10-Q - TRIN - Equibles

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the Quarterly Period Ended March 31, 2022


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

Commission file number: 001-39958

TRINITY CAPITAL INC.

(Exact name of registrant as specified in its charter)


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


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

(480) 374-5350

(Registrant’s telephone number, including area code)

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


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

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

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

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

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

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

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

As of May 5, 2022, the registrant had 38,181,708 shares of common stock ($0.001 par value per share) outstanding.

Table of Contents TRINITY CAPITAL INC.

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022 TABLE OF CONTENTS


		PAGE<br>NO.
PART I	FINANCIAL INFORMATION	3
Item 1.	Consolidated Financial Statements	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2022 (unaudited) and December 31, 2021	3
	Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the Three Months Ended March 31, 2022 and 2021 (unaudited)	5
	Consolidated Statement of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (unaudited)	6
	Consolidated Schedule of Investments as of March 31, 2022 (unaudited)	8
	Consolidated Schedule of Investments as of December 31, 2021	25
	Notes to Consolidated Financial Statements (unaudited)	42
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	76
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	92
Item 4.	Controls and Procedures	93
PART II	OTHER INFORMATION	94
Item 1.	Legal Proceedings	94
Item 1A.	Risk Factors	94
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	95
Item 3.	Defaults Upon Senior Securities	95
Item 4.	Mine Safety Disclosures	95
Item 5.	Other Information	95
Item 6.	Exhibits	96
SIGNATURES		97

Table of Contents PART I: FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

TRINITY CAPITAL INC.

Consolidated Statements of Assets and Liabilities

(In thousands, except share and per share data)


	****	March 31,		****	December 31,
****		2022			2021
		(Unaudited)
ASSETS
Investments at fair value:
Control investments (cost of $39,167 and $38,994, respectively)		$	28,057		$	32,214
Affiliate investments (cost of $41,621 and $41,609, respectively)			28,941			32,192
Non-control / Non-affiliate investments (cost of $840,263 and $717,253, respectively)			862,350			809,064
Total investments (cost of $921,051 and $797,856, respectively)			919,348			873,470
Cash and cash equivalents			28,684			31,685
Restricted cash			—			15,057
Interest receivable			6,482			5,551
Deferred credit facility costs			2,188			2,308
Other assets			9,237			9,047
Total assets		$	965,939		$	937,118

LIABILITIES
KeyBank Credit Facility		$	134,000		$	81,000
August 2026 Notes, net of $2,535 and $2,679, respectively, of unamortized deferred financing costs			122,465			122,321
2025 Notes, net of $3,319 and $3,616, respectively, of unamortized deferred financing costs			121,681			121,384
December 2026 Notes, net of $1,749 and $1,842, respectively, of unamortized deferred financing costs			73,251			73,158
Convertible Notes, net of $2,361 and $2,515, respectively, of unamortized deferred financing costs and discount			47,639			47,485
Credit Suisse Credit Facility			—			10,000
Distribution payable			15,389			9,803
Security deposits			11,549			10,840
Accounts payable, accrued expenses and other liabilities			15,924			14,594
Total liabilities		****	541,898		****	490,585

Commitments and contingencies (Note 6)

NET ASSETS
Common stock, $0.001 par value per share (200,000,000 authorized, 27,982,842 and 27,229,541 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively)			28			27
Paid-in capital in excess of par			370,570			368,609
Distributable earnings/(accumulated loss)			53,443			77,897
Total net assets		****	424,041		****	446,533
Total liabilities and net assets		$	965,939		$	937,118
NET ASSET VALUE PER SHARE		$	15.15		$	16.40

See accompanying notes to consolidated financial statements. 3

Table of Contents

TRINITY CAPITAL INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)


		Three Months Ended			Three Months Ended
****	****	March 31, 2022		****	March 31, 2021
INVESTMENT INCOME:	****		****			****	****
Interest income:
Control investments		$	1,373		$	1,307
Affiliate investments			428			438
Non-Control / Non-Affiliate investments			26,605			14,600
Total interest income			28,406			16,345
Fee income:
Non-Control / Non-Affiliate investments			3,439			975
Total fee income			3,439			975
Total investment income			31,845			17,320

EXPENSES:
Interest expense and other debt financing costs			6,798			4,616
Compensation and benefits			6,455			3,996
Professional fees			832			647
General and administrative			1,477			750
Total expenses			15,562			10,009

