TRIN

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Exhibit 99.1

Trinity Capital Reports Second Quarter 2026 Financial Results

Return on Average Equity reaches 15.2% in Q2

Quarterly Net Investment Income climbs to a record $46.0 million, or $0.51 per share

Q2 2026 Total Investment Income grows 25.5% year-over-year

PHOENIX, August 5, 2026 – Trinity Capital Inc. (NYSE: TRIN) (“the Company”), a leading international alternative asset manager, today announced its financial results for the second quarter ended June 30, 2026.

Second Quarter 2026 Highlights

• Total investment income of $87.2 million, an increase of 25.5% year-over-year.

• Net investment income (“NII”) of $46.0 million, or $0.51 per basic share. NII grew 32.1% year-over-year.

• Net increase in net assets resulting from operations of $44.4 million, or $0.49 per basic share.

• 15.2% Return on Average Equity “ROAE” (NII/Average Equity).

• 6.9% Return on Average Assets “ROAA” (NII/Average Assets).

• Net Asset Value (“NAV”) of $1.3 billion, or $13.47 per share at the end of Q2.

• Total gross investment commitments of $709.0 million.

• Total gross investments funded of $618.7 million, which was comprised of $296.3 million to 11 new portfolio companies, $301.0 million to 25 existing portfolio companies and $21.4 million to multi-sector holdings.

• Total gross investment exits and repayments of $378.3 million, which was comprised of $220.2 million from early debt repayments and refinancings, $58.3 million from scheduled/amortizing debt payments, $93.0 million from investments sold and $6.8 million from warrant and equity sales.

• The Company announced $0.17 monthly distributions for each of July, August and September 2026, totaling $0.51 for the third quarter and marking the 27th consecutive quarter of a consistent regular dividend.

“Our Q2 results reflect years of investment in building a platform that can perform across cycles -- directly originated, diversified across five verticals, a growing managed funds platform, and backed by an internally managed team that has a real stake in the outcome,” Trinity Capital CEO Kyle Brown said. “That is not a new story for Trinity Capital, but this quarter gave us another opportunity to demonstrate it.”

“In a quarter where many parts of the market faced real pressure, Trinity's structure and disciplined underwriting produced results we are genuinely proud of. We funded $619 million and originated $709 million in new commitments — not by chasing yield, but by focusing on what we have always done: sourcing our own deals, setting our own terms, and staying selective. Against a backdrop that tested credit quality and origination discipline across the sector, we delivered strong results because our interests are aligned with our shareholders.”

Second Quarter 2026 Operating Results

For the three months ended June 30, 2026, total investment income was $87.2 million, compared to $69.5 million for the three months ended June 30, 2025. The effective yield on the average debt investments at cost was 15.0% for the second quarter of 2026, compared to 15.7% for the second quarter of 2025. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events, and may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the second quarter of 2026 were $16.4 million, compared to $16.6 million during the second quarter of 2025. The decrease was primarily attributable to lower professional fees and higher allocated expenses to the Company’s registered investment adviser subsidiary partially offset by an increase in general and administrative expenses.

Interest expense for the second quarter of 2026 was $24.8 million, compared to $18.0 million during the second quarter of 2025. The increase was primarily attributable to the increase in weighted average debt outstanding.

Net investment income was approximately $46.0 million, or $0.51 per share based on 90.5 million basic weighted average shares outstanding for the second quarter of 2026, compared to $34.8 million or $0.53 per share for the second quarter of 2025 based on 65.9 million basic weighted average shares outstanding.

During the three months ended June 30, 2026, the Company’s net unrealized depreciation totaled approximately $0.8 million, which included net unrealized depreciation of $10.6 million from its debt investments, appreciation of $8.5 million from its warrant investments, and appreciation of $1.0 million from its equity investments. Additionally, there was $0.3 million net unrealized appreciation attributable to foreign currency forward contracts.

Net realized loss on investments was approximately $0.8 million, primarily due to the expiration of one warrant position.

Net increase in net assets resulting from operations was $44.4 million, or $0.49 per share, based on 90.5 million

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Exhibit 99.1

Trinity Capital Reports First Quarter 2026 Financial Results

Return on Average Equity hits 15.8% in Q1

Record Quarterly Net Investment Income of $44.5 million, or $0.53 per share

Q1 2026 Total Investment Income grows 37.8% year-over-year

PHOENIX, May 6, 2026 – Trinity Capital Inc. (Nasdaq: TRIN) (“the Company”), a leading alternative asset manager, today announced its financial results for the first quarter ended March 31, 2026.

First Quarter 2026 Highlights

• Total investment income of $90.1 million, an increase of 37.8% year-over-year.

• Net investment income (“NII”) of $44.5 million, or $0.53 per basic share. NII grew 37.4% year-over-year.

• Net increase in net assets resulting from operations of $29.8 million, or $0.36 per basic share.

• 15.8% Return on Average Equity “ROAE” (NII/Average Equity).

• 7.0% Return on Average Assets “ROAA” (NII/Average Assets).

• Net Asset Value (“NAV”) of $1.2 billion, or $13.27 per share at the end of Q1.

• Total gross investment commitments of $395.2 million.

• Total gross investments funded of $306.3 million, which was comprised of $175.8 million to 10 new portfolio companies, $129.5 million to 20 existing portfolio companies and $1.0 million to multi-sector holdings.

• Total investment exits and repayments of $238.3 million, which was comprised of $108.8 million from early debt repayments and refinancings, $69.2 million from scheduled/amortizing debt payments, $51.4 million from investments sold to multi-sector holdings and $8.9 million from warrant and equity sales.

• The Company announced $0.17 monthly distributions for each of April, May and June 2026, totaling $0.51 for the second quarter and marking the 26th consecutive quarter of a consistent regular dividend.

“Trinity Capital delivered a strong first quarter, increasing earnings per share while maintaining consistent credit quality and continued diversification across our portfolio," said Kyle Brown, CEO of Trinity Capital. "The strategic expansion of our managed funds platform is growing our ability to serve investors at scale while creating new sources of recurring income. We remain focused and confident in the durability of our earnings and our ability to consistently provide long-term benefits for our shareholders.”

First Quarter 2026 Operating Results

For the three months ended March 31, 2026, total investment income was $90.1 million, compared to $65.4 million for the three months ended March 31, 2025. The effective yield on the average debt investments at cost was 15.8% for the first quarter of 2026, compared to 15.3% for the first quarter of 2025. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events, and may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the first quarter of 2026 were $21.5 million, compared to $15.3 million during the first quarter of 2025. The increase was primarily attributable to higher compensation, an increase in estimated excise tax, and higher G&A expenses offset by higher expenses allocated to the Company’s registered investment adviser subsidiary.

Interest expense for the first quarter of 2026 was $24.1 million, compared to $17.7 million during the first quarter of 2025. The increase was primarily attributable to the increase in weighted average debt outstanding.

Net investment income was approximately $44.5 million, or $0.53 per share based on 83.6 million basic weighted average shares outstanding for the first quarter of 2026, compared to $32.4 million or $0.52 per share for the first quarter of 2025 based on 62.6 million basic weighted average shares outstanding.

During the three months ended March 31, 2026, the Company’s net unrealized depreciation totaled approximately $4.7 million, which included net unrealized depreciation of $5.3 million from its debt investments, depreciation of $6.1 million from its warrant investments, and appreciation of $5.4 million from its equity investments. This was partially offset by $1.3 million net unrealized appreciation attributable to foreign currency forward contracts.

Net realized loss on investments was approximately $9.9 million, primarily due to the conversion of two debt positions, partially offset by the repayment of one equity position.

Net increase in net assets resulting from operations was $29.8 million, or $0.36 per share, based on 83.6 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $27.1 million, or $0.43 per share, based on 62.6 million basic weighted average shares outstanding for the first quarter of 2025.

Net Asset Value

Total net assets at the end of the first quarter of 2026 increased by 6.6% to $1.2 billion, compared to $1.1 billion at the end of the fourth quarte

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Exhibit 99.1

Trinity Capital Reports Fourth Quarter and Full Year 2025 Financial Results

Return on Average Equity hits 15.3% in Q4

Record Quarterly Net Investment Income of $39.9 million, or $0.52 per share

Record Annual Net Investment Income of $144.1 million, or $2.08 per share

2025 Total Investment Income grows 23.5% year-over-year

PHOENIX, February 25, 2026 – Trinity Capital Inc. (Nasdaq: TRIN) (“the Company”), a leading alternative asset manager, today announced its financial results for the fourth quarter and full year ended December 31, 2025.

Fourth Quarter 2025 Highlights

• Total investment income of $83.2 million, an increase of 17.5% year-over-year.

• Net investment income (“NII”) of $39.9 million, or $0.52 per basic share. NII grew 15.4% year-over-year.

• Net increase in net assets resulting from operations of $39.5 million, or $0.51 per basic share.

• 15.3% Return on Average Equity “ROAE” (NII/Average Equity).

• 6.7% Return on Average Assets “ROAA” (NII/Average Assets).

• Net Asset Value (“NAV”) of $1.1 billion, or $13.42 per share at the end of Q4 and NAV increased 32.9% year-over-year.

• Total gross investment commitments of $543.1 million.

• Total gross investments funded of $434.8 million, which was comprised of $170.7 million to 5 new portfolio companies, $264.0 million to 25 existing portfolio companies and $0.1 million to multi-sector holdings.

• Total investment exits and repayments of $218.8 million, which was comprised of $47.2 million from investments sold to multi-sector holdings, $64.4 million from scheduled/amortizing debt payments, $96.3 million from early debt repayments and refinancings and $10.9 million from warrant and equity sales.

