collateral supporting amounts outstanding under the Company's credit facility with KeyBank, National Association (the “KeyBank Credit Facility”). See “Note 5 – Borrowings” for more information.

(15)Interest on this loan includes a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is recorded on an accrual basis to the extent such amounts are expected to be collected.

(16)Convertible notes represent investments through which the Company will participate in future equity rounds at preferential rates. There are no principal or interest payments made against the note unless conversion does not occur.

(17)Preferred stock represents investments through which the Company will have preference in liquidation rights and do not contain any cumulative preferred dividends.

(18)Investment is on non-accrual status as of March 31, 2023 and is therefore considered non-income producing.

29

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2023

(In thousands, except share and per share data)

(Unaudited)

(19)All of the Company’s debt securities are pledged as collateral supporting the amounts outstanding under the credit facility with KeyBank (see “Note 5 – Borrowings”), except as noted.

(20)Currently, the Company is in the process of negotiating new terms with the portfolio company after the portfolio company defaulted on the payments expected to be received on September 1, 2022.

(21)This investment is deemed to be a “Control Investment” or an “Affiliate Investment.” The Company classifies its investment portfolio in accordance with the requirements of the 1940 Act. The 1940 Act defines Control Investments as investments in companies in which the Company owns beneficially, either directly or indirectly, more than 25% of the voting securities, or maintains greater than 50% of the board representation. Affiliate Investments are defined by the 1940 Act as investments in companies in which the Company owns beneficially, either directly or indirectly, between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation. Fair value as of March 31, 2023, along with transactions during the three months ended March 31, 2023 in these control and affiliate investments are as follows:

										Net change in
										Unrealized
	Fair Value at		Gross		Gross			Realized		(Depreciation)/			Fair Value at		Interest
	December 31, 2022		Additions (1)		Reductions (2)			Gain/(Loss)		Appreciation			March 31, 2023		Income
For the Quarter Ended March 31, 2023
Control Investments
Edeniq, Inc.	$	11,879	$	495	$	(397	)	$	—	$	391		$	12,368	$	611
3Q GoFor Holdings, LP		7,521		500		—			—		(545	)		7,476		—
Project Frog, Inc.		139		—		—			—		271			410		—
Vertical Communications, Inc.		17,274		123		—			—		291			17,688		489
WorkWell Prevention and Care Inc.		500		—		—			—		—			500		16
Total Control Investments	$	37,313	$	1,118	$	(397	)	$	—	$	408		$	38,442	$	1,116
Affiliate Investments
FemTec Health, Inc.	$	1,528	$	—	$	—		$	—	$	976		$	2,504	$	—
i40, LLC		—		5,184		—			—		—			5,184		34
Total Affiliate Investments	$	1,528	$	5,184	$	—		$	—	$	976		$	7,688	$	34
Total Control and Affiliate Investments	$	38,841	$	6,302	$	(397	)	$	—	$	1,384		$	46,130	$	1,150

(1)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

30

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States
Automation & Internet of Things (7)
Ambient Photonics, Inc.	Secured Loan⁽¹⁴⁾	July 28, 2022	July 1, 2025	Variable interest rate Prime + 6.0% or Floor rate 9.5%; EOT 4.0% ⁽⁸⁾	$	3,887	$	3,902	$	3,937
	Secured Loan⁽¹⁴⁾	November 17, 2022	May 1, 2025	Variable interest rate Prime + 6.0% or Floor rate 9.5%; EOT 4.0% ⁽⁸⁾		4,578		4,555		4,555
	Secured Loan⁽¹⁴⁾	December 20, 2022	June 1, 2025	Variable interest rate Prime + 6.0% or Floor rate 9.5%; EOT 4.0% ⁽⁸⁾		750		744		744
Total Ambient Photonics, Inc.					$	9,215	$	9,201	$	9,236
Rigetti & Co, Inc.	Secured Loan	March 10, 2021	April 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾	$	11,324	$	11,431	$	11,524
	Secured Loan	May 18, 2021	June 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾		8,000		8,043		8,115
	Secured Loan	November 10, 2021	December 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾		7,000		6,978		7,053
	Secured Loan	January 27, 2022	February 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾		5,000		5,030		5,090
Total Rigetti & Co, Inc.						31,324		31,482		31,782
Stratifyd, Inc.	Secured Loan	September 3, 2021	January 1, 2026	Variable interest rate Prime + 7.8% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾	$	6,000	$	6,050	$	5,929
Sub-total: Automation & Internet of Things (4.2%)*					$	46,539	$	46,733	$	46,947
Connectivity (7)
Vertical Communications, Inc.(21)	Secured Loan⁽¹⁴⁾	August 23, 2021	March 1, 2026	Fixed interest rate 11.0%; EOT 23.8%	$	13,300	$	15,536	$	15,536
viaPhoton, Inc.	Secured Loan⁽¹⁴⁾	March 31, 2022	April 1, 2027	Variable interest rate Prime + 6.6% or Floor rate 9.9%; EOT 5.0%	$	15,000	$	15,107	$	14,515
Sub-total: Connectivity (2.7%)*					$	28,300	$	30,643	$	30,051
Construction Technology (7)
EquipmentShare, Inc.	Equipment Financing	June 24, 2020	July 1, 2023	Fixed interest rate 11.0%; EOT 5.0%	$	1,150	$	1,448	$	1,451
	Equipment Financing	August 7, 2020	September 1, 2023	Fixed interest rate 10.2%; EOT 5.0%		507		608		614
	Equipment Financing	October 2, 2020	November 1, 2023	Fixed interest rate 10.4%; EOT 5.0%		264		303		304
	Equipment Financing	October 9, 2020	November 1, 2023	Fixed interest rate 10.5%; EOT 5.0%		833		958		960
Total EquipmentShare, Inc.						2,754		3,317		3,329
Sub-total: Construction Technology (0.3%)*					$	2,754	$	3,317	$	3,329

31

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Consumer Products & Services (7)
Eterneva, Inc.	Equipment Financing⁽¹⁴⁾	November 24, 2021	December 1, 2025	Fixed interest rate 10.6%; EOT 11.5%	$	426	$	454	$	431
	Equipment Financing⁽¹⁴⁾	March 16, 2022	April 1, 2026	Fixed interest rate 10.4%; EOT 11.5%		635		664		629
	Equipment Financing⁽¹⁴⁾	June 17, 2022	July 1, 2026	Fixed interest rate 16.2%; EOT 11.5%		1,710		1,755		1,709
Total Eterneva, Inc.						2,771		2,873		2,769
Fernished, Inc.	Equipment Financing⁽¹⁴⁾	October 29, 2021	November 1, 2024	Fixed interest rate 13.4%; EOT 3.0%	$	326	$	333	$	327
	Equipment Financing⁽¹⁴⁾	March 21, 2022	April 1, 2025	Fixed interest rate 13.2%; EOT 3.0%		1,171		1,171		1,149
	Equipment Financing⁽¹⁴⁾	May 10, 2022	June 1, 2025	Fixed interest rate 13.2%; EOT 3.0%		833		831		811
Total Fernished, Inc.						2,330		2,335		2,287
Grandpad, Inc.	Equipment Financing	November 16, 2020	June 1, 2023	Fixed interest rate 10.6%; EOT 5.0%	$	554	$	700	$	719
	Equipment Financing	December 23, 2020	July 1, 2023	Fixed interest rate 10.8%; EOT 5.0%		810		987		1,019
Total Grandpad, Inc.						1,364		1,687		1,738
Happiest Baby, Inc.	Equipment Financing	February 7, 2020	June 1, 2023	Fixed interest rate 8.2%; EOT 9.5%	$	168	$	279	$	273
	Equipment Financing	September 16, 2020	January 1, 2024	Fixed interest rate 8.4%; EOT 9.5%		451		567		554
	Equipment Financing	January 22, 2021	May 1, 2024	Fixed interest rate 8.4%; EOT 9.5%		443		523		509
Total Happiest Baby, Inc.						1,062		1,369		1,336
Molekule, Inc.	Equipment Financing	June 19, 2020	January 1, 2024	Fixed interest rate 8.8%; EOT 10.0%	$	917	$	1,178	$	1,147
	Equipment Financing	September 29, 2020	April 1, 2025	Fixed interest rate 12.3%; EOT 15.7%		319		383		371
	Equipment Financing	December 18, 2020	July 1, 2025	Fixed interest rate 11.9%; EOT 16.3%		542		638		614
	Equipment Financing	August 25, 2021	March 1, 2026	Fixed interest rate 11.3%; EOT 17.8%		428		486		455
Total Molekule, Inc.						2,206		2,685		2,587
Portofino Labs, Inc.	Secured Loan	April 1, 2021	November 1, 2025	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾	$	1,956	$	1,991	$	1,967
Quip NYC, Inc.	Secured Loan	March 9, 2021	April 1, 2026	Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.0% ⁽⁸⁾	$	17,500	$	17,591	$	17,745
	Secured Loan	February 10, 2022	April 1, 2026	Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.0% ⁽⁸⁾		2,500		2,528		2,558
Total Quip NYC, Inc.						20,000		20,119		20,303
Rinse, Inc.	Secured Loan	May 10, 2022	June 1, 2027	Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.8% ⁽⁸⁾	$	5,000	$	4,945	$	4,952
SI Tickets, Inc.	Secured Loan	May 11, 2022	September 1, 2026	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾	$	3,000	$	2,956	$	2,954
Super73, Inc.	Secured Loan	December 31, 2020	January 1, 2025	Variable interest rate Prime + 7.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾	$	4,024	$	4,157	$	4,164
	Secured Loan	October 25, 2021	January 1, 2025	Variable interest rate Prime + 7.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾		3,293		3,373		3,378
Total Super73, Inc.						7,317		7,530		7,542
UnTuckIt, Inc.	Secured Loan⁽¹⁴⁾	January 16, 2020	June 1, 2025	Fixed interest rate 12.0%; EOT 3.8%	$	12,858	$	13,633	$	13,054
VitaCup, Inc.	Secured Loan	June 23, 2021	July 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.5%; EOT 2.5% ⁽⁸⁾	$	5,500	$	5,539	$	5,544
Sub-total: Consumer Products & Services (6.0%)*					$	65,364	$	67,662	$	67,033

32

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Information, Continued (7)
Digital Assets Technology and Services (7)
Cleanspark, Inc.	Equipment Financing	April 22, 2022	May 1, 2025	Fixed interest rate 10.3%; EOT 5.0%	$	15,974	$	16,319	$	15,825
Core Scientific, Inc.	Equipment Financing(18)	August 31, 2021	October 1, 2024	Fixed interest rate 10.3%; EOT 5.0%	$	674	$	700	$	249
	Equipment Financing(18)	November 19, 2021	December 1, 2024	Fixed interest rate 10.7%; EOT 5.0%		10,132		10,437		3,712
	Equipment Financing(18)	December 13, 2021	January 1, 2025	Fixed interest rate 10.5%; EOT 5.0%		3,753		3,853		1,370
	Equipment Financing(18)	February 9, 2022	March 1, 2025	Fixed interest rate 10.5%; EOT 5.0%		8,018		8,179		2,909
Total Core Scientific, Inc.						22,577		23,169		8,240
Sub-total: Digital Assets Technology and Services (2.1%)*					$	38,551	$	39,488	$	24,065
Education Technology (7)
Medical Sales Training Holding Company	Secured Loan⁽¹⁴⁾	March 18, 2021	April 1, 2025	Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾	$	5,834	$	6,134	$	5,914
	Secured Loan⁽¹⁴⁾	July 21, 2021	August 1, 2025	Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾		2,000		2,100		2,014
Total Medical Sales Training Holding Company						7,834		8,234		7,928
Yellowbrick Learning, Inc.	Secured Loan⁽¹⁴⁾	February 1, 2021	March 1, 2026	Fixed interest rate 2.0%; EOT 5.0%	$	7,500	$	7,875	$	4,774
	Secured Loan⁽¹⁴⁾	August 10, 2021	March 1, 2026	Fixed interest rate 2.0%; EOT 5.0%		2,500		2,625		1,595
Total Yellowbrick Learning, Inc.						10,000		10,500		6,369
Sub-total: Education Technology (1.3%)*					$	17,834	$	18,734	$	14,297
Finance and Insurance (7)
Bestow, Inc.	Secured Loan	April 25, 2022	May 1, 2027	Variable interest rate Prime + 6.5% or Floor rate 10.0%; EOT 1.5% ⁽⁸⁾	$	25,000	$	24,995	$	24,654
	Secured Loan	May 12, 2022	June 1, 2027	Variable interest rate Prime + 6.5% or Floor rate 10.0%; EOT 1.5% ⁽⁸⁾		15,000		14,990		14,939
Total Bestow, Inc.						40,000		39,985		39,593
Eqis Capital Management, Inc.	Secured Loan	June 15, 2022	July 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 10.8%; EOT 3.0% ⁽⁸⁾	$	7,000	$	6,999	$	7,023
Openly Holdings Corp.	Secured Loan⁽¹⁴⁾	November 18, 2022	December 1, 2027	Variable interest rate Prime + 6.3% or Floor rate 10.5%; EOT 2.8% ⁽⁸⁾		5,000		4,980		4,980
Petal Card, Inc.	Secured Loan	January 16, 2020	January 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 6.0% ⁽⁸⁾	$	9,636	$	9,867	$	9,954
	Secured Loan	August 6, 2021	January 1, 2025	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 6.0% ⁽⁸⁾		6,745		6,797		6,757
	Secured Loan (12)	January 28, 2021	January 11, 2024	Variable interest rate Prime + 7.3% or Floor rate 11.5%; EOT 0.0% ⁽⁸⁾		26,582		26,473		26,307
Total Petal Card, Inc.						42,963		43,137		43,018
Slope Tech, Inc.	Secured Loan(12)(14)	October 5, 2022	March 14, 2025	Variable interest rate SOFR 30 Day Forward + 3.0% or Floor rate 11.8%; EOT 0.0% ⁽⁸⁾		1,805		1,747		1,747
ZenDrive, Inc.	Secured Loan	July 16, 2021	August 1, 2026	Variable interest rate Prime + 7.0% or Floor rate 10.3%; EOT 3.0% ⁽⁸⁾	$	15,000	$	15,080	$	15,307
Sub-total: Finance and Insurance (9.9%)*					$	111,768	$	111,928	$	111,668

33

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Information, Continued (7)
Food and Agriculture Technologies (7)
Athletic Brewing Company, LLC	Equipment Financing	December 7, 2021	September 1, 2026	Fixed interest rate 11.1%; EOT 7.0%	$	19,921	$	20,091	$	19,871
	Equipment Financing	March 16, 2022	September 1, 2026	Fixed interest rate 11.2%; EOT 7.0%		4,972		4,987		4,954
Total Athletic Brewing Company, LLC						24,893		25,078		24,825
Bowery Farming, Inc.	Secured Loan⁽¹⁴⁾	September 10, 2021	September 10, 2026	Variable interest rate LIBOR + 11.0% or Floor rate 10.1% ⁽⁸⁾	$	10,000	$	9,510	$	9,515
Daring Foods, Inc.	Equipment Financing	April 8, 2021	May 1, 2024	Fixed interest rate 9.6%; EOT 7.5%	$	239	$	269	$	263
	Equipment Financing	July 7, 2021	August 1, 2024	Fixed interest rate 9.5%; EOT 7.5%		1,230		1,340		1,306
	Equipment Financing	August 17, 2021	September 1, 2024	Fixed interest rate 9.7%; EOT 7.5%		617		666		650
	Equipment Financing	August 31, 2021	September 1, 2024	Fixed interest rate 10.0%; EOT 7.5%		358		387		377
	Equipment Financing	November 1, 2021	December 1, 2024	Fixed interest rate 9.4%; EOT 7.5%		711		753		732
	Equipment Financing	March 8, 2022	April 1, 2025	Fixed interest rate 9.5%; EOT 7.5%		1,764		1,822		1,765
	Equipment Financing	April 29, 2022	May 1, 2025	Fixed interest rate 10.2%; EOT 7.5%		800		820		796
	Equipment Financing	June 1, 2022	July 1, 2025	Fixed interest rate 10.1%; EOT 7.5%		3,251		3,325		3,239
	Equipment Financing	July 6, 2022	August 1, 2025	Fixed interest rate 10.9%; EOT 7.5%		395		403		396
	Equipment Financing	August 25, 2022	September 1, 2025	Fixed interest rate 12.1%; EOT 7.5%		950		963		954
Total Daring Foods, Inc.						10,315		10,748		10,478
DrinkPak, LLC	Secured Loan⁽¹⁴⁾	September 13, 2022	April 1, 2026	Variable interest rate Prime + 7.3% or Floor rate 12.8%; EOT 4.0% ⁽⁸⁾	$	10,000	$	10,057	$	10,068
Emergy, Inc.	Equipment Financing	January 8, 2021	May 1, 2024	Fixed interest rate 9.1%; EOT 8.5%	$	259	$	299	$	292
	Equipment Financing	December 15, 2021	July 1, 2025	Fixed interest rate 9.3%; EOT 11.5%		8,250		8,812		8,494
	Equipment Financing	December 13, 2022	July 1, 2026	Fixed interest rate 12.6%; EOT 11.5%		15,000		14,943		14,943
Total Emergy, Inc.						23,509		24,054		23,729
Miyoko's Kitchen	Equipment Financing	August 27, 2020	March 1, 2023	Fixed interest rate 8.9%; EOT 9.0%	$	73	$	162	$	160
	Equipment Financing	February 5, 2021	September 1, 2023	Fixed interest rate 8.5%; EOT 9.0%		188		243		238
	Equipment Financing	June 25, 2021	January 1, 2024	Fixed interest rate 8.9%; EOT 9.0%		254		299		292
Total Miyoko's Kitchen						515		704		690
RoBotany, Inc.	Equipment Financing(14)(18)	January 16, 2020	January 1, 2024	Fixed interest rate 7.6%; EOT 17.3%	$	714	$	1,154	$	550
Sun Basket, Inc.	Secured Loan	December 31, 2020	April 1, 2023	Variable interest rate Prime + 8.5% or Floor rate 11.8%; EOT 5.8% ⁽⁸⁾	$	12,226	$	13,282	$	13,407
The Fynder Group, Inc.	Equipment Financing	October 14, 2020	May 1, 2024	Fixed interest rate 9.1%; EOT 10.0%	$	292	$	342	$	334
	Equipment Financing	March 31, 2022	October 1, 2025	Fixed interest rate 9.3%; EOT 10.0%		2,404		2,459		2,395
Total The Fynder Group, Inc.						2,696		2,801		2,729
Sub-total: Food and Agriculture Technologies (8.5%)*					$	94,868	$	97,388	$	95,991

34

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Green Technology (7)
Bolb, Inc.	Equipment Financing	October 12, 2021	November 1, 2024	Fixed interest rate 10.3%; EOT 6.0%	$	1,103	$	1,163	$	1,121
Commonwealth Fusion Systems, LLC	Equipment Financing	September 10, 2021	October 1, 2024	Fixed interest rate 9.5%; EOT 8.5%	$	1,445	$	1,573	$	1,535
	Equipment Financing	October 20, 2021	November 1, 2024	Fixed interest rate 9.7%; EOT 8.5%		437		472		460
Total Commonwealth Fusion Systems, LLC						1,882		2,045		1,995
Dandelion Energy, Inc.	Equipment Financing	March 17, 2020	April 1, 2024	Fixed interest rate 9.0%; EOT 12.5%	$	193	$	252	$	240
	Equipment Financing	October 27, 2020	November 1, 2024	Fixed interest rate 9.2%; EOT 12.5%		285		340		326
	Equipment Financing	November 19, 2020	December 1, 2024	Fixed interest rate 9.1%; EOT 12.5%		360		426		407
	Equipment Financing	December 29, 2020	January 1, 2025	Fixed interest rate 9.2%; EOT 12.5%		429		502		480
	Equipment Financing	March 25, 2021	April 1, 2025	Fixed interest rate 9.1%; EOT 12.5%		895		1,020		975
	Equipment Financing	December 1, 2021	January 1, 2026	Fixed interest rate 8.8%; EOT 12.5%		1,060		1,136		1,086
	Equipment Financing	April 8, 2022	May 1, 2026	Fixed interest rate 8.9%; EOT 12.5%		1,917		1,999		1,918
	Equipment Financing	May 27, 2022	June 1, 2026	Fixed interest rate 9.2%; EOT 12.5%		881		912		882
	Equipment Financing	June 13, 2022	July 1, 2026	Fixed interest rate 9.5%; EOT 12.5%		1,338		1,378		1,335
	Equipment Financing	August 24, 2022	September 1, 2026	Fixed interest rate 11.1%; EOT 12.5%		850		865		861
	Equipment Financing	November 10, 2022	December 1, 2026	Fixed interest rate 11.6%; EOT 12.5%		772		777		777
Total Dandelion Energy, Inc.						8,980		9,607		9,287
Electric Hydrogen Co.	Equipment Financing⁽¹⁴⁾	September 12, 2022	April 1, 2026	Fixed interest rate 9.0%; EOT 10.0%	$	1,899	$	1,932	$	1,932
Hi-Power, LLC	Equipment Financing	September 30, 2021	April 1, 2025	Fixed interest rate 12.4%; EOT 1.0%	$	4,792	$	4,825	$	4,705
	Equipment Financing	September 30, 2022	April 1, 2026	Fixed interest rate 14.7%; EOT 1.0%		3,935		3,903		3,903
Total Hi-Power, LLC						8,727		8,728		8,608
SeaOn Global, LLC	Equipment Financing⁽¹⁴⁾	June 16, 2022	July 1, 2026	Fixed interest rate 9.3%; EOT 11.0%	$	6,013	$	6,169	$	5,951
	Equipment Financing⁽¹⁴⁾	August 17, 2022	September 1, 2026	Fixed interest rate 9.3%; EOT 11.0%		3,011		3,058		2,989
Total SeaOn Global, LLC						9,024		9,227		8,940
Edeniq, Inc.(21)	Secured Loan⁽¹⁴⁾	November 30, 2021	June 1, 2025	Fixed interest rate 18.0%; EOT 5.7%	$	4,505	$	2,101	$	4,485
Footprint International Holding, Inc.	Secured Loan	February 18, 2022	March 1, 2027	Variable interest rate Prime + 7.3% or Floor rate 10.5%; EOT 3.0% ⁽⁸⁾	$	20,000	$	18,179	$	18,729
	Secured Loan	April 20, 2022	March 1, 2027	Variable interest rate Prime + 7.3% or Floor rate 10.5%; EOT 3.0% ⁽⁸⁾		20,000		18,073		18,630
Total Footprint International Holding, Inc.						40,000		36,252		37,359
Mainspring Energy, Inc.	Secured Loan	March 18, 2022	October 1, 2026	Fixed interest rate 11.0%; EOT 3.8%	$	30,000	$	30,031	$	29,173
RTS Holding, Inc.	Secured Loan	December 31, 2021	January 1, 2027	Variable interest rate Prime + 7.25% or Floor rate 10.5%+PIK Interest Rate 4.25%; EOT 3.0% (15)	$	23,000	$	23,171	$	23,185
	Secured Loan	October 21, 2022	November 1, 2027	Variable interest rate Prime + 7.25% or Floor rate 13.5%+PIK Interest Rate 1.25%; EOT 3.0% (15)		12,000		11,894		11,894
Total RTS Holding, Inc.						35,000		35,065		35,079
Sub-total: Green Technology (12.2%)*					$	141,120	$	136,151	$	137,979

35

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Healthcare (7)
Emerald Cloud Lab, Inc.	Equipment Financing	July 13, 2021	August 1, 2024	Fixed interest rate 9.7%; EOT 7.0%	$	5,959	$	6,500	$	6,367
Dentologie Enterprises, Inc.	Secured Loan⁽¹⁴⁾	October 14, 2022	November 1, 2027	Variable interest rate PRIME + 6.9% or Floor rate 10.9%; EOT 3.0% ⁽⁸⁾		5,000		4,929		4,929
Exer Holdings, LLC	Secured Loan	November 19, 2021	December 1, 2026	Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾	$	22,500	$	22,520	$	22,317
	Secured Loan	February 18, 2022	December 1, 2026	Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾		7,500		7,492		7,429
Total Exer Holdings, LLC						30,000		30,012		29,746
FemTec Health, Inc.	Secured Loan(18)	December 1, 2021	February 1, 2026	Fixed interest rate 11.0%; EOT 7.5%	$	9,725	$	10,472	$	1,528
	Secured Loan(18)	July 23, 2021	September 1, 2022(20)	Fixed interest rate 11.0%		2,092		2,091		—
	Secured Loan(18)	September 29, 2021	April 1, 2026	Fixed interest rate 11.0%; EOT 7.5%		2,918		2,971		—
Total FemTec Health, Inc. (21)						14,735		15,534		1,528
Lark Technologies, Inc.	Secured Loan	September 30, 2020	April 1, 2025	Variable interest rate Prime + 8.3% or Floor rate 11.5% or ceiling rate of 13.5%; EOT 4.0%(8)	$	4,048	$	4,116	$	4,065
	Secured Loan	June 30, 2021	January 1, 2026	Variable interest rate Prime + 8.3% or Floor rate 11.5% or ceiling rate of 13.5%; EOT 4.0%(8)		5,000		4,963		4,888
Total Lark Technologies, Inc.						9,048		9,079		8,953
WorkWell Prevention & Care Inc.	Secured Loan(14)	December 31, 2022	January 1, 2027	Variable interest rate Prime + 5.0% or Floor rate 6.0%; EOT 0.0% ⁽⁸⁾	$	500	$	500	$	500
Sub-total: Healthcare (4.6%)*					$	65,242	$	66,554	$	52,023