NET INVESTMENT INCOME BEFORE TAXES			16,283			7,311

Excise tax expense			674			58

NET INVESTMENT INCOME			15,609			7,253

NET REALIZED GAIN/(LOSS) FROM INVESTMENTS:
Control investments			—			—
Affiliate investments			—			—
Non-Control / Non-Affiliate investments			52,644			2,595
Net realized gain/(loss) from investments			52,644			2,595

NET CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) FROM INVESTMENTS:
Control investments			(4,331)			(7,554)
Affiliate investments			(3,264)			(6,312)
Non-Control / Non-Affiliate investments			(69,723)			29,342
Net change in unrealized appreciation/(depreciation) from investments			(77,318)			15,476

NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	(9,065)		$	25,324

NET INVESTMENT INCOME PER SHARE - BASIC		$	0.57		$	0.31
NET INVESTMENT INCOME PER SHARE - DILUTED^(1)^		$	0.54			0.31

NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC & DILUTED		$	(0.33)		$	1.08

WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC & DILUTED			27,416,943			23,554,950

(1)	Diluted net investment income per share for the three months ended March 31, 2022 has been calculated based on diluted weighted average shares of 30,768,333.

See accompanying notes to consolidated financial statements.

Table of Contents TRINITY CAPITAL INC.

Consolidated Statements of Changes in Net Assets

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended March 31, 2022:


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

Three Months Ended March 31, 2021:


	****						Distributable
					Paid In Capital		Earnings /
		Common Stock			in Excess of		(Accumulated		Total
		Shares	Par Value		Par Value		Loss)		Net Assets
Balance as of December 31, 2020		18,321,274	$	18	$	263,366	$	(24,636)	$	238,748
Impact of adoption of ASU 2020-06		—		—		(462)		—		(462)
Distributions to stockholders		—		—		—		(7,396)		(7,396)
Issuance of common stock in initial public offering, net of issuance costs		8,006,291		8		104,200		—		104,208
Issuance of common stock pursuant to distribution reinvestment plan		87,710		—		1,141		—		1,141
Net increase/(decrease) in net assets resulting from operations		—		—		—		25,324		25,324
Balance as of March 31, 2021		26,415,275	$	26	$	368,245	$	(6,708)	$	361,563

(1)	See “Note 1 - Organization and Basis of Presentation”

See accompanying notes to consolidated financial statements.

Table of Contents TRINITY CAPITAL INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)




	Three Months Ended		Three Months Ended
	March 31, 2022		March 31, 2021
Cash flows provided by/(used in) operating activities:
Net increase/(decrease) in net assets resulting from operations	$	(9,065)	$	25,324
Adjustments to reconcile net increase/(decrease) in net assets resulting from operations to net cash provided by/(used in) operating activities:
Purchase of investments, net of deferred fees		(221,179)		(86,694)
Proceeds from sales and paydowns of investments		158,775		66,985
Net change in unrealized appreciation/(depreciation) from investments, net of third party participation		77,318		(15,193)
Net realized gain/(loss) from investments		(52,644)		(2,595)
Accretion of original issue discounts and end of term payments on investments		(8,148)		(4,593)
Amortization of deferred financing costs		808		917
Stock-based compensation		911		—
Change in operating assets and liabilities
(Increase)/Decrease in interest receivable		(931)		(456)
(Increase)/Decrease in receivable from sale of investments		1,710		(1,107)
(Increase)/Decrease in other assets		(1,960)		32
Increase/(Decrease) in security deposits		709		713
Increase/(Decrease) in accounts payable, accrued expenses and other liabilities		1,330		(3,061)
Net cash provided by/(used in) operating activities		(52,366)		(19,728)

Cash flows provided by/(used in) investing activities:
Disposal/(Acquisition) of fixed assets		60		(490)
Net cash provided by/(used in) investing activities		60		(490)

Cash flows provided by/(used in) financing activities
Issuance of common stock		—		112,088
Common stock issuance costs		—		(7,880)
Retirement of employee shares		(2)		—
Cash distributions paid		(8,750)		(3,806)
Borrowings under credit facilities		68,000		—
Repayments under credit facilities		(25,000)		(90,000)
Net cash provided by/(used in) financing activities		34,248		10,402

Net increase/(decrease) in cash, cash equivalents and restricted cash		(18,058)		(9,816)
Cash, cash equivalents and restricted cash at beginning of period		46,742		61,101
Cash, cash equivalents and restricted cash at end of period	$	28,684	$	51,285