• Sixth year of a consistent or increased regular dividend, with a fourth quarter distribution of $0.51 per share. Also, the Company announced a transition to monthly distributions, which started in January 2026 and total $0.51 in the first quarter.

Full Year 2025 Highlights

• Total investment income of $293.7 million, an increase of 23.5% year-over-year.

• Net investment income of $144.1 million, or $2.08 per share.

• Total gross investments funded of $1.5 billion, an increase of 21.3% year-over-year.

• Net investment portfolio growth at cost of $636.7 million, an increase of 36.2% year-over-year.

• Total platform assets under management of $2.8 billion, an increase of 38.2% year-over-year.

• Undistributed earnings spillover of $68.7 million, or $0.84 per share outstanding, based on total shares outstanding as of December 31, 2025.

“Trinity Capital had a milestone year in 2025, including record originations, earnings growth, and continued diversification across our five lending verticals," CEO Kyle Brown said. "These results directly reflect the consistency of our disciplined underwriting approach and the scalability of our platform as a whole."

Added Brown: "Our internally managed structure remains a key differentiator. By aligning management and shareholder interests within a single platform, and pairing our publicly traded BDC with a growing managed funds business, we're building a robust and flexible capitalization model designed to support long-term growth and deliver stable, consistent returns for shareholders. With more than six years of consistent dividends and continued momentum across our portfolio, we remain focused on disciplined execution and delivering long-term value for our investors, partners, and shareholders.”

Fourth Quarter 2025 Operating Results

For the three months ended December 31, 2025, total investment income was $83.2 million, compared to $70.8 million for the three months ended December 31, 2024. The effective yield on the average debt investments at cost was 15.2% for the fourth quarter of 2025, compared to 16.4% for the fourth quarter of 2024. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events, and may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the fourth quarter of 2025 were $19.4 million, compared to $17.2 million during the fourth quarter of 2024. The increase was primarily attributable to higher compensation associated with additional headcount, an increase in professional fees, and higher G&A expenses offset by expenses allocated to the Company’s registered investment adviser subsidiary.

Interest expense for the fourth quarter of 2025 was $23.9 million, compared to $19.1 million during the fourth quarter of 2024. The increase was primarily attributable to the increase in weighted average debt outstanding.

Net investment income was approximately $39.9 million, or $0.52 per share based on 77.0 million basic weighted average shares outstanding for the fourth quarter of 2025, compared to $34.6 million or $0.58 per share for the fourth quarter

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Exhibit 99.1

Trinity Capital Inc. Announces Preliminary Estimates of Financial Results for Fourth Quarter and Year Ended 2025

PHOENIX, February 3, 2026 – Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity Capital” or the “Company”), a leading alternative asset manager, today announced preliminary estimates of financial results for the fourth quarter and year ended December 31, 2025.

Trinity Capital’s preliminary estimate of its fourth quarter 2025 net investment income is in the range of $0.51 to $0.53 per share. Trinity Capital’s preliminary estimate of its net asset value per share as of December 31, 2025 is in the range of $13.36 to $13.44. Lastly, Trinity Capital's preliminarily estimates that its investments on non-accrual status comprised approximately 0.7% of the total debt investment portfolio at fair value and approximately 0.9% at cost as of December 31, 2025.

Trinity Capital will hold a conference call to discuss its fourth quarter and full year 2025 financial results at 12:00 p.m. Eastern Time on Wednesday, February 25, 2026. To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ425 if asked, approximately 10 minutes prior to the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until March 4, 2026. To access the replay, please dial (800) 723-0389 or (402) 220-2647.

A live webcast of the fourth quarter 2025 financial results conference call will also be available on the investor relations section of the Company's website at ir.trinitycapital.com. A replay will be available on the Company's website following the conference call.

About Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager that seeks to deliver consistent returns for investors through access to private credit markets. Trinity Capital sources and structures investments in well-capitalized growth-oriented companies across five distinct lending verticals: Sponsor Finance, Equipment Finance, Tech Lending, Asset Based Lending, and Life Sciences. Headquartered in Phoenix, Arizona, Trinity Capital’s dedicated team is strategically located across the United States and Europe. For more information on Trinity Capital, please visit trinitycapital.com and stay connected to the latest activity via LinkedIn and X (@trincapital).

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties, including, but not limited to, the preliminary estimates of the Company’s financial information and results for the fourth quarter and year ended December 31, 2025, which are based on current information available to the Company as of the date hereof. Although management of the Company believes that the expectations reflected in those forward-looking statements are reasonable, the Company can give no assurance that those expectations will prove to be correct. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission ("SEC"). The Company undertakes no duty to update any forward-looking statement made herein, except as required by applicable securities laws and regulations. All forward-looking statements speak only as of the date of this press release. More information on risks and other potential factors that could affect the Company's financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein, is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed annual report on Form 10-K and subsequent SEC filings.

The preliminary financial estimates furnished above are based on management’s preliminary determinations and current expectations as of the date hereof, and such information is inherently uncertain. The preliminary estimates provided herein have been prepared by, and are the responsibility of, management of the Company. The Company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to the preliminary estimates, and, accordingly, does not express an opinion or any form of assurance with respect thereto. These preliminary estimates are subject to completion of the Company’s financial closing and review pr

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Exhibit 99.1

Trinity Capital Inc. Reports Third Quarter 2025 Financial Results

Record funding of $471 million

Total Investment Income grows 22.3% year-over-year

Net Asset Value reaches new high of $998 million

PHOENIX, November 5, 2025 – Trinity Capital Inc. (Nasdaq: TRIN) ("Trinity Capital" or “the Company”), a leading alternative asset manager, today announced its financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Highlights

• Total investment income of $75.6 million, an increase of 22.3% year-over-year.

• Net investment income (“NII”) of $37.0 million, or $0.52 per basic share. NII grew 25.9% year over year.

• Net increase in net assets resulting from operations of $27.6 million, or $0.39 per basic share.

• 15.3% Return on Average Equity “ROAE” (NII/Average Equity).

• 6.9% Return on Average Assets “ROAA” (NII/Average Assets).

• Net Asset Value (“NAV”) of $998.3 million, or $13.31 per share at the end of Q3. NAV increased 31.9% year over year.

• Total gross investment commitments of $773.0 million.

• Total gross investments funded of $470.6 million, which was comprised of $272.0 million to 17 new portfolio companies, $175.5 million to 20 existing portfolio companies and $23.1 million to multi-sector holdings.

• Total investment exits and repayments of $255.7 million, which was comprised of $120.4 million from investments sold to multi-sector holdings, $79.0 million from scheduled/amortizing debt payments, $55.9 million from early debt repayments and refinancings and $0.4 million from warrant and equity sales.

• 23rd consecutive quarter of a consistent or increased regular dividend, with a third quarter distribution of $0.51 per share.

“Our strong third quarter results exhibit the power of our disciplined execution and rigid underwriting, as well as the growing demand across our credit strategies,” said Kyle Brown, Chief Executive Officer of Trinity Capital. “We’re seeing great momentum across our direct lending platform, and we’re bullish on the opportunities ahead as we remain focused on driving exceptional value for our investors and partners.”

Third Quarter 2025 Operating Results

For the three months ended September 30, 2025, total investment income was $75.6 million, compared to $61.8 million for the three months ended September 30, 2024. The effective yield on the average debt investments at cost was 15.0% for the third quarter of 2025, compared to 16.1% for the third quarter of 2024. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events, and may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the third quarter of 2025 were $17.6 million, compared to $15.5 million during the third quarter of 2024. The increase was primarily attributable to higher compensation associated with additional headcount, an increase in professional fees, and higher G&A expenses offset by expenses allocated to the Company’s registered investment adviser subsidiary.

Interest expense for the third quarter of 2025 was $21.0 million, compared to $16.9 million during the third quarter of 2024. The increase was primarily attributable to the increase in weighted average debt outstanding.

Net investment income was approximately $37.0 million, or $0.52 per share based on 71.5 million basic weighted average shares outstanding for the third quarter of 2025, compared to $29.4 million or $0.54 per share for the third quarter of 2024 based on 54.4 million basic weighted average shares outstanding.

During the three months ended September 30, 2025, the Company’s net unrealized appreciation totaled approximately $10.7 million, which included net unrealized appreciation of $8.2 million from its equity investments and net unrealized appreciation of $3.1 million from its debt investments partially offset by net unrealized depreciation of $1.1 million from its warrant investments. Additionally, the Company had $0.5 million net unrealized appreciation attributable to foreign currency forward contracts.

Net realized loss on investments was approximately $20.0 million, primarily due to the extinguishment of one debt position and the conversion of one debt position.

Net increase in net assets resulting from operations was $27.6 million, or $0.39 per share, based on 71.5 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $24.4 million, or $0.45 per share, based on 54.4 million basic weighted average shares outstanding for the third quarter of 2024.

Net Asset Value

Total net assets at the end of the third quarter of 2025 increased by 8.1% to $998.3 million, compared to $923.6 million at the end of the second quarter of 2025. The increase in total net assets was primarily due to accr

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Exhibit 99.1

Trinity Capital Inc. Reports Second Quarter 2025 Financial Results

Total Investment Income grows 27.3% year-over-year

Net Asset Value reaches new high of $923.6 million

Return on Average Equity increases to 15.9%

PHOENIX, August 6, 2025 – Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity Capital” or “the Company”), a leading alternative asset manager, today announced its financial results for the second quarter ended June 30, 2025.

Second Quarter 2025 Highlights

• Total investment income of $69.5 million, an increase of 27.3% year-over-year

• Net investment income (“NII”) of $34.8 million, or $0.53 per basic share. NII grew 30.3% year over year.