36

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Human Resource Technology (7)
Nomad Health, Inc.	Secured Loan	March 29, 2022	October 1, 2026	Variable interest rate Prime + 5.5% or Floor rate 9.3%; EOT 4.0% ⁽⁸⁾	$	30,000	$	30,066	$	30,378
Qwick, Inc.	Secured Loan	December 31, 2021	January 1, 2026	Variable interest rate Prime + 8.0% or Floor rate 11.0%; EOT 5.0% ⁽⁸⁾	$	5,000	$	5,038	$	5,110
	Secured Loan	August 12, 2022	September 1, 2026	Variable interest rate Prime + 8.0% or Floor rate 11.0%; EOT 5.0% ⁽⁸⁾		5,000		4,940		4,978
Total Qwick, Inc.						10,000		9,978		10,088
Sub-total: Human Resource Technology (3.6%)*					$	40,000	$	40,044	$	40,466
Industrials (7)
3DEO, Inc.	Equipment Financing	February 23, 2022	March 1, 2025	Fixed interest rate 9.1%; EOT 9.0%	$	2,865	$	3,176	$	2,775
	Equipment Financing	April 12, 2022	May 1, 2025	Fixed interest rate 9.0%; EOT 9.0%		1,394		1,536		1,335
Total 3DEO, Inc.						4,259		4,712		4,110
Sub-total: Industrials (0.4%)*					$	4,259	$	4,712	$	4,110
Life Sciences (7)
Greenlight Biosciences Inc.	Equipment Financing⁽¹⁴⁾	March 29, 2021	April 1, 2024	Fixed interest rate 9.7%; EOT 8.0%	$	1,499	$	1,709	$	1,676
	Equipment Financing⁽¹⁴⁾	June 17, 2021	July 1, 2024	Fixed interest rate 9.5%; EOT 8.0%		2,334		2,579		2,524
	Equipment Financing⁽¹⁴⁾	August 31, 2021	September 1, 2024	Fixed interest rate 9.7%; EOT 8.0%		1,312		1,422		1,382
	Equipment Financing⁽¹⁴⁾	August 31, 2021	September 1, 2024	Fixed interest rate 9.7%; EOT 8.0%		760		824		797
Total Greenlight Biosciences Inc.						5,905		6,534		6,379
Pendulum Therapeutics, Inc.	Equipment Financing	January 16, 2020	May 1, 2023	Fixed interest rate 7.7%; EOT 5.0%	$	54	$	78	$	77
	Equipment Financing	January 17, 2020	August 1, 2023	Fixed interest rate 7.8%; EOT 5.0%		508		641		639
	Equipment Financing	March 6, 2020	October 1, 2023	Fixed interest rate 7.7%; EOT 5.0%		181		217		215
	Equipment Financing	July 15, 2020	February 1, 2024	Fixed interest rate 9.8%; EOT 6.0%		345		398		391
	Secured Loan	December 31, 2021	January 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾		5,000		5,022		5,038
	Secured Loan	February 28, 2022	March 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾		5,000		5,015		5,027
	Secured Loan	March 30, 2022	April 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾		5,000		5,009		5,020
	Secured Loan	May 6, 2022	June 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾		5,000		5,000		5,013
	Secured Loan	June 17, 2022	July 1, 2026	Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾		5,000		4,994		5,008
Total Pendulum Therapeutics, Inc.						26,088		26,374		26,428
Deerfield Imaging Holdings, Inc.	Secured Loan⁽¹⁴⁾	April 14, 2022	May 1, 2027	Variable interest rate Prime + 6.0% or Floor rate 10.0%; EOT 5.0% ⁽⁸⁾	$	18,250	$	18,369	$	18,449
RXAnte, Inc.	Secured Loan⁽¹⁴⁾	November 21, 2022	November 1, 2027	Variable interest rate Prime + 4.48% or Floor rate 9.98%+PIK Fixed Interest Rate 1.5%; EOT 3.5% (15)		15,025		14,799		14,799
TMRW Life Sciences, Inc.	Secured Loan	April 29, 2022	May 1, 2027	Variable interest rate Prime + 5.0% or Floor rate 8.8%; EOT 4.0% ⁽⁸⁾	$	5,000	$	5,005	$	5,032
Sub-total: Life Sciences (6.3%)*					$	70,268	$	71,081	$	71,087

37

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Marketing, Media, and Entertainment (7)
Drone Racing League, Inc.	Secured Loan⁽¹⁴⁾	October 17, 2022	April 17, 2027	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.5% ⁽⁸⁾		10,000	$	9,750	$	9,750
Grabit Interactive Media, Inc.	Secured Loan	April 8, 2022	November 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 10.8%; EOT 2.5% ⁽⁸⁾	$	4,500	$	4,481	$	4,500
Incontext Solutions, Inc.	Secured Loan⁽¹⁴⁾	January 16, 2020	October 1, 2024	Fixed interest rate 11.8%; EOT 16.4%	$	3,419	$	4,569	$	3,659
PebblePost, Inc.	Secured Loan	May 7, 2021	June 1, 2026	Variable interest rate Prime + 8.8% or Floor rate 11.5%; EOT 3.8% ⁽⁸⁾	$	11,500	$	11,672	$	11,575
Vox Media Holdings, Inc.	Secured Loan⁽¹⁴⁾	October 18, 2022	November 1, 2027	Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 2.5% ⁽⁸⁾		20,000		19,842		19,842
	Secured Loan⁽¹⁴⁾	December 29, 2022	January 1, 2028	Variable interest rate Prime + 6.3% or Floor rate 11.8%; EOT 2.5% ⁽⁸⁾		10,000		9,901		9,901
Total Vox Media Holdings, Inc.						30,000		29,743		29,743
Sub-total: Marketing, Media, and Entertainment (5.3%)*					$	59,419	$	60,215	$	59,227
Real Estate Technology(7)
BlueGround US, Inc.	Equipment Financing	June 6, 2022	January 1, 2026	Fixed interest rate 9.6%; EOT 8.0%	$	3,893	$	3,978	$	3,887
	Equipment Financing	July 26, 2022	February 1, 2026	Fixed interest rate 11.1%; EOT 8.0%		5,346		5,438		5,372
	Equipment Financing	August 12, 2022	March 1, 2026	Fixed interest rate 11.6%; EOT 8.0%		4,129		4,190		4,185
	Equipment Financing	September 26, 2022	April 1, 2026	Fixed interest rate 11.9%; EOT 8.0%		4,899		4,951		4,951
	Equipment Financing	October 25, 2022	May 1, 2026	Fixed interest rate 12.6%; EOT 8.0%		3,988		4,017		4,017
	Equipment Financing	November 30, 2022	June 1, 2026	Fixed interest rate 12.7%; EOT 8.0%		2,567		2,576		2,576
Total BlueGround US, Inc.						24,822		25,150		24,988
BoardRE, Inc.	Secured Loan	October 15, 2021	June 1, 2026	Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.5% ⁽⁸⁾	$	5,000	$	5,238	$	4,644
Knockaway, Inc.	Secured Loan	November 10, 2021	June 1, 2026	Variable interest rate Prime + 6.3% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾	$	14,734	$	14,806	$	12,166
	Secured Loan	November 30, 2021	June 1, 2026	Variable interest rate Prime + 6.3% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾		2,000		2,009		1,651
	Secured Loan	December 28, 2021	July 1, 2026	Variable interest rate Prime + 6.3% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾		4,275		4,289		3,500
Total Knockaway, Inc.						21,009		21,104		17,317
Maxwell Financial Labs, Inc.	Secured Loan	September 30, 2021	April 1, 2026	Variable interest rate Prime + 6.0% or Floor rate 10.0%; EOT 5.0% ⁽⁸⁾	$	18,000	$	18,213	$	18,034
Orchard Technologies, Inc.	Secured Loan	March 11, 2021	April 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 4.0% ⁽⁸⁾	$	5,000	$	5,095	$	5,058
	Secured Loan	July 23, 2021	April 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 4.0% ⁽⁸⁾		12,500		12,693		12,601
	Secured Loan	August 2, 2022	April 1, 2026	Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 4.0% ⁽⁸⁾		12,500		12,501		12,574
Total Orchard Technologies, Inc.						30,000		30,289		30,233
Sub-total: Real Estate Technology (8.5%)*					$	98,831	$	99,994	$	95,216

38

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Software as a Service ("SaaS") (7)
All Seated, Inc.	Secured Loan	February 28, 2022	March 1, 2027	Variable interest rate Prime + 7.0% or Floor rate 10.8%; EOT 3.5% ⁽⁸⁾	$	6,000	$	6,027	$	5,936
BackBlaze, Inc.	Equipment Financing	January 16, 2020	April 1, 2023	Fixed interest rate 7.4%; EOT 11.5%	$	14	$	35	$	35
	Equipment Financing	January 16, 2020	June 1, 2023	Fixed interest rate 7.4%; EOT 11.5%		168		329		325
	Equipment Financing	January 16, 2020	August 1, 2023	Fixed interest rate 7.5%; EOT 11.5%		44		74		73
	Equipment Financing	January 16, 2020	September 1, 2023	Fixed interest rate 7.7%; EOT 11.5%		50		79		78
	Equipment Financing	January 16, 2020	October 1, 2023	Fixed interest rate 7.5%; EOT 11.5%		54		83		82
	Equipment Financing	January 16, 2020	November 1, 2023	Fixed interest rate 7.2%; EOT 11.5%		196		289		285
	Equipment Financing	January 16, 2020	December 1, 2023	Fixed interest rate 7.5%; EOT 11.5%		278		397		391
	Equipment Financing	January 16, 2020	January 1, 2024	Fixed interest rate 7.4%; EOT 11.5%		257		357		351
	Equipment Financing	January 20, 2020	February 1, 2024	Fixed interest rate 7.4%; EOT 11.5%		276		375		369
	Equipment Financing	February 1, 2020	March 1, 2024	Fixed interest rate 7.2%; EOT 11.5%		251		334		329
	Equipment Financing	March 26, 2020	April 1, 2024	Fixed interest rate 7.4%; EOT 11.5%		80		104		101
	Equipment Financing	April 17, 2020	May 1, 2024	Fixed interest rate 7.3%; EOT 11.5%		535		686		668
	Equipment Financing	July 27, 2020	August 1, 2024	Fixed interest rate 7.4%; EOT 11.5%		634		778		757
	Equipment Financing	September 4, 2020	October 1, 2024	Fixed interest rate 7.2%; EOT 11.5%		120		143		139
	Equipment Financing	March 29, 2021	April 1, 2025	Fixed interest rate 7.5%; EOT 11.5%		1,658		1,879		1,828
Total BackBlaze, Inc.						4,615		5,942		5,811
Smartly, Inc.	Secured Loan	May 16, 2022	December 1, 2026	Variable interest rate Prime + 7.0% or Floor rate 10.5%; EOT 2.5% ⁽⁸⁾	$	10,000	$	9,929	$	10,009
Utility Associates, Inc.	Secured Loan (14)	January 16, 2020	September 30, 2023	PIK Fixed interest rate 11.0% (15)	$	1,239	$	918	$	950
The Tomorrow Companies, Inc.	Secured Loan⁽¹⁴⁾	December 14, 2022	January 1, 2028	Variable interest rate Prime + 7.0% or Floor rate 10.8%; EOT 3.0% ⁽⁸⁾		5,000		4,879		4,879
Sub-total: SaaS (2.4%)*					$	26,854	$	27,695	$	27,585
Space Technology (7)
Axiom Space, Inc.	Secured Loan	May 28, 2021	June 1, 2026	Variable interest rate Prime + 6.0% or Floor rate 9.3%; EOT 2.5% ⁽⁸⁾	$	30,000	$	30,146	$	30,314
Hadrian Automation, Inc.	Equipment Financing	March 2, 2022	September 1, 2025	Fixed interest rate 12.6%; EOT 0.0%	$	410	$	409	$	404
	Equipment Financing	May 6, 2022	November 1, 2025	Fixed interest rate 12.9%; EOT 0.0%		4,210		4,195		4,158
	Equipment Financing	July 15, 2022	January 1, 2026	Fixed interest rate 14.3%; EOT 0.0%		2,964		2,952		2,950
	Equipment Financing	September 30, 2022	March 1, 2026	Fixed interest rate 15.2%; EOT 0.0%		8,604		8,583		8,569
	Equipment Financing	December 22, 2022	June 1, 2026	Fixed interest rate 15.0%; EOT 0.0%		2,104		2,074		2,074
	Equipment Financing	December 22, 2022	December 1, 2026	Fixed interest rate 15.5%; EOT 0.0%		1,842		1,833		1,833
Total Hadrian Automation, Inc.						20,134		20,046		19,988
Hermeus Corporation	Equipment Financing⁽¹⁴⁾	August 9, 2022	March 1, 2026	Fixed interest rate 9.4%; EOT 6.0%	$	1,670	$	1,652	$	1,626
	Equipment Financing⁽¹⁴⁾	October 11, 2022	May 1, 2026	Fixed interest rate 11.6%; EOT 6.0%		2,965		2,914		2,914
Total Hermeus Corporation					$	4,635	$	4,566	$	4,540
Space Perspective, Inc.	Secured Loan	March 3, 2022	July 1, 2026	Variable interest rate Prime + 7.8% or Floor rate 11.0%; EOT 5.0% ⁽⁸⁾	$	5,000	$	4,958	$	4,975
Sub-total: Space Technology (5.3%)*					$	59,769	$	59,716	$	59,817

39

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- United States, Continued
Transportation Technology (7)
NextCar Holding Company, Inc.	Secured Loan	December 14, 2021	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 4.4% ⁽⁸⁾	$	5,000	$	5,220	$	4,990
	Secured Loan	December 15, 2021	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 4.4% ⁽⁸⁾		2,000		2,088		1,997
	Secured Loan	February 23, 2022	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 4.4% ⁽⁸⁾		2,500		2,610		2,494
	Secured Loan	March 16, 2022	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 4.4% ⁽⁸⁾		3,000		3,132		2,993
	Secured Loan	April 18, 2022	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 4.4% ⁽⁸⁾		2,500		2,610		2,491
	Secured Loan	April 18, 2022	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 4.4% ⁽⁸⁾		2,500		2,610		2,491
	Secured Loan	May 17, 2022	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 4.4% ⁽⁸⁾		5,000		5,220		4,980
	Secured Loan	June 22, 2022	September 30, 2023	Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 4.4% ⁽⁸⁾		2,500		2,610		2,490
Total NextCar Holding Company, Inc.						25,000		26,100		24,926
Zuum Transportation, Inc.	Secured Loan	December 17, 2021	January 1, 2027	Variable interest rate Prime + 6.0% or Floor rate 10.8%; EOT 2.5% ⁽⁸⁾	$	5,000	$	5,021	$	4,948
Sub-total: Transportation Technology (2.7%)*					$	30,000	$	31,121	$	29,874
Total: Debt Securities- United States (86.2%)*					$	1,001,740	$	1,013,176	$	970,765

40

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- Canada
Automation & Internet of Things (7)
Invenia, Inc.	Secured Loan	January 16, 2020	March 31, 2023	Fixed interest rate 11.5%; EOT 5.0%	$	450	$	592	$	572
	Secured Loan	January 16, 2020	March 31, 2023	Fixed interest rate 11.5%; EOT 5.0%		387		509		493
	Secured Loan	January 16, 2020	March 31, 2023	Fixed interest rate 11.5%; EOT 5.0%		556		731		707
	Secured Loan	January 17, 2020	March 31, 2023	Fixed interest rate 11.5%; EOT 5.0%		783		1,030		996
	Secured Loan	June 8, 2020	March 31, 2023	Fixed interest rate 11.5%; EOT 5.0%		989		1,301		1,258
	Secured Loan	October 29, 2020	March 31, 2023	Fixed interest rate 11.5%; EOT 5.0%		1,434		1,886		1,824
Total Invenia, Inc. (10)						4,599		6,049		5,850
Sub-total: Automation & Internet of Things (0.5%)*					$	4,599	$	6,049	$	5,850
Construction Technology (7)
Nexii Building Solutions, Inc. (10)	Secured Loan	August 27, 2021	August 27, 2025	Variable interest rate Prime + 7.0% or Floor rate 10.3%; EOT 2.5% ⁽⁸⁾	$	10,000	$	9,828	$	10,282
	Secured Loan	June 8, 2022	June 8, 2026	Variable interest rate Prime + 7.0% or Floor rate 10.3%; EOT 2.5% ⁽⁸⁾		5,000		4,813		4,988
Total Nexii Building Solutions, Inc.						15,000		14,641		15,270
Sub-total: Construction Technology (1.4%)*					$	15,000	$	14,641	$	15,270
Digital Assets Technology and Services (7)
Hut 8 Holdings, Inc. (10)	Equipment Financing	December 30, 2021	January 1, 2025	Fixed interest rate 9.5%; EOT 3.5%	$	20,773	$	21,216	$	20,777
Sub-total: Digital Assets Technology and Services (1.8%)*					$	20,773	$	21,216	$	20,777
Supply Chain Technology (7)
GoFor Industries, Inc. (10)(21)	Secured Loan(18)	January 21, 2022	February 1, 2026	Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 2.5% ⁽⁸⁾	$	9,570	$	9,385	$	7,521
Sub-total: Supply Chain Technology (0.7%)*					$	9,570	$	9,385	$	7,521
Total: Debt Securities- Canada (4.4%)*					$	49,942	$	51,291	$	49,418

41

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Maturity Date	Interest Rate (4)	Principal Amount (5)		Cost		Fair Value (6)
Debt Securities- Europe
Industrials (7)
Aledia, Inc. (10)	Equipment Financing⁽¹⁴⁾	March 31, 2022	April 1, 2025	Fixed interest rate 9.0%; EOT 7.0%	$	14,024	$	14,509	$	14,096
	Equipment Financing⁽¹⁴⁾	June 30, 2022	July 1, 2025	Fixed interest rate 9.7%; EOT 7.0%		993		1,013		995
	Equipment Financing⁽¹⁴⁾	August 5, 2022	September 1, 2025	Fixed interest rate 10.7%; EOT 7.0%		1,367		1,385		1,371
	Equipment Financing⁽¹⁴⁾	September 30, 2022	October 1, 2025	Fixed interest rate 12.0%; EOT 7.0%		2,223		2,236		2,236
Total Aledia, Inc.						18,607		19,143		18,698
Sub-total: Industrials (1.7%)*					$	18,607	$	19,143	$	18,698
Space Technology (7)
All.Space Networks, Limited.(10)	Secured Loan⁽¹⁴⁾	August 22, 2022	September 1, 2027	Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 2.5% ⁽⁸⁾	$	10,000	$	9,906	$	9,948
Sub-total: Space Technology (0.9%)*					$	10,000	$	9,906	$	9,948
Total: Debt Securities- Europe (2.5%)*					$	28,607	$	29,049	$	28,646
Total: Debt Securities (93.1%)(19)*					$	1,080,289	$	1,093,516	$	1,048,829

42

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares		Strike Price		Cost		Fair Value (6)
Warrant Investments- United States
Automation & Internet of Things (7)
Ambient Photonics, Inc.	Warrant⁽¹⁴⁾	July 27, 2022	July 27, 2032	Common Stock		159,760	$	0.55	$	47	$	153
Everalbum, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	July 29, 2026	Preferred Series A		851,063	$	0.10	$	25	$	—
Hologram, Inc.	Warrant⁽¹⁴⁾	January 31, 2020	January 27, 2030	Common Stock		193,054	$	0.26	$	49	$	506
Presto Automation, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	April 28, 2027	Preferred Series A		497,183	$	0.30	$	185	$	733
	Warrant⁽¹⁴⁾	January 16, 2020	July 28, 2027	Common Stock		104,284	$	7.49		28		2
Total Presto Automation, Inc.										213		735
Stratifyd, Inc.	Warrant⁽¹⁴⁾	September 3, 2021	September 3, 2031	Preferred Series B-2		106,719	$	2.53	$	56	$	16
Sub-Total: Automation & Internet of Things (0.1%)*									$	390	$	1,410
Connectivity (7)
Tarana Wireless, Inc.	Warrant⁽¹⁴⁾	June 30, 2021	June 30, 2031	Common Stock		5,027,629	$	0.19	$	968	$	1,370
Vertical Communications, Inc. (21)	Warrant⁽¹¹⁾⁽¹⁴⁾	January 16, 2020	July 11, 2026	Preferred Series A		828,479	$	1.00	$	—	$	—
viaPhoton, Inc.	Warrant⁽¹⁴⁾	March 31, 2022	March 31, 2032	Common Stock		15,839	$	0.60	$	22	$	16
Sub-Total: Connectivity (0.1%)*									$	990	$	1,386
Construction Technology (7)
Project Frog, Inc. (21)	Warrant⁽¹⁴⁾	January 16, 2020	July 26, 2026	Preferred Series AA-1		211,649	$	0.19	$	9	$	—
	Warrant⁽¹⁴⁾	January 16, 2020	July 26, 2026	Common Stock		180,340	$	0.19		9		—
	Warrant⁽¹⁴⁾	August 3, 2021	December 31, 2031	Preferred Series CC		250,000	$	0.01		20		8
Total Project Frog, Inc.										38		8
Sub-total: Construction Technology (0.0%)*									$	38	$	8

43

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares		Strike Price		Cost		Fair Value (6)
Warrant Investments- United States, Continued
Consumer Products & Services (7)
BaubleBar, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	March 29, 2027	Preferred Series C		531,806	$	1.96	$	638	$	243
	Warrant⁽¹⁴⁾	January 16, 2020	April 20, 2028	Preferred Series C		60,000	$	1.96		72		27
Total BaubleBar, Inc.										710		270
Boosted eCommerce, Inc.	Warrant⁽¹⁴⁾	December 18, 2020	December 14, 2030	Preferred Series A-1		759,263	$	0.84	$	259	$	11
Fernished, Inc.	Warrant⁽¹⁴⁾	May 5, 2021	May 5, 2031	Common Stock		54,427	$	0.15	$	39	$	24
	Warrant⁽¹⁴⁾	November 30, 2022	November 30, 2032	Common Stock		51,094	$	0.15		20		23
Total Fernished, Inc.									$	59	$	47
,
Happiest Baby, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	May 16, 2029	Common Stock		182,554	$	0.33	$	193	$	81
Madison Reed, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	March 23, 2027	Preferred Series C		194,553	$	2.57	$	185	$	506
	Warrant⁽¹⁴⁾	January 16, 2020	July 18, 2028	Common Stock		43,158	$	0.99		71		144
	Warrant⁽¹⁴⁾	January 16, 2020	June 30, 2029	Common Stock		36,585	$	1.23		56		118
Total Madison Reed, Inc.										312		768
Molekule, Inc.	Warrant⁽¹⁴⁾	June 19, 2020	June 19, 2030	Common Stock		3,205	$	3.12	$	8	$	—
	Warrant⁽¹⁴⁾	June 1, 2022	June 1, 2032	Preferred Series 1		257,135	$	0.39		22		7
	Warrant⁽¹⁴⁾	June 19, 2022	June 19, 2030	Preferred Series 2		100,000	$	1.00		8		—
Total Molekule, Inc.										38		7
Portofino Labs, Inc.	Warrant⁽¹⁴⁾	December 31, 2020	December 31, 2030	Common Stock		99,148	$	1.53	$	160	$	47
	Warrant⁽¹⁴⁾	April 1, 2021	April 1, 2031	Common Stock		39,912	$	1.46		99		19
Total Portofino Labs, Inc.										259		66
Quip NYC, Inc.	Warrant⁽¹⁴⁾	March 9, 2021	March 9, 2031	Preferred Series A-1		10,833	$	48.46	$	203	$	485
Rinse, Inc.	Warrant⁽¹⁴⁾	May 10, 2022	May 10, 2032	Preferred Series C		278,761	$	1.13	$	118	$	159
SI Tickets, Inc.	Warrant⁽¹⁴⁾	May 11, 2022	May 11, 2032	Common Stock		53,029	$	2.52	$	162	$	63
Super73, Inc.	Warrant⁽¹⁴⁾	December 31, 2020	December 31, 2030	Common Stock		177,305	$	3.16	$	105	$	53
Trendly, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	August 10, 2026	Preferred Series A		245,506	$	1.14	$	222	$	10
VitaCup, Inc.	Warrant⁽¹⁴⁾	June 23, 2021	June 23, 2031	Preferred Series C		68,996	$	2.79	$	9	$	4
Sub-Total: Consumer Products & Services (0.2%)*									$	2,649	$	2,024

44

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares		Strike Price		Cost		Fair Value (6)
Warrant Investments- United States, Continued
Education Technology (7)
Medical Sales Training Holding Company	Warrant⁽¹⁴⁾	March 18, 2021	March 18, 2031	Common Stock		28,732	$	7.74	$	108	$	37
Yellowbrick Learning, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	September 30, 2028	Common Stock		222,222	$	0.90	$	120	$	—
Sub-Total: Education Technology (0.0%)*									$	228	$	37
Finance and Insurance (7)
DailyPay, Inc.	Warrant⁽¹⁴⁾	September 30, 2020	September 30, 2030	Common Stock		89,264	$	3.00	$	152	$	434
Dynamics, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	March 10, 2024	Common Stock		17,000	$	10.59	$	86	$	—
Eqis Capital Management, Inc.	Warrant⁽¹⁴⁾	June 15, 2022	June 15, 2032	Preferred Class B		904,000	$	0.99	$	10	$	177
Petal Card, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	November 27, 2029	Common Stock		250,268	$	1.32	$	147	$	800
	Warrant⁽¹⁴⁾	January 11, 2021	January 11, 2031	Common Stock		135,835	$	0.01		312		554
	Warrant⁽¹⁴⁾	August 6, 2021	August 6, 2031	Common Stock		111,555	$	1.60		197		337
Total Petal Card, Inc.										656		1,691
RealtyMogul, Co.	Warrant⁽¹⁴⁾	January 16, 2020	December 18, 2027	Preferred Series B		234,421	$	3.88	$	285	$	13
Slope Tech, Inc.	Warrant⁽¹⁴⁾	September 14, 2022	September 14, 2032	Common Stock		45,485	$	0.88	$	109	$	110
ZenDrive, Inc.	Warrant⁽¹⁴⁾	July 16, 2021	July 16, 2031	Common Stock		30,466	$	2.46	$	29	$	38
Sub-Total: Finance and Insurance (0.2%)*									$	1,327	$	2,463
Food and Agriculture Technologies (7)
Athletic Brewing Company, LLC	Warrant⁽¹⁴⁾	October 28, 2022	October 28, 2032	Preferred Class B		3,741	$	140.21	$	287	$	231
Bowery Farming, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	June 10, 2029	Common Stock		68,863	$	5.08	$	410	$	626
	Warrant⁽¹⁴⁾	December 22, 2020	December 22, 2030	Common Stock		29,925	$	6.24		160		252
	Warrant⁽¹⁴⁾	September 10, 2021	September 10, 2028	Common Stock		21,577	$	0.01		617		268
Total Bowery Farming, Inc.										1,187	$	1,146
Daring Foods, Inc.	Warrant⁽¹⁴⁾	April 8, 2021	April 8, 2031	Common Stock		68,100	$	0.27	$	106	$	364
DrinkPak, LLC	Warrant⁽¹⁴⁾	September 13, 2022	September 13, 2032	Common Stock		3,977	$	19.12	$	12	$	14
Emergy, Inc.	Warrant⁽¹⁴⁾	October 5, 2022	October 5, 2032	Common Stock		45,443	$	3.96	$	214	$	190
GrubMarket, Inc.	Warrant⁽¹⁴⁾	June 15, 2020	June 15, 2030	Common Stock		405,000	$	1.10	$	115	$	2,942
PSB Holdings, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	October 5, 2027	Common Stock		103,636	$	14.47	$	111	$	5
	Warrant⁽¹⁴⁾	December 31, 2020	December 29, 2032	Common Stock		33,351	$	3.17		546		—
Total PSB Holdings, Inc.										657		5
RoBotany, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	July 19, 2029	Common Stock		262,870	$	0.26	$	129	$	—
The Fynder Group, Inc.	Warrant⁽¹⁴⁾	October 14, 2020	October 14, 2030	Common Stock		36,445	$	0.49	$	68	$	156
Zero Acre Farms, Inc.	Warrant⁽¹⁴⁾	December 23, 2022	December 23, 2032	Preferred		20,183	$	2.13	$	79	$	79
Sub-Total: Food and Agriculture Technologies (0.5%)*									$	2,854	$	5,127