	Three Months Ended		Three Months Ended
	March 31, 2022		March 31, 2021
Supplemental and non-cash investing and financing activities:
Cash paid for interest	$	5,603	$	4,200
Accrued but unpaid distributions	$	15,389	$	7,396
Distributions reinvested	$	1,053	$	1,141
Income tax, including excise tax, paid	$	310	$	79
Change to net assets related to adoption of ASU 2020-06	$	—	$	(462)

Table of Contents The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Statements of Assets and Liabilities that sum to the total of the same such amounts on the Consolidated Statement of Cash Flows:


	March 31, 2022		March 31, 2021
Cash and cash equivalents	$	28,684	$	36,026
Restricted cash		—		15,259
Total cash, cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows	$	28,684	$	51,285

See accompanying notes to consolidated financial statements.

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		Fair Value^(6)^
Debt Securities- United States

Administrative and Support and Waste Management and Remediation ^(7)^
Qwick, Inc.		Secured Loan		December 31, 2021	January 1, 2026		Variable interest rate Prime + 8.0% or Floor rate 11.0%; EOT 5.0% ⁽⁸⁾		$	5,000		$	4,933	$	5,083

RTS Holding, Inc.		Secured Loan		December 31, 2021	January 1, 2027		Fixed interest rate 10.5%; EOT 3.0%		$	23,000		$	22,769	$	22,863

SeaOn Environmental, LLC		Equipment Financing⁽¹⁴⁾		January 16, 2020	January 1, 2023		Fixed interest rate 9.0%; EOT 12.0%		$	845		$	1,241	$	1,224

Sub-total: Administrative and Support and Waste Management and Remediation (3.0%)*									$	28,845		$	28,943	$	29,170

Agriculture, Forestry, Fishing and Hunting ^(7)^
Bowery Farming, Inc.		Secured Loan⁽¹⁴⁾		September 10, 2021	January 1, 2026		Variable interest rate LIBOR + 11.0% or Floor rate 10.1% ⁽⁸⁾		$	10,000		$	9,309	$	9,375

Robotany, Inc.		Equipment Financing⁽¹⁴⁾		January 16, 2020	January 1, 2024		Fixed interest rate 7.6%; EOT 17.3%		$	1,047		$	1,379	$	1,386

Sub-total: Agriculture, Forestry, Fishing and Hunting (1.1%)*									$	11,047		$	10,688	$	10,761

Construction ^(7)^
Dandelion Energy, Inc.		Equipment Financing		March 17, 2020	April 1, 2024		Fixed interest rate 9.0%; EOT 12.5%		$	299		$	341	$	339
		Equipment Financing		October 27, 2020	November 1, 2024		Fixed interest rate 9.2%; EOT 12.5%			388			428		424
		Equipment Financing		November 19, 2020	December 1, 2024		Fixed interest rate 9.1%; EOT 12.5%			484			532		526
		Equipment Financing		December 29, 2020	January 1, 2025		Fixed interest rate 9.2%; EOT 12.5%			570			621		615
		Equipment Financing		March 25, 2021	April 1, 2025		Fixed interest rate 9.1%; EOT 12.5%			1,155			1,234		1,225
		Equipment Financing		December 1, 2021	January 1, 2026		Fixed interest rate 8.8%; EOT 12.5%			1,284			1,309		1,311
Total Dandelion Energy, Inc.										4,180			4,465		4,440

Project Frog, Inc. ^(20)^		Secured Loan⁽¹⁴⁾		April 30, 2020	May 1, 2023		Fixed interest rate 12.0%		$	3,450		$	3,415	$	3,192

Sub-total: Construction (0.8%)*									$	7,630		$	7,880	$	7,632

Educational Services ^(7)^
Medical Sales Training Holding Company		Secured Loan⁽¹⁴⁾		March 18, 2021	April 1, 2025		Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾		$	6,000		$	5,999	$	6,008
		Secured Loan⁽¹⁴⁾		July 21, 2021	August 1, 2025		Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾			2,000			1,985		1,994
Total Medical Sales Training Holding Company										8,000			7,984		8,002

Yellowbrick Learning, Inc.		Secured Loan⁽¹⁴⁾		February 1, 2021	September 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 5.0% ⁽⁸⁾		$	7,500		$	7,608	$	7,676
		Secured Loan⁽¹⁴⁾		August 10, 2021	March 1, 2026		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 5.0% ⁽⁸⁾			2,500			2,514		2,540
Total Yellowbrick Learning, Inc.										10,000			10,122		10,216