• Net increase in net assets resulting from operations of $41.4 million, or $0.63 per basic share

• 15.9% Return on Average Equity “ROAE” (NII/Average Equity)

• 7.2% Return on Average Assets “ROAA” (NII/Average Assets)

• Net Asset Value (“NAV”) of $923.6 million, or $13.27 per share at the end of Q2. NAV increased 35.8% year over year.

• Total gross investment commitments of $519.8 million

• Total gross investments funded of $365.5 million, which was comprised of $292.3 million in 15 new portfolio companies and $73.2 million in 14 existing portfolio companies

• Total investment exits and repayments of $195.0 million, including $109.3 million from early debt repayments and refinancings, $51.3 million from scheduled/amortizing debt payments, $34.2 million from investments sold to multi-sector holdings and $0.2 million from warrant and equity sales

• 22nd consecutive quarter of a consistent or increased regular dividend, with a second quarter distribution of $0.51 per share

“Our second-quarter performance rounded out a solid first half of 2025, reflecting disciplined execution across our credit strategies and sustained demand from growth-oriented companies,” said Kyle Brown, Chief Executive Officer of Trinity Capital. “We enter the second half of 2025 with strong momentum in our direct lending businesses in addition to our RIA platform growth as we maintain a focus on delivering increasing value to our borrowers, partners, and investors.”

Second Quarter 2025 Operating Results

For the three months ended June 30, 2025, total investment income was $69.5 million, compared to $54.6 million for the three months ended June 30, 2024. The effective yield on the average debt investments at cost was 15.7% for the second quarter of 2025, compared to 16.0% for the second quarter of 2024. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events, and may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the second quarter of 2025 were $16.7 million, compared to $14.0 million during the second quarter of 2024. The increase was primarily attributable to higher compensation associated with additional headcount, an increase in professional fees, and higher G&A expenses offset by expenses allocated to the Company’s Registered Investment Adviser subsidiary.

Interest expense for the second quarter of 2025 was $18.0 million, compared to $13.9 million during the second quarter of 2024. The increase was primarily attributable to the increase in weighted average debt outstanding as well as borrowing rate.

Net investment income was approximately $34.8 million, or $0.53 per share based on 65.9 million basic weighted average shares outstanding for the second quarter of 2025, compared to $26.7 million or $0.53 per share for the second quarter of 2024 based on 50.2 million basic weighted average shares outstanding.

During the three months ended June 30, 2025, the Company’s net unrealized appreciation totaled approximately $14.9 million, which included net unrealized appreciation of $7.4 million from its warrant investments, net unrealized appreciation of $5.5 million from its equity investments, and net unrealized appreciation of $2.3 million from the Company’s debt investments. This is partially offset by $0.3 million net unrealized depreciation attributable to foreign currency forward contracts.

Net realized loss on investments was approximately $8.3 million, primarily due to the workout of one secured loan.

Net increase in net assets resulting from operations was $41.4 million, or $0.63 per share, based on 65.9 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $30.8 million, or $0.61 per share, based on 50.2 million basic weighted average shares outstanding for the second quarter of 2024.

Net Asset Value

Total net assets at the end of the second quarter of 2025 increased by 10.8% to $923.6 million, compared to $833.4 million at the end of the first quarter of 2025. The increase in total net assets was primarily due to net portfolio performance, accretive

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Exhibit 99.1

Trinity Capital Inc. Reports First Quarter 2025 Financial Results

Total Investment Income grows 29.5% year-over-year

Net Asset Value reaches new high of $833 million

Return on Average Equity registers at 15.5%

PHOENIX, May 7, 2025 – Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity Capital” or “the Company”), a leading alternative asset manager, today announced its financial results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights

• Total investment income of $65.4 million, an increase of 29.5% year-over-year

• Net investment income (“NII”) of $32.4 million, or $0.52 per basic share

• Net increase in net assets resulting from operations of $27.1 million, or $0.43 per basic share

• 15.5% Return on Average Equity “ROAE” (NII/Average Equity)

• 7.1% Return on Average Assets “ROAA” (NII/Average Assets)

• Net Asset Value of $833.4 million, or $13.05 per share at the end of Q1

• Total gross investment commitments of $185.9 million

• Total gross investments funded of $220.4 million, which was comprised of $94.8 million in six new portfolio companies and $125.6 million in 19 existing portfolio companies

• Total investment exits and repayments of $157.1 million, including $62.4 million from scheduled/amortizing debt payments, $59.1 million from early debt repayments and refinancings, $35.4 million from investments sold to multi-sector holdings, and $0.2 million from warrant and equity sales

• 21st consecutive quarter of a consistent or increased regular dividend, with a first quarter distribution of $0.51 per share

“Trinity Capital delivered another strong quarter to kick off 2025, underscoring our disciplined underwriting, active portfolio management, and diversified investment strategies,” said Kyle Brown, Trinity Capital’s Chief Executive Officer. “Even amidst ongoing macroeconomic uncertainty, we continue to evolve into a premier asset manager as we build on our momentum, expand our platform, and grow our portfolio while consistently generating solid returns and long-term value for our shareholders.”

First Quarter 2025 Operating Results

For the three months ended March 31, 2025, total investment income was $65.4 million, compared to $50.5 million for the three months ended March 31, 2024. The effective yield on the average debt investments at cost was 15.3% for the first quarter of 2025, compared to 15.8% for the first quarter of 2024. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events, and may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the first quarter of 2025 were $15.3 million, compared to $13.2 million during the first quarter of 2024. The increase was primarily attributable to higher compensation associated with additional headcount, an increase in professional fees, and higher G&A expenses offset by expenses allocated to the Company’s Registered Investment Adviser subsidiary.

Interest expense for the first quarter of 2025 was $17.7 million, compared to $12.1 million during the first quarter of 2024. The increase was primarily attributable to the increase in weighted average debt outstanding as well as borrowing rate.

Net investment income was approximately $32.4 million, or $0.52 per share based on 62.6 million basic weighted average shares outstanding for the first quarter of 2025, compared to $25.2 million or $0.54 per share for the first quarter of 2024 based on 46.7 million basic weighted average shares outstanding.

During the three months ended March 31, 2025, the Company’s net unrealized depreciation totaled approximately $3.1 million, which included net unrealized depreciation of $4.1 million from the Company’s debt investments and net unrealized depreciation of $0.3 million from its warrant investments partially offset by net unrealized appreciation of $1.3 million from its equity investments.

Net realized loss on investments was approximately $2.2 million, primarily due to the workout of one equipment financing.

Net increase in net assets resulting from operations was $27.1 million, or $0.43 per share, based on 62.6 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $14.5 million, or $0.31 per share, based on 46.7 million basic weighted average shares outstanding for the first quarter of 2024.

Net Asset Value

Total net assets at the end of the first quarter of 2025 increased by 1.3% to $833.4 million, compared to $823.0 million at the end of the fourth quarter of 2024. The increase in total net assets was primarily due to net investment income exceeding the dividend declared and accretive ATM offerings. NAV per share decreased to $13.05 per share in the first quarter from $13.35 per share as of December 31, 2024. The de

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Exhibit 99.1

Trinity Capital Inc. Reports Fourth Quarter and Full Year 2024 Financial Results

Return on Average Equity hits 17.4% in Q4

Record Quarterly Net Investment Income of $35 million, or $0.58 per share

Record Annual Net Investment Income of $116 million, or $2.20 per share

2024 Total Investment Income grows 31% year-over-year

PHOENIX, February 26, 2025 – Trinity Capital Inc. (Nasdaq: TRIN) (the “Company”), a leading alternative asset manager, today announced its financial results for the fourth quarter and year ended December 31, 2024.

Fourth Quarter 2024 Highlights

• Total investment income of $70.8 million, an increase of 48.1% year-over-year

• Net investment income (“NII”) of $34.6 million, or $0.58 per basic share

• Net increase in net assets resulting from operations of $45.9 million, or $0.77 per basic share

• 17.4% Return on Average Equity “ROAE” (NII/Average Equity)

• 7.6% Return on Average Assets “ROAA” (NII/Average Assets)

• Net Asset Value of $823.0 million, or $13.35 per share at the end of Q4

• Total gross investment commitments of $410.6 million

• Total gross investments funded $297.3 million, comprised of $233.4 million in 9 new portfolio companies, $58.7 million in 15 existing portfolio companies and $5.2 million in multi-sector holdings

• Total investment exits and repayments of $280.6 million, including $129.0 million from early debt repayments, $16.4 million from warrant and equity sales, $58.7 million from scheduled/amortizing debt payments and $76.5 million from investments sold to multi-sector holdings

• 20th consecutive quarter of a consistent or increased regular dividend, with a fourth quarter distribution of $0.51 per share

Full Year 2024 Highlights

• Total investment income of $237.7 million, an increase of 30.7% year-over-year

• Net investment income of $115.8 million, or $2.20 per share

• Total gross investments funded of $1.2 billion, an increase of 91.6% year-over-year

• Net investment portfolio growth at cost of $440.9 million, an increase of 33.4% year-over-year

• Total platform assets under management of $2.0 billion, an increase of 40.6% year-over-year

• Undistributed earnings spillover of $66.8 million, or $1.08 per share outstanding, based on total shares outstanding at Q4 2024

“Our team executed across various strategic initiatives to drive growth and deliver a milestone year in 2024,” said Kyle Brown, Chief Executive Officer of Trinity Capital. “Our distinct business verticals continue to expand, supported by strong originations and disciplined credit and portfolio management. We remain encouraged by our platform’s performance and believe we are well-positioned to create long-term value for our shareholders as we continue into 2025.”