45

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares		Strike Price		Cost		Fair Value (6)
Warrant Investments- United States, Continued
Green Technology (7)
Bolb, Inc.	Warrant⁽¹⁴⁾	October 12, 2021	October 12, 2031	Common Stock		181,784	$	0.07	$	35	$	—
Edeniq, Inc.	Warrant(11)(14)	January 16, 2020	December 23, 2026	Preferred Series B		2,685,501	$	0.22	$	—	$	134
	Warrant(11)(14)	January 16, 2020	December 23, 2026	Preferred Series B		2,184,672	$	0.01		—		277
	Warrant(11)(14)	January 16, 2020	June 29, 2027	Preferred Series C		5,106,972	$	0.44		—		1
	Warrant(11)(14)	January 16, 2020	November 2, 2028	Preferred Series C		3,850,294	$	0.01		—		923
	Warrant(14)	November 29, 2021	November 29, 2031	Preferred Series D		154,906,320	$	0.01		7		1,420
Total Edeniq, Inc.(21)										7		2,755
Footprint International Holding, Inc.	Warrant⁽¹⁴⁾	February 14, 2020	February 14, 2030	Common Stock		38,171	$	0.31	$	9	$	800
	Warrant⁽¹⁴⁾	February 18, 2022	February 18, 2032	Common Stock		77,524	$	0.01		4,246		1,643
	Warrant⁽¹⁴⁾	June 23, 2022	June 23, 2032	Common Stock		14,624	$	0.01		359		310
Total Footprint International Holding, Inc.										4,614		2,753
Mainspring Energy, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	July 9, 2029	Common Stock		140,186	$	1.15	$	284	$	1,030
	Warrant⁽¹⁴⁾	November 20, 2020	November 20, 2030	Common Stock		81,294	$	1.15		226		598
	Warrant⁽¹⁴⁾	March 18, 2022	March 18, 2032	Common Stock		137,692	$	1.66		344		968
Total Mainspring Energy, Inc.										854		2,596
RTS Holding, Inc.	Warrant⁽¹⁴⁾	December 10, 2021	December 10, 2031	Preferred Series C		3,857	$	205.28	$	153	$	242
	Warrant⁽¹⁴⁾	October 10, 2022	October 10, 2032	Preferred Series D		1,528	$	196.50		117		108
Total RTS Holding, Inc.									$	270	$	350
Sub-Total: Green Technology (0.8%)*									$	5,780	$	8,454
Healthcare (7)
Dentologie Enterprises, Inc.	Warrant⁽¹⁴⁾	October 14, 2022	October 14, 2032	Common Stock		86,054	$	0.76	$	111	$	110
Exer Holdings, LLC	Warrant⁽¹⁴⁾	November 19, 2021	November 19, 2031	Common Stock		281	$	527.51	$	93	$	130
Hospitalists Now, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	March 30, 2026	Preferred Series D-2		135,807	$	5.89	$	71	$	592
	Warrant⁽¹⁴⁾	January 16, 2020	December 6, 2026	Preferred Series D-2		750,000	$	5.89		391		3,270
Total Hospitalists Now, Inc.										462		3,862
Lark Technologies, Inc.	Warrant⁽¹⁴⁾	September 30, 2020	September 30, 2030	Common Stock		76,231	$	1.76	$	177	$	504
	Warrant⁽¹⁴⁾	June 30, 2021	June 30, 2031	Common Stock		79,325	$	1.76		258		524
Total Lark Technologies, Inc.										435		1,028
Sub-Total: Healthcare (0.5%)*									$	1,101	$	5,130
Human Resource Technology (7)
BetterLeap, Inc.	Warrant⁽¹⁴⁾	April 20, 2022	April 20, 2032	Common Stock		88,435	$	2.26	$	38	$	32
Qwick, Inc.	Warrant⁽¹⁴⁾	December 31, 2021	December 31, 2031	Common Stock		33,928	$	2.79	$	96	$	282
Sub-Total: Human Resource Technology (0.0%)*									$	134	$	314

46

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares		Strike Price		Cost		Fair Value (6)
Warrant Investments- United States, Continued
Industrials (7)
3DEO, Inc.	Warrant⁽¹⁴⁾	February 23, 2022	February 23, 2032	Common Stock		37,218	$	1.81	$	93	$	—
	Warrant⁽¹⁴⁾	July 31, 2022	July 31, 2032	Common Stock		37,311	$	1.35		1		—
Total 3DEO, Inc.									$	94	$	—
SBG Labs, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	July 29, 2023	Preferred Series A-1		42,857	$	0.70	$	13	$	—
	Warrant⁽¹⁴⁾	January 16, 2020	September 18, 2024	Preferred Series A-1		25,714	$	0.70		8		—
	Warrant⁽¹⁴⁾	January 16, 2020	January 14, 2024	Preferred Series A-1		21,492	$	0.70		7		—
	Warrant⁽¹⁴⁾	January 16, 2020	March 24, 2025	Preferred Series A-1		12,155	$	0.70		4		—
	Warrant⁽¹⁴⁾	January 16, 2020	October 10, 2023	Preferred Series A-1		11,150	$	0.70		4		—
	Warrant⁽¹⁴⁾	January 16, 2020	May 6, 2024	Preferred Series A-1		11,145	$	0.70		4		—
	Warrant⁽¹⁴⁾	January 16, 2020	June 9, 2024	Preferred Series A-1		7,085	$	0.70		2		—
	Warrant⁽¹⁴⁾	January 16, 2020	May 20, 2024	Preferred Series A-1		342,857	$	0.70		110		—
	Warrant⁽¹⁴⁾	January 16, 2020	March 26, 2025	Preferred Series A-1		200,000	$	0.70		65		—
Total SBG Labs, Inc.										217		—
Sub-total: Industrials (0.0%)*									$	311	$	—
Life Sciences (7)
Pendulum Therapeutics, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	October 9, 2029	Preferred Series B		55,263	$	1.90	$	44	$	9
	Warrant⁽¹⁴⁾	June 1, 2020	July 15, 2030	Preferred Series B		36,844	$	1.90		36		6
	Warrant⁽¹⁴⁾	December 31, 2021	December 31, 2031	Preferred Series C		322,254	$	3.24		118		24
Total Pendulum Therapeutics, Inc.										198		39
RXAnte, Inc.	Warrant⁽¹⁴⁾	November 21, 2022	November 21, 2032	Preferred A		30,010	$	10.00	$	156	$	169
TMRW Life Sciences, Inc.	Warrant⁽¹⁴⁾	April 29, 2022	April 29, 2032	Preferred Class A		537,966	$	2.09	$	160	$	162
Zosano Pharma Corporation	Warrant (9)(14)	January 16, 2020	September 25, 2025	Common Stock		75,000	$	3.59	$	69	$	—
Sub-Total: Life Sciences (0.0%)*									$	583	$	370
Marketing, Media, and Entertainment (7)
Drone Racing League, Inc.	Warrant⁽¹⁴⁾	October 17, 2022	October 17, 2032	Common Stock		253,831	$	6.76	$	375	$	380
Firefly Systems, Inc.	Warrant⁽¹⁴⁾	January 31, 2020	January 29, 2030	Common Stock		133,147	$	1.14	$	281	$	519
Grabit Interactive Media, Inc.	Warrant⁽¹⁴⁾	April 8, 2022	April 8, 2034	Preferred Series A		142,828	$	1.00	$	40	$	50
Incontext Solutions, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	September 28, 2028	Common Stock		2,219	$	220.82	$	34	$	—
PebblePost, Inc.	Warrant⁽¹⁴⁾	May 7, 2021	May 7, 2031	Common Stock		657,343	$	0.75	$	68	$	267
Sub-Total: Marketing, Media, and Entertainment (0.1%)*									$	798	$	1,216

47

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares		Strike Price		Cost		Fair Value (6)
Warrant Investments- United States, Continued
Real Estate Technology (7)
Homelight, Inc.	Warrant⁽¹⁴⁾	October 1, 2022	October 1, 2032	Common Stock		5,452	$	18.40	$	1	$	8
Knockaway, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	May 24, 2029	Preferred Series X-1		8,795	$	85.27	$	209	$	—
	Warrant⁽¹⁴⁾	November 10, 2021	November 10, 2031	Common Stock		163,500	$	0.22		265		—
Total Knockaway, Inc.										474		—
Maxwell Financial Labs, Inc.	Warrant⁽¹⁴⁾	October 7, 2020	October 7, 2030	Common Stock		106,735	$	0.29	$	20	$	70
	Warrant⁽¹⁴⁾	December 22, 2020	December 22, 2030	Common Stock		110,860	$	0.29		34		72
	Warrant⁽¹⁴⁾	September 30, 2021	September 30, 2031	Common Stock		79,135	$	1.04		148		36
Total Maxwell Financial Labs, Inc.										202		178
Sub-Total: Real Estate Technology (0.0%)*									$	677	$	186
SaaS (7)
All Seated, Inc.	Warrant⁽¹⁴⁾	February 28, 2022	February 28, 2032	Common Stock		5,101	$	15.72	$	20	$	8
Crowdtap, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	December 16, 2025	Preferred Series B		442,233	$	1.09	$	42	$	37
	Warrant⁽¹⁴⁾	January 16, 2020	December 11, 2027	Preferred Series B		100,000	$	1.09		9		8
Total Crowdtap, Inc.										51		45
Gtxcel, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	September 24, 2025	Preferred Series C		1,000,000	$	0.21	$	83	$	—
	Warrant⁽¹⁴⁾	January 16, 2020	September 24, 2025	Preferred Series D		1,000,000	$	0.21		83		8
Total Gtxcel, Inc.										166		8
Lucidworks, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	June 27, 2026	Preferred Series D		619,435	$	0.77	$	806	$	1,326
Reciprocity, Inc.	Warrant⁽¹⁴⁾	September 25, 2020	September 25, 2030	Common Stock		114,678	$	4.17	$	99	$	143
	Warrant⁽¹⁴⁾	April 29, 2021	April 29, 2031	Common Stock		57,195	$	4.17		54		71
Total Reciprocity, Inc.										153		214
Resilinc, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	December 15, 2025	Preferred Series A		589,275	$	0.51	$	40	$	—
Smartly, Inc.	Warrant⁽¹⁴⁾	May 16, 2022	May 16, 2034	Common Stock		68,939	$	1.10	$	84	$	80
Utility Associates, Inc.	Warrant⁽¹⁴⁾	January 16, 2020	June 30, 2025	Preferred Series A		92,511	$	4.54	$	55	$	—
	Warrant⁽¹⁴⁾	January 16, 2020	May 1, 2026	Preferred Series A		60,000	$	4.54		36		—
	Warrant⁽¹⁴⁾	January 16, 2020	May 22, 2027	Preferred Series A		200,000	$	4.54		120		—
Total Utility Associates, Inc.										211		—
The Tomorrow Companies, Inc.	Warrant⁽¹⁴⁾	December 31, 2022	December 31, 2032	Common Stock		40,191	$	1.70	$	76	$	76
Sub-Total: SaaS (0.2%)*									$	1,607	$	1,757

48

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares			Strike Price			Cost		Fair Value (6)
Warrant Investments- United States, Continued
Space Technology (7)
Axiom Space, Inc.	Warrant⁽¹⁴⁾	May 28, 2021	May 28, 2031	Common Stock		1,773		$	169.24		$	120	$	36
	Warrant⁽¹⁴⁾	May 28, 2021	May 28, 2031	Common Stock		882		$	340.11			39		6
Total Axiom Space, Inc.												159		42
Hermeus Corporation	Warrant⁽¹⁴⁾	August 9, 2022	August 9, 2032	Common Stock		43,205		$	6.24		$	326	$	376
Space Perspective, Inc.	Warrant⁽¹⁴⁾	March 3, 2022	March 3, 2032	Preferred Series A		221,280		$	2.75		$	256	$	287
Sub-Total: Space Technology (0.1%)*											$	741	$	705
Transportation Technology (7)
NextCar Holding Company, Inc.	Warrant⁽¹⁴⁾	December 14, 2021	December 14, 2026	Preferred Stock		328,369	(13)	$	1.29	(13)	$	34	$	—
	Warrant⁽¹⁴⁾	February 23, 2022	February 23, 2027	Preferred Stock		25,653	(13)	$	1.29	(13)	$	3	$	—
	Warrant⁽¹⁴⁾	March 16, 2022	March 16, 2027	Preferred Stock		30,784	(13)	$	1.29	(13)	$	3	$	—
	Warrant⁽¹⁴⁾	April 18, 2022	April 18, 2027	Preferred Stock		282,192	(13)	$	1.29	(13)	$	7	$	—
	Warrant⁽¹⁴⁾	September 29, 2022	September 29, 2027	Preferred Stock		410,462	(13)	$	1.29		$	170	$	—
Total NextCar Holding Company, Inc.												217		—
Sub-Total: Transportation Technology (0.0%)*											$	217	$	—
Total: Warrant Investments- United States (2.7%)*											$	20,425	$	30,587

49

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Expiration Date	Series	Shares			Strike Price			Cost		Fair Value (6)
Warrant Investments- Canada
Construction Technology (7)
Nexii Building Solutions, Inc. (10)	Warrant⁽¹⁴⁾	August 27, 2021	August 27, 2026	Common Stock		63,071	(13)	$	14.73	(13)	$	410	$	357
	Warrant⁽¹⁴⁾	June 8, 2022	June 8, 2027	Common Stock		24,196	(13)	$	19.15	(13)		204		190
Total Nexii Building Solutions, Inc.												614		547
Sub-Total: Construction Technology (0.0%)*											$	614	$	547
Total: Warrant Investments- Canada (0.0%)*											$	614	$	547
Warrant Investments- Europe
Industrials (7)
Aledia, Inc. (10)	Warrant⁽¹⁴⁾	March 31, 2022	March 31, 2032	Preferred Series D-3		11,573	(13)	$	149.01	(13)	$	130	$	555
Sub-Total: Information (0.0%)*											$	130	$	555
Space Technology (7)
All.Space Networks, Limited. (10)	Warrant⁽¹⁴⁾	August 22, 2022	August 22, 2032	Common Stock		71,203		$	21.79		$	113	$	35
Sub-Total: Space Technology (0.0%)*											$	113	$	35
Total: Warrant Investments- Europe (0.1%)*											$	243	$	590
Total: Warrant Investments- (2.8%)*											$	21,282	$	31,724

50

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Shares / Principal		Series	Cost		Fair Value (6)
Equity Investments- United States
Automation & Internet of Things (7)
Rigetti & Co, Inc.	Equity(14)	February 25, 2022		50,000	Common Stock	$	500	$	36
	Equity(14)	May 18, 2021		757,297	Common Stock		506		552
Total Rigetti & Co, Inc.							1,006		588
Sub-Total: Automation & Internet of Things (0.1%)*						$	1,006	$	588
Connectivity (7)
Tarana Wireless, Inc.	Equity⁽¹⁴⁾	March 16, 2022		611,246	Preferred Series 6⁽¹⁷⁾	$	500	$	506
Vertical Communications, Inc.	Equity⁽¹¹⁾⁽¹⁴⁾	January 16, 2020		3,892,485	Preferred Series 1⁽¹⁷⁾	$	—	$	—
	Equity⁽¹⁴⁾	January 16, 2020	$	5,500	Convertible Note⁽¹⁶⁾		3,966		1,737
Total Vertical Communications, Inc. (21)							3,966		1,737
Sub-Total: Connectivity (0.2%)*						$	4,466	$	2,243
Construction Technology (7)
Project Frog, Inc.	Equity⁽¹⁴⁾	January 16, 2020		4,383,497	Preferred Series AA-1⁽¹⁷⁾	$	351	$	2
	Equity⁽¹⁴⁾	January 16, 2020		3,401,678	Preferred Series BB⁽¹⁷⁾		1,333		5
	Equity⁽¹⁴⁾	August 3, 2021		6,633,486	Common Stock		1,684		1
	Equity⁽¹⁴⁾	August 3, 2021		3,129,887	Preferred Series CC⁽¹⁷⁾		1,253		123
Total Project Frog, Inc. (21)							4,621		131
Sub-Total: Construction Technology (0.0%)*						$	4,621	$	131
Consumer Products & Services (7)
Fernished, Inc.	Equity⁽¹⁴⁾	October 6, 2021		454,905	Preferred Series B-1⁽¹⁷⁾	$	500	$	346
Portofino Labs, Inc.	Equity⁽¹⁴⁾	November 1, 2021		256,291	Preferred Series B-1⁽¹⁷⁾	$	500	$	444
Quip NYC, Inc.	Equity⁽¹⁴⁾	August 17, 2021		3,320	Preferred Series B-1⁽¹⁷⁾	$	500	$	282
Sub-Total: Consumer Products & Services (0.1%)*						$	1,500	$	1,072
Finance and Insurance (7)
Dynamics, Inc.	Equity⁽¹⁴⁾	January 16, 2020		17,726	Preferred Series A⁽¹⁷⁾	$	390	$	—
Sub-Total: Finance and Insurance (0.0%)*						$	390	$	—
Food and Agriculture Technologies (7)
Emergy, Inc.	Equity⁽¹⁴⁾	June 28, 2021		75,958	Preferred Series B⁽¹⁷⁾	$	500	$	513
Prüvit Ventures, Inc.	Equity⁽¹⁴⁾	January 16, 2020		30,357	Common Stock	$	537	$	316
Sub-Total: Food and Agriculture Technologies (0.1%)*						$	1,037	$	829

51

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

Portfolio Company (1)	Type of Investment (2)	Investment Date (3)	Shares / Principal		Series	Cost		Fair Value (6)
Equity Investments- United States, Continued
Green Technology (7)
Edeniq, Inc.	Equity⁽¹¹⁾⁽¹⁴⁾	January 16, 2020		7,807,499	Preferred Series B⁽¹⁷⁾	$	—	$	1,023
	Equity⁽¹¹⁾⁽¹⁴⁾	January 16, 2020		3,657,487	Preferred Series C⁽¹⁷⁾		—		904
	Equity⁽¹¹⁾⁽¹⁴⁾	January 16, 2020		133,766,138	Preferred Series D⁽¹⁷⁾		—		2,712
Total Edeniq, Inc. (21)							—		4,639
Mainspring Energy, Inc.	Equity⁽¹⁴⁾	March 30, 2022		65,614	Preferred Series E-1⁽¹⁷⁾	$	500	$	533
RTS Holding, Inc.	Equity⁽¹⁴⁾	July 5, 2022		2,544	Preferred Series D⁽¹⁷⁾	$	500	$	512
Sub-Total: Green Technology (0.5%)*						$	1,000	$	5,684
Healthcare (7)
Emerald Cloud Lab, Inc.	Equity⁽¹⁴⁾	June 3, 2022		199,537	Preferred Series C⁽¹⁷⁾	$	500	$	492
FemTec Health, Inc. (21)	Equity⁽¹⁴⁾	July 22, 2021		1,098,093	Common Stock	$	13,046	$	—
Lark Technologies, Inc.	Equity⁽¹⁴⁾	August 19, 2021		32,416	Preferred Series D⁽¹⁷⁾	$	500	$	453
WorkWell Prevention & Care Inc.	Equity⁽¹⁴⁾	January 16, 2020		7,000,000	Common Stock	$	51	$	—
	Equity⁽¹⁴⁾	January 16, 2020		3,450	Preferred Series P⁽¹⁷⁾		3,450		—
	Equity⁽¹⁴⁾	January 16, 2020	$	3,170	Convertible Note⁽¹⁶⁾		3,219		—
Total WorkWell Prevention & Care Inc. (21)							6,720		—
Sub-Total: Healthcare (0.1%)*						$	20,766	$	945
Human Resource Technology (7)
Nomad Health, Inc.	Equity⁽¹⁴⁾	May 27, 2022		37,920	Preferred Series D-1⁽¹⁷⁾	$	500	$	446
Sub-Total: Human Resource Technology (0.0%)*						$	500	$	446
Real Estate Technology (7)
Knockaway, Inc.	Equity⁽¹⁴⁾	March 30, 2022		304,579	Preferred Series Y⁽¹⁷⁾	$	500	$	—
Orchard Technologies, Inc.	Equity⁽¹⁴⁾	August 6, 2021		74,406	Preferred Series D⁽¹⁷⁾	$	500	$	141
Maxwell Financial Labs, Inc	Equity⁽¹⁴⁾	January 22, 2021		135,641	Preferred Series B⁽¹⁷⁾	$	500	$	328
Sub-Total: Real Estate Technology (0.0%)*						$	1,500	$	469
Space Technology (7)
Axiom Space, Inc.	Equity⁽¹⁴⁾	August 11, 2021	$	500	Convertible Note⁽¹⁶⁾	$	500	$	595
Hadrian Automation, Inc.	Equity⁽¹⁴⁾	March 29, 2022		53,154	Preferred A-4⁽¹⁷⁾	$	500	$	507
Sub-total: Space Technology (0.1%)*						$	1,000	$	1,102
Supply Chain Technology (7)
3Q GoFor Holdings, LP (21)	Equity⁽¹⁴⁾	August 25, 2022		—	Preferred ⁽¹⁷⁾	$	500	$	—
Sub-total: Supply Chain Technology (0.0%)*						$	500	$	—
Total: Equity Investments- United States (1.2%)*						$	38,286	$	13,509
Equity Investments- Canada
Construction Technology (7)
Nexii Building Solutions, Inc. (10)	Equity⁽¹⁴⁾	February 28, 2022		24,418	Common Stock	$	500	$	324
Sub-Total: Construction Technology (0.0%)*						$	500	$	324
Total: Equity Investments- Canada (0.0%)*						$	500	$	324
Total: Equity Investments (1.2%)*						$	38,786	$	13,833
Total Investment in Securities (97.2%)*						$	1,153,584	$	1,094,386
Cash, Cash Equivalents, and Restricted Cash
Goldman Sachs Financial Square Government Institutional Fund						$	5,643	$	5,643
Other cash accounts							4,969		4,969
Cash, Cash Equivalents, and Restricted Cash (0.9%)*							10,612		10,612
Total Portfolio Investments and Cash and Cash Equivalents (98.1% of total assets)						$	1,164,196	$	1,104,998

(1)All portfolio companies are located in North America or Europe. As of December 31, 2022, Trinity Capital Inc. (the "Company") had six foreign domiciled portfolio companies, four of which are based in Canada and two of which are based in Europe. In total, these foreign domiciled portfolio investments represent 17.3% of total net asset value based on fair value. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).

52

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

These investments are generally subject to certain limitations on resale and may be deemed to be “restricted securities” under the Securities Act.

(2)All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. Equipment financed under our equipment financing investments relates to operational equipment essential to revenue production for the portfolio company in the industry noted.

(3)Investment date represents the date of initial investment date, either purchases or funding, not adjusted for modifications. For assets purchased from the Legacy Funds as part of the Formation Transactions (both terms as defined in "Note 1 - Organization and Basis of Presentation"), the investment date is January 16, 2020, the date of the Formation Transactions.

(4)Interest rate is the fixed or variable rate of the debt investments and does not include any original issue discount, end-of-term (“EOT”) payment, or additional fees related to such investments, such as deferred interest, commitment fees, prepayment fees or exit fees. EOT payments are contractual payments due in cash at the maturity date of the loan, including upon prepayment, and are a fixed rate determined at the inception of the loan. At the end of the term of certain equipment financings, the borrower has the option to purchase the underlying assets at fair value, generally subject to a cap, or return the equipment and pay a restocking fee. The fair values of the financed assets have been estimated as a percentage of original cost for purpose of the EOT payment value. The EOT payment is amortized and recognized as non-cash income over the term of the loan or equipment financing prior to its payment and is included as a component of the cost basis of the Company’s current debt securities.

(5)Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.

(6)Except as noted, all investments were valued at fair value as determined in good faith by the Company’s Board of Directors (the "Board") using Level 3 inputs.

(7)Where appropriate, certain current year industry classifications may have been revised to more precisely reflect the business of the Company's investments.

(8)The interest rate on variable interest rate investments represents a benchmark rate plus spread. The benchmark interest rate is subject to an interest rate floor. The Prime rate was 7.50%, the 1-month U.S. Dollar London Interbank Offered Rate (“LIBOR”) was 4.40% and SOFR 30 Day Forward Rate was 4.12% as of December 31, 2022.

(9)Asset is valued at fair value as determined in good faith by the Company's Board using Level 1 and Level 2 inputs.

(10)Indicates a “non-qualifying asset” under section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s percentage of non-qualifying assets at fair value represents 7.1% of the Company’s total assets as of December 31, 2022. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. Asset is not a U.S. entity.

(11)Investment has zero cost basis as it was purchased at a fair value of zero as part of the Formation Transactions (as defined in "Note 1 - Organization and Basis of Presentation").

(12)Investment is a secured loan warehouse facility collateralized by interest in specific assets that meet the eligibility requirements under the facility during the warehouse period. Repayment of the facility will occur over the amortizing period unless otherwise prepaid.

(13)Company has been issued warrants with pricing and number of shares dependent upon a future round of equity issuance by the portfolio company.

(14)Investment is not pledged as collateral supporting amounts outstanding under the Company's credit facility with KeyBank, National Association (the “KeyBank Credit Facility”). See “Note 5 – Borrowings” for more information.

(15)Interest on this loan includes a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is recorded on an accrual basis to the extent such amounts are expected to be collected.

(16)Convertible notes represent investments through which the Company will participate in future equity rounds at preferential rates. There are no principal or interest payments made against the note unless conversion does not occur.

(17)Preferred stock represents investments through which the Company will have preference in liquidation rights and do not contain any cumulative preferred dividends.

53

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2022

(In thousands, except share and per share data)

(18)Investment is on non-accrual status as of December, 31, 2022, and is therefore considered non-income producing.

(19)All of the Company’s debt securities are pledged as collateral supporting the amounts outstanding under the credit facility with KeyBank (see “Note 5 – Borrowings”), except as noted.

(20)Currently, the Company in the process of negotiating new terms with the portfolio company after the portfolio company defaulted on the payments expected to be received on September 1, 2022.

(21)This investment is deemed to be a “Control Investment” or an “Affiliate Investment.” The Company classifies its investment portfolio in accordance with the requirements of the 1940 Act. The 1940 Act defines Control Investments as investments in companies in which the Company owns beneficially, either directly or indirectly more than 25% of the voting securities, or maintains greater than 50% of the board representation. Affiliate Investments are defined by the 1940 Act as investments in companies in which the Company owns beneficially, either directly or indirectly, between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation. Fair value as of December 31, 2022, along with transactions during the year ended December 31, 2022 in these control or affiliated investments are as follows:

											Net change in
											Unrealized
	Fair Value at		Gross		Gross			Realized			(Depreciation)/			Fair Value at		Interest
	December 31, 2021		Additions (1)		Reductions (2)			Gain/(Loss)			Appreciation			December 31, 2022		Income
For the Year Ended December 31, 2022
Control Investments
Edeniq, Inc.	$	5,522	$	2,393	$	(762	)	$	—		$	4,726		$	11,879	$	2,949
3Q GoFor Holdings, LP		—		10,626		(636	)		(105	)		(2,364	)		7,521		258
Project Frog, Inc.		4,209		27		(3,878	)		(228	)		9			139		228
Vertical Communications, Inc.		17,382		520		—			—			(628	)		17,274		1,983
WorkWell Prevention and Care Inc.		5,101		300		—			(3,877	)		(1,024	)		500		—
Total Control Investments	$	32,214	$	13,866	$	(5,276	)	$	(4,210	)	$	719		$	37,313	$	5,418
Affiliate Investments
FemTec Health, Inc.	$	27,748	$	28	$	(416	)	$	—		$	(25,832	)	$	1,528	$	862
Store Intelligence, Inc.		4,444		—		(2,400	)		(10,241	)		8,197			—		—
Total Affiliate Investments	$	32,192	$	28	$	(2,816	)	$	(10,241	)	$	(17,635	)	$	1,528	$	862
Total Control and Affiliate Investments	$	64,406	$	13,894	$	(8,092	)	$	(14,451	)	$	(16,916	)	$	38,841	$	6,280

(1)Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2)Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

54

TRINITY CAPITAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Note 1. Organization and Basis of Presentation

Trinity Capital Inc. (“Trinity Capital” and, together with its subsidiaries, the “Company”) is a specialty lending company focused on providing debt, including loans and equipment financings, to growth-stage companies, including venture-backed companies and companies with institutional equity investors. Trinity Capital was formed on August 12, 2019 as a Maryland corporation and commenced operations on January 16, 2020. Prior to January 16, 2020, Trinity Capital had no operations, except for matters relating to its formation and organization as a business development company (“BDC”).

