Trinity Capital (TRIN) investor relations material

Executive summary

• Net investment income reached a record $44.5 million ($0.53 per share), up 37.4% year-over-year, with total investment income of $90.1 million and return on equity at 15.8%.

• Originated $395.2 million in new commitments and funded $306.3 million, with non-accruals at 1.1% of portfolio fair value and portfolio fair value at $2.5 billion across 180 companies.

• Net asset value per share was $13.27 at quarter end, with NAV totaling $1.2 billion, and AUM reaching $2.9 billion.

• Managed funds platform expanded to $400 million AUM, including a new SBIC fund and joint ventures, supporting diversified lending across five verticals.

• Maintained 26 consecutive quarters of regular dividends, with a 13.9% annualized yield and $68.5 million in undistributed income.

Financial highlights

• Total investment income was $90.1 million, up 38% year-over-year, with net investment income margin at 11.6%.

• Net investment income per share was $0.53, covering 104% of the quarterly distribution.

• NAV per share decreased from $13.42 to $13.27 due to realized/unrealized losses and restricted stock award dilution.

• Net realized losses were $9.9 million and net unrealized depreciation was $6.0 million in Q1 2026.

• Estimated undistributed taxable income is $68 million, or $0.78 per share.

Outlook and guidance

• Investment pipeline remains robust with $1.2 billion in unfunded commitments and $300 million of accepted term sheets as of March 31.

• Management expects continued portfolio growth, strong performance from diversified verticals, and maintains focus on credit quality and risk management.

• Monthly distributions of $0.17 per share declared for April, May, and June 2026, totaling $0.51 for Q2.

• Asset coverage ratio remains strong at 185.8%, supporting ongoing investment activity and leverage capacity.

• Forward-looking statements caution on interest rate fluctuations, competition, and regulatory changes.