Brown added, “Our unique capitalization structure — including our public company and our RIA that enables us to manage third-party private capital — has allowed us to continue to drive earnings. While we’ve delivered twenty consecutive quarters of consistent dividend returns, we believe this structure also positions us for long-term expansion, making us more than just a steady-yield investment.”

Fourth Quarter 2024 Operating Results

For the three months ended December 31, 2024, total investment income was $70.8 million, compared to $47.8 million for the quarter ended December 31, 2023. The effective yield on the average debt investments at cost was 16.4% for the fourth quarter of 2024, compared to 16.7% for the fourth quarter of 2023. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events. Yields may fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the fourth quarter of 2024 were $17.2 million, compared to $12.3 million during the fourth quarter of 2023. The increase was primarily attributable to higher compensation associated with additional headcount and amortization of restricted stock grants.

Interest expense for the fourth quarter of 2024 was $19.1 million, compared to $10.4 million during the fourth quarter of 2023. The increase was primarily attributable to the increase in weighted average debt outstanding.

Net investment income was approximately $34.6 million, or $0.58 per share based on 59.4 million basic weighted average shares outstanding for the fourth quarter of 2024, compared to $25.1 million or $0.57 per share for the fourth quarter of 2023 based on 44.3 million basic weighted average shares outstanding.

During the three months ended December 31, 2024, our net change in unrealized appreciation totaled approximately $2.0 million, which included net unrealized depreciation of $3.3 million from our debt investments, net unrealized appreciation of $4.4 million from our equity investments and net unrealized appreciation of $0.9 million from our warrant investm

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Exhibit 99.1

Trinity Capital Inc. Announces Preliminary Estimates of Financial Results for Fourth Quarter and Year Ended 2024

PHOENIX, February 4, 2025 – Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity Capital” or the “Company”), a leading alternative asset manager, today announced preliminary estimates of financial results for the fourth quarter and year ended December 31, 2024.

Trinity Capital’s preliminary estimate of its fourth quarter 2024 net investment income is in the range of $0.58 to $0.60 per share. Trinity Capital’s preliminary estimate of its net asset value per share as of December 31, 2024 is in the range of $13.32 to $13.37. Trinity Capital’s preliminary estimate of its investment assets at fair value as of December 31, 2024 is approximately $1.7 billion. Lastly, Trinity Capital preliminarily estimates that its investments on non-accrual status comprised approximately 0.8% of the total debt investment portfolio at fair value and approximately 2.6% at cost as of December 31, 2024.

Trinity Capital will hold a conference call to discuss its fourth quarter and full year 2024 financial results at 12:00 p.m. Eastern Time on Wednesday, February 26, 2025. To listen to the call, please dial (800) 267-6316, or (203) 518-9783 internationally, and reference Conference ID: TRINQ424 if asked, approximately 10 minutes prior to the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until March 5, 2025. To access the replay, please dial (800) 723-0389 or (402) 220-2647.

About Trinity Capital Inc.

Trinity Capital Inc. (Nasdaq: TRIN) is an international alternative asset manager, aiming to provide investors with stable and consistent returns through access to the private credit market. We source, vet, and invest in dynamic privately funded growth-oriented companies, giving our investors access to a strong and diversified portfolio. With distinct business verticals, Trinity Capital stands as a trusted partner for innovative companies seeking tailored growth capital solutions. Headquartered in Phoenix, Arizona, the firm has an international footprint, supported by a dedicated team of strategically located investment professionals. For more information, visit the company's website at trinitycapital.com and stay connected by following us on LinkedIn and X (formerly Twitter).

Forward-Looking Statements

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties, including, but not limited to, the preliminary estimates of the Company’s financial information and results for the fourth quarter and year ended December 31, 2024, which are based on current information available to the Company as of the date hereof. Although management of the Company believes that the expectations reflected in those forward-looking statements are reasonable, the Company can give no assurance that those expectations will prove to be correct. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission ("SEC"). The Company undertakes no duty to update any forward-looking statement made herein, except as required by applicable securities laws and regulations. All forward-looking statements speak only as of the date of this press release. More information on risks and other potential factors that could affect the Company's financial results, including important factors that could cause actual results to differ materially from plans, estimates or expectations included herein, is included in the Company's filings with the SEC, including in the "Risk Factors" and "Management's Discussion and

Analysis of Financial Condition and Results of Operations" sections of the Company's most recently filed annual report on Form 10-K and subsequent SEC filings.

The preliminary financial estimates furnished above are based on management’s preliminary determinations and current expectations as of the date hereof, and such information is inherently uncertain. The preliminary estimates provided herein have been prepared by, and are the responsibility of, management of the Company. The Company’s independent registered public accounting firm has not audited, reviewed, compiled, or performed any procedures with respect to the preliminary estimates, and, accordingly, does not express an opinion or any form of assurance with respect thereto. These preliminary estimates are subject to completion of the Company’s financial closing and review procedures and are not a comprehensi

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Exhibit 99.1

Trinity Capital Inc. Reports Third Quarter 2024 Financial Results

Return on average equity of 16.2%

NII climbs to a record of $29.4 million, or $0.54 per share

Total investment income grows 33% year-over-year

PHOENIX, October 30, 2024 – Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity” or the “Company”), a leading provider of diversified financial solutions to growth-oriented companies, today announced its financial results for the third quarter ended September 30, 2024.

Third Quarter 2024 Highlights

• Record total investment income of $61.8 million, an increase of 33.2% year-over-year

• Record net investment income (“NII”) of $29.4 million, or $0.54 per basic share

• Net increase in net assets resulting from operations of $24.4 million, or $0.45 per basic share

• 16.2% Return on Average Equity “ROAE” (NII/Average Equity)

• 7.1% Return on Average Assets “ROAA” (NII/Average Assets)

• Net Asset Value of $756.8 million, or $13.13 per share at the end of Q3

• Total gross investment commitments of $629.2 million

• Total gross investments funded of $459.0 million, comprised of $254.5 million in 11 new portfolio companies, $202.3 million across 20 existing portfolio companies and $2.2 million in the multi-sector holdings

• Total investment exits and repayments of $198.4 million, including $100.4 million from early debt repayments and refinancings, $56.8 million from scheduled/amortizing debt payments and $41.2 million from investments sold primarily to multi-sector holdings

• Total platform assets under management (“AUM”) increased to a total of $2.0 billion, up 54% year-over-year

• 19th consecutive quarter of a consistent or increased regular dividend, with a third quarter distribution of $0.51 per share

“Trinity’s record third-quarter performance is a testament to our team’s focus on disciplined underwriting and proactive portfolio management,” said Kyle Brown, Chief Executive Officer of Trinity. “As an alternative asset manager focused on direct lending to growth-oriented companies, our robust systems and processes, combined with the continued growth across our five distinct business verticals, positions us to consistently deliver long-term value for our investors.”

Third Quarter 2024 Operating Results

For the three months ended September 30, 2024, total investment income was $61.8 million, compared to $46.4 million for the quarter ended September 30, 2023. The effective yield on the average debt investments at cost was 16.1% for the third quarter of 2024, compared to 16.7% for the third quarter of 2023. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events. They may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the third quarter of 2024 were $15.5 million, compared to $12.2 million during the third quarter of 2023. The increase was primarily attributable to higher compensation associated with additional headcount and higher interest expenses associated with the credit facility with KeyBank, National Association (the “KeyBank Credit Facility”).

Interest expense for the third quarter of 2024 was $16.9 million, compared to $10.8 million during the third quarter of 2023. The increase is primarily due to increased borrowings and increased base rate under our KeyBank Credit Facility.

Net investment income was approximately $29.4 million, or $0.54 per share based on 54.4 million basic weighted average shares outstanding for the third quarter of 2024, compared to $23.4 million or $0.58 per share for the third quarter of 2023 based on 40.1 million basic weighted average shares outstanding.

During the three months ended September 30, 2024, our net unrealized appreciation totaled approximately $8.9 million, which included net unrealized appreciation of $3.9 million from our debt investments, net unrealized appreciation of $2.0 million from our equity investments and net unrealized appreciation of $3.0 million from our warrant investments.

Net realized loss on investments was approximately $13.9 million, primarily consisting of one debt position partially offset by realized gains from one equipment financing.

Net increase in net assets resulting from operations was $24.4 million, or $0.45 per share, based on 54.4 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $16.8 million, or $0.42 per share, based on 40.1 million basic weighted average shares outstanding for the third quarter of 2023. Trinity's higher weighted average shares outstanding for the third quarter as compared to the same period in the prior year was mostly attributable to additional shares issued during the twelve-month period.

Net Asset Value

Total net assets at the end of the third quarter of 2024 incre

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Exhibit 99.1

Trinity Capital Inc. Reports Second Quarter 2024 Financial Results

Platform AUM grows to $1.7 billion, a 36% increase year-over-year

NII hits a record of $26.7 million, or $0.53 per share

Return on average equity climbs to 16.3%

PHOENIX, August 7, 2024 – Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity” or the “Company”), a leading provider of diversified financial solutions to growth-oriented companies, today announced its financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Highlights

• Record total investment income of $54.6 million, an increase of 18.7% year-over-year

• Record net investment income (“NII”) of $26.7 million, or $0.53 per basic share

• Net increase in net assets resulting from operations of $30.8 million, or $0.61 per basic share

• 16.3% Return on Average Equity “ROAE” (NII/Average Equity)

• 7.4% Return on Average Assets “ROAA” (NII/Average Assets)

• Net Asset Value of $680.0 million, or $13.12 per share at the end of Q2

• Total gross investment commitments of $289.3 million

• Total gross investments funded of $230.6 million, comprised of $133.6 million in 10 new portfolio companies, $90.2 million across 18 existing portfolio companies and $6.8 million in the multi-sector holdings

• Total investment exits and repayments of $180.3 million, including $39.6 million from early debt repayments, $22.0 million from investment sales, $50.0 million from scheduled/amortizing debt repayments and $68.7 million of assets sold to the multi-sector holdings

• Total platform Assets Under Management increased to a total of $1.7 billion, up 36% year over year

• 18th consecutive quarter of a consistent or increased regular dividend, with a second quarter distribution of $0.51 per share

“Trinity delivered another excellent quarter highlighted by record net investment income for our shareholders,” said Kyle Brown, Chief Executive Officer of Trinity. “The results of the second quarter further demonstrate the strength of our diversified investment platform, with our five distinct business verticals in tech lending, equipment financing, life sciences, warehouse financing, and sponsor finance.”