Trinity Capital is an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). Trinity Capital has elected to be treated, and intends to continue to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), for U.S. federal income tax purposes.

On September 27, 2019, Trinity Capital was initially capitalized by the issuance of 10 shares of its common stock for $150 to its sole stockholder.

On January 16, 2020, the Company completed a private equity offering (the “Private Common Stock Offering”) of shares of the Company’s common stock, pursuant to which it issued and sold 8,333,333 shares of its common stock for total aggregate gross proceeds of approximately $125.0 million, inclusive of an over-allotment option that was exercised in full on January 29, 2020.

Concurrent with the closing of the Private Common Stock Offering, the Company completed a private debt offering (the “144A Note Offering” and together with the Private Common Stock Offering, the “Private Offerings”) of $125.0 million in aggregate principal amount of its unsecured 7.00% Notes due 2025 (the “2025 Notes”), inclusive of an over-allotment option that was exercised in full on January 29, 2020.

On January 16, 2020, Trinity Capital completed a series of transactions, including a private equity offering, a private debt offering, and the acquisition of Trinity Capital Investment, LLC, Trinity Capital Fund II, L.P. (“Fund II”), Trinity Capital Fund III, L.P., Trinity Capital Fund IV, L.P., and Trinity Sidecar Income Fund, L.P. (collectively, the “Legacy Funds”) through mergers of the Legacy Funds with and into Trinity Capital as well as Trinity Capital’s acquisition of Trinity Capital Holdings, LLC (“Trinity Capital Holdings”) (collectively, the “Formation Transactions”).

Trinity Capital’s common stock began trading on the Nasdaq Global Select Market on January 29, 2021, under the symbol “TRIN” in connection with its initial public offering of shares of its common stock (“IPO”).

Basis of Presentation

The Company’s interim consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of the results for the interim period included herein. The current period’s consolidated results of operations are not necessarily indicative of results that may be achieved for the year. The interim consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the Securities and Exchange Commission (“SEC”) on March 2, 2023. As an investment company, the Company follows accounting and reporting guidance determined by the Financial

55

Accounting Standards Board (“FASB”), in Accounting Standards Codification, as amended (“ASC”) 946, Financial Services – Investment Companies (“ASC 946”).

Principles of Consolidation

Under ASC 946, the Company is precluded from consolidating portfolio company investments, including those in which it has a controlling interest, unless the portfolio company is another investment company. An exception to this general principle occurs if the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Consolidated Statements of Assets and Liabilities at fair value, as discussed further in “Note 3 - Investments,” with any adjustments to fair value recognized as "Net unrealized appreciation/(depreciation) from investments" on the Consolidated Statements of Operations.

The Company’s consolidated operations include the activities of its wholly owned subsidiaries, Trinity Funding 1, LLC (“TF1”), and TrinCap Funding, LLC (“TCF”). TF1 was formed on August 14, 2019, as a Delaware limited liability company with Fund II as its sole equity member. On January 16, 2020, in connection with the Formation Transactions, Trinity Capital acquired TF1 through Fund II and became a party to, and assumed, a $300 million credit agreement with Credit Suisse AG (the “Credit Suisse Credit Facility”) through TF1 which matured on January 8, 2022 in accordance with its terms. TCF was formed on August 5, 2021, as a Delaware limited liability company with Trinity Capital as its sole equity member for purposes of securing lending in conjunction with a $350 million credit agreement, as amended, with KeyBank National Association (“KeyBank”) (such credit facility, the “KeyBank Credit Facility”). TF1 and TCF are special purpose bankruptcy-remote entities and are separate legal entities from Trinity Capital. Any assets conveyed to TF1 or TCF are not available to creditors of the Company or any other entity other than TF1's or TCF’s respective lenders. TF1 and TCF are consolidated for financial reporting purposes and in accordance with GAAP, and the portfolio investments held by these subsidiaries, if any, are included in the Company’s consolidated financial statements and recorded at fair value. All intercompany balances and transactions have been eliminated. As part of the Formation Transactions, Trinity Capital acquired 100% of the equity interests of Trinity Capital Holdings. There has been no activity in Trinity Capital Holdings since acquisition.

In accordance with Rule 10 01(b)(1) of Regulation S-X, as amended, the Company must determine which of its unconsolidated controlled subsidiaries, if any, are considered “significant subsidiaries.” In evaluating these unconsolidated controlled subsidiaries, there are two significance tests utilized per Rule 1 02(w) of Regulation S-X to determine if any of the Company’s investments or unconsolidated controlled subsidiaries are considered significant: the investment test and the income test. As of March 31, 2023 and December 31, 2022, none of the Company’s investments or unconsolidated controlled subsidiaries met either of these two significance tests.

i40, LLC

On December 5, 2022, the Company entered into a joint venture agreement with certain funds and accounts managed by a specialty credit manager (collectively, the “JV Partner”) to co-manage i40, LLC (the “JV”). The JV may invest in secured loans and equipment financings to growth-stage companies that have been originated by the Company. The Company and the JV Partner’s initial capital commitments were $21.4 million and $150.0 million, respectively, in the form of 8.5% notes and preferred equity to the JV. The JV is capitalized as investment transactions are completed and all portfolio decisions and generally all other actions in respect of the JV must be approved by a board of managers of the JV consisting of an equal number of representatives of the Company and the JV Partner. Capital contributions are called from each JV member on a pro-rata basis based on their total capital commitments, with 70% of each such capital contribution invested in the JV’s 8.5% notes and the remaining 30% invested in the JV's preferred equity. As of March 31, 2023, the Company and the JV Partner ownership of the JV was 12.5% and 87.5%, respectively.

The Company has agreed to offer the JV the opportunity to purchase up to 40% in dollar amount, but not less than 25% in dollar amount, of the entire amount of each secured loan and equipment financing advance originated by the Company during the period commencing on September 1, 2022 and ending on June 5, 2026. The JV is required to pay the Company a fee equal to 100 basis points of the total principal amount of each loan or equipment

56

financing advance acquired by the JV from the Company, with 50% of the fee for each such particular loan or advance payable by the JV to the Company within two business days of the date of such acquisition or advance and the remaining 50% payable in equal monthly installments over 24 months following the date of such acquisition or advance. In addition, the JV shall pay the Company an administrative agent fee equal to 75 basis points of the daily average aggregate value of the Company's outstanding loans and equipment financings.

As permitted under Regulation S-X and as explained by ASC 946-810-45-3, the Company will generally not consolidate its investment in a company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to us. As the Company’s representatives do not comprise the majority of the board of managers of the JV and the Company does not hold a majority of the economic interests in the JV, the Company does not consolidate the JV in its financial statements.

As of March 31, 2023, the Company has contributed $5.2 million of capital to the JV. The Company’s investment in the JV as of March 31, 2023 consisted of a debt investment of $3.6 million and an equity investment of $1.6 million. The Company did not fund an investment in the JV as of December 31, 2022. As of March 31, 2023 and December 31, 2022, the Company's unfunded commitment was $16.2 million.

As of March 31, 2023, the JV's total investments on a fair value basis was $42.2 million and the Company received $36.1 million in net proceeds from the sale of investments to the JV. During the three months ended March 31, 2023, the Company earned approximately $0.5 million for originations and administrative agent fees which are recognized as fee income on the Consolidated Statements of Operations. As of March 31, 2023 the Company had approximately $0.3 million in unsettled receivables due from the JV that were included in other assets in the accompanying Consolidated Statements of Assets and Liabilities. There were no outstanding receivables from the JV as of December 31, 2022.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. These estimates and assumptions also affect the reported amounts of revenues, costs and expenses during the reporting period. Management evaluates these estimates and assumptions on a regular basis. Actual results could differ materially from these estimates.

Investment Transactions

Loan originations are recorded on the date of the legally binding commitment. Realized gains or losses are recorded using the specific identification method as the difference between the net proceeds received, excluding prepayment fees, if any, and the amortized cost basis of the investment without regard to unrealized gains or losses previously recognized, and include investments written off during the period, net of recoveries. The net change in unrealized gains or losses primarily reflects the change in investment fair values as of the last business day of the reporting period and also includes the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Valuation of Investments

The most significant estimate inherent in the preparation of the Company’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded.

The Company’s investments are carried at fair value in accordance with the 1940 Act and ASC 946 and measured in accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value, and provides disclosure requirements for fair value

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measurements. ASC 820 requires the Company to assume that each of the portfolio investments is sold in a hypothetical transaction in the principal or, as applicable, most advantageous market using market participant assumptions as of the measurement date. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. The Company values its investments at fair value as determined in good faith pursuant to a consistent valuation policy by the Company’s Board of Directors (the “Board”) in accordance with the provisions of ASC 820 and the 1940 Act.

The SEC recently adopted Rule 2a-5 under the 1940 Act ("Rule 2a-5"), which establishes a framework for determining fair value in good faith for purposes of the 1940 Act. As adopted, Rule 2a-5 permits boards of directors to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. The SEC also adopted Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. While the Company's Board has not elected to designate a valuation designee, the Company has adopted certain revisions to its valuation policies and procedures to comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

While the Board is ultimately and solely responsible for determining the fair value of the Company’s investments, the Company has engaged independent valuation firms to provide the Company with valuation assistance with respect to its investments on a discretionary basis. Specifically, on a quarterly basis, the Company identifies portfolio investments with respect to which an independent valuation firm assists in valuing such investments. The Company selects these portfolio investments based on a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality and the time lapse since the last valuation of the portfolio investment by an independent valuation firm.

Investments recorded on the Company’s Consolidated Statements of Assets and Liabilities are categorized based on the inputs to the valuation techniques as follows:

Level 1 — Investments whose values are based on unadjusted quoted prices for identical assets in an active market that the Company has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).

Level 2 — Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment.

Level 3 — Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.

Given the nature of lending to venture capital-backed growth-stage companies, 99.7%, based on fair value, of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC 820 because there is no known or accessible market or market index for these investment securities to be traded or exchanged. Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. The Company uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis, and investment valuation procedures. This system takes into account both quantitative and qualitative factors of the portfolio companies. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

Debt Securities

The debt securities identified on the Consolidated Schedule of Investments are secured loans and equipment financings made to growth-stage companies. For portfolio investments in debt securities for which the Company has

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determined that third-party quotes or other independent pricing are not available, the Company generally estimates the fair value based on the assumptions that hypothetical market participants would use to value the investment in a current hypothetical sale using an income approach.

In its application of the income approach to determine the fair value of debt securities, the Company bases its assessment of fair value on projections of the discounted future free cash flows that the security will likely generate, including analyzing the discounted cash flows of interest and principal amounts for the security, as set forth in the associated loan and equipment financing agreements, as well as market yields and the financial position and credit risk of the portfolio company (the “Hypothetical Market Yield Method”). The discount rate applied to the future cash flows of the security is based on the calibrated yield implied by the terms of the Company’s investment adjusted for changes in market yields and performance of the subject company. The Company’s estimate of the expected repayment date of its loans and equipment financings securities is either the maturity date of the instrument or the anticipated pre-payment date, depending on the facts and circumstances. The Hypothetical Market Yield Method also considers changes in leverage levels, credit quality, portfolio company performance, market yield movements, and other factors. If there is deterioration in credit quality or if a security is in workout status, the Company may consider other factors in determining the fair value of the security, including, but not limited to, the value attributable to the security from the enterprise value of the portfolio company or the proceeds that would most likely be received in a liquidation analysis.

Equity Securities and Warrants

Often the Company is issued warrants by issuers as yield enhancements. These warrants are recorded as assets at estimated fair value on the grant date. The Company determines the cost basis of the warrants or other equity securities received based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants or other equity securities received. Depending on the facts and circumstances, the Company generally utilizes a combination of one or several forms of the market approach and contingent claim analyses (a form of option analysis) to estimate the fair value of the securities as of the measurement date and determines the cost basis using a relative fair value methodology. As part of its application of the market approach, the Company estimates the enterprise value of a portfolio company utilizing customary pricing multiples, based on the development stage of the underlying issuers, or other appropriate valuation methods, such as considering recent transactions in the equity securities of the portfolio company or third-party valuations that are assessed to be indicative of fair value of the respective portfolio company. If appropriate, based on the facts and circumstances, the Company performs an allocation of the enterprise value to the equity securities utilizing a contingent claim analysis and/or other waterfall calculation by which it allocates the enterprise value across the portfolio company’s securities in order of their preference relative to one another.

Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. The carrying amounts of the Company’s financial instruments, consisting of cash, investments, receivables, payables, and other liabilities, approximate the fair values of such items due to the short-term nature of these instruments. Refer to “Note 4 – Fair Value of Financial Instruments” for further discussion.

Cash and Cash Equivalents

Cash, cash equivalents and restricted cash consist of funds deposited with financial institutions and short-term (original maturity of three months or less) liquid investments in money market deposit accounts. Cash equivalents are classified as Level 1 assets and are valued using the net asset value (“NAV”) per share of the money market fund. As of March 31, 2023 and December 31, 2022, cash and cash equivalents consisted of $8.3 million and $10.6 million, respectively, of which $5.4 million and $5.6 million, respectively, was held in the Goldman Sachs Financial Square Government Institutional Fund. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and therefore is subject to credit risk. All of the Company’s cash deposits are held at large, established, high credit quality financial institutions, and management believes that the risk of loss associated with any uninsured balances is remote. As of March 31, 2023 and December 31, 2022, the Company did not have any restricted cash.

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Other Assets

Other assets generally consist of fixed assets net of accumulated depreciation, right of use assets, prepaid expenses, escrow receivables and security deposits.

Escrow Receivables

Escrow receivables are collected in accordance with the terms and conditions of the escrow agreement. Escrow balances are typically distributed over a period of one year and may accrue interest during the escrow period. Escrow balances are measured for collectability on at least a quarterly basis and fair value is determined based on the amount of the estimated recoverable balances and the contractual maturity date. As of March 31, 2023, and December 31, 2022, there were no material past due escrow receivables. The escrow receivable balance as of March 31, 2023, and December 31, 2022 totaled $2.4 million and $2.4 million, respectively, and was measured at fair value and held in accordance with ASC 820.

Equity Offering Costs

Equity offering costs consist of fees and costs incurred in connection with the sale of the Company’s common stock, including legal, accounting and printing fees. These costs are deferred at the time of incurrence and are subsequently charged as a reduction to capital when the offering takes place or as shares are issued. Equity offering costs are periodically reviewed and expensed if the related registration is no longer active.

Security Deposits

Security deposits are collected upon funding equipment financings and are applied in lieu of regular payments at the end of the term.

Debt Financing Costs

The Company records costs related to the issuance of debt obligations as deferred debt financing costs. These costs are deferred and amortized using the straight-line method over the stated maturity life of the obligations. Debt financing costs related to secured or unsecured notes are netted with the outstanding principal balance on the Company’s Consolidated Statements of Assets and Liabilities. Debt financing costs related to the KeyBank Credit Facility are recorded as a separate asset on the Company’s Consolidated Statements of Assets and Liabilities.

Income Recognition

Interest Income

The Company recognizes interest income on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement to the extent that such amounts are expected to be collected. Original issue discount (“OID”) initially includes the estimated fair value of detachable warrants obtained in conjunction with the origination of debt securities and is accreted into interest income over the term of the loan as a yield enhancement based on the effective yield method. In addition, the Company may also be entitled to an end-of-term (“EOT”) payment. EOT payments to be paid at the termination of the debt agreements are accreted into interest income over the contractual life of the debt based on the effective yield method. As of March 31, 2023, and December 31, 2022, the EOT payments receivable of approximately $56.9 million and $59.9 million, respectively, was included as a component of the cost basis of the Company’s current debt securities. When a portfolio company pre-pays their indebtedness prior to the scheduled maturity date, the acceleration of the unaccreted OID and EOT payment is recognized as interest income.

The Company has a limited number of debt investments in its portfolio that contain a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company will generally cease accruing PIK interest if there is insufficient value to support the accrual or management does not expect the portfolio company to be able to pay all principal and

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interest due. The Company recorded $0.3 million in PIK interest income during the three months ended March 31, 2023, and no PIK interest income was recorded during the three months ended March 31, 2022.

Income related to application or origination payments, including facility commitment fees, net of related expenses and generally collected in advance, is amortized into interest income over the contractual life of the loan. The Company recognizes nonrecurring fees and additional OID and EOT payment received in consideration for contract modifications commencing in the quarter relating to the specific modification.

Fee Income

The Company recognizes one-time fee income, including, but not limited to, structuring fees, prepayment penalties, and exit fees related to a change in ownership of the portfolio company, as other income when earned. These fees are generally earned when the portfolio company enters into an equipment financing arrangement or pays off their outstanding indebtedness prior to the scheduled maturity. In addition, fee income may include fees for originations and administrative agent services rendered by the Company to the JV. Such fees are earned in the period that the services are rendered.

Non-Accrual Policy

When a debt security becomes 90 days or more past due, or if management otherwise does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the debt security on non-accrual status and cease recognizing interest income on that debt security until all principal and interest due has been paid or the Company believes the borrower has demonstrated the ability to repay its current and future contractual obligations. Any uncollected interest is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection.

As of March 31, 2023, loans to two portfolio companies and equipment financings to two portfolio companies were on non-accrual status, with a total cost of approximately $49.2 million, and a total fair value of approximately $23.9 million, or 2.3% of the fair value of the Company’s debt investment portfolio. As of December 31, 2022, loans to two portfolio companies and equipment financings to two portfolio companies were on non-accrual status, with a total cost of approximately $49.2 million, and a total fair value of approximately $17.8 million, or 1.7% of the fair value of the Company’s debt investment portfolio.

Net Realized Gains / (Losses)

Realized gains / (losses) are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written off during the period net of recoveries and realized gains or losses from in-kind redemptions. Net proceeds exclude any prepayment penalties, exit fees, and OID and EOT acceleration. Prepayment penalties and exit fees received at the time of sale or redemption are included in fee income on the Consolidated Statements of Operations. OID and EOT acceleration is included in interest income on the Consolidated Statements of Operations.

Net Unrealized Appreciation / (Depreciation)

Net change in unrealized appreciation / (depreciation) reflects the net change in the fair value of the investment portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.

Stock-Based Compensation

The Company has issued and may, from time to time, issue restricted stock to its officers and employees under the 2019 Trinity Capital Inc. Long Term Incentive Plan and to its non-employee directors under the Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan. The Company accounts for its stock-based compensation

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plans using the fair value method, as prescribed by ASC 718, Compensation – Stock Compensation. Accordingly, for restricted stock awards, the Company measures the grant date fair value based upon the market price of its common stock on the date of the grant and amortizes the fair value of the awards as stock-based compensation expense over the requisite service period, which is generally the vesting term.

The Company has also adopted Accounting Standards Update (“ASU”) 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which requires that all excess tax benefits and tax deficiencies (including tax benefits of dividends on share-based payment awards) be recognized as income tax expense or benefit in the income statement and not delay recognition of a tax benefit until the tax benefit is realized through a reduction to taxes payable. Accordingly, the tax effects of exercised or vested awards are treated as discrete items in the reporting period in which they occur. Additionally, the Company has elected to account for forfeitures as they occur.

Earnings Per Share

The Company's earnings per share ("EPS") amounts have been computed based on the weighted-average number of shares of common stock outstanding for the period. Basic earnings per share is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted-average number of common shares outstanding for the period. In accordance with ASC 260, Earnings Per Share, the unvested shares of restricted stock awarded pursuant to Trinity Capital’s equity compensation plans are participating securities and, therefore, are included in the basic earnings per share calculation. Diluted EPS is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted average number of shares of common stock assuming all potential shares had been issued and the additional shares of common stock were dilutive. Diluted EPS, if any, reflects the potential dilution from the assumed conversion of the Company’s 6.00% Convertible Notes due 2025 (the “Convertible Notes”).

Income Taxes

The Company has elected to be treated, and intends to continue to qualify annually as a RIC under Subchapter M of the Code for U.S. federal tax purposes. In order to maintain its treatment as a RIC, the Company is generally required to distribute at least annually to its stockholders at least the sum of 90% of its investment company taxable income (which generally includes its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its net tax-exempt income (if any). The Company generally will not be subject to U.S. federal income tax on these distributed amounts but will pay U.S. federal income tax at corporate rates on any retained amounts.

The Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC 740, Income Taxes (“ASC 740”), as modified by ASC 946. Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. The Company has no material uncertain tax positions as of March 31, 2023 and December 31, 2022. All the Company’s tax returns remain subject to examination by U.S. federal and state tax authorities.

Based on federal excise distribution requirements applicable to RICs, the Company will be subject to a 4% nondeductible federal excise tax on undistributed taxable income and gains unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income or gain realized, but not distributed, in the preceding years. For this purpose, however, any ordinary income or capital gain net income retained by the Company and on which the Company paid corporate income tax is considered to have been distributed. The Company, at its discretion, may determine to carry forward taxable income or gain and pay a 4% excise tax on the amount by which it falls short of this calendar-year distribution requirement. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to stockholders. The Company will accrue excise tax on estimated undistributed taxable income and capital gains as required on an annual basis.

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Distributions

Distributions to common stockholders are recorded on the record date. The amount of taxable income to be paid out as a distribution is determined by the Board each quarter and is generally based upon the earnings estimated by management. Capital gains, if any, are distributed at least annually, although the Company may decide to retain all or some of those capital gains for investment and pay U.S. federal income tax at corporate rates on those retained amounts. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to stockholders.

Note 3. Investments

The Company provides debt, including loans and equipment financings, to growth-stage companies, including venture capital-backed companies and companies with institutional equity investors, primarily in the United States. The Company’s investment strategy includes making investments consisting primarily of term loans and equipment financings, and, to a lesser extent, working capital loans, equity, and equity-related investments. In addition, the Company may obtain warrants or contingent exit fees at funding from many of its portfolio companies.

Debt Securities

The Company’s debt securities primarily consist of direct investments in interest-bearing secured loans and equipment financings to privately held companies based in the United States (collectively "Debt"). Secured loans are generally secured by a blanket first lien or a blanket second lien on the assets of the portfolio company. Equipment financings typically include a specific asset lien on mission-critical assets as well as a second lien on the assets of the portfolio company. These debt securities typically have a term of between three and five years from the original investment date. Certain of the debt securities are “covenant-lite” loans, which generally are loans that do not have a complete set of financial maintenance covenants and have covenants that are incurrence-based, meaning they are only tested and can only be breached following an affirmative action of the borrower rather than by a deterioration in the borrower’s financial condition. The equipment financings in the investment portfolio generally have fixed interest rates. The secured loans in the investment portfolio generally have floating interest rates subject to interest rate floors. Both equipment financings and secured loans generally include an EOT payment.

The specific terms of each debt security vary depending on the creditworthiness of the portfolio company and the projected value of the financed assets. Companies with stronger creditworthiness may receive an initial period of lower financing factor, which is analogous to an interest-only period on a traditional term loan. Equipment financings may include upfront interim payments and security deposits. Equipment financing arrangements have various structural protections, including customary default penalties, information and reporting rights, material adverse change or investor abandonment provisions, consent rights for any additions or changes to senior debt, and, as needed, intercreditor agreements with cross-default provisions to protect the Company’s second lien positions.

Warrant Investments

In connection with the Company’s debt investments, the Company may receive warrants in the portfolio company. Warrants received in connection with a debt investment typically include a potentially discounted contract price to exercise, and thus, as a portfolio company appreciates in value, the Company may achieve additional investment return from this equity interest. The warrants typically contain provisions that protect the Company as a minority-interest holder, as well as secured or unsecured put rights, or rights to sell such securities back to the portfolio company, upon the occurrence of specified events. In certain cases, the Company may also obtain follow-up rights in connection with these equity interests, which allow the Company to participate in future financing rounds.

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Equity Investments

In specific circumstances, the Company may seek to make direct equity investments in situations where it is appropriate to align the interests of the Company with key management and stockholders of the portfolio company, and to allow for participation in the appreciation in the equity values of the portfolio company. These equity investments are generally made in connection with debt investments. The Company seeks to maintain fully diluted equity positions in its portfolio companies of 5% to 50% and may have controlling equity interests in some instances.

Portfolio Composition

The Company’s portfolio investments are in companies conducting business in a variety of industries. The following table summarizes the composition of the Company’s portfolio investments by industry at cost and fair value and as a percentage of the total portfolio as of March 31, 2023 and December 31, 2022 (dollars in thousands):

	March 31, 2023										December 31, 2022
	Cost					Fair Value					Cost					Fair Value
Industry	Amount		%			Amount		%			Amount		%			Amount		%
Green Technology	$	142,302		12.3	%	$	151,712		14.0	%	$	142,931		12.3	%	$	152,117		14.0	%
Finance and Insurance		124,793		10.9	%		124,984		11.5	%		113,645		9.9	%		114,131		10.4	%
Food and Agriculture Technologies		100,012		8.7	%		99,610		9.1	%		101,279		8.8	%		101,947		9.3	%
Real Estate Technology		102,480		8.9	%		96,374		8.8	%		102,171		8.9	%		95,871		8.8	%
Life Sciences		79,464		6.9	%		79,608		7.3	%		71,664		6.2	%		71,457		6.5	%
Consumer Products & Services		72,387		6.3	%		72,034		6.6	%		71,811		6.2	%		70,129		6.4	%
Space Technology		70,644		6.2	%		70,853		6.5	%		71,476		6.2	%		71,607		6.5	%
Healthcare		87,198		7.6	%		56,119		5.1	%		88,421		7.7	%		58,098		5.3	%
Marketing, Media, and Entertainment		48,950		4.3	%		48,341		4.4	%		61,013		5.3	%		60,443		5.5	%
Digital Assets Technology and Services		57,040		5.0	%		46,937		4.3	%		60,704		5.3	%		44,842		4.1	%
Automation & Internet of Things		45,440		4.0	%		45,170		4.1	%		54,178		4.7	%		54,795		5.0	%
Human Resource Technology		40,830		3.6	%		41,704		3.8	%		40,678		3.5	%		41,226		3.8	%
Connectivity		36,272		3.2	%		33,164		3.0	%		36,099		3.1	%		33,680		3.1	%
Transportation Technology		32,104		2.8	%		30,809		2.8	%		31,338		2.7	%		29,874		2.7	%
SaaS		28,103		2.4	%		28,017		2.6	%		29,302		2.5	%		29,342		2.7	%
Industrials		22,321		1.9	%		21,430		2.0	%		24,296		2.1	%		23,363		2.1	%
Construction Technology		22,341		1.9	%		17,647		1.6	%		23,731		2.1	%		19,609		1.8	%
Education Technology		18,959		1.7	%		14,358		1.3	%		18,962		1.6	%		14,334		1.3	%
Supply Chain Technology		10,385		0.9	%		7,476		0.7	%		9,885		0.9	%		7,521		0.7	%
Multi-Sector Holdings(1)		5,184		0.5	%		5,184		0.5	%		—		—			—		—
Total	$	1,147,209		100.0	%	$	1,091,531		100.0	%	$	1,153,584		100.0	%	$	1,094,386		100.0	%

(1) i40, LLC is a joint venture between the Company and the JV Partner. This entity invests in secured loans and equipment financings to growth-stage companies that have been originated by the Company. The portfolio companies held by i40, LLC represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See Note 1 for further discussion.

