Trinity Capital reports Q3 results

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For the Quarterly Period Ended June September 30, 2026

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As of August 3, November 2, 2026, the regist rant had 94,693,574 98,816,137 shares of common st ock ($0.001 par value per share) outstanding.

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FORM 10‑Q FOR THE QUARTER ENDED JUNE SEPTEMBER 30, 2026

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Financial statements 497 changes

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Control investments (cost of $ 140,822 205,555 and $ 107,747 , respectively)

Affiliate investments (cost of $ 97,310 79,425 and $ 63,422 , respectively)

Non-Control / Non-Affiliate investments (cost of $ 2,480,088 2,554,312 and $ 2,225,715 , respectively)

Total investments (cost of $ 2,718,220 2,839,292 and $ 2,396,883 , respectively)

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Secured Notes, net of $ 1,249 1,156 and $ 1,467 , respectively, of unamortized deferred financing costs

Unsecured Notes, net of $ 14,469 13,312 and $ 10,118 , respectively, of unamortized deferred financing costs and premium/discount

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Common stock, $ 0.001 par value per share ( 200,000,000 authorized, 94,023,371 97,380,301 and 81,518,294 shares issued and outstanding as of June September 30, 2026 and December 31, 2025, respectively)

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Net change in unrealized appreciation/(depreciation) from investments ( 810 ( 5,536 1,007

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Balance as of March 31, 2026

Three Months Ended June September 30, 2026:

Balance as of June 30, 2026

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Balance as of March 31, 2025

Balance as of June September 30, 2026

Three Months Ended June September 30, 2025:

Balance as of June 30, 2025

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Six Months Ended June 30, 2026:

Balance as of June September 30, 2025

Nine Months Ended September 30, 2026:

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Six Months Ended June 30, 2025:

Balance as of June September 30, 2026

Nine Months Ended September 30, 2025:

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Balance as of June September 30, 2025

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Purchase of investments, net of deferred fees (1)

Proceeds from sales and paydowns of investments (1)

Net change in unrealized (appreciation)/depreciation from investments ( 11,730 22,434

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Accretion of original issue discounts and end of term payments on investments ( 29,567 45,104 ( 23,406 36,431

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Increase/(Decrease) in accounts payable, accrued expenses and other liabilities ( 14,181 1,962 ( 6,733 2,290

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Repayment of Secured Notes

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Net increase/(decrease) in cash, cash equivalents and restricted cash ( 160

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(1) Excludes co-investments of $ 106.4 million for the nine months ended September 30, 2026 funded by the Company on behalf of or directly funded by affiliate funds. Refer to "Note 12 – Related Party Transactions" for additional information.

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Artificial Intelligence ("AI"), Automation, & Infrastructure Robotics

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Cirrascale Cloud Services, LLC

Fixed interest rate 12.7 %; EOT 4.0 %

Fixed interest rate 10.2 %; EOT 5.0 %

Total Cirrascale Cloud Services, LLC

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Fixed interest rate 10.9 %; EOT 4.0 %

Total D-Wave Quantum Inc.

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Variable interest rate Prime + 4.0 % or Floor rate 10.8 %; EOT 2.8 % (8)(9)(13)

Variable interest rate Prime + 4.0 % or Floor rate 10.8 %; EOT 2.8 % (8)(9)(13)

Variable interest rate Prime + 4.0 % or Floor rate 10.8 %; EOT 2.8 % (8)(9)(13)

Total Path Robotics, Inc.

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Together Computer, Inc.

Fixed interest rate 11.0 %; EOT 4.5 %

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Fixed interest rate 14.9 %; EOT 0.0 %

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Variable interest rate Prime + 4.8 % or Floor rate 12.3 %; EOT 3.0 % (8)(14)(19) (8)(9)(13)

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Sub-total: AI, Automation, & Infrastructure Robotics ( 17.5 10.9 %)*

Fixed interest rate 8.7 %; EOT 0.0 %

Cirrascale Cloud Services, LLC

Fixed interest rate 10.2 %; EOT 5.0 %

Fixed interest rate 8.2 %; EOT 9.5 %

Fixed interest rate 8.3 %; EOT 9.5 %

Total QumulusAI, Inc.

Together Computer, Inc.

Fixed interest rate 11.0 %; EOT 4.5 %

Fixed interest rate 14.9 %; EOT 0.0 %

Sub-total: AI Automation & Infrastructure ( 13.5 %)*

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Sub-total: Biotechnology ( 6.9 6.6 %)*

Fixed interest rate 12.4 16.1 %; EOT 9.0 %

Fixed interest rate 12.5 16.1 %; EOT 9.0 %

Fixed interest rate 12.4 15.9 %; EOT 9.0 %

Fixed interest rate 12.4 15.8 %; EOT 9.0 %

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Sub-total: Connectivity ( 3.9 3.2 %)*

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Variable interest rate SOFR 3 Month Term + 6.2 %; or Floor rate 8.2 %; EOT 0.0 %

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Variable interest rate Prime + 5.8 % or Floor rate 12.0 %; EOT 3.8 % (8)(14)(19) (8)(9)(13)

Variable interest rate Prime + 5.8 % or Floor rate 12.0 %; EOT 3.8 % (8)(14)(19) (8)(9)(13)

Variable interest rate Prime + 5.8 % or Floor rate 12.0 %; EOT 3.8 % (8)(14)(19) (8)(9)(13)

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Sub-total: Consumer Products & Services ( 5.0 4.1 %)*

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Sub-total: Diagnostics & Tools ( 1.6 1.5 %)*

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Finance and Insurance

Sub-total: Education Technology ( 0.8 0.7 %)*

Financial Technology

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Beam Technologies, Inc.

Variable interest rate Prime + 2.8 % or Floor rate 11.0 % + PIK Fixed Interest Rate 1.5 %; EOT 2.0 %

Variable interest rate Prime + 2.8 % or Floor rate 11.0 % + PIK Fixed Interest Rate 1.5 %; EOT 2.0 % (8)(9)(14)(15)(19)

Fixed interest rate 0.0 %; EOT 0.0 %

Total Beam Technologies, Inc.

Variable interest rate Prime + 3.5 % or Floor rate 11.3 % + PIK Fixed Interest Rate 1.0 %; EOT 2.0 %

Variable interest rate Prime + 3.5 % or Floor rate 11.3 % + PIK Fixed Interest Rate 1.0 %; EOT 2.0 % (8)(9)(14)(15)(19)

Variable interest rate Prime + 3.5 % or Floor rate 11.3 % + PIK Fixed Interest Rate 1.0 %; EOT 2.0 % (8)(9)(14)(15)(19)

Variable interest rate Prime + 3.5 % or Floor rate 11.3 % + PIK Fixed Interest Rate 1.0 %; EOT 2.0 % (8)(9)(14)(15)(19)

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