Brown continued, “We are excited to continue to ramp our growth strategies through our registered investment adviser subsidiary, giving Trinity other sources of capital and new accretive sources of income. We have been strategically investing via our RIA to support our strategic plan to be the leader in the growth lending space.”

Second Quarter 2024 Operating Results

For the three months ended June 30, 2024, total investment income was $54.6 million compared to $46.0 million for the quarter ended June 30, 2023. The effective yield on the average debt investments at cost was 16.0% for the second quarter of 2024 compared to 16.2% for the second quarter of 2023. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events. They may also fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the second quarter of 2024 were $14.0 million compared to $12.0 million during the second quarter of 2023. The increase was primarily attributable to higher compensation associated with additional headcount and amortization of restricted stock grants and additional office rent and related expenses.

Interest expense for the second quarter of 2024 was $13.9 million compared to $12.0 million during the second quarter of 2023. The increase is primarily attributable to an increase in borrowings and increased base rate under our credit facility.

Net investment income was approximately $26.7 million, or $0.53 per share based on 50.2 million basic weighted average shares outstanding for the second quarter of 2024, compared to $22.1 million or $0.61 per share for the second quarter of 2023 based on 36.0 million basic weighted average shares outstanding.

During the three months ended June 30, 2024, our net unrealized appreciation totaled approximately $10.6 million, which included net unrealized appreciation of $6.6 million from our debt investments, net unrealized appreciation of $4.2 million from our equity investments and net unrealized depreciation of $0.2 million from our warrant investments.

Net realized loss on investments was approximately $6.5 million, primarily attributable to the loss on restructuring or exit of three loans partially offset by gains from the exit of equity shares in Core Scientific, Inc.

Net increase in net assets resulting from operations was $30.8 million, or $0.61 per share, based on 50.2 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $19.9 million, or $0.55 per share, based on 36.0 million basic weighted average shares outstanding for the second quarter of 20

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Trinity Capital Inc. Reports First Quarter 2024 Financial Results

Record Net Investment Income of $25.2 Million in Q1

Record Total Investment Income of $50.5 Million

Return on Average Equity of 16.1%

PHOENIX, May 1, 2024 – Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity” or the “Company”), a leading provider of diversified financial solutions to growth-stage companies, today announced its financial results for the first quarter ended March 31, 2024.

First Quarter 2024 Highlights

• Record total investment income of $50.5 million, an increase of 21.5% year-over-year

• Record net investment income (“NII”) of $25.2 million, or $0.54 per basic share, an increase of 30.1% year-over-year

• Net increase in net assets resulting from operations of $14.5 million, or $0.31 per basic share

• 16.1% Return on Average Equity “ROAE” (NII/Average Equity)

• 7.5% Return on Average Assets “ROAA” (NII/Average Assets)

• Net Asset Value of $626.3 million, or $12.88 per share at the end of Q1

• Total gross investment commitments of $286.8 million

• Total gross investments funded of $242.7 million, comprised of $182.9 million across eight new portfolio companies, $57.4 million across 12 existing portfolio companies and $2.4 million into Trinity’s joint venture (the “JV”)

• Debt principal repayments of $148.5 million, including $43.4 million from early repayments on debt investments

• 13th consecutive increase in the regular quarterly dividend after the first-quarter distribution of $0.51 per share, an increase of 2.0% from the regular dividend declared in the fourth quarter of 2023

“Trinity’s diversified investment platform continued to execute during the first quarter, delivering strong origination performance and record net investment income for our shareholders,” said Kyle Brown, Chief Executive Officer of Trinity. “Our business fundamentals remain strong, and we continue to benefit from increasing private credit demand while adhering to our rigorous approach to underwriting and portfolio management.”

Brown further highlighted, “We believe that Trinity’s experienced team and differentiated investment strategy position us to perform in any market environment. Interest in direct lending solutions is accelerating, and we stand ready to assist growing companies with our diverse capital offerings.”

First Quarter 2024 Operating Results

For the three months ended March 31, 2024, total investment income was $50.5 million compared to $41.5 million for the quarter ended March 31, 2023. This represents an effective yield on the average debt investments at cost of 15.8% and 15.2% for the periods ended March 31, 2024 and 2023, respectively. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events and may fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the first quarter of 2024 were $13.2 million compared to $11.1 million during the first quarter of 2023. The increase is primarily attributable to higher compensation and benefits associated with additional headcount, variable compensation and amortization of restricted stock grants.

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Interest expense for the first quarter of 2024 was $12.1 million compared to $11.1 million during the first quarter of 2023. The increase is primarily attributable to an increase in the average debt outstanding and an increase in the weighted average interest rate on total debt.

Net investment income was approximately $25.2 million, or $0.54 per share based on 46.7 million basic weighted average shares outstanding for the first quarter of 2024, compared to $19.3 million or $0.55 per share for the first quarter of 2023 based on 35.1 million basic weighted average shares outstanding.

During the three months ended March 31, 2024, our net unrealized depreciation totaled approximately $12.0 million, which included net unrealized appreciation of $3.8 million from our warrant investments, net unrealized depreciation of $3.4 million from our equity investments and net unrealized depreciation of $12.4 million from our debt investments.

Net realized gain on investments was approximately $1.4 million, primarily attributable to the equipment financing to Core Scientific, Inc.

Net increase in net assets resulting from operations was $14.5 million, or $0.31 per share, based on 46.7 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $22.5 million, or $0.64 per share, based on 35.1 million basic weighted average shares outstanding for the first quarter of 2023. Trinity’s higher weighted average shares outstanding for the first quarter as compared to the same period in the prior year was mostly attributable to additional shares issued during the quarter.

Net Asset Value

As of March 31, 2024, total net a

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Trinity Capital Inc. Reports Fourth Quarter and Full Year 2023 Financial Results

Record Quarterly Net Investment Income of $25.1 Million in Q4

Record Annual Net Investment Income of $89.9 Million in 2023

Return on Average Equity Hits 16.9% in Q4

PHOENIX (March 6, 2024 /PRNewswire/) -- Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity” or the “Company”), a leading provider of diversified financial solutions to growth-stage companies, today announced its financial results for the fourth quarter and year ended December 31, 2023.

Fourth Quarter 2023 Highlights

• Record total investment income of $47.8 million, an increase of 15.2% year-over-year

• Record net investment income (“NII”) of $25.1 million, or $0.57 per basic share, an increase of 15.9% year-over-year

• Net increase in net assets resulting from operations of $17.7 million, or $0.40 per basic share

• 16.9% Return on Average Equity “ROAE” (NII/Average Equity)

• 8.3% Return on Average Assets “ROAA” (NII/Average Assets)

• Net Asset Value increased to $13.19 per share, up from $13.17 at the end of Q3

• Record total gross investment commitments of $340.7 million

• Record total gross investments funded of $267.4 million, comprised of $220.0 million across six new portfolio companies, $47.1 million across ten existing portfolio companies and $0.3 million into the joint venture (the “JV”)

• Debt principal repayments of $108.9 million, including $42.9 million from early repayments and refinancings, $41.4 million from scheduled/amortizing repayments and $24.6 million of assets sold to the JV

• 12th consecutive increase in the regular quarterly dividend after the fourth-quarter distribution of $0.50 per share, an increase of 2.0% from the regular dividend declared in the third quarter of 2023

“Trinity had a tremendous year in 2023, marked by record fundings and investment income along with continued growth in our portfolio,” said Kyle Brown, Chief Executive Officer of Trinity. “Our off-balance sheet growth strategies continued to ramp, and we expect them to contribute to our growth in 2024.”

Brown further highlighted, “Our strong performance has allowed us to increase our regular dividend for twelve straight quarters, resulting in distributions of $2.04 per share to our shareholders in 2023. Our commitments to stringent underwriting and rigorous portfolio management remain central to our approach, and we believe that our shareholders will continue to see the benefits of these practices.”

Full Year 2023 Highlights

• Record total investment income of $181.9 million, an increase of 25.0% year-over-year

• Record net investment income of $89.9 million, or $2.31 per share, an increase of 25.6% year-over-year

• Record total gross investments funded of $641.8 million, an increase of 1.7% year-over-year

• Net investment portfolio growth at cost of $165.7 million, an increase of 14.4% year-over-year

• Total platform assets under management of $1.5 billion, an increase of 29.0% year-over-year

• Undistributed earnings spillover of $64.5 million, or $1.39 per share outstanding, based on total shares outstanding at Q4 2023

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Fourth Quarter 2023 Operating Results

For the three months ended December 31, 2023, total investment income was $47.8 million, compared to $41.5 million for the quarter ended December 31, 2022. The effective yield on the average debt investments at cost was 16.7% and 15.5% for the periods ended December 31, 2023 and 2022, respectively. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events and may fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the fourth quarter of 2023 were $12.3 million, compared to $9.6 million during the fourth quarter of 2022. The increase was primarily attributable to higher compensation associated with additional headcount and amortization of restricted stock grants.