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The geographic composition is determined by the location of the corporate headquarters of the portfolio company. The following table summarizes the composition of the Company’s portfolio investments by geographic region of the United States and other countries at cost and fair value and as a percentage of the total portfolio as of March 31, 2023 and December 31, 2022 (dollars in thousands):

	March 31, 2023										December 31, 2022
	Cost					Fair Value					Cost					Fair Value
Geographic Region	Amount		%			Amount		%			Amount		%			Amount		%
United States:
West	$	432,235		37.6	%	$	425,110		39.0	%	$	454,226		39.3	%	$	441,602		40.3	%
Northeast		332,098		28.9	%		321,891		29.5	%		321,980		27.9	%		310,322		28.4	%
Mountain		137,569		12.0	%		134,221		12.3	%		122,862		10.7	%		122,139		11.2	%
South		103,246		9.0	%		80,214		7.3	%		103,244		8.9	%		79,018		7.2	%
Midwest		54,799		4.8	%		45,945		4.2	%		58,284		5.1	%		50,636		4.6	%
Southeast		10,153		0.9	%		9,937		0.9	%		11,290		1.0	%		11,144		1.0	%
i40, LLC(1)		5,184		0.5	%		5,184		0.5	%		—		0.0	%		—		0.0	%
International:
Canada		44,194		3.9	%		41,474		3.8	%		52,406		4.5	%		50,289		4.6	%
Western Europe		27,731		2.4	%		27,555		2.5	%		29,292		2.6	%		29,236		2.7	%
Total	$	1,147,209		100.0	%	$	1,091,531		100.0	%	$	1,153,584		100.0	%	$	1,094,386		100.0	%

(1) i40, LLC is a joint venture between the Company and the JV Partner. This entity invests in secured loans and equipment financings to growth-stage companies that have been originated by the Company. The portfolio companies held by i40, LLC represent a diverse set of geographical classifications, which are similar to those in which the Company invests directly. See Note 1 for further discussion.

The following table summarizes the composition of the Company’s portfolio investments by investment type at cost and fair value and as a percentage of the total portfolio as of March 31, 2023 and December 31, 2022 (dollars in thousands):

	March 31, 2023										December 31, 2022
	Cost					Fair Value					Cost					Fair Value
Investment	Amount		%			Amount		%			Amount		%			Amount		%
Secured Loans	$	829,914		72.3	%	$	808,002		74.0	%	$	827,377		71.7	%	$	802,851		73.3	%
Equipment Financing		253,669		22.1	%		239,096		21.9	%		266,139		23.1	%		245,978		22.5	%
Warrants		21,256		1.9	%		26,963		2.5	%		21,282		1.8	%		31,724		2.9	%
Equity		42,370		3.7	%		17,470		1.6	%		38,786		3.4	%		13,833		1.3	%
Total	$	1,147,209		100.0	%	$	1,091,531		100.0	%	$	1,153,584		100.0	%	$	1,094,386		100.0	%

Certain Risk Factors

In the ordinary course of business, the Company manages a variety of risks, including market risk, credit risk and liquidity risk. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.

The Company’s investments are generally comprised of securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at

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desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

The Company’s investments consist of growth-stage companies, many of which have relatively limited operating histories and may experience variation in operating results. Many of these companies conduct business in regulated industries and could be affected by changes in government regulations. Most of the Company’s borrowers will need additional capital to satisfy their continuing working capital needs and other requirements, and in many instances, to service the interest and principal payments on the debt.

Note 4. Fair Value of Financial Instruments

ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value, and provides disclosure requirements for fair value measurements. The Company accounts for its investments at fair value in accordance with ASC 820. As of March 31, 2023 and December 31, 2022, the Company’s portfolio investments consisted primarily of investments in secured loans and equipment financings. The fair value amounts have been measured as of the reporting date and have not been reevaluated or updated for purposes of these financial statements subsequent to that date. As such, the fair values of these financial instruments subsequent to the reporting date may be different than amounts reported.

In accordance with ASC 820, the Company has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3). See “Note 2 - Summary of Significant Accounting Policies.”

As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, unrealized appreciation and depreciation related to such investments categorized within the Level 3 tables below may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

The fair value determination of each portfolio investment categorized as Level 3 requires one or more of the following unobservable inputs:

•Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;

•Current and projected financial condition of the portfolio company;

•Current and projected ability of the portfolio company to service its debt obligations;

•Type and amount of collateral, if any, underlying the investment;

•Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;

•Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);

•Pending debt or capital restructuring of the portfolio company;

•Projected operating results of the portfolio company;

•Current information regarding any offers to purchase the investment;

•Current ability of the portfolio company to raise any additional financing as needed;

•Changes in the economic environment, which may have a material impact on the operating results of the portfolio company;

•Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;

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•Qualitative assessment of key management;

•Contractual rights, obligations or restrictions associated with the investment; and

•Time to exit.

The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of the Company’s investments, are (i) earnings before interest, tax, depreciation, and amortization (“EBITDA”) and revenue multiples (both projected and historic), and (ii) volatility assumptions. Significant increases (decreases) in EBITDA and revenue multiple inputs in isolation would result in a significantly higher (lower) fair value measurement. Similarly, significant increases (decreases) in volatility inputs in isolation would result in a significantly higher (lower) fair value assessment. Conversely, significant increases (decreases) in weighted average cost of capital inputs in isolation would result in a significantly lower (higher) fair value measurement. However, due to the nature of certain investments, fair value measurements may be based on other criteria, such as third-party appraisals of collateral and fair values as determined by independent third parties, which are not presented in the tables below.

The Company’s assets measured at fair value by investment type on a recurring basis as of March 31, 2023 were as follows (in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs		Measured at
Assets	(Level 1)		(Level 2)		(Level 3)		Net Asset Value(1)		Total
Secured Loans	$	—	$	—	$	808,002	$	—	$	808,002
Equipment Financings		—		—		239,096		—		239,096
Warrants		—		994		25,969		—		26,963
Equity		461		—		15,454		1,555		17,470
Total Investments at fair value		461		994		1,088,521		1,555		1,091,531
Escrow Receivable (2)		—		—		2,441		—		2,441
Cash and cash equivalents		8,344		—		—		—		8,344
Total	$	8,805	$	994	$	1,090,962	$	1,555	$	1,102,316

(1)In accordance with ASC Subtopic 820-10, Fair Value Measurements and Disclosures, or ASC 820-10, the Company's equity investment in i40, LLC is measured using the net asset value per share (or its equivalent) as a practical expedient for fair value, and thus has not been classified in the fair value hierarchy.

(2)Escrow receivable is included in other assets on the Consolidated Statements of Assets and Liabilities.

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The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2022 were as follows (in thousands):

	Fair Value Measurements at Reporting Date Using
	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
Assets	(Level 1)		(Level 2)		(Level 3)		Total
Secured Loans	$	—	$	—	$	802,851	$	802,851
Equipment Financings		—		—		245,978		245,978
Warrants		—		735		30,989		31,724
Equity		588		—		13,245		13,833
Total Investments at fair value		588		735		1,093,063		1,094,386
Escrow Receivable (1)		—		—		2,441		2,441
Cash and cash equivalents		10,612		—		—		10,612
Total	$	11,200	$	735	$	1,095,504	$	1,107,439

(1)Escrow receivable is included in other assets on the Consolidated Statements of Assets and Liabilities.

The methodology for determining the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The significant unobservable input used in the fair value measurement of the Company’s escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable. The following table provides a summary of the significant unobservable inputs used to measure the fair value of the Level 3 portfolio investments as of March 31, 2023.

	Fair Value as of
	March 31, 2023		Valuation Techniques/	Unobservable		Weighted
Investment Type	(in thousands)		Methodologies	Inputs (1)	Range	Average (2)
Debt investments	$	929,280	Discounted Cash Flows	Hypothetical Market Yield	13.2% - 29.7%		17.9	%
		93,891	Originated within the past three months	Origination Market Yield	8.5% - 16.4%		13.2	%
		23,927	Scenario Analysis	Probability Weighting of Alternative Outcomes	5.0% - 100.0%	n/a
Equity investments		15,454	Market Approach	Revenue Multiple Only (3)	1.0x- 7.0x		1.9	x
				Revenue Multiple (3)	0.4x - 4.3x		1.2	x
				Volatility (5)	40.9% - 87.3%		65.4	%
				Risk-Free Interest Rate	1.5% - 4.1%		3.5	%
				Estimated Time to Exit (in years)	0.2 - 4.5		2.7
Warrants		25,701	Market Approach	Revenue Multiple Only (3)	0.3x - 4.9x		3.5	x
				Revenue Multiple (3)	0.3x - 8.0x		1.8	x
				Company Specific Adjustment (4)	n/a	28.7%
				Volatility (5)	33.3% - 105.2%		61.2	%
				Risk-Free Interest Rate	0.5% - 4.0%		2.8	%
				Estimated Time to Exit (in years)	0.1 - 5.0		2.3
		268	Black-Scholes Option Pricing Model	Volatility (5)	n/a	65.4		%
				Discount for Lack of Marketability (6)	n/a	n/a
				Risk-Free Interest Rate	n/a	3.8		%
				Estimated Time to Exit (in years)	n/a	1.5
Total Level 3 Investments	$	1,088,521

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(1)The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The significant unobservable inputs used in the fair value measurement of the Company’s equity and warrant securities are revenue multiples and portfolio company specific adjustment factors. Additional inputs used in the option pricing model (“OPM”) include industry volatility, risk free interest rate and estimated time to exit. Significant increases (decreases) in the inputs in isolation would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger or acquisition events near the measurement date.

(2)Weighted averages are calculated based on the fair value of each investment.

(3)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.

(4)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.

(5)Represents the range of industry volatility used by market participants when pricing the investment.

(6)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.

The following table provides a summary of the significant unobservable inputs used to fair value the Level 3 portfolio investments as of December 31, 2022.

	Fair Value as of
	December 31, 2022		Valuation Techniques/	Unobservable		Weighted
Investment Type	(in thousands)		Methodologies	Inputs (1)	Range	Average (2)
Debt investments	$	872,022	Discounted Cash Flows	Hypothetical Market Yield	11.7% - 28.5%		17.4	%
		156,281	Originated within the past three months	Origination Market Yield	9.0% - 15.5%		13.2	%
		2,688	Transactions Precedent(6)	Transaction Price	n/a	n/a
		17,838	Scenario Analysis	Probability Weighting of Alternative Outcomes	5.0% - 80.0%	n/a
Equity investments		12,651	Market Approach	Revenue Multiple Only(3)	0.9x - 8.0x		2.0	x
				Revenue Multiple(3)	0.4x - 5.9x		1.2	x
				Volatility(5)	45.1% - 102.2%		66.8	%
				Risk-Free Interest Rate	2.9% - 4.2%		3.2	%
				Estimated Time to Exit (in years)	1.9 - 4.8		3.0
								%
		594	Other⁽⁷⁾	Probability Weighting of Alternative Outcomes	20.0% - 80.0%	n/a
Warrants		30,442	Market Approach	Revenue Multiple Only(3)	0.4x - 3.2x		2.2
				Revenue Multiple(3)	0.2x - 8.5x		1.8
				Company Specific Adjustment(4)	18.7% - 30.0%		28.3	x
				Volatility(5)	33.3% - 98.0%		51.8	%
				Risk-Free Interest Rate	0.5% - 4.5%		2.7	%
				Estimated Time to Exit (in years)	0.1 - 5.0		2.3
		547	Black-Scholes Option Pricing Model	Volatility(5)	n/a		65.4	%
				Discount for Lack of Marketability(8)	n/a		24.6	%
				Risk-Free Interest Rate	n/a		4.1	%
				Estimated Time to Exit (in years)	n/a		3.7
Total Level 3 Investments	$	1,093,063

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(1)The significant unobservable inputs used in the fair value measurement of the Company’s debt securities are hypothetical market yields and premiums/(discounts). The hypothetical market yield is defined as the exit price of an investment in a hypothetical market to hypothetical market participants where buyers and sellers are willing participants. The significant unobservable inputs used in the fair value measurement of the Company’s equity and warrant securities are revenue multiples and portfolio company specific adjustment factors. Additional inputs used in the OPM include industry volatility, risk free interest rate and estimated time to exit. Significant increases (decreases) in the inputs in isolation would result in a significantly higher (lower) fair value measurement, depending on the materiality of the investment. For some investments, additional consideration may be given to data from the last round of financing or merger or acquisition events near the measurement date.

(2)Weighted averages are calculated based on the fair value of each investment.

(3)Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.

(4)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.

(5)Represents the range of industry volatility used by market participants when pricing the investment.

(6)Represents investments where there is an observable transaction or pending event for the investment.

(7)The fair value of these investments is derived based on recent private market or merger or acquisition transaction prices.

(8)Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.

The following table provides a summary of changes in the fair value of the Company’s Level 3 debt, including loans and equipment financings (collectively “Debt”), equity, warrant and escrow receivable portfolio investments for the three months ended March 31, 2023 (in thousands):

	Debt			Equity		Warrants			Escrow Receivable		Total
Fair Value as of December 31, 2022	$	1,048,829		$	13,245	$	30,989		$	2,441	$	1,095,504
Purchases, net of deferred fees		66,854			1,500		156			—		68,510
Non-cash conversion (1)		(500	)		521		—			—		21
Transfers into/(out of) Level 3 (2)		—			—		—			—		—
Proceeds from sales and paydowns		(82,674	)		—		(121	)		—		(82,795	)
Accretion of OID, EOT, and PIK payments		6,684			—		—			—		6,684
Net realized gain/(loss)		(296	)		—		(69	)		—		(365	)
Change in unrealized appreciation/(depreciation)		8,201			188		(4,986	)		—		3,403
Fair Value as of March 31, 2023	$	1,047,098		$	15,454	$	25,969		$	2,441	$	1,090,962
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of March 31, 2023	$	7,954		$	188	$	(5,056	)	$	—	$	3,086

(1)The non-cash conversion includes non-cash restructuring of a convertible note position to preferred equity during the period.

(2)During the three months ended March 31, 2023, there were no transfers into or out of Level 3.

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The following table provides a summary of changes in the fair value of the Company’s Level 3 debt, including loans and equipment financings (collectively “Debt”), equity, and warrant portfolio investments for the year ended December 31, 2022 (in thousands):

	Type of Investment
	Debt			Equity			Warrants			Escrow Receivable			Total
Fair Value as of December 31, 2021	$	735,968		$	21,788		$	36,753		$	4,152		$	798,661
Purchases, net of deferred fees		612,294			4,800			9,117						626,211
Non-cash conversion (1)		—			537			(7,225	)		—			(6,688	)
Transfers into/(out of) of Level 3 (2)		—			—			(1,061	)		—			(1,061	)
Proceeds from sales and paydowns		(273,787	)		(663	)		(981	)		(1,711	)		(277,142	)
Accretion of OID and EOT payments		32,220			—			—			—			32,220
Net realized gain/(loss)		(18,135	)		(676	)		(557	)		—			(19,368	)
Change in unrealized appreciation/(depreciation)		(39,731	)		(12,541	)		(5,057	)		—			(57,329	)
Fair Value as of December 31, 2022	$	1,048,829		$	13,245		$	30,989		$	2,441		$	1,095,504
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31, 2022	$	(47,150	)	$	(13,879	)	$	(5,649	)	$	—		$	(66,678	)

(1)The non-cash conversion includes the non-cash exercise of warrant investments.

(2)Transfers out of Level 3 during the year ended December 31, 2022 primarily relate to the exercise of warrants held in four portfolio companies to equity investments during the period, and the corresponding company’s public offering transaction.

Fair Value of Financial Instruments Carried at Cost

As of March 31, 2023 and December 31, 2022, the carrying value of the KeyBank Credit Facility was approximately $183.5 million and $187.5 million, respectively. The carrying value of the KeyBank Credit Facility as of March 31, 2023 and December 31, 2022 approximates the fair value, which was estimated using a market yield approach with Level 3 inputs.

As of March 31, 2023 and December 31, 2022, the carrying value of the 7.00% Notes due 2025 (the “2025 Notes”) was approximately $179.0 million and $178.6 million, respectively, net of unamortized deferred financing costs of $3.5 million and $3.9 million, respectively. The 2025 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the 2025 Notes as of March 31, 2023 and December 31, 2022 was approximately $184.3 million and $183.2 million, respectively, based on the market closing price of these notes, which trade on the Nasdaq Global Select Market under the symbol “TRINL”.

As of March 31, 2023 and December 31, 2022, the carrying value of the Convertible Notes was approximately $48.3 million and $48.1 million, respectively, net of unamortized deferred financing costs and discount of $1.7 million and $1.9 million, respectively. The Convertible Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company’s Convertible Notes as of March 31, 2023 and December 31, 2022 was approximately $47.0 million and $40.7 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

As of March 31, 2023 and December 31, 2022, the carrying value of the Company’s 4.375% Notes due 2026 (the “August 2026 Notes”) was approximately $123.0 million and $122.9 million, respectively, net of unamortized deferred financing costs and discount of $2.0 million and $2.1 million, respectively. The August 2026 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company’s August 2026 Notes as of March 31, 2023, and December 31, 2022, was approximately $108.0 million and $99.2 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

As of March 31, 2023, and December 31, 2022, the carrying value of the Company’s 4.25% Notes due 2026 (the “December 2026 Notes”) was approximately $73.6 million, and $73.5 million, respectively, net of unamortized

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deferred financing fees of $1.4 million and $1.5 million, respectively. The December 2026 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company’s December 2026 Notes as of March 31, 2023 and December 31, 2022 was approximately was approximately $65.1 million and $59.6 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

Note 5. Borrowings

KeyBank Credit Facility

On October 27, 2021, TCF, a wholly owned subsidiary of the Company, as borrower, and the Company, as servicer, entered into a credit agreement (as amended, the “KeyBank Credit Agreement”) with the lenders from time-to-time party thereto, KeyBank, as administrative agent and syndication agent, and Wells Fargo, National Association, as collateral custodian and paying agent.

The KeyBank Credit Facility includes a commitment of $350.0 million from KeyBank and other banks and allows the Company, through TCF, to borrow up to $400.0 million. Borrowings under the KeyBank Credit Agreement bear interest at a rate equal to the Adjusted Term SOFR plus 2.85%, subject to the number of eligible loans in the collateral pool. The KeyBank Credit Facility provides for a variable advance rate of up to 60% on eligible term loans and up to 64% on eligible equipment finance loans.

The KeyBank Credit Facility includes a three-year revolving period and a two-year amortization period and matures on October 27, 2026, unless extended. Such credit facility is collateralized by all investment assets held by TCF. The KeyBank Credit Agreement contains representations and warranties and affirmative and negative covenants customary for secured financings of this type, including certain financial covenants such as a consolidated tangible net worth requirement and a required asset coverage ratio.

The KeyBank Credit Agreement also contains customary events of default (subject to certain grace periods, as applicable), including but not limited to the nonpayment of principal, interest or fees; breach of covenants; inaccuracy of representations or warranties in any material respect; voluntary or involuntary bankruptcy proceedings; and change of control of the borrower without the prior written consent of KeyBank.

During the three months ended March 31, 2023, the Company borrowed $54.0 million and made repayments of $58.0 million under the KeyBank Credit Facility. The Company incurred approximately $3.6 million of financing costs in connection with the KeyBank Credit Facility that were capitalized and deferred using the straight-line method over the life of the facility. As of March 31, 2023, and December 31, 2022, unamortized deferred financing costs related to the KeyBank Credit Facility were $2.7 million and $2.9 million, respectively. As of March 31, 2023 and December 31, 2022, the Company had a borrowing availability of approximately $166.5 million and $162.5 million, respectively.

The summary information regarding the KeyBank Credit Facility is as follows (dollars in thousands):

		Three Months Ended				Three Months Ended
	March 31, 2023				March 31, 2022
Stated interest expense	$		3,868		$		851
Amortization of deferred financing costs			204				120
Total interest and amortization of deferred financing costs	$		4,072		$		971
Weighted average effective interest rate			8.3	%			4.7	%
Weighted average outstanding balance	$		197,111		$		81,900

2025 Notes

Concurrent with the completion of the Private Common Stock Offering, on January 16, 2020, the Company completed its offering of $105.0 million in aggregate principal amount of the unsecured 2025 Notes in reliance upon

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the available exemptions from the registration requirements of the Securities Act, the “144A Note Offering”. Keefe, Bruyette & Woods, Inc. (“KBW”), as the initial purchaser, exercised in full its option to purchase or place additional 2025 Notes and on January 29, 2020, the Company issued and sold an additional $20.0 million in aggregate principal amount of the 2025 Notes. As a result, the Company issued and sold a total of $125.0 million in aggregate principal amount of the 2025 Notes pursuant to the 144A Note Offering.

Concurrent with the closing of the 144A Note Offering, on January 16, 2020, the Company entered into a registration rights agreement for the benefit of the purchasers of the 2025 Notes in the 144A Note Offering. Pursuant to the terms of this registration rights agreement, the Company filed with the SEC a registration statement, which was initially declared effective on October 20, 2020, registering the public resale of the 2025 Notes by the holders thereof that elected to include their 2025 Notes in such registration statement.

The 2025 Notes were issued pursuant to an Indenture dated as of January 16, 2020 (the “Base Indenture”), between the Company and U.S. Bank National Association, as trustee (together with its successor in interest, U.S. Bank Trust Company, National Association, the “Trustee”), and a First Supplemental Indenture, dated as of January 16, 2020 (the “First Supplemental Indenture” and together with the Base Indenture, the “2025 Notes Indenture”), between the Company and the Trustee. The 2025 Notes mature on January 16, 2025 (the “Maturity Date”), unless repurchased or redeemed in accordance with their terms prior to such date. The 2025 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company’s option, on or after January 16, 2023 at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of redemption. The holders of the 2025 Notes do not have the option to have the notes repaid or repurchased by the Company prior to the Maturity Date.

On July 22, 2022, the Company issued $50.0 million in aggregate principal amount of the 2025 Notes in an additional issuance of such 2025 Notes. On July 27, 2022, the underwriters exercised, in full, their option to purchase from the Company an additional $7.5 million in aggregate principal amount of the 2025 Notes solely to cover over-allotments in accordance with the Underwriting Agreement. The 2025 Notes issued pursuant to this offering are treated as a single series with the existing 2025 Notes under the 2025 Notes Indenture (the “Existing 2025 Notes”) and have the same terms as the Existing 2025 Notes (other than issue date and issue price). The 2025 Notes have the same CUSIP number and are fungible and rank equally. Following this additional issuance of the 2025 Notes, the outstanding aggregate principal amount of the 2025 Notes is $182.5 million.

In connection with the additional issuance of the 2025 Notes, the 2025 Notes began trading on the Nasdaq Global Select Market under the symbol “TRINL” on July 29, 2022.

The 2025 Notes bear interest at a fixed rate of 7.00% per year payable quarterly on March 15, June 15, September 15, and December 15 of each year, commencing on March 15, 2020. The 2025 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated.

Aggregate offering costs in connection with the 2025 Notes issuance, including the underwriters' discount and commissions, were approximately $7.8 million, which were capitalized and deferred. As of March 31, 2023 and December 31, 2022, unamortized deferred financing costs related to the 2025 Notes were $3.5 million and $3.9 million, respectively.

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The components of interest expense and related fees for the 2025 Notes are as follows (in thousands):

	Three Months Ended			Three Months Ended
	March 31, 2023			March 31, 2022
Stated interest expense	$	3,194		$	2,188
Amortization of deferred financing costs		504			298
Total interest and amortization of deferred financing costs	$	3,698		$	2,486
Weighted average effective interest rate		8.1	%		8.0	%
Weighted average outstanding balance	$	182,500		$	125,000

August 2026 Notes

On August 24, 2021, the Company issued and sold $125.0 million in aggregate principal amount of its unsecured August 2026 Notes under its shelf Registration Statement on Form N-2. The August 2026 Notes were issued pursuant to the Base Indenture and a Third Supplemental Indenture, dated as of August 24, 2021 (together with the Base Indenture, the “August 2026 Notes Indenture”), between the Company and the Trustee. The August 2026 Notes mature on August 24, 2026, unless repurchased or redeemed in accordance with their terms prior to such date. The August 2026 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company’s option, at a redemption price equal to the greater of (1) 100% of the principal amount of the August 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the August 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable treasury rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any August 2026 Notes on or after July 24, 2026, the redemption price for the August 2026 Notes will be equal to 100% of the principal amount of the August 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, if a change of control repurchase event (as defined in the August 2026 Notes Indenture) occurs prior to the maturity date of the August 2026 Notes or the Company’s redemption of all outstanding August 2026 Notes, the Company will be required, subject to certain conditions, to make an offer to the holders thereof to repurchase for cash some or all of the August 2026 Notes at a repurchase price equal to 100% of the principal amount of the August 2026 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

The August 2026 Notes bear interest at a fixed rate of 4.375% per year payable semiannually on February 15 and August 15 of each year, commencing on February 15, 2022. The August 2026 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated.

Aggregate offering costs in connection with the August 2026 Notes issuance, including the underwriter’s discount and commissions, were approximately $2.9 million, which were capitalized and deferred. As of March 31, 2023 and December 31, 2022, unamortized deferred financing costs related to the August 2026 Notes were $2.0 million and $2.1 million, respectively.