Sub-total: Educational Services (1.9%)*									$	18,000		$	18,106	$	18,218

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		Fair Value^(6)^
Debt Securities- United States, Continued

Finance and Insurance ^(7)^
BoardRE, Inc.		Secured Loan		October 15, 2021	May 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.5% ⁽⁸⁾		$	5,000		$	5,003	$	4,905

DailyPay, Inc.		Secured Loan		September 30, 2020	November 1, 2024		Variable interest rate Prime + 7.0% or Floor rate 12.0%; EOT 6.0% ⁽⁸⁾		$	18,115		$	18,577	$	18,684
		Secured Loan		December 30, 2020	January 1, 2025		Variable interest rate Prime + 7.0% or Floor rate 12.0%; EOT 6.0% ⁽⁸⁾			4,767			4,874		4,886
Total DailyPay, Inc.										22,882			23,451		23,570

Petal Card, Inc.		Secured Loan		January 16, 2020	October 1, 2024		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾		$	10,000		$	10,161	$	10,105
		Secured Loan ^(12)(14)^		January 28, 2021	January 1, 2024		Variable interest rate Prime + 4.3% or Floor rate 11.5% ⁽⁸⁾			15,960			15,927		15,981
		Secured Loan		August 6, 2021	October 1, 2024		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾			7,000			6,907		6,948
Total Petal Card, Inc.										32,960			32,995		33,034

Stilt, Inc.		Secured Loan ^(12)(14)^		February 10, 2022	January 1, 2024		Variable interest rate Prime + 7.3% or Floor rate 11.3% ⁽⁸⁾			4,189			4,328		4,328

Sub-total: Finance and Insurance (6.8%)*									$	65,031		$	65,777	$	65,837

Health Care and Social Assistance ^(7)^
FemTec Health, Inc.		Secured Loan		December 1, 2021	February 1, 2026		Fixed interest rate 11.0%; EOT 7.5%		$	10,000		$	10,747	$	10,192
		Secured Loan		July 23, 2021	September 1, 2022		Fixed interest rate 11.0%			2,151			2,151		2,170
		Secured Loan		September 29, 2021	April 1, 2026		Fixed interest rate 11.0%; EOT 7.5%			3,000			3,036		3,047
Total FemTec Health, Inc. ^(20)^										15,151			15,934		15,409

Lark Technologies, Inc.		Secured Loan		September 30, 2020	April 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾		$	5,000		$	4,972	$	5,024
		Secured Loan		June 30, 2021	January 1, 2026		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾			5,000			4,852		4,893
Total Lark Technologies, Inc.										10,000			9,824		9,917

WorkWell Prevention & Care Inc.		Secured Loan⁽¹⁴⁾		January 16, 2020	July 1, 2024		Fixed interest rate 8.0%; EOT 10.0%		$	3,370		$	3,659	$	843
		Secured Loan⁽¹⁴⁾		January 16, 2020	July 1, 2024		Fixed interest rate 8.0%			700			718		171
Total WorkWell Prevention & Care Inc. ^(20)^										4,070			4,377		1,014

Sub-total: Health Care and Social Assistance (3.0%)*									$	29,221		$	30,135	$	26,340

Information ^(7)^

Firefly Systems, Inc.		Equipment Financing		January 29, 2020	February 1, 2023		Fixed interest rate 9.0%; EOT 10.0%		$	1,667		$	2,150	$	2,122
		Equipment Financing		August 28, 2020	September 1, 2023		Fixed interest rate 8.9%; EOT 10.0%			1,799			2,087		2,069
		Equipment Financing		September 18, 2020	October 1, 2023		Fixed interest rate 8.8%; EOT 10.0%			222			255		253
Total Firefly Systems, Inc.										3,688			4,492		4,444


Rigetti & Co, Inc.		Secured Loan		March 10, 2021	April 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾		$	12,000		$	11,938	$	12,003
		Secured Loan		May 18, 2021	June 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾			8,000			7,927		7,971
		Secured Loan		November 10, 2021	December 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾			7,000			6,876		6,918
		Secured Loan		January 27, 2022	February 1, 2026		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾			5,000			4,982		4,982
Total Rigetti & Co, Inc.										32,000			31,723		31,874

Stratifyd, Inc.		Secured Loan		September 3, 2021	January 1, 2026		Variable interest rate Prime + 7.8% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾		$	6,000		$	5,969	$	6,033

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		****	Fair Value^(6)^
Debt Securities- United States, Continued

Information