Interest expense for the fourth quarter of 2023 was $10.4 million, compared to $10.3 million during the fourth quarter of 2022. The increase is primarily attributable to an increase in the weighted average interest rate on the credit facility.

Net investment income was $25.1 million, or $0.57 per share, based on 44.3 million basic weighted average shares outstanding for the fourth quarter of 2023, compared to $21.6 million, or $0.62 per share, for the fourth quarter of 2022 based on 35.1 million basic weighted average shares outstanding.

Net unrealized depreciation of $8.1 million during the fourth quarter of 2023 was primarily attributable to $10.2 million of depreciation related to credit-specific adjustments and $0.4 million of depreciation related to general market conditions, partially offset by $2.5 million related to the impact of interest rate changes.

Net realized gain on investments was $0.8 million,

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Trinity Capital Inc. Reports Third Quarter 2023 Financial Results

PHOENIX, November 1, 2023 – Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity Capital” or the “Company”), a leading provider of diversified financial solutions to growth-stage companies, today announced its financial results for the quarter ended September 30, 2023.

Third Quarter 2023 Highlights

• Total investment income of $46.4 million, an increase of 20.0% year-over-year

• Net investment income (“NII”) of $23.4 million, or $0.58 per basic share, an increase of 25.6% year-over-year

• Net increase in net assets resulting from operations of $16.8 million, or $0.42 per basic share

• 17.6% Return on Average Equity “ROAE” (NII/Average Equity)

• 8.0% Return on Average Assets “ROAA” (NII/Average Assets)

• An increase in Net Asset Value to $13.17 per share

• Aggregate debt and equity investment commitments of $228.3 million

• Total gross investments funded of $149.1 million, comprised of $81.2 million in five new portfolio companies, $65.9 million across 10 existing portfolio companies and $2.0 million into the joint venture (the “JV”)

• Debt principal repayments of $176.7 million, including $101.1 million from early repayments and refinancings, $42.1 million from scheduled/amortizing repayments and $33.5 million of assets sold to the JV

• Declared an 11th consecutive regular dividend increase, with the third-quarter distribution coming in at $0.54 per share, consisting of a regular dividend of $0.49 per share, an increase of 2.1% from the regular dividend declared in the second quarter of 2023, and a supplemental cash dividend of $0.05 per share

“We’re very pleased with our overall third quarter performance and record NII,” said Steve Brown, Chairman and Chief Executive Officer of Trinity Capital. “Our unique lending platform positions us as the partner of choice for our portfolio companies as we support them through their various growth stages, all while generating meaningful returns for our shareholders.”

“The team has done a great job managing the portfolio and we continue to see strong equity support from the sponsors of our companies,” added Kyle Brown, President and Chief Investment Officer of Trinity Capital. “The opportunity to invest in solid performing companies is accelerating as they increasingly turn to direct lending solutions to fuel their growth, and we stand ready to assist them with our diverse offerings using our combination of on- and off-balance sheet capital.”

Third Quarter 2023 Operating Results

For the three months ended September 30, 2023, total investment income was $46.4 million compared to $38.7 million for the quarter ended September 30, 2022. The effective yield on the average debt investments at cost was 16.7% and 15.2% for the periods ended September 30, 2023 and 2022, respectively. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events and may fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the third quarter of 2023 were $12.2 million compared to $10.8 million during the third quarter of 2022. The increase was primarily attributable to higher compensation associated with additional headcount and amortization of restricted stock grants.

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Interest expense for the third quarter of 2023 was $10.8 million compared to $9.3 million during the third quarter of 2022. The increase is primarily attributable to an increase in average debt outstanding and an increase in the weighted average interest rate on total debt.

Net investment income was approximately $23.4 million, or $0.58 per share, based on 40.1 million basic weighted average shares outstanding for the third quarter of 2023, compared to $18.6 million, or $0.56 per share, for the third quarter of 2022 based on 33.1 million basic weighted average shares outstanding.

Net unrealized depreciation of $4.7 million during the third quarter of 2023 was primarily attributable to $10.5 million of depreciation related to credit-specific adjustments and $0.4 million related to the impact of interest rate changes, partially offset by the flip of $4.1 million to realized losses and $2.1 million of appreciation related to general market conditions.

For the third quarter, net realized loss on investments was approximately $1.9 million, primarily attributable to the loss in one portfolio company that was previously written down on an unrealized basis in prior quarters.

In the third quarter, net increase in net assets resulting from operations was $16.8 million, or $0.42 per share, based on 40.1 million basic weighted average shares outstanding. This compares to a net decrease in net assets resulting from operations of $12.0 million, or $0.36 per share, based on 33.1 million basic weighted average shares outstanding for the third quart

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Trinity Capital Inc. Reports Second Quarter 2023 Financial Results

PHOENIX, August 2, 2023 – Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity Capital” or the “Company”), a leading provider of diversified financial solutions to growth-stage companies, today announced its financial results for the quarter ended June 30, 2023.

Second Quarter 2023 Highlights

• Total investment income of $46.0 million, an increase of 37.3% year-over-year

• Net investment income (“NII”) of $22.1 million, or $0.61 per basic share, an increase of 40.8% year-over-year

• Net increase in net assets resulting from operations of $19.9 million, or $0.55 per basic share

• 18.4% Return on Average Equity “ROAE” (NII/Average Equity)

• 7.6% Return on Average Assets “ROAA” (NII/Average Assets)

• An increase of Net Asset Value to $13.15 per share

• Aggregate debt and equity investment commitments of $218.5 million

• Total gross investments funded of $154.9 million, comprised of $103.1 million in five new portfolio companies, $48.3 million across seven existing portfolio companies and $3.5 million into the recently formed joint venture (the “JV”)

• Debt principal repayments of $103.5 million, including $13.7 million from early repayments, $31.0 million from scheduled/amortizing repayments and $58.8 million of assets sold to the JV

• Declared a 10th consecutive dividend increase, with the second-quarter distribution coming in at $0.53 per share, consisting of a regular dividend of $0.48 per share, an increase of 2.1% from the regular dividend declared in the first quarter of 2023, and a supplemental cash dividend of $0.05 per share

“Our NII performance and portfolio strength this quarter demonstrate that Trinity’s differentiated platform can excel in all cycles,” said Steve Brown, Chairman and Chief Executive Officer of Trinity Capital. “As we build for the future, we’ve made critical investments to grow our team, expand our platform and diversify our portfolio to build upon our track record and reputation.”

Kyle Brown, President and Chief Investment Officer of Trinity Capital, added, “Our focus remains on building an investment portfolio that generates meaningful returns for our shareholders. We have created a truly unique platform, one that is well-positioned to capitalize on opportunities that further diversify our capital base and capabilities. We’ve been strategically investing both on and off the balance sheet while generating additional income from our JV, which flows to the benefit of our shareholders.”

Second Quarter 2023 Operating Results

For the three months ended June 30, 2023, total investment income was $46.0 million compared to $33.5 million for the quarter ended June 30, 2022. The effective yield on the average debt investments at cost was 16.2% and 13.8% for the periods ended June 30, 2023 and 2022, respectively. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events and may fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the second quarter of 2023 were $11.9 million compared to $10.0 million during the second quarter of 2022. The increase was primarily attributable to higher compensation associated with additional headcount and amortization of restricted stock grants.

Interest expense for the second quarter of 2023 was $12.0 million compared to $7.8 million during the second quarter of 2022. The increase is primarily attributable to an increase in borrowings under the 2025

1

Notes and the KeyBank Credit Facility, and increased interest rates under the credit facility due to an increase in SOFR.

Net investment income was approximately $22.1 million, or $0.61 per share based on 36.0 million basic weighted average shares outstanding for the second quarter of 2023, compared to $15.7 million or $0.51 per share for the second quarter of 2022 based on 31.0 million basic weighted average shares outstanding.

Net unrealized appreciation of $24.4 million during the second quarter of 2023 was primarily attributable to the flip of $26.7 million to realized losses, $2.2 million related to the impact of interest rate changes and $0.5 million of appreciation related to general market conditions, offset by $5.0 million of depreciation related to credit specific adjustments.

Second quarter 2023 net realized loss on investments was approximately $26.6 million, primarily attributable to the loss in one portfolio company that was previously written down on an unrealized basis in prior quarters.

Second quarter 2023 net increase in net assets resulting from operations was $19.9 million, or $0.55 per share, based on 36.0 million basic weighted average shares outstanding. This compares to a net decrease in net assets resulting from operations of $7.7 million, or $0.25 per share, based on 31.0 million b

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Trinity Capital Inc. Reports First Quarter 2023 Financial Results

PHOENIX, May 4, 2023 – Trinity Capital Inc. (Nasdaq: TRIN and TRINL) (“Trinity Capital” or the “Company”), a leading provider of diversified financial solutions to growth-stage companies, today announced its financial results for the first quarter ended March 31, 2023.