The components of interest expense and related fees for the 2026 Notes are as follows (in thousands):

	Three Months Ended			Three Months Ended
	March 31, 2023			March 31, 2022
Stated interest expense	$	1,367		$	1,352
Amortization of deferred financing costs		144			144
Total interest and amortization of deferred financing costs	$	1,511		$	1,496
Weighted average effective interest rate		4.8	%		4.8	%

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December 2026 Notes

On December 15, 2021, the Company issued and sold $75.0 million in aggregate principal amount of its unsecured December 2026 Notes under its shelf Registration Statement on Form N-2. The December 2026 Notes were issued pursuant to the Base Indenture and a Fourth Supplemental Indenture, dated as of December 15, 2021 (together with the Base Indenture, the “December 2026 Notes Indenture”), between the Company and the Trustee. The December 2026 Notes mature on December 15, 2026, unless repurchased or redeemed in accordance with their terms prior to such date. The December 2026 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company’s option, at a redemption price equal to the greater of (1) 100% of the principal amount of the December 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the December 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable treasury rate plus 50 basis points, plus, in each case, accrued and unpaid interest to the redemption date; provided, however, that if the Company redeems any December 2026 Notes on or after November 15, 2026, the redemption price for the December 2026 Notes will be equal to 100% of the principal amount of the December 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. In addition, if a change of control repurchase event (as defined in the December 2026 Notes Indenture) occurs prior to the maturity date of the December 2026 Notes or the Company’s redemption of all outstanding December 2026 Notes, the Company will be required, subject to certain conditions, to make an offer to the holders thereof to repurchase for cash some or all of the December 2026 Notes at a repurchase price equal to 100% of the principal amount of the December 2026 Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

The December 2026 Notes bear interest at a fixed rate of 4.25% per year payable semiannually on June 15 and December 15 of each year, commencing on June 15, 2022. The December 2026 Notes are direct, general unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated.

Aggregate offering costs in connection with the December 2026 Notes issuance, including the underwriter’s discount and commissions, were approximately $1.9 million, which were capitalized and deferred. As of March 31, 2023 and December 31, 2022, unamortized deferred financing costs related to the December 2026 Notes were $1.4 million and $1.5 million, respectively.

The components of interest expense and related fees for the December 2026 Notes are as follows (in thousands):

	Three Months Ended				Three Months Ended
	March 31, 2023				March 31, 2022
Stated interest expense	$	797		$		797
Amortization of deferred financing costs		93				93
Total interest and amortization of deferred financing costs	$	890		$		890
Weighted average effective interest rate		4.7	%			4.7	%

6.00% Convertible Notes due 2025

On December 11, 2020, the Company completed a private offering (the “Private Convertible Note Offering”) of $50.0 million in aggregate principal amount of its unsecured Convertible Notes in reliance upon the available exemptions from the registration requirements of the Securities Act. KBW acted as the initial purchaser and placement agent in connection with the Private Convertible Note Offering pursuant to a purchase/placement agreement dated December 4, 2020, by and between the Company and KBW.

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The Convertible Notes were issued pursuant to the Base Indenture and a Second Supplemental Indenture, dated as of December 11, 2020 (the “Second Supplemental Indenture” and together with the Base Indenture, the “Convertible Notes Indenture”), between the Company and the Trustee. Concurrent with the closing of the Convertible Note Offering, on December 11, 2020, the Company entered into a registration rights agreement for the benefit of the holders of the Convertible Notes and the shares of common stock issuable upon conversion thereof. Aggregate offering costs in connection with the Convertible Note Offering, including the initial purchaser and placement agent discount and commissions, were approximately $1.9 million, which were capitalized and deferred.

The Convertible Notes bear interest at a fixed rate of 6.00% per year, subject to additional interest upon certain events, payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2021. If an investment grade rating is not maintained with respect to the Convertible Notes, additional interest of 0.75% per annum will accrue on the Convertible Notes until such time as the Convertible Notes have received an investment grade rating of “BBB-” (or its equivalent) or better. The rating remained at investment grade as of March 31, 2023. The Convertible Notes mature on December 11, 2025 (the “Convertible Notes Maturity Date”), unless earlier converted or repurchased in accordance with their terms.

Holders may convert their Convertible Notes, at their option, at any time on or prior to the close of business on the business day immediately preceding the Convertible Notes Maturity Date. The conversion rate was initially 66.6667 shares of the Company’s common stock, per $1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of approximately $15.00 per share of common stock). Effective immediately after the close of business on March 31, 2023, the conversion rate changed to 73.3359 shares of the Company’s common stock, per $1,000 principal amount of the Convertible Notes (equivalent to a conversion price of approximately $13.64 per share of common stock) as a result of a certain cash dividend of the Company. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events, further described in the Convertible Note Indenture, that occur prior to the Convertible Notes Maturity Date, the Company will increase the conversion rate for a holder who elects to convert its Convertible Notes in connection with such a corporate event in certain circumstances. Upon conversion of the Convertible Notes, the Company will pay or deliver, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at the Company’s election, per $1,000 principal amount of the Convertible Notes, equal to the then existing conversion rate.

At the Company’s option, it may cause holders to convert all or a portion of the then outstanding principal amount of the Convertible Notes plus accrued but unpaid interest, at any time on or prior to the close of business on the business day immediately preceding the Convertible Notes Maturity Date, if the closing sale price of the Company’s common stock for any 30 consecutive trading days exceeds 120% of the conversion price, as may be adjusted. Upon such conversion, the Company will pay or deliver, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at the Company’s election, per $1,000 principal amount of the Convertible Notes, equal to the then existing conversion rate, and a forced conversion make-whole payment (as defined in the Second Supplemental Indenture), if any, in cash.

The Company may not redeem the Convertible Notes at its option prior to maturity. In addition, if the Company undergoes a fundamental change (as defined in the Second Supplemental Indenture), holders may require the Company to repurchase for cash all or part of such holders’ Convertible Notes at a repurchase price equal to 100% of the principal amount of the Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

The Convertible Notes are direct unsecured obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated, including, without limitation, the 2025 Notes, and senior in right of payment to all of the Company’s future indebtedness or other obligations that are expressly subordinated, or junior, in right of payment to the Convertible Notes.

The Convertible Notes are accounted for in accordance with ASC 470-20, Debt Instruments with Conversion and Other Options. In accounting for the Convertible Notes, the Company estimated at the time of issuance that the values of the debt and the embedded conversion feature of the Convertible Notes were approximately 99.1% and 0.9%, respectively. The original issue discount of 0.9%, or approximately $0.5 million, attributable to the

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conversion feature of the Convertible Notes was recorded in “capital in excess of par value” in the Consolidated Statements of Assets and Liabilities as of December 31, 2020.

In January 2021, the Company early adopted ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) (“ASU 2020-06”), under which the accounting for convertible instruments was simplified by removing the separate accounting for embedded conversion features. As such, approximately $0.5 million was reversed out of net assets and reduced the original issue discount for the Convertible Notes.

The components of the carrying value of the Convertible Notes were as follows (in thousands):

	March 31, 2023			March 31, 2022
Principal amount of debt	$	50,000		$	50,000
Unamortized debt financing cost		(1,015	)		(1,391	)
Original issue discount, net of accretion		(707	)		(970	)
Carrying value of Convertible Notes	$	48,278		$	47,639

The components of interest expense and related fees for the Convertible Notes were as follows (in thousands):

		Three Months Ended				Three Months Ended
	March 31, 2023				March 31, 2022
Stated interest expense	$		750		$		750
Amortization of deferred financing costs and original issue discount			160				160
Total interest and amortization of deferred financing costs and original issue discount	$		910		$		910
Weighted average effective interest rate			7.3	%			7.3	%

As of March 31, 2023 and December 31, 2022, the Company was in compliance with the terms of the KeyBank Credit Agreement, the 2025 Notes Indenture, the August 2026 Notes Indenture, the December 2026 Notes Indenture and the Convertible Notes Indenture.

Note 6. Commitments and Contingencies

Unfunded Commitments

The Company’s commitments and contingencies consist primarily of unused commitments to extend credit in the form of loans or equipment financings to the Company’s portfolio companies. A portion of these unfunded contractual commitments as of March 31, 2023 and December 31, 2022 are generally dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements contain customary lending provisions that allow the Company relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook of the Company. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments as of March 31, 2023 and December 31, 2022 includes only those commitments that are available at the request of the portfolio company and are unencumbered by milestones or additional lending provisions. As of March 31, 2023 and December 31, 2022, the Company only had unfunded commitments of $16.2 million and $21.4 million, respectively, which represented the Company's uncalled capital to i40, LLC.

The Company did not have any other off-balance sheet financings or liabilities as of March 31, 2023 or December 31, 2022. The Company will fund its unfunded commitments, if any, from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under its KeyBank Credit Facility) and maintains adequate liquidity to fund its unfunded commitments through these sources.

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In the normal course of business, the Company enters into contracts that provide a variety of representations and warranties, and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

Leases

ASU No. 2016‑02, Leases (Topic 842) (“ASU 2016‑02”) requires that a lessee evaluate its leases to determine whether they should be classified as operating or finance leases. The Company identified two significant operating leases for its headquarters in Phoenix, AZ and office space in San, Diego, CA. The lease for the Company's Phoenix, AZ (“PHX”) headquarters commenced on July 10, 2021, and expires on December 31, 2028. The PHX lease contains two five-year extension options which, if exercised, would result in a final expiration date of December 31, 2038. As of March 31, 2023, the remaining lease term for the PHX office was 5.8 years. The lease for the San Diego office commenced March 10, 2023, and expires on January 1, 2026. As of March 31, 2023, the remaining lease term for the San Diego office was 2.8 years.

The total lease expense incurred for the three months ended March 31, 2023 and 2022 was approximately $0.1 million for each period. As of March 31, 2023 and December 31, 2022, the right of use assets related to the office operating leases were $2.5 million and $2.1 million, respectively, and the lease liability were $2.7 million and $2.3 million, respectively. The discount rates determined at the commencement of the PHX and San Diego leases were 3.75% and 7.64%, respectively.

The following table shows future minimum payments under the Company’s operating leases as of March 31, 2023 (in thousands):

For the Years Ended December 31,	Total
2023	$	429
2024		575
2025		585
2026		412
2027		405
Thereafter		415
Total	$	2,821

Legal Proceedings

The Company may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. As of March 31, 2023, there are no material legal matters or material litigation pending of which the Company is aware.

Note 7. Stockholders' Equity

The Company authorized 200,000,000 shares of its common stock with a par value of $0.001 per share. On September 27, 2019, the Company was initially capitalized by the issuance of 10 shares of its common stock for an aggregate purchase price of $150 to its sole stockholder.

Private Common Stock Offerings

On January 16, 2020, the Company completed the Private Common Stock Offering in reliance upon the available exemptions from the registration requirements of the Securities Act. As a result, the Company issued and sold a total of 7,000,000 shares of its common stock for aggregate net proceeds of approximately $105.0 million. The related overallotment option was exercised in full on January 29, 2020, pursuant to which the Company issued

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and sold an additional 1,333,333 shares of its common stock for gross proceeds of approximately $20.0 million. As a result, the Company issued and sold a total of 8,333,333 shares of its common stock pursuant to the Private Common Stock Offering for aggregate net proceeds of approximately $114.4 million, net of offering costs of approximately $10.6 million.

Concurrent with the closing of the Private Common Stock Offering, on January 16, 2020, the Company entered into a registration rights agreement for the benefit of the purchasers of shares of its common stock in such offering and the certain of the investors in the Legacy Funds (the "Legacy Investors") that received shares of its common stock in connection with the Formation Transactions that were not the Company’s directors, officers and affiliates. Pursuant to the terms of this registration rights agreement, the Company no longer has any registration obligations with respect to such shares because (i) such shares may be sold by any such stockholder in a single transaction without registration pursuant to Rule 144 under the Securities Act, (ii) the Company has been subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, for a period of at least 90 days and is current in the filing of all such required reports and (iii) such shares have been listed for trading on the Nasdaq Global Select Market.

Formation Transactions

On January 16, 2020, immediately following the initial closings of the Private Common Stock Offering and the Private Convertible Note Offering (together, the “Private Offerings”), the Company used the proceeds from the Private Offerings to complete the Formation Transactions, pursuant to which the Company acquired the Legacy Funds and Trinity Capital Holdings. In consideration for the Legacy Funds, the Company issued 9,183,185 shares of common stock at $15.00 per share for a total value of approximately $137.7 million and paid approximately $108.7 million in cash to certain of the Legacy Investors. As consideration for all of the equity interests in Trinity Capital Holdings, the Company issued 533,332 shares of its common stock at $15.00 per share for a total value of approximately $8.0 million and paid approximately $2.0 million in cash.

Initial Public Offering

On February 2, 2021, the Company completed its initial public offering of 8,006,291 shares of common stock at a price of $14.00 per share, inclusive of the underwriters’ option to purchase additional shares, which was exercised in full. The Company’s common stock began trading on the Nasdaq Global Select Market on January 29, 2021, under the symbol “TRIN.” Proceeds from this offering were primarily used to pay down a portion of the Company's existing indebtedness outstanding under the Credit Suisse Credit Facility.

ATM Program

On November 9, 2021, the Company entered into an open market sale agreement with Jefferies LLC, as sales agent and/or principal thereunder, pursuant to which the Company can issue and sell, from time to time, up to $50.0 million in aggregate offering price of shares of its common stock by any method permitted by law and deemed to be part of an “at-the-market” offering (as defined in Rule 415 under the Securities Act) (the “ATM Program”). The Company generally uses net proceeds from the ATM Program to make investments in accordance with its investment objective and investment strategy and for general corporate purposes.

During the three months ended March 31, 2023, the Company issued and sold 302,980 shares of its common stock at a weighted-average price of $13.72 per share and raised $4.1 million of net proceeds after deducting commissions to the sales agent on shares sold under the ATM Program.

During the year ended December 31, 2022, the Company issued and sold 176,148 shares of its common stock at a weighted-average price of $16.56 per share and raised $2.9 million of net proceeds after deducting commissions to the sales agent on shares sold under the ATM Program.

Stock Repurchase Program

On November 14, 2022, the Company's Board authorized a program for the purpose of repurchasing up to $25.0 million worth of the Company's common stock (the "Repurchase Program"). Under the Repurchase Program,

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the Company may, but is not obligated to, repurchase its outstanding common stock in the open market from time to time, provided that the Company complies with the prohibitions under its Rule 38a-1 Compliance Manual and Rule 17j-1 Code of Ethics and the guidelines specified in Rule 10b-18 of the Securities Exchange Act of 1934, as amended, including certain price, market, volume, and timing constraints. In addition, any repurchases will be conducted in accordance with the 1940 Act, as amended. Unless amended or extended by the Company's Board, the Company expects the Repurchase Program to be in place until the earlier of November 11, 2023, or until $25.0 million of the Company's outstanding shares of common stock have been repurchased.

During the three months ended March 31, 2023, the Company repurchased 91,691 shares of its outstanding common stock at a weighted average price of $10.91. During the year ended December 31, 2022, the Company repurchased 185,722 shares of its outstanding common stock at a weighted average price of $10.77. All repurchased shares were immediately canceled and thus Trinity Capital holds no treasury stock. Under the Repurchase Program, as of March 31, 2023, the Company may, but is not obligated to, repurchase up to an additional $22.0 million of the Company's outstanding shares of common stock.

Equity Offerings

On April 7, 2022, the Company issued 2,754,840 shares of the Company’s common stock, par value $0.001 per share, at a public offering price of $18.15 per share, resulting in net proceeds to the Company of approximately $47.9 million, after deducting discounts and commissions and offering expenses. In addition, the underwriters exercised their option to purchase an additional 413,226 shares of common stock, resulting in additional net proceeds to the Company of $7.2 million, after deducting discounts, commissions and offering expenses.

On August 18, 2022, the Company issued 3,587,736 shares of the Company’s common stock, par value $0.001 per share, at a public offering price of $15.33 per share, resulting in net proceeds to the Company of approximately $53.3 million, after deducting discounts and commissions and offering expenses. In addition, the underwriters exercised their option in part to purchase an additional 132,168 shares of common stock, resulting in additional net proceeds to the Company of $2.0 million, after deducting discounts, commissions and offering expenses.

Distribution Reinvestment Plan

The Company’s amended and restated distribution reinvestment plan (“DRIP”) provides for the reinvestment of distributions in the form of common stock on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if the Company declares a cash distribution, its stockholders who have not “opted out” of the DRIP by the opt out date will have their cash distribution automatically reinvested into additional shares of the Company’s common stock. The share requirements of the DRIP may be satisfied through the issuance of common shares or through open market purchases of common shares by the DRIP plan administrator. Newly issued shares will be valued based upon the final closing price of the Company’s common stock on the valuation date determined for each distribution by the Board.

The Company’s DRIP is administered by its transfer agent on behalf of the Company’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the Company’s DRIP but may provide a similar distribution reinvestment plan for their clients. During the three months ended March 31, 2023, the Company issued 54,185 shares of common stock for a total of approximately $0.7 million under the DRIP. During the year ended December 31, 2022, the Company issued 187,923 shares of common stock for a total of approximately $3.0 million under the DRIP.

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Distributions

The following table summarizes distributions declared and/or paid by the Company since inception:

Declaration Date	Type	Record Date	Payment Date	Per Share Amount
May 7, 2020	Quarterly	May 29, 2020	June 5, 2020	$	0.22
August 10, 2020	Quarterly	August 21, 2020	September 4, 2020		0.27
November 9, 2020	Quarterly	November 20, 2020	December 4, 2020		0.27
December 22, 2020	Quarterly	December 30, 2020	January 15, 2021		0.27
March 23, 2021	Quarterly	March 31, 2021	April 16, 2021		0.28
June 15, 2021	Quarterly	June 30, 2021	July 15, 2021		0.29
September 13, 2021	Quarterly	September 30, 2021	October 15, 2021		0.33
December 16, 2021	Quarterly	December 31, 2021	January 14, 2022		0.36
March 15, 2022	Quarterly	March 31, 2022	April 15, 2022		0.40
March 15, 2022	Supplemental	March 31, 2022	April 15, 2022		0.15
June 15, 2022	Quarterly	June 30, 2022	July 15, 2022		0.42
June 15, 2022	Supplemental	June 30, 2022	July 15, 2022		0.15
September 15, 2022	Quarterly	September 30, 2022	October 14, 2022		0.45
September 15, 2022	Supplemental	September 30, 2022	October 14, 2022		0.15
December 15, 2022	Quarterly	December 30, 2022	January 13, 2023		0.46
December 15, 2022	Supplemental	December 30, 2022	January 13, 2023		0.15
March 14, 2023	Quarterly	March 31, 2023	April 14, 2023		0.47
			Total	$	5.09

Note 8. Equity Incentive Plans

2019 Long Term Incentive Plan

The Company’s Board adopted and approved the 2019 Trinity Capital Inc. Long Term Incentive Plan (the “2019 Long Term Incentive Plan”) on October 17, 2019 and the Company’s stockholders approved the 2019 Long Term Incentive Plan on June 17, 2021 at the Company’s 2021 Annual Meeting of Stockholders, with the 2019 Long Term Incentive Plan becoming effective on June 17, 2021. Under the 2019 Long Term Incentive Plan, awards of restricted stock, incentive stock options and non-statutory stock options (together with incentive stock options, “Options”) may be granted to certain of the Company’s executive officers, employee directors and other employees (collectively, the “Employee Participants”) in accordance with the SEC exemptive order the Company received on May 27, 2021 (the “SEC Exemptive Order”). While the 2019 Long Term Incentive Plan contemplates grants of restricted stock, restricted stock units, Options, dividend equivalent rights, performance awards and other stock-based awards to the Employee Participants, the Company only sought and received exemptive relief from the SEC pursuant to the SEC Exemptive Order to grant awards of restricted stock and Options. As a result, the Company will only grant awards of such securities under the 2019 Long Term Incentive Plan. The Employee Participants will have the right to receive dividends on such awarded restricted stock, unless and until the restricted stock is forfeited.

Subject to certain adjustments under the 2019 Long Term Incentive Plan, the maximum aggregate number of shares of the Company’s common stock authorized for issuance under the 2019 Long Term Incentive Plan is 3,600,000 shares. The 2019 Long Term Incentive Plan is to be administered by the Compensation Committee of the Board (the “Compensation Committee”) in accordance with the terms of the 2019 Long Term Incentive Plan. The 2019 Long Term Incentive Plan will terminate on the day prior to the tenth anniversary of the date it was initially adopted by the Board, unless terminated sooner by action of the Board or the Compensation Committee, as applicable.

For additional information regarding the 2019 Long Term Incentive Plan, please refer to the Company’s Current Report on Form 8-K filed with the SEC on June 23, 2021, and the Company’s definitive proxy statement filed with the SEC on April 27, 2023. The following table summarizes issuances, vesting, and retirement of shares under the plan as well as the fair value of granted stock for the three months ended March 31, 2023 and 2022 (dollars in thousands).

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		Three Months Ended			Weighted Average			Three Months Ended			Weighted Average
		March 31, 2023			Grant Date Fair Value			March 31, 2022			Grant Date Fair Value
Unvested as of Beginning of Period			1,041,721		$	16.98			536,552		$	16.48
Shares Granted			783,100		$	12.85			698,943		$	17.30
Shares Vested and Forfeited			(217,411	)	$	17.12			(45,932	)	$	16.48
Unvested as of Ending of Period			1,607,410		$	14.95			1,189,563		$	16.96
Fair Value of Granted Stock	$		10,063				$		12,092
Compensation cost recognized	$		1,716				$		871

As of March 31, 2023, there was approximately $23.6 million of total unrecognized compensation costs related to the non-vested restricted stock awards. These costs are expected to be recognized over a weighted average period of 3.1 years. As of December 31, 2022, there was approximately $15.3 million of total unrecognized compensation costs related to non-vested restricted stock awards. These costs were expected to be recognized over a weighted average period of 2.7 years.

2019 Restricted Stock Plan

The Company’s Board adopted and approved the Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan (the “2019 Restricted Stock Plan”) on October 17, 2019 and the Company’s stockholders approved the 2019 Restricted Stock Plan on June 17, 2021 at the Company’s 2021 Annual Meeting of Stockholders. The 2019 Restricted Stock Plan became effective on June 17, 2021 and provides for grants of restricted stock awards (“Non-Employee Director Awards”) to the Company’s non-employee directors (the “Non-Employee Director Participants”), which are directors who are not “interested persons” of the Company (as such term is defined in Section 2(a)(19) of the 1940 Act) in accordance with the SEC Exemptive Order. The Non-Employee Director Participants will have the right to receive dividends on such awarded restricted stock, unless and until the restricted stock is forfeited.

Subject to certain adjustments under the 2019 Restricted Stock Plan, the total number of shares of the Company’s common stock that may be subject to Non-Employee Director Awards is 60,000 shares. The 2019 Restricted Stock Plan is to be administered by the Compensation Committee, subject to the discretion of the Board. The 2019 Restricted Stock Plan will terminate on the day prior to the tenth anniversary of the date it was approved by the Company’s stockholders, unless terminated sooner by action of the Board.

For additional information regarding the 2019 Restricted Stock Plan, please refer to the Company’s Current Report on Form 8-K, filed with the SEC on June 23, 2021, and the Company’s definitive proxy statement filed with the SEC on April 27, 2023. The following table summarizes issuances, vesting, and retirement of shares under the plan as well as the fair value of granted stock for the three months ended March 31, 2023 and 2022 (dollars in thousands).

		Three Months Ended		Weighted Average			Three Months Ended		Weighted Average
		March 31, 2023		Grant Date Fair Value			March 31, 2022		Grant Date Fair Value
Unvested as of Beginning of Period,			13,540	$	14.77			6,066	$	16.48
Shares Granted			-	$	-			5,780	$	17.30
Shares Vested and Forfeited			-	$	-			-	$	-
Unvested as of Ending of Period,			13,540	$	14.77			11,846	$	16.88
Fair Value of Granted Stock	$		-			$		100
Compensation cost recognized	$		49			$		37

As of March 31, 2023, there was approximately $40,000 of total unrecognized compensation costs related to non-vested restricted stock awards. These costs are expected to be recognized over a three-month period. As of

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December 31, 2022, there was approximately $0.1 million of total unrecognized compensation costs related to non-vested restricted stock awards. These costs are expected to be recognized over a six-month period.

Note 9. Earnings Per Share

The following table sets forth the computation of the basic and diluted earnings per common share for the three months ended March 31, 2023 and 2022 (in thousands except shares and per share information):

	Three Months Ended		Three Months Ended
	March 31, 2023		March 31, 2022
Earnings per common share - basic
Numerator for basic earnings per share	$	22,486	$	(9,065	)
Denominator for basic weighted average shares		35,074,076		27,416,943
Earnings/(Loss) per common share - basic	$	0.64	$	(0.33	)
Earnings per common share - diluted
Numerator for increase in net assets per share	$	22,486	$	(9,065	)
Adjustment for interest expense and deferred financing costs on Convertible Notes(1)		910		—
Numerator for diluted earnings per share		23,396		(9,065	)
Denominator for basic weighted average shares		35,074,076		27,416,943
Adjustment for dilutive effect of Convertible Notes(1)		3,666,795		—
Denominator for diluted weighted average shares		38,740,871		27,416,943
Earnings/(Loss) per common share - diluted	$	0.60	$	(0.33	)

(1)No adjustments for interest or incremental shares were included for the three months ended March 31, 2022, because the effect would be antidilutive.

In certain circumstances at the Company's election, the Convertible Notes will be convertible into cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, which can be dilutive to common stockholders. Diluted earnings (loss) available to each share of common stock outstanding during the reporting period included any additional shares of common stock that would be issued if all potentially dilutive securities were exercised. In accordance with ASU 2020-06, the Company is required to disclose diluted EPS using the if-converted method that assumes conversion of convertible securities at the beginning of the reporting period and is intended to show the maximum dilution effect to common stockholders regardless of how the conversion can occur.

Note 10. Income Taxes

The Company has elected to be treated, and intends to continue to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal tax purposes. In order to maintain its treatment as a RIC, the Company is generally required to distribute at least annually to its stockholders at least the sum of 90% of its investment company taxable income (which generally includes its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its net tax-exempt income (if any). The Company generally will not be subject to U.S. federal income tax on these distributed amounts, but will pay U.S. federal income tax at corporate rates on any retained amounts.

The amount of taxable income to be paid out as a distribution is determined by the Board each quarter and is generally based upon the annual earnings estimated by management of the Company. Net capital gains, if any, are distributed at least annually, although the Company may decide to retain all or some of those capital gains for investment and pay U.S. federal income tax at corporate rates on those retained amounts. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to stockholders. In the event the Company’s taxable income (including any net capital gains) for a fiscal year falls below the amount of distributions declared and paid with respect to that year, however, a portion of the total amount of those distributions may be deemed a return of capital for tax purposes to the Company’s stockholders.

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Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary in nature. Permanent differences are reclassified among capital accounts in the financial statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized at some time in the future.

For the three months ended March 31, 2023 and 2022, $0.6 million and $0.7 million, respectively, was recorded for U.S. federal excise tax.

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments for federal income tax purposes as of March 31, 2023 and December 31, 2022 (in thousands):

	March 31, 2023		December 31, 2022
Tax Cost of Investments (1)		1,157,635	$	1,166,744

	March 31, 2023				December 31, 2022
Unrealized appreciation		$	28,587			$	27,223
Unrealized depreciation			(86,346	)			(88,970	)
Net unrealized appreciation/(depreciation) from investments		$	(57,759	)		$	(61,747	)

(1)Includes cost of short-term investments, including cash and cash equivalents.

Note 11. Financial Highlights

The following presents financial highlights (in thousands except share and per share information):

	Three Months Ended				Three Months Ended
	March 31, 2023				March 31, 2022
Per Share Data: (1)
Net asset value, beginning of period	$	13.15			$	16.40
Net investment income		0.55				0.57
Net realized and unrealized gains/(losses) on investments (2)		0.09				(0.90	)
Net increase/(decrease) in net assets resulting from operations		0.64				(0.33	)
Effect of shares issued and repurchased (3)		(0.25	)			(0.37	)
Distributions (4)		(0.47	)			(0.55	)
Total increase/(decrease) in net assets		(0.08	)			(1.25	)
Net asset value, end of period	$	13.07			$	15.15
Shares outstanding, end of period		35,925,764				27,982,842
Weighted average shares outstanding		35,074,076				27,416,943
Total return based on net asset value (5)(9)		3.0		%		(4.3	)	%
Total return based on market value (6)(9)		22.3		%		12.1		%
Ratio/Supplemental Data:
Per share market value at end of period	$	12.73			$	19.31
Net assets, end of period	$	469,670			$	424,041
Ratio of total expenses to average net assets(10)		19.4		%		16.3		%
Ratio of net investment income to average net assets(10)		16.9		%		15.7		%
Ratio of interest and credit facility expenses to average net assets(10)		9.7		%		6.8		%
Portfolio turnover rate(7)(9)		6.5		%		18.4		%
Asset coverage ratio (8)		176.2		%		183.3		%

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(1)Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.

(2)Net realized and unrealized gains/(losses) on investments include rounding adjustments to reconcile the change in net asset value per share.

(3)Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. Also includes the impact of the issuance of shares related to the equity incentive plans, the accretive effect of DRIP issuance and stock offerings (issuing shares above NAV per share), and the impact of share repurchases under the Repurchase Program.

(4)The per share data reflects the actual amount of distributions declared per share for the applicable period.

(5)Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared distributions per share during the period, divided by the beginning net asset value per share.

(6)Total return based on market value is calculated as the change in market value per share during the period, taking into account dividends.

(7)Portfolio turnover rate is calculated using the lesser of year-to-date cash sales/repayments or year-to-date cash purchases over the average of the total investments at fair value.

(8)Based on outstanding debt of $616.0 million and $509.0 million as of March 31, 2023, and 2022, respectively.

(9)Not annualized.

(10)Annualized.

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Senior Securities

Information about the Company’s senior securities (including debt securities and other indebtedness) is shown in the following table as of March 31, 2023, and December 2022, 2021 and 2020. No senior securities were outstanding as of December 31, 2019.

Class and Period	Total Amount Outstanding Exclusive of Treasury Securities (1) (in thousands)			Asset Coverage per Unit (2)		Involuntary Liquidating Preference per Unit (3)		Average Market Value per Unit (4)
Credit Suisse Credit Facility
March 31, 2023(5)		$	—		—		—		—
December 31, 2022(5)			—		—		—		—
December 31, 2021			10,000		1,958		—		—
December 31, 2020			135,000		1,770		—		—
KeyBank Credit Facility
March 31, 2023		$	183,500		1,762		—		—
December 31, 2022			187,500		1,741		—		—
December 31, 2021			81,000		1,958		—		—
December 31, 2020			—		—		—		—
2025 Notes
March 31, 2023		$	182,500		1,762		—	$	1,006.78
December 31, 2022			182,500		1,741		—		1,005.96
December 31, 2021			125,000		1,958		—		—
December 31, 2020			125,000		1,770		—		—
Convertible Notes
March 31, 2023		$	50,000		1,762		—		—
December 31, 2022			50,000		1,741		—		—
December 31, 2021			50,000		1,958		—		—
December 31, 2020			50,000		1,770		—		—
August 2026 Notes
March 31, 2023		$	125,000		1,762		—		—
December 31, 2022			125,000		1,741		—		—
December 31, 2021			125,000		1,958		—		—
December 31, 2020			—		—		—		—
December 2026 Notes
March 31, 2023		$	75,000		1,762		—		—
December 31, 2022			75,000		1,741		—		—
December 31, 2021			75,000		1,958		—		—
December 31, 2020			—		—		—		—
Total
March 31, 2023		$	616,000		1,762		—		—
December 31, 2022			620,000		1,741		—		—
December 31, 2021			466,000		1,958		—		—
December 31, 2020			310,000		1,770		—		—

(1)Total amount of each class of senior securities outstanding at the end of the period presented.

(2)Asset coverage per unit is the ratio of the carrying value of total assets, less all liabilities excluding indebtedness represented by senior securities in this table to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(3)The amount to which such class of senior security would be entitled upon the Company’s involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.

(4)Not applicable because the senior securities are not registered for public trading, with the exception of the 2025 Notes. The average market value per unit calculated for the 2025 Notes is based on the average daily price of such notes and is expressed in terms of dollar amounts per $1,000 of indebtedness.

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(5)The Credit Suisse Credit Facility matured on January 8, 2022, in accordance with its terms, and all outstanding indebtedness thereunder was repaid.

Note 12. Related Party Transactions

During the three months ended March 31, 2023 and the year ended December 31, 2022, certain related parties received distributions from the Company relating to their shares held. Refer to “Note 7 – Stockholder’s Equity” for further details on the Company’s DRIP and the distributions declared. Additionally, in connection with the Company’s IPO, certain related parties purchased additional shares of the Company’s common stock. These acquisitions were made at the IPO price of $14.00 per share. During the three months ended March 31, 2023 and the year ended December 31, 2022, the Company’s directors and executive officers and certain employees received restricted stock awards under the 2019 Long Term Incentive Plan and the 2019 Restricted Stock Plan. Refer to “Note 8 – Equity Incentive Plans” for further details on the Company’s stock-based compensation plans.

The Company has entered into indemnification agreements with its directors and executive officers. The indemnification agreements are intended to provide the Company’s directors and executive officers the maximum indemnification permitted under Maryland law and the 1940 Act. Each indemnification agreement provides that the Company shall indemnify the director or executive officer who is a party to the agreement, or an “Indemnitee,” including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Maryland law and the 1940 Act.

The Company and its executives and directors are covered by directors and officers insurance. In addition, each of our directors and officers have entered into an indemnification agreement with us pursuant to which our directors and officers are indemnified by us to the maximum extent permitted by Maryland law subject to the restrictions of the 1940 Act.

On December 5, 2022, the Company and the JV Partner formed i40, LLC, an unconsolidated joint venture to co-invest with the Company. Refer to “Note 1 – Organization and Basis of Presentation” for further details on the Company’s investment in the JV.

Note 13. Recent Accounting Pronouncements

In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 ("ASU 2022-06"), that extends the sunset (or expiration) date of ASC Topic 848 to December 31, 2024. This gives reporting entities two additional years to apply the accounting relief provided under ASC Topic 848 for matters related to reference rate reform. The ASU is effective immediately. The Company is currently evaluating the impact of ASU 2022-06 on the Company’s financial statements.

In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurements (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions ("ASU 2022-03"). This change prohibits entities from taking into account contractual restrictions on the sale of equity securities when estimating fair value and introduces required disclosures for such transactions. The standard is effective for annual periods beginning after December 15, 2023, and should be applied prospectively. The adoption of ASU 2022-03 did not have a material impact on the Company’s financial statements.

Note 14. Subsequent Events

The Company’s management evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require recognition or disclosure.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Except where the context suggests otherwise, the terms “we,” “us,” “our,” and “the Company” refer to Trinity Capital Inc. and its consolidated subsidiaries. The information contained in this section should be read in conjunction with our consolidated financial statements and related notes thereto appearing elsewhere in this Quarterly Report on Form 10‑Q.

Forward-Looking Statements

This quarterly report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of several factors discussed under Item 1A. “Risk Factors” of Part II of this quarterly report and Item 1A. "Risk Factors" of Part I of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC") on March 2, 2023, including but not limited to the following:
 

•our limited operating history as a business development company (“BDC”);

•our future operating results;

•our dependence upon our management team and key investment professionals;

•our ability to manage our business and future growth;

•risks related to investments in growth-stage companies, other venture capital-backed companies and generally U.S. companies;

•the ability of our portfolio companies to achieve their objectives, including due to the impact of supply chain disruptions, interest rate and inflation rate environments;

•the use of leverage;

•risks related to the uncertainty of the value of our portfolio investments;

•changes in political, economic or industry conditions, including as a result of supply chain disruptions, the interest rate and inflation rate environments or conditions affecting the financial and capital markets;

•uncertainty surrounding the financial and/or political stability of the United States, the United Kingdom, the European Union, China, and other countries;

•the dependence of our future success on the general economy and its impact on the industries in which we invest;

•risks related to changes in interest rates and inflation rates, our expenses, and other general economic conditions and the effect on our net investment income;

•the effect of the decommissioning of the London Interbank Offered Rate (“LIBOR”) and the implementation of alternatives to LIBOR, such as the Secured Overnight Financing Rate (“SOFR”);

•the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, the Coronavirus Aid, Relief and Economic Security Act of 2020, and the American Rescue Plan Act of 2021, on our operations and/or the operations of our portfolio companies;

•risks related to market volatility, including general price and volume fluctuations in stock markets;

•our ability to make distributions; and

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•our ability to maintain our status as a BDC under the Investment Company Act of 1940 as amended (the “1940 Act”), and qualify annually for tax treatment as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended ("the Code").

Additionally, there may be other risks that are otherwise described from time to time in the reports that we file with the SEC. Any forward-looking statements in this report should be considered in light of various important factors, including the risks and uncertainties listed above, as well as others. All forward-looking statements are necessarily only estimates of future results, and there can be no assurance that actual results will not differ materially from expectations, and, therefore, you are cautioned not to place undue reliance on such statements. Any forward-looking statements are qualified in their entirety by reference to the risk factors discussed throughout this quarterly report. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Because we are an investment company, the forward-looking statements and projections contained in this quarterly report are excluded from the safe harbor protections provided by Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995).

Overview

We are a specialty lending company providing debt, including loans and equipment financings, to growth-stage companies, including venture capital-backed companies and companies with institutional equity investors. We are an internally managed, closed-end, non-diversified management investment company that has elected to be regulated as a BDC under the 1940 Act. We have elected to be treated, and intend to qualify annually, as a RIC under Subchapter M of the Code for U.S. federal income tax purposes. As a BDC and a RIC, we are required to comply with certain regulatory requirements.

Our investment objective is to generate current income and, to a lesser extent, capital appreciation through our investments. We seek to achieve our investment objective by making investments consisting primarily of term loans and equipment financings and, to a lesser extent, working capital loans, equity and equity-related investments. In addition, we may obtain warrants or contingent exit fees at funding from many of our portfolio companies, providing an additional potential source of investment returns. We generally are required to invest at least 70% of our total assets in qualifying assets in accordance with the 1940 Act but may invest up to 30% of our total assets in non-qualifying assets, as permitted by the 1940 Act.

We target investments in growth-stage companies, which are typically private companies, including venture-backed companies and companies with institutional equity investors. We define “growth-stage companies” as companies that have significant ownership and active participation by sponsors, such as institutional investors or private equity firms, and expected annual revenues of up to $100.0 million. Subject to the requirements of the 1940 Act, we are not limited to investing in any particular industry or geographic area and seek to invest in under-financed segments of the private credit markets.

Our loans and equipment financings may have initial interest-only periods of up to 24 months and generally fully amortize over a total term of up to 60 months. These investments are typically secured by a blanket first position lien, a specific asset lien on mission-critical assets and/or a blanket second position lien. We may also make a limited number of direct equity and equity-related investments in conjunction with our debt investments. We target growth-stage companies that have recently issued equity to raise cash to offset potential cash flow needs related to projected growth, have achieved positive cash flow to cover debt service, or have institutional investors committed to providing additional funding. A loan or equipment financing may be structured to tie the amortization of the loan or equipment financing to the portfolio company’s projected cash balances while cash is still available for operations. As such, the loan or equipment financing may have a reduced risk of default. We believe that the amortizing nature of our investments will mitigate risk and significantly reduce the risk of our investments over a relatively short period. We focus on protecting and recovering principal in each investment and structure our investments to provide downside protection.

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Our History

Trinity Capital Inc. was incorporated under the general corporation laws of the State of Maryland on August 12, 2019 and commenced operations on January 16, 2020. Prior to January 16, 2020, we had no operations, except for matters relating to our formation and organization as a BDC.

On January 16, 2020, through a series of transactions (the "Formation Transactions"), we acquired Trinity Capital Investment, LLC, Trinity Capital Fund II, L.P. ("Fund II"), Trinity Capital Fund III, L.P., Trinity Capital Fund IV, L.P. and Trinity Sidecar Income Fund, L.P. (collectively, the "Legacy Funds") and all of their respective assets (the "Legacy Assets"), including their respective investment portfolios (the "Legacy Portfolio"), as well as Trinity Capital Holdings, LLC ("Trinity Capital Holdings"), a holding company whose subsidiaries managed and/or had the right to receive fees from certain of the Legacy Funds. In order to complete these transactions, we used a portion of the proceeds from our private equity offering and private debt offering that occurred on January 16, 2020 (the "Private Offerings").

The Legacy Funds were merged with and into the Company, and we issued 9,183,185 shares of our common stock for an aggregate amount of approximately $137.7 million and paid approximately $108.7 million in cash to the Legacy Funds' investors, which included the general partners, managers or managing members of the Legacy Funds (the "Legacy Investors"), to acquire the Legacy Funds and all of their respective assets, including the Legacy Portfolio. Our senior management team, led by Steven L. Brown, comprises the majority of the senior management team that managed the Legacy Funds and sourced the Legacy Portfolio.

As part of the Formation Transactions, we also acquired 100% of the equity interests of Trinity Capital Holdings for an aggregate purchase price of $10.0 million, which was comprised of 533,332 shares of our common stock, totaling approximately $8.0 million, and approximately $2.0 million in cash. In connection with the acquisition of such equity interests, the Company also assumed a $3.5 million severance related liability with respect to a former member of certain general partners of certain Legacy Funds. In connection with the acquisition of Trinity Capital Holdings, approximately $13.5 million (consisting of the aggregate purchase price and severance related liability assumed) was expensed to Costs related to the acquisition of Trinity Capital Holdings and Legacy Funds in the Consolidated Statements of Operations. As a result of the Formation Transactions, Trinity Capital Holdings became a wholly owned subsidiary of the Company.

On February 2, 2021, we completed our initial public offering of 8,006,291 shares of our common stock at a price of $14.00 per share, inclusive of the underwriters’ option to purchase additional shares, which was exercised in full. Our common stock began trading on the Nasdaq Global Select Market on January 29, 2021 under the symbol “TRIN.” Proceeds from this offering were primarily used to pay down a portion of our existing indebtedness outstanding.

On December 5, 2022, the Company entered into a joint venture agreement with certain funds and accounts managed by a specialty credit manager (collectively, the “JV Partner”) to co-manage i40, LLC (the “JV”). The JV invests in secured loans and equipment financings to growth-stage companies that have been originated by the Company. To achieve these goals, the Company has agreed to offer the JV the opportunity to purchase up to 40% in dollar amount, but not less than 25% in dollar amount, of the entire amount of each secured loan and equipment financing advance originated by the Company during the period commencing on September 1, 2022 and ending on June 5, 2026.

Critical Accounting Policies

The Company’s financial statements are prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") and pursuant to Regulation S-X under the Securities Act of 1933, as amended (the "Securities Act"). The Company follows accounting and reporting guidance as determined by the Financial Accounting Standards Board (“FASB”), in FASB Accounting Standards Codification (“ASC”) 946, Financial Services — Investment Companies.

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The preparation of our financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ materially. Valuation of investments, income recognition, realized / unrealized gains or losses and U.S. federal income taxes are considered to be our critical accounting policies and estimates. For additional information, please refer to “Note 2 - Summary of Significant Accounting Policies” in the notes to the consolidated financial statements included with this Quarterly Report on Form 10-Q.

Valuation of Investments

The most significant estimate inherent in the preparation of the Company’s consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded. The Company’s investments are carried at fair value in accordance with the 1940 Act and ASC 946 and measured in accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs used to measure fair value, and provides disclosure requirements for fair value measurements. ASC 820 requires the Company to assume that each of the portfolio investments is sold in a hypothetical transaction in the principal or, as applicable, most advantageous market using market participant assumptions as of the measurement date. Market participants are defined as buyers and sellers in the principal market that are independent, knowledgeable and willing and able to transact. The Company values its investments at fair value as determined in good faith by the Company’s Board in accordance with the provisions of ASC 820 and the 1940 Act.

The SEC recently adopted new Rule 2a-5 under the 1940 Act ("Rule 2a-5"), which establishes a framework for determining fair value in good faith for purposes of the 1940 Act. As adopted, Rule 2a-5 permits boards of directors to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. The SEC also adopted new Rule 31a-4 under the 1940 Act (“Rule 31a-4”), which provides the recordkeeping requirements associated with fair value determinations. While the Company's Board has not elected to designate a valuation designee, the Company has adopted certain revisions to its valuation policies and procedures to comply with the applicable requirements of Rule 2a-5 and Rule 31a-4.

While the Board is ultimately and solely responsible for determining the fair value of the Company’s investments, the Company has engaged independent valuation firms to provide the Company with valuation assistance with respect to its investments. The Company engages independent valuation firms on a discretionary basis. Specifically, on a quarterly basis, the Company identifies portfolio investments with respect to which an independent valuation firm assists in valuing certain investments. The Company selects these portfolio investments based on a number of factors, including, but not limited to, the potential for material fluctuations in valuation results, size, credit quality and the time lapse since the last valuation of the portfolio investment by an independent valuation firm.

Investments recorded on our Consolidated Statements of Assets and Liabilities are categorized based on the inputs to the valuation techniques as follows:

Level 1 — Investments whose values are based on unadjusted quoted prices for identical assets in an active market that the Company has the ability to access (examples include investments in active exchange-traded equity securities and investments in most U.S. government and agency securities).

Level 2 — Investments whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the investment.

Level 3 — Investments whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (for example, investments in illiquid securities issued by privately held companies). These inputs reflect management’s own assumptions about the assumptions a market participant would use in pricing the investment.

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Given the nature of lending to venture capital-backed growth-stage companies, substantially all of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC 820 because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged. The Company uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures. This system takes into account both quantitative and qualitative factors of the portfolio companies. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

Fair value estimates are made at discrete points in time based on relevant information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. The carrying amounts of the Company’s financial instruments, consisting of cash, investments, receivables, payables and other liabilities approximate the fair values of such items due to the short-term nature of these instruments.

Income Recognition

Interest Income

The Company recognizes interest income on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement to the extent that such amounts are expected to be collected. Original issue discount ("OID") initially includes the estimated fair value of detachable warrants obtained in conjunction with the origination of debt securities, and is accreted into interest income over the term of the loan as a yield enhancement based on the effective yield method. Interest income from payment-in-kind ("PIK") represents contractually deferred interest added to the loan balance recorded on an accrual basis to the extent such amounts are expected to be collected.

In addition, the Company may also be entitled to an end-of-term (“EOT”) fee. EOT payments related to debt investments to be paid at the termination of the financing arrangements are accreted into interest income over the contractual life of the debt based on the effective yield method. As of March 31, 2023 and December 31, 2022, the Company had EOT payments receivable of approximately $56.9 million and $59.9 million, respectively, which is included as a component of the cost basis of the Company’s current debt securities. When a portfolio company pre-pays their indebtedness prior to the scheduled maturity date, the acceleration of the unaccreted OID and EOT is recognized as interest income.

Income related to application or origination payments, including facility commitment fees, net of related expenses and generally collected in advance, are accreted into interest income over the contractual life of the loan. The Company recognizes nonrecurring fees and additional OID and EOT received in consideration for contract modifications commencing in the quarter relating to the specific modification.

Fee Income

The Company recognizes one-time fee income, including, but not limited to, structuring fees, prepayment penalties, and exit fees related to a change in ownership of the portfolio company, as other income when earned. These fees are generally earned when the portfolio company enters into an equipment financing arrangement or pays off their outstanding indebtedness prior to the scheduled maturity. In addition, fee income may include fees for originations and administrative agent services rendered by the Company to the JV. Such fees are earned in the period that the services are rendered.

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Portfolio Composition and Investment Activity

Portfolio Composition

As of March 31, 2023, our investment portfolio had an aggregate fair value of approximately $1,091.5 million and was comprised of approximately $808.0 million in secured loans, $239.1 million in equipment financings, and $44.4 million in equity and warrants, across 115 portfolio companies. As of December 31, 2022, our investment portfolio had an aggregate fair value of approximately $1,094.4 million and was comprised of approximately $802.9 million in secured loans, $246.0 million in equipment financings, and $45.5 million in equity and warrants, across 116 portfolio companies.

A summary of the composition of our investment portfolio at cost and fair value as a percentage of total investments are shown in the following table as of March 31, 2023 and December 31, 2022:

	March 31, 2023						December 31, 2022
				Fair						Fair
Type	Cost			Value			Cost			Value
Secured Loans		72.3	%		74.0	%		71.7	%		73.3	%
Equipment Financings		22.1	%		21.9	%		23.1	%		22.5	%
Equity		3.7	%		1.6	%		3.4	%		1.3	%
Warrants		1.9	%		2.5	%		1.8	%		2.9	%
Total		100.0	%		100.0	%		100.0	%		100.0	%

The following table shows the composition of our investment portfolio by geographic region at cost and fair value as a percentage of total investments as of March 31, 2023 and December 31, 2022. The geographic composition is determined by the location of the corporate headquarters of the portfolio company.

	March 31, 2023						December 31, 2022
				Fair						Fair
Geographic Region	Cost			Value			Cost			Value
United States
West		37.6	%		39.0	%		39.3	%		40.3	%
Northeast		28.9	%		29.5	%		27.9	%		28.4	%
Mountain		12.0	%		12.3	%		10.7	%		11.2	%
South		9.0	%		7.3	%		8.9	%		7.2	%
Midwest		4.8	%		4.2	%		5.1	%		4.6	%
Southeast		0.9	%		0.9	%		1.0	%		1.0	%
i40, LLC(1)		0.5	%		0.5	%		0.0	%		0.0	%
International:
Canada		3.9	%		3.8	%		4.5	%		4.6	%
Western Europe		2.4	%		2.5	%		2.6	%		2.7	%
Total		100.0	%		100.0	%		100.0	%		100.0	%

(1) i40, LLC is a joint venture between the Company and their JV Partner. This entity invests in secured loans and equipment financings to growth-stage companies that have been originated by the Company. The portfolio companies held by i40, LLC represent a diverse set of geographical classifications, which are similar to those in which the Company invests directly. See Note 1 for further discussion.

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Set forth below is a table showing the industry composition of our investment portfolio at cost and fair value as a percentage of total investments as of March 31, 2023 and December 31, 2022:

	March 31, 2023						December 31, 2022
				Fair						Fair
Industry	Cost			Value			Cost			Value
Green Technology		12.3	%		14.0	%		12.3	%		14.0	%
Finance and Insurance		10.9	%		11.5	%		9.9	%		10.4	%
Food and Agriculture Technologies		8.7	%		9.1	%		8.8	%		9.3	%
Real Estate Technology		8.9	%		8.8	%		8.9	%		8.8	%
Life Sciences		6.9	%		7.3	%		6.2	%		6.5	%
Consumer Products & Services		6.3	%		6.6	%		6.2	%		6.4	%
Space Technology		6.2	%		6.5	%		6.2	%		6.5	%
Healthcare		7.6	%		5.1	%		7.7	%		5.3	%
Marketing, Media, and Entertainment		4.3	%		4.4	%		5.3	%		5.5	%
Digital Assets Technology and Services		5.0	%		4.3	%		5.3	%		4.1	%
Automation & Internet of Things		4.0	%		4.1	%		4.7	%		5.0	%
Human Resource Technology		3.6	%		3.8	%		3.5	%		3.8	%
Connectivity		3.2	%		3.0	%		3.1	%		3.1	%
Transportation Technology		2.8	%		2.8	%		2.7	%		2.7	%
SaaS		2.4	%		2.6	%		2.5	%		2.7	%
Industrials		1.9	%		2.0	%		2.1	%		2.1	%
Construction Technology		1.9	%		1.6	%		2.1	%		1.8	%
Education Technology		1.7	%		1.3	%		1.6	%		1.3	%
Supply Chain Technology		0.9	%		0.7	%		0.9	%		0.7	%
Multi-Sector Holdings(1)		0.5	%		0.5	%		0.0	%		0.0	%
Total		100.0	%		100.0	%		100.0	%		100.0	%

(1) i40, LLC is a joint venture between the Company and their JV Partner. This entity invests in secured loans and equipment financings to growth-stage companies that have been originated by the Company. The portfolio companies held by i40, LLC represent a diverse set of industry classifications, which are similar to those in which the Company invests directly. See Note 1 for further discussion.

As of March 31, 2023 and December 31, 2022, the debt, including loans and equipment financings, in our portfolio had a weighted average time to maturity of approximately 3.0 and 3.2 years, respectively. Additional information regarding our portfolio is set forth in the Consolidated Schedule of Investments and the related notes thereto included with this Quarterly Report on Form 10-Q.

Concentrations of Credit Risk

Credit risk is the risk of default or non-performance by portfolio companies, equivalent to the investment’s carrying amount. Industry and sector concentrations will vary from period to period based on portfolio activity.

As of March 31, 2023 and December 31, 2022, the Company’s ten largest portfolio companies represented approximately 31.7% and 31.7%, respectively, of the total fair value of the Company’s investments in portfolio companies. As of March 31, 2023 and December 31, 2022, the Company had 14 and 16 portfolio companies, respectively, that represented 5% or more of the Company’s net assets.

Investment Activity

During the three months ended March 31, 2023, we invested approximately $10.2 million in two new portfolio companies, one of which was the JV, and approximately $60.2 million in 11 existing portfolio companies, excluding deferred fees. During the three months ended March 31, 2023, we received an aggregate of $82.8 million in proceeds from repayments and sales of our investments, including proceeds of approximately $55.2 million from early repayments on our debt investments and sales of investments.

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During the year ended December 31, 2022, we invested approximately $381.1 million in 34 new portfolio companies and approximately $250.1 million in 32 existing portfolio companies, excluding deferred fees. During the year ended December 31, 2022, we received an aggregate of approximately $336.6 million in proceeds from repayments of our debt investments, including proceeds of approximately $149.8 million from early repayments on our debt investments.

The following table provides a summary of the changes in the investment portfolio for the three months ended March 31, 2023 and the year ended December 31, 2022 (in thousands):

	Three Months Ended			Year Ended
	March 31, 2023			December 31, 2022
Beginning Portfolio, at fair value	$	1,094,386		$	873,470
Purchases, net of deferred fees		70,080			627,211
Non-cash conversion		21			—
Principal payments received on investments		(27,581	)		(124,018	)
Proceeds from early debt repayments		(13,127	)		(149,769	)
Sales of investments		(42,087	)		(62,767	)
Accretion of OID, EOT, and PIK payments		6,684			32,220
Net realized gain/(loss)		(365	)		32,853
Change in unrealized appreciation/(depreciation)		3,520			(134,814	)
Ending Portfolio, at fair value	$	1,091,531		$	1,094,386

The level of our investment activity can vary substantially from period to period depending on many factors, including the amount of debt, including loans and equipment financings, and equity capital required by growth-stage companies, the general economic environment and market conditions and the competitive environment for the types of investments we make.