First Quarter 2023 Highlights

• Total investment income of $41.5 million, an increase of 30.5% year-over-year

• Net investment income (“NII”) of $19.3 million, or $0.55 per basic share, an increase of 23.7% year-over-year

• Net increase in net assets resulting from operations of $22.5 million, or $0.64 per basic share

• Aggregate debt and equity investment commitments of $43.2 million

• Total gross investments funded of $70.4 million, comprised of $5.0 million in one new portfolio company, $60.2 million across 11 existing portfolio companies, and $5.2 million into the recently formed joint venture (the “JV”)

• 16.5% Return on Average Equity “ROAE” (NII/Average Equity)

• 6.8% Return on Average Assets “ROAA” (NII/Average Assets)

• Debt principal repayments of $82.8 million, including $13.1 million from early repayments and $42.1 million of assets sold to the JV

• Declared a dividend distribution of $0.47 per share for the first quarter of 2023, an increase of 2.2% from the regular dividend declared in the fourth quarter of 2022

“Our performance in the first quarter generated record NII results, providing 117% coverage on our regular dividend,” said Steven Brown, Chairman and Chief Executive Officer of Trinity Capital. “Trinity’s differentiated platform is positioned to capitalize on investment opportunities in a dynamic market as companies seek a partner that can support them through their various growth stages. Our veteran team, diversified portfolio and strong balance sheet, supported by our joint venture, are as healthy as ever as we provide financial solutions that meet the needs of growth-stage businesses.”

Kyle Brown, President and Chief Investment Officer of Trinity Capital, added, “Trinity is well positioned given recent volatility in the banking industry, which has fundamentally changed the market. Businesses are looking for more stable, non-bank solutions for their financing needs and we intend to capitalize on this opportunity with a combination of on- and off-balance sheet solutions. Our core priorities of portfolio management and credit quality remain firmly rooted in our operating process. We continue to track markets and maintain constant oversight and communication with our portfolio companies as they navigate the current economic environment. Trinity continues to realize its vision as an emerging leader, providing diversified financial solutions to the global growth economy.”

First Quarter 2023 Operating Results

For the three months ended March 31, 2023, total investment income was $41.5 million compared to $31.8 million for the quarter ended March 31, 2022. This represents an effective yield on the average debt investments at cost of 15.2% and 16.3% for the periods ended March 31, 2023 and 2022, respectively. The decrease in the effective yield is attributed to lower fees and income acceleration as a result of lower early repayments. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events and may fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total operating expenses and excise taxes, excluding interest expense, for the first quarter of 2023 were $11.1 million compared to $9.4 million during the first quarter of 2022. The increase was primarily

1

attributable to higher compensation associated with additional headcount, variable compensation, amortization of restricted stock grants and higher professional fees.

Interest expense for the first quarter of 2023 was $11.1 million compared to $6.8 million during the first quarter of 2022. The increase is primarily attributable to an increase in borrowings under the 2025 Notes and the KeyBank Credit Facility, and increased interest rates under the credit facility due to an increase in SOFR.

Net investment income was approximately $19.3 million, or $0.55 per share based on 35.1 million basic weighted average shares outstanding for the first quarter of 2023, compared to $15.6 million or $0.57 per share for the first quarter of 2022 based on 27.4 million basic weighted average shares outstanding.

Net unrealized appreciation of $3.5 million during the first quarter of 2023 was primarily attributable to $2.8 million related to specific portfolio adjustments in connection with improved performance by the portfolio companies, $1.4 million related to interest rate changes and $0.3 million due to the reversal of unrealized depreciation to realized losses, offset by $1.0 million related to general market volatility.

First quarter 2023 net realized loss on

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Trinity Capital Inc. Reports Fourth Quarter and Full Year 2022 Financial Results

PHOENIX, (March 2, 2023 /PRNewswire/) -- Trinity Capital Inc. (Nasdaq: TRIN, TRINL) (“Trinity” or the “Company”), a leading provider of diversified financial solutions to growth-stage companies, today announced its financial results for the fourth quarter and year ended December 31, 2022.

Fourth Quarter 2022 Highlights

• Total investment income of $41.5 million, an increase of 75.8% year-over-year

• Net investment income (“NII”) of $21.6 million, or $0.62 per share, an increase of 103.8% year-over-year

• Aggregate debt and equity investment commitments of $239.5 million

• Total gross investments funded of $120.8 million, comprised of $70.4 million across seven new portfolio companies and $50.4 million across nine existing portfolio companies

• 17.9% Return on Average Equity “ROAE” (NII/Average Equity)

• 7.7% Return on Average Assets “ROAA” (NII/Average Assets)

• Debt principal repayments of $53.0 million, including $14.8 million from early repayments

• Investment portfolio of $1.09 billion at fair value, an increase of 5.0% from Q3 2022

• Net asset value (“NAV”) per share decreased to $13.15 from $13.74 on September 30, 2022

• Declared a dividend distribution of $0.61 per share, consisting of a regular dividend of $0.46 per share and a supplemental dividend of $0.15 per share. NII covered the regular dividend by 135%

• Entered into a joint venture agreement, providing $150.0 million of additional equity capitalization for co-investing alongside Trinity

• Received exemptive relief from the SEC for establishment of a Registered Investment Adviser (“RIA”) to be wholly owned by Trinity

“Trinity had a year of exceptional growth, furthering its momentum in 2022,” said Steve Brown, Chairman and Chief Executive Officer of Trinity. “Our operating performance generated a record $975.5 million in new commitments and fundings of $631.2 million, leading to record total investment income of $145.5 million and net investment income of $71.6 million. Our strong originations process allowed us to grow our portfolio on a cost basis by $355.7 million, or 44.6% year-over-year. We continued our strategic approach to growth with the recent announcements regarding our joint venture and the exemptive relief for our RIA by the SEC. We believe these two investment vehicles will provide accretive returns to our shareholders beginning in 2023.”

Brown concluded, “Our outstanding performance has allowed us to increase our dividend for eight straight quarters, resulting in gross dividends of $2.33 per share in 2022. In addition, we ended the year with approximately $60.4 million or $1.73 per share of earnings spillover. We enter 2023 focused on maintaining our credit quality and managing liquidity, while expanding our investment platform in a dynamic market. Trinity’s world-class team and rigorous underwriting process position our business to capture the opportunities in front of us.”

Full Year 2022 Highlights

• Total investment income of $145.5 million, an increase of 77.0% year-over-year

• Net investment income of $71.6 million, or $2.26 per share, an increase of 83.6% year-over-year

• Net realized gains of $32.9 million, or $0.94 per share based on shares outstanding at Q4 2022

• Total gross investments funded of $631.2 million, an increase of 13.0% year-over-year

• Net investment portfolio growth at cost of $355.7 million, an increase of 44.6% year-over-year

• Distributed $2.33 per share in the form of regular and supplemental dividends, an increase of 84.9% year-over-year

• Undistributed earnings spillover of $60.4 million, or $1.73 per share based on shares outstanding at Q4 2022

• Announced key industry hires to build Trinity’s life sciences financing vertical

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“Trinity is operating on all cylinders. We have a healthy portfolio, solid balance sheet and ample liquidity heading into 2023,” said Kyle Brown, President and Chief Investment Officer of Trinity. “With the goal of becoming one of the premier venture growth lending platforms in the world, our focus remains on building an investment portfolio that continues to generate strong returns for our shareholders in all economic environments.”

Fourth Quarter 2022 Operating Results

For the three months ended December 31, 2022, total investment income was $41.5 million, compared to $23.6 million for the quarter ended December 31, 2021. The increase is primarily attributable to the higher weighted average debt investment portfolio and an increase in core yields between periods. This represents a core yield on the average debt investments at cost of 14.2% and 13.2% for the periods ended December 31, 2022 and 2021, respectively. The Company’s effective yield on the debt portfolio was 15.5% as of December 31, 2022, compared to 15.2% in the prior year. Effective yields generally include the impact of fees and income accelerations attributed t

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Exhibit 99.1

Trinity Capital Inc. Reports Third Quarter 2022 Financial Results

PHOENIX, (November 3, 2022 /PRNewswire/) -- Trinity Capital Inc. (Nasdaq: TRIN, TRINL) (“Trinity Capital” or the “Company”), a leading provider of diversified financial solutions to growth stage companies, today announced its financial results for the quarter ended September 30, 2022.

Third Quarter 2022 Highlights

• Total investment income of $38.7 million, an increase of 77.5% year-over-year

• Net investment income (“NII”) of $18.6 million, or $0.56 per share, an increase of 67.6% year-over-year

• Aggregate debt and equity investment commitments of $128.1 million

• Total gross investments funded of $94.2 million, comprised of $28.9 million across seven new portfolio companies and $65.3 million across 15 existing portfolio companies

• 15.4% Return on Average Equity “ROAE” (NII/Average Equity)

• 6.8% Return on Average Assets “ROAA” (NII/Average Assets)

• Debt principal repayments of $79.9 million including $48.5 million from early repayments

• Net asset value (“NAV”) per share decreased to $13.74 from $14.62 on June 30, 2022

• Declared a dividend distribution of $0.60 per share, consisting of a regular dividend of $0.45 per share for the third quarter, an increase of 7.1% from Q2 2022, and a supplemental cash dividend of $0.15 per share.

Year-to-Date 2022 Highlights

• Total investment income of $104.0 million, an increase of 77.5% year-over-year

• Net investment income of $50.0 million, or $1.64 per share, an increase of 75.4% year-over-year

• Total gross investments funded of $510.5 million, an increase of 41.5% year-over-year

“Trinity generated exceptional third quarter NII performance, far exceeding our core quarterly dividend, and reflecting the strength and scale of our portfolio,” said Steven Brown, Chairman and Chief Executive Officer of Trinity Capital. “We are executing against our strategy with the objective outlook needed in this challenging macro environment. Our fortified balance sheet and robust lending platform position us to deliver strategic financing to our existing portfolio companies while identifying the next generation of growth stage companies in which to invest. As we head into the fourth quarter of 2022, we will continue to utilize accretive, innovative growth levers to deploy capital and drive long-term shareholder value.”

Kyle Brown, President and Chief Investment Officer of Trinity Capital, added, “Our experienced management team and best-in-class financing solutions will allow us to capitalize on the current VC market and industry trends. Trinity continues to meet the evolving needs of the venture debt ecosystem and add value beyond the term sheet for our portfolio companies.”

Third Quarter 2022 Operating Results

For the three months ended September 30, 2022, total investment income was $38.7 million compared to $21.8 million for the quarter ended September 30, 2021. This represents an effective yield on the average debt investments at cost of 15.2% and 15.8% for the periods ended September 30, 2022, and 2021, respectively. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events and may fluctuate quarter-to-quarter depending on the amount of prepayment activity.

Total expenses, excluding interest expense and excise tax expense, for the third quarter of 2022 were $10.1 million compared to $5.6 million during the third quarter of 2021. The increase was primarily attributable to increased employee headcount and higher professional fees. Interest expense for the third quarter of 2022 was $9.3 million compared to $5.1 million during the third quarter of 2021. The increase is primarily attributable to the increase in the weighted average borrowings outstanding during the quarter under our KeyBank Credit Facility and additional debt issuance of our 7% Notes due 2025 (“2025 Notes”).

Net investment income was approximately $18.6 million, or $0.56 per share based on 33.1 million basic weighted average shares outstanding for the third quarter of 2022, compared to $11.1 million or $0.42 per share for the third quarter of 2021 based on 26.6 million basic weighted average shares outstanding.

Third quarter 2022 net realized losses on investments were approximately $0.6 million compared to a net realized gain of $0.7 million during the third quarter of 2021.

Net unrealized depreciation was $30.0 million during the third quarter of 2022, compared to net unrealized appreciation of $15.4 million during the third quarter of 2021.

Third quarter 2022 net decrease in net assets resulting from operations was $12.0 million, or $(0.36) per share based on 33.1 million basic weighted average shares outstanding. This compares to a net increase in net assets resulting from operations of $27.2 million or $1.02 per share based on 26.6 million basic weighted average shares outstandi

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Exhibit 99.1

​

Trinity Capital Inc. Reports Second Quarter 2022 Financial Results

​

PHOENIX, (August 4, 2022 /PRNewswire/) -- Trinity Capital Inc. (Nasdaq: TRIN) (“Trinity Capital” or the “Company”), a leading provider of financing solutions to growth stage companies, today announced its financial results for the quarter ended June 30, 2022.

​

Second Quarter 2022 Highlights

●Total investment income of $33.5 million, an increase of 71.8% year-over-year

●Net investment income (“NII”) of $15.7 million, or $0.51 per share, an increase of 55.4% year-over-year

●Aggregate debt and equity investment commitments of $302.3 million during Q2 2022

●Total gross investments funded of $193.8 million, comprised of $117.0 million across 11 new portfolio companies and $76.8 million across 17 existing portfolio companies

●Unscheduled early principal repayments of $16.8 million

●Investment portfolio of $1.05 billion at fair value, an increase of 75.8% from Q2 2021

●13.5% Return on Average Equity “ROAE” (NII/Average Equity)

●5.9% Return on Average Assets “ROAA” (NII/Average Assets)

●Net asset value (“NAV”) per share decreased to $14.62 from $15.15 on March 31, 2022

●Declared a distribution of $0.57 per share, consisting of a regular dividend of $0.42 per share for the second quarter, an increase of 5.0% from Q1 2022, and a supplemental cash dividend of $0.15 per share

​

Year-to-Date 2022 Highlights

●Total investment income of $65.3 million, an increase of 77.4% year-over-year

●Net investment income of $31.3 million, or $1.07 per share, an increase of 80.9% year-over-year

●Total gross investments funded of $416.3 million, an increase of 98.7% year-over-year

​

“Trinity generated $132 million of net portfolio growth at fair value in the second quarter, with our investment portfolio surpassing $1 billion for the first time — a major milestone for our company,” said Steven Brown, Chairman and Chief Executive Officer of Trinity Capital. “We have built a brand and business that is well positioned to capitalize on the increasing market demand for debt and equipment financing solutions to growth stage companies. We have a disciplined strategy in place and a tenured leadership team that can manage our business through changing economic conditions. Our performance this quarter demonstrates that we are achieving our vision of building one of the world’s best lending platforms.”

Kyle Brown, President and Chief Investment Officer of Trinity Capital, added, "We are capitalizing on market conditions while taking a judicious approach towards investment decisions. Our fundamentals are as strong as ever and we are focused on executing on a strategy that is versatile in an evolving financial landscape. We have strong momentum heading into the second half of the year and look forward to driving long-term value for our shareholders.”

Second Quarter 2022 Operating Results

​

For the quarter ended June 30, 2022, total investment income was $33.5 million compared to $19.5 million for the quarter ended June 30, 2021. This increase is primarily attributable to the larger portfolio of earning assets year-over-year.

​

Effective yield on the average debt investments was 13.8% and 15.9% for the periods ended June 30, 2022 and 2021, respectively. The lower effective yields in the current quarter are attributed to the significantly lower early repayments compared to the second quarter of 2021. Effective yields generally include the effects of fees and income accelerations attributed to early loan repayments and other one-time events and may fluctuate quarter-to-quarter depending on the amount of prepayment activity.

​

​

​

​

Total expenses, excluding interest expense, for the second quarter of 2022 were $10.0 million compared to $5.0 million during the second quarter of 2021. The increase was primarily attributable to increased employee headcount, higher stock-based compensation, higher variable compensation and higher professional fees. Interest expense for the second quarter of 2022 was $7.8 million compared to $4.4 million during the second quarter of 2021 attributed to the higher debt outstanding under the bonds issued in August and December 2021 and higher borrowings under our credit facility.

​

Net investment income (“NII”) was approximately $15.7 million, or $0.51 per share for the second quarter of 2022, compared to $10.1 million or $0.38 per share for the second quarter of 2021. The 55.4% increase in NII year-over-year is primarily attributable to the higher investment income on the larger investment portfolio offset by higher interest and operating expenses.

​

Second quarter 2022 net realized loss from investments was approximately $9.6 million, primarily related to the loss on a legacy loan to one portfolio company, compared to a net realized gain of $2.0 million during the second quarter of 2021.

​

Net unrealized depreciation was $13.8 million during the second quar

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EXHIBIT 99.1

Exhibit 99.1

Filed pursuant to Rule 497(a)

File No. 333-261782

Rule 482ad

Trinity Capital Inc. Prices Reopening of $50.0 million of 7.00% Notes due 2025

PHOENIX, July 19, 2022 – Trinity Capital Inc. (NASDAQ: TRIN) (“Trinity”) is pleased to announce that it has priced an underwritten public offering of an additional $50.0 million in aggregate principal amount of 7.00% notes due 2025 (the “Notes”). In connection with the offering, Trinity has granted the underwriters a 30-day option to purchase additional Notes in an amount up to $7.5 million. The Notes are being issued at 99.52% of the principal amount per Note.

The Notes are an additional issuance of the 7.00% notes due 2025 that Trinity issued on January 16, 2020 in an aggregate principal amount of $125.0 million (the “Existing Notes”). The Notes will be treated as a single series with the Existing Notes under the indenture and will have the same terms as the Existing Notes. The Notes will have the same CUSIP number and will be fungible and rank equally with the Existing Notes. Upon the issuance of the Notes, the outstanding aggregate principal amount of Trinity’s 7.00% notes due 2025 will be $175.0 million ($182.5 million if the underwriters exercise the over-allotment option in full to purchase additional Notes). The offering is subject to customary closing conditions and is expected to close on July 22, 2022. The Notes, along with the Existing Notes, are expected to trade on the Nasdaq Global Select Market within 30 days of closing.

Trinity intends to use substantially all the net proceeds from this offering to repay a portion of its outstanding indebtedness under its credit facility with KeyBank National Association. As of July 14, 2022, Trinity had $232.0 million of indebtedness outstanding under its credit facility. The credit facility matures on October 27, 2026, and borrowings under the credit facility currently bear interest on a per annum basis equal to Adjusted Term SOFR plus 2.85%.

Keefe, Bruyette & Woods, A Stifel Company and UBS Securities LLC are acting as the joint book-running managers for this offering. Ladenburg Thalmann & Co. Inc. and Oppenheimer & Co. Inc. are acting as co-lead managers for this offering.

Investors should carefully consider, among other things, Trinity’s investment objective and strategies and the risks related to Trinity and the offering before investing. The preliminary prospectus supplement dated July 19, 2022 and the accompanying prospectus dated January 27, 2022, each of which has been filed with the Securities and Exchange Commission, contain this and other information about Trinity and should be read carefully before investing.

The issuer has filed a shelf registration statement (including a base prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the base prospectus in that registration statement, the Preliminary Prospectus and the documents incorporated by reference therein, which the issuer has filed with the SEC, for more complete information about the Issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the Preliminary Prospectus if you request it from Keefe, Bruyette & Woods, Inc., 787 7th Avenue, 4th Floor, New York, New York 10019, Attn: Equity Syndicate, by telephone at 1-800-966-1559 or UBS Securities LLC, 1285 Avenue of the Americas, New York, New York 10019, Attention: Prospectus Department, by telephone at 1-888-827-7275.

The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The preliminary prospectus supplement, the accompanying prospectus and this press release do not constitute offers to sell or the solicitation of offers to buy, nor will there be any sale of the Notes referred to in this press release, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

About Trinity Capital Inc.

Trinity (Nasdaq: TRIN), an internally managed specialty lending company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended, is a leading provider of debt, including loans and equipment financing, to growth stage companies, including venture-backed companies and companies with institutional equity investors. Trinity’s investment objective is to generate current income and, to a lesser extent, capital appreciation through investments consisting primarily of term loans and equipment financings and, to a lesser extent, working capital loans, equity and equity-related investments. Trinity believes it is one of only a select group of specialty