Portfolio Asset Quality

Our portfolio management team uses an ongoing investment risk rating system to characterize and monitor our outstanding loans and equipment financings. Our portfolio management team monitors and, when appropriate, recommends changes to the investment risk ratings. Our investment committee reviews the recommendations and/or changes to the investment risk ratings, which are submitted on a quarterly basis to the Board and its audit committee.

For our investment risk rating system, we review seven different criteria and, based on our review of such criteria, we assign a risk rating on a scale of 1 to 5, as set forth in the following illustration.

 

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The following table shows the distribution of our loan and equipment financing investments on the 1 to 5 investment risk rating scale range at fair value as of March 31, 2023 and December 31, 2022 (dollars in thousands):

		March 31, 2023					December 31, 2022
Investment Risk Rating		Investments at		Percentage of			Investments at		Percentage of
Scale Range	Designation	Fair Value		Total Portfolio			Fair Value		Total Portfolio
4.0 - 5.0	Very Strong Performance	$	2,513		0.2	%	$	2,729		0.3	%
3.0 - 3.9	Strong Performance		285,484		27.3	%		239,872		22.9	%
2.0 - 2.9	Performing		719,752		68.8	%		756,596		72.1	%
1.6 - 1.9	Watch		19,270		1.8	%		39,315		3.7	%
1.0 - 1.5	Default/Workout		16,450		1.6	%		10,317		1.0	%
Total Debt Investments excluding i40, LLC			1,043,469		99.7	%		1,048,829		100.0	%
.	i40, LLC		3,629		0.3	%		—		0.0	%
Total Debt Investments		$	1,047,098		100.0	%	$	1,048,829		100.0	%

As of March 31, 2023 and December 31, 2022, our debt investments had a weighted average risk rating score of 2.8 and 2.8, respectively.

Debt Investments on Non-Accrual Status

When a debt security becomes 90 days or more past due, or if our management otherwise does not expect that principal, interest, and other obligations due will be collected in full, we will generally place the debt security on non-accrual status and cease recognizing interest income on that debt security until all principal and interest due has been paid or we believe the borrower has demonstrated the ability to repay its current and future contractual obligations. Any uncollected interest is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, we may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection.

As of March 31, 2023, loans to two portfolio companies and equipment financings to two portfolio companies were on non-accrual status with a total cost of approximately $49.2 million, and a total fair value of approximately $23.9 million, or 2.3%, of the fair value of the Company’s debt investment portfolio. As of December 31, 2022, loans to two portfolio companies and equipment financings to two portfolio companies were on non-accrual status with a total cost of approximately $49.2 million, and a total fair value of approximately $17.8 million, or 1.7%, of the fair value of the Company’s debt investment portfolio.

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Results of Operations

The following discussion and analysis of our results of operations encompasses our consolidated results for the three months ended March 31, 2023 and 2022.

Investment Income

The following table sets forth the components of investment income (in thousands):

	Three Months Ended		Three Months Ended
	March 31, 2023		March 31, 2022
Stated interest income	$	33,804	$	20,258
Amortization of OID and EOT		5,395		4,989
Acceleration of OID and EOT		1,332		3,159
Prepayment penalty and related fees		—		2,555
Other fee income		1,007		884
Total investment income	$	41,538	$	31,845

For the three months ended March 31, 2023, total investment income was approximately $41.5 million, which represents an approximate effective yield of 15.2% on the average investments during the year. For the three months ended March 31, 2022, total investment income was approximately $31.8 million, which represents an approximate effective yield of 16.3% on the average investments during the year. The increase in investment income for the three months ended March 31, 2023 is due to higher interest income and amortization of OID and EOT based on an increased principal value of income producing debt investments and higher stated interest rates.

Operating Expenses and Excise Taxes

Our operating expenses are comprised of interest and fees on our borrowings, employee compensation, excise taxes, professional fees and general and administrative expenses. Our operating expenses totaled approximately $22.2 million and $16.2 million for the three months ended March 31, 2023 and 2022, respectively. The increase in our operating expenses for the three months ended March 31, 2023 is discussed with respect to each component of such expenses below.

Interest Expense and Other Debt Financing Costs

Our interest expense and other debt financing costs are primarily comprised of interest and fees related to our secured borrowings, the 7.00% Notes due 2025 (the “2025 Notes”), the 4.375% Notes due 2026 (the “August 2026 Notes”), the 4.25% Notes due 2026 (the “December 2026 Notes”), and the 6.00% Convertible Notes due 2025 (the “Convertible Notes”). Interest expense and other debt financing costs on our borrowings totaled approximately $11.1 million and $6.8 million for the three months ended March 31, 2023 and 2022, respectively. Our weighted average effective interest rate, comprised of interest and amortization of fees and discount, was approximately 7.0% and 5.9% for three months ended March 31, 2023 and 2022, respectively. The increase in interest expense for the three months ended March 31, 2023 was primarily due to increased borrowings and increased base rate under our credit facility with KeyBank, National Association (the "KeyBank Credit Facility").

Employee Compensation and Benefits

Employee compensation and benefits totaled approximately $7.6 million and $6.5 million for the three months ended March 31, 2023 and 2022, respectively. The increase in employee compensation expenses for the three months ended March 31, 2023 relates primarily to the increased variable compensation related to a higher headcount and stock-based compensation. As of March 31, 2023 and 2022, the Company had 55 and 46 employees, respectively.

2019 Long Term Incentive Plan

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The Board and the Company’s stockholders have adopted and approved the (i) 2019 Trinity Capital Inc., Long-Term Incentive Plan (the “2019 Long Term Incentive Plan”); and (ii) Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan (the “2019 Restricted Stock Plan”), with each plan becoming effective on June 17, 2021 The following table summarizes issuances, vesting, and retirement of shares under the plan as well as the fair value of granted stock for the three months ended March 31, 2023 and 2022 (dollars in thousands).

		Three Months Ended			Weighted Average			Three Months Ended			Weighted Average
		March 31, 2023			Grant Date Fair Value			March 31, 2022			Grant Date Fair Value
Unvested as of Beginning of Period			1,041,721		$	16.98			536,552		$	16.48
Shares Granted			783,100		$	12.85			698,943		$	17.30
Shares Vested and Forfeited			(217,411	)	$	17.12			(45,932	)	$	16.48
Unvested as of Ending of Period			1,607,410		$	14.95			1,189,563		$	16.96
Fair Value of Granted Stock	$		10,063				$		12,092
Compensation cost recognized	$		1,716				$		871

Excise Taxes

We accrue excise tax on estimated undistributed taxable income and gain as required on an annual basis. Our excise taxes totaled approximately $0.6 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively.

Professional Fees Expenses

Professional fees expenses, consisting of legal fees, accounting fees, third-party valuation fees, talent acquisition fees and other consulting fees, totaled approximately $1.4 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively. The increase in professional fees expenses for the three months ended March 31, 2023 resulted primarily from increased legal fees and other consulting fees.

General and Administrative Expenses

General and administrative expenses include insurance premiums, rent, taxes and various other expenses related to our ongoing operations. Our general and administrative expenses totaled approximately $1.5 million and $1.5 million for the three months ended March 31, 2023 and 2022, respectively.

Net Investment Income

For the three months ended March 31, 2023, we recognized approximately $41.5 million in total investment income as compared to approximately $22.2 million in total expenses, including excise tax expense, resulting in net investment income of $19.3 million. For the three months ended March 31, 2022 we recognized approximately $31.8 million in total investment income as compared to approximately $16.2 million in total expenses including excise tax expense, resulting in net investment income of $15.6 million.

Net Realized Gains and Losses

Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written off during the period.

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During the three months ended March 31, 2023, our gross realized gains primarily consisted of the repayment of one equipment financing, and our gross realized losses primarily consisted of the repayment of our debt positions in two portfolio companies. During the three months ended March 31, 2022, our gross realized gains primarily consisted of the sale of our equity positions in two portfolio companies, and our gross realized losses primarily consisted of the refinancing of one equipment financing.

The net realized gains (losses) from the sales, repayments, or exits of investments for the three months ended March 31, 2023 and 2022 were comprised of the following (in thousands):

	Three Months Ended			Three Months Ended
	March 31, 2023			March 31, 2022
Net realized gain/(loss) on investments:
Gross realized gains	$	539		$	53,295
Gross realized losses		(904	)		(651	)
Total net realized gains/(losses) on investments	$	(365	)	$	52,644

Net Change in Unrealized Appreciation / (Depreciation) from Investments

Net change in unrealized appreciation/(depreciation) from investments primarily reflects the net change in the fair value of the investment portfolio and financial instruments and the reclassification of any prior period unrealized appreciation or depreciation on exited investments and financial instruments to realized gains or losses.

Net unrealized appreciation and depreciation on investments for the three months ended March 31, 2023 and 2022 is comprised of the following (in thousands):

	Three Months Ended			Three Months Ended
	March 31, 2023			March 31, 2022
Gross unrealized appreciation	$	17,803		$	11,692
Gross unrealized depreciation		(14,600	)		(18,492	)
Third party participation		—			—
Net unrealized appreciation/(depreciation) reclassified related to net realized gains or losses		317			(70,518	)
Total net unrealized gains/(losses) on investments	$	3,520		$	(77,318	)

During the three months ended March 31, 2023, our net unrealized appreciation totaled approximately $3.5 million, which included net unrealized depreciation of $4.8 million from our warrant investments, net unrealized appreciation of $0.1 million from our equity investments and net unrealized appreciation of $8.2 million from our debt investments.

During the three months ended March 31, 2022, our net unrealized depreciation totaled approximately $77.3 million. Our net unrealized depreciation for the three months ended March 31, 2022 was attributable primarily to the reclassification of our gross unrealized depreciation related to net realized gains of approximately $70.5 million for the sale of two equity investments.

Net Increase (Decrease) in Net Assets Resulting from Operations

Net increase in net assets resulting from operations during the three months ended March 31, 2023, totaled approximately $22.5 million. Net decrease in net assets resulting from operations during the three months ended March 31, 2022, totaled approximately $9.1 million.

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Net Increase (Decrease) in Net Assets Resulting from Operations and Earnings Per Share

For the three months ended March 31, 2023, basic net increase in net assets per common share was $0.64 and diluted net increase in net assets per common share was $0.60. For the three months ended March 31, 2022, basic and diluted net decrease in net assets per common share was $0.33.

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated primarily from the net proceeds of offerings of our securities, including our initial public offering ("IPO"), the Private Offerings, the 2025 Notes offering, the Convertible Notes offering, the August 2026 Notes offering and the December 2026 Notes offering, borrowings under the KeyBank Credit Facility, and cash flows from our operations, including investment sales and repayments, as well as income earned on investments and cash equivalents. Our primary use of our funds includes investments in portfolio companies, payments of interest on our outstanding debt, and payments of fees and other operating expenses we incur. We also expect to use our funds to pay distributions to our stockholders. We have used, and expect to continue to use, our borrowings, including under the KeyBank Credit Facility or any future credit facility, as well as proceeds from the turnover of our portfolio, to finance our investment objectives and activities.

From time to time, we may enter into additional credit facilities, increase the size of our existing KeyBank Credit Facility, or issue additional securities in private or public offerings. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions, and other factors.

For the three months ended March 31, 2023, we experienced a net decrease in cash and cash equivalents in the amount of $2.3 million, which is the net result of $20.7 million of cash provided by operating activities, offset by $0.3 million of cash used in investing activities and $22.7 million of cash used in financing activities. During the three months ended March 31, 2022, we experienced a net decrease in cash and cash equivalents in the amount of $18.1 million, which is the net result of $52.4 million of cash used in operating activities partially offset by $0.1 million of cash provided by investing activities and $34.2 million of cash provided by financing activities.

As of March 31, 2023 and December 31, 2022, we had cash and cash equivalents of $8.3 million and $10.6 million, respectively, of which $5.4 million and $5.6 million, respectively, was held in the Goldman Sachs Financial Square Government Institutional Fund. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and therefore is subject to credit risk. All of the Company’s cash deposits are held at large established high credit quality financial institutions, and management believes that the risk of loss associated with any uninsured balances is remote. As of March 31, 2023, and December 31, 2022, we did not have any restricted cash.

As of March 31, 2023 and December 31, 2022, we had approximately $166.5 million and $162.5 million, respectively, of available borrowings under the KeyBank Credit Facility, subject to its terms and regulatory requirements. Cash and cash equivalents, taken together with available borrowings under the KeyBank Credit Facility, as of March 31, 2023, are expected to be sufficient for our investing activities and to conduct our operations in the near term and long term.

Refer to “Note 5 – Borrowings” in the notes to our consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of our borrowings.

Asset Coverage Requirements

In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. On September 27, 2019, the Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) and our initial stockholder approved the application to us of the 150% minimum asset coverage ratio set forth in Section 61(a)(2) of the 1940 Act. As a result, we are permitted to potentially borrow $2 for investment purposes of every $1 of investor equity. As of March 31, 2023, our asset coverage ratio was approximately 176.2% and our

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asset coverage ratio per unit was approximately $1,762. As of December 31, 2022, our asset coverage ratio was approximately 174.1% and our asset coverage ratio per unit was approximately $1,741.

Commitments and Off-Balance Sheet Arrangements

The Company has entered into a capital commitment with i40, LLC to fund capital contributions through June 2024 in the amount of $21.4 million, of which $16.2 million and $21.4 million was unfunded as of March 31, 2023 and December 31, 2022, respectively. The Company did not have any other off-balance sheet financings or liabilities as of March 31, 2023 or December 31, 2022.

The Company’s commitments and contingencies consist primarily of unfunded commitments to extend credit in the form of loans to the Company’s portfolio companies. A portion of these unfunded contractual commitments as of March 31, 2023 and December 31, 2022 are dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements with its portfolio companies generally contain customary lending provisions that allow the Company relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the company. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments includes only those which are available at the request of the portfolio company and unencumbered by milestones. As of March 31, 2023 and December 31, 2022, the Company did not have any outstanding unfunded commitments. The Company will fund future unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the KeyBank Credit Facility).

In the normal course of business, the Company enters into contracts that provide a variety of representations and warranties, and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

Contractual Obligations

A summary of our contractual payment obligations as of March 31, 2023, is as follows:

	Payments Due by Period
	Less than 1
	year		1 - 3 years		4 - 5 years		After 5 years		Total
KeyBank Credit Facility	$	—	$	—	$	183,500	$	—	$	183,500
2025 Notes		—		182,500		—		—		182,500
Convertible Notes		—		50,000		—		—		50,000
August 2026 Notes		—		—		125,000		—		125,000
December 2026 Notes		—		—		75,000		—		75,000
Operating Leases		429		1,160		817		415		2,821
Total Contractual Obligations	$	429	$	233,660	$	384,317	$	415	$	618,821

Distributions

We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. All distributions will be paid at the discretion of the Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time.

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The following table summarizes distributions declared and/or paid by the Company since inception:

Declaration Date	Type	Record Date	Payment Date	Per Share Amount
May 7, 2020	Quarterly	May 29, 2020	June 5, 2020	$	0.22
August 10, 2020	Quarterly	August 21, 2020	September 4, 2020		0.27
November 9, 2020	Quarterly	November 20, 2020	December 4, 2020		0.27
December 22, 2020	Quarterly	December 30, 2020	January 15, 2021		0.27
March 23, 2021	Quarterly	March 31, 2021	April 16, 2021		0.28
June 15, 2021	Quarterly	June 30, 2021	July 15, 2021		0.29
September 13, 2021	Quarterly	September 30, 2021	October 15, 2021		0.33
December 16, 2021	Quarterly	December 31, 2021	January 14, 2022		0.36
March 15, 2022	Quarterly	March 31, 2022	April 15, 2022		0.40
March 15, 2022	Supplemental	March 31, 2022	April 15, 2022		0.15
June 15, 2022	Quarterly	June 30, 2022	July 15, 2022		0.42
June 15, 2022	Supplemental	June 30, 2022	July 15, 2022		0.15
September 15, 2022	Quarterly	September 30, 2022	October 14, 2022		0.45
September 15, 2022	Supplemental	September 30, 2022	October 14, 2022		0.15
December 15, 2022	Quarterly	December 30, 2022	January 13, 2023		0.46
December 15, 2022	Supplemental	December 30, 2022	January 13, 2023		0.15
March 14, 2023	Quarterly	March 31, 2023	April 14, 2023		0.47
			Total	$	5.09

Price Range of Common Stock

Our common stock began trading on the Nasdaq Global Select Market (“Nasdaq”) on January 29, 2021 under the symbol “TRIN” in connection with our IPO, which closed on February 2, 2021. Prior to our IPO, the shares of our common stock were offered and sold in transactions exempt from registration under the Securities Act. As such, there was no public market for shares of our common stock during year ended December 31, 2020. Since our IPO, our common stock has traded at prices both above and below our net asset value per share.

The following table sets forth the net asset value per share of our common stock, the range of high and low closing sales prices of our common stock reported on Nasdaq, the closing sales price as a premium (discount) to net asset value and the dividends declared by us in each fiscal quarter since we began trading on Nasdaq. On May 3, 2023, the last reported closing sales price of our common stock on Nasdaq was $12.32 per share, which represented a discount of approximately 5.7% to our net asset value per share of $13.07 as of March 31, 2023. As of May 3,

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2023, we had approximately 76 stockholders of record, which does not include stockholders for whom shares are held in nominee or “street” name.

			Price Range
Class and Period	Net Asset Value(1)		High		Low		High Sales Price Premium (Discount) to Net Asset Value(2)			Low Sales Price Premium (Discount) to Net Asset Value(2)				Cash Dividend Per Share(3)
Year Ending December 31, 2023
Second Quarter (through May 3, 2023)	*		$	12.79	$	11.36	*			*				*
First Quarter	$	13.07	$	14.26	$	10.91		9.1	%		(16.5	)	%	$	0.47
Year Ending December 31, 2022
Fourth Quarter	$	13.15	$	13.82	$	10.24		5.1	%		(22.1	)	%	$	0.61	(5)
Third Quarter	$	13.74	$	16.28	$	12.07		18.5	%		(12.2	)	%	$	0.60	(5)
Second Quarter	$	14.62	$	19.44	$	14.27		33.0	%		(2.4	)	%	$	0.57	(5)
First Quarter	$	15.15	$	20.11	$	17.00		32.7	%		12.2		%	$	0.55	(5)
Year Ending December 31, 2021
Fourth Quarter	$	16.40	$	17.65	$	15.79		7.6	%		(3.7	)	%	$	0.36
Third Quarter	$	14.70	$	16.73	$	14.14		13.8	%		(3.8	)	%	$	0.33
Second Quarter	$	14.33	$	15.00	$	14.10		4.7	%		(1.6	)	%	$	0.29
First Quarter(4)	$	13.69	$	15.65	$	13.75		14.3	%		0.4		%	$	0.28

(1)Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter.

(2)Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).

(3)Represents the dividend or distribution declared in the relevant quarter.

(4)Shares of our common stock began trading on Nasdaq on January 29, 2021, under the trading symbol “TRIN”.

(5)Consists of a quarterly dividend and a supplemental dividend.

* Not determined at time of filing.

Shares of BDCs may trade at a market price that is less than the value of the net assets attributable to those shares. At times, our shares of common stock have traded at prices both above and below our net asset value per share. The possibility that our shares of common stock will trade at a discount from net asset value per share or at premiums that are unsustainable over the long term are separate and distinct from the risk that our net asset value per share will decrease. It is not possible to predict whether our common stock will trade at, above, or below net asset value per share.

Related Party Transactions

Certain members of management as well as employees of the Company hold shares of the Company’s stock.

We have entered into indemnification agreements with our directors and executive officers. The indemnification agreements are intended to provide our directors and executive officers with the maximum indemnification permitted under Maryland law and the 1940 Act. Each indemnification agreement provides that we shall indemnify the director or executive officer who is a party to the agreement, or an “Indemnitee,” including the advancement of legal expenses, if, by reason of his or her corporate status, the Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed proceeding, to the maximum extent permitted by Maryland law and the 1940 Act.

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Refer to “Note 12 – Related Party Transactions” included in the notes to our consolidated financial statements appearing elsewhere in this report for additional information.

Recent Developments

Subsequent to the quarter ended March 31, 2023 and through the date of filing of this Quarterly Report on Form 10-Q, no material events or developments occurred that require reporting.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including valuation risk and interest rate risk. Uncertainty with respect to the economic effects of the overall market conditions has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below.

Valuation Risk

Our investments may not have readily available market quotations (as such term is defined in Rule 2a-5), and those investments which do not have readily available market quotations are valued at fair value as determined in good faith by our Board of Directors in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.

In accordance with Rule 2a-5, our Board periodically assesses and manages material risks associated with the determination of the fair value of our investments.

Interest Rate Risk

Interest rate sensitivity and risk refer to the change in earnings that may result from changes in the level of interest rates. To the extent that we borrow money to make investments, including under the KeyBank Credit Facility or any future financing arrangement, our net investment income will be affected by the difference between the rate at which we borrow funds and the rate at which we invest these funds. In periods of rising interest rates, our cost of borrowing funds would increase, which may reduce our net investment income. As a result, there can be no assurance that a significant change in market interest rates, including as a result of inflation, will not have a material adverse effect on our net investment income. Inflation is likely to continue in the near to medium-term, particularly in the United States and Europe, with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies’ profit margins.

As of March 31, 2023, approximately 70.0% of our debt investments based on outstanding principal balance represented floating-rate investments based on Prime or LIBOR, and approximately 30.0% of our debt investments based on outstanding principal balance represented fixed rate investments. In addition, borrowings under the KeyBank Credit Facility are subject to floating interest rates based on SOFR, generally bearing interest at a rate of the Adjusted Term SOFR Reference Rate plus 2.85%, subject to the number of eligible debt investments in the collateral pool.

Based on our Consolidated Statements of Operations as of March 31, 2023, the following table shows the annualized impact on net income of hypothetical base rate changes in the Prime rate on our debt investments (considering interest rate floors for floating-rate instruments) and the hypothetical base rate changes in the SOFR on

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our KeyBank Credit Facility, assuming that there are no changes in our investment and borrowing structure (in thousands):

	Interest			Interest			Net
	Income			Expense			Income/(Loss)
Up 300 basis points	$	21,705		$	5,505		$	16,200
Up 200 basis points	$	14,470		$	3,670		$	10,800
Up 100 basis points	$	7,235		$	1,835		$	5,400
Down 100 basis points	$	(7,412	)	$	(1,835	)	$	(5,577	)
Down 200 basis points	$	(14,703	)	$	(3,670	)	$	(11,033	)
Down 300 basis points	$	(21,791	)	$	(5,505	)	$	(16,286	)

Currency Risk

Any investments we make that are denominated in a foreign currency will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved. As of March 31, 2023, we had five foreign domiciled portfolio companies. Our exposure to currency risk related to these debt investments is minimal as payments from such portfolio companies are received in U.S. dollars. No other investments as of March 31, 2023 were subject to currency risk.

Hedging

We do not currently engage in any hedging activities. However, we may, in the future, hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts subject to the requirements of the 1940 Act. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates. We may also borrow funds in local currency as a way to hedge our non-U.S. denominated investments.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) under the Exchange Act, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by this Quarterly Report on Form 10-Q.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the three months ended March 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II: OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of these legal or regulatory proceedings cannot be predicted with certainty, we do not expect that these proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors

Investing in our securities involves a number of significant risks. In addition to the other information set forth in this Quarterly Report on Form 10-Q, including the risk factors set forth below, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” of Annual Report on Form 10-K filed with the SEC on March 2, 2023, all of which could materially affect our business, financial condition and/or results of operations. Although the risks described below and in our other SEC filings referenced above represent the principal risks associated with an investment in us, they are not the only risks we face. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, might materially and adversely affect our business, financial condition and/or results of operations.

Other than as described below, during the three months ended March 31, 2023, there have been no material changes to the risk factors discussed in our SEC filings referenced above.

We may be subject to risks related to bank impairments or failures either directly or through our portfolio companies, which, in turn, could indirectly impact our performance and results of operations.
 

In March 2023, the U.S. Federal Deposit Insurance Corporation (“FDIC”) took control of Silicon Valley Bank and Signature Bank, and in May 2023, the FDIC took control of First Republic Bank due to liquidity concerns. The impairment or failure of one or more banks with whom any of our portfolio companies transact may inhibit the ability of our portfolio companies to access depository accounts, investment accounts or credit facilities at such banks, which, in turn, may cause them to default on their debt obligations to us, resulting in impacts to our performance. In the event of such a failure of a banking institution where one or more of our portfolio companies holds depository accounts, access to such accounts could be restricted and FDIC protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, our affected portfolio companies may not be

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able to recover such excess, uninsured amounts, and they may not be able to cure any defaults. Additionally, unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm business, financial condition, operating results and prospects. We closely monitor activity in the banking sector as it relates to any of our borrowers and continually assess any potential indirect impact to us as a result of the same.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On April 14, 2023, pursuant to its amended and restated distribution reinvestment plan, the Company issued 43,655 shares of its common stock, at a price of $12.65 per share, to stockholders of record as of March 31, 2023 that did not opt out of the Company’s amended and restated distribution reinvestment plan in order to satisfy the reinvestment portion of the Company’s distribution. This issuance was not subject to the registration requirements of the Securities Act. See “Item 1. Consolidated Financial Statements – Note 7. Stockholder’s Equity – Distribution Reinvestment Plan” for more information.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed as part of this Quarterly Report on Form 10‑Q or hereby incorporated by reference to exhibits previously filed with the SEC:

Exhibit Number	Description of Exhibits
3.1	Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 filed on January 16, 2020).
3.2	Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 10 filed on January 16, 2020).
10.1*	Third Amendment to Credit Agreement, dated as of November 21, 2022, relating to the KeyBank Credit Facility, by and among Trinity Capital Inc., as servicer, TrinCap Funding, LLC, as borrower, KeyBank National Association, as administrative agent and syndication agent, Wells Fargo, National Association, as collateral custodian and paying agent, and the lenders party thereto.
10.2*	Fourth Amendment to Credit Agreement, dated as of March 2, 2023, relating to the KeyBank Credit Facility, by and among Trinity Capital Inc., as servicer, TrinCap Funding, LLC, as borrower, KeyBank National Association, as administrative agent and syndication agent, Wells Fargo, National Association, as collateral custodian and paying agent, and the lenders party thereto.
31.1*	Certification of Principal Executive Officer Pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Principal Financial Officer Pursuant to Rules 13a 14(a) and 15d 14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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32.2*	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document.
101.SCH*	Inline XBRL Taxonomy Extension Schema Document.
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

* Filed herewith

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TRINITY CAPITAL INC.
Dated: May 4, 2023	By:	/s/ Steven L. Brown
		Steven L. Brown
		Chairman and Chief Executive Officer
		(Principal Executive Officer)

Dated: May 4, 2023	By:	/s/ David Lund
		David Lund
		Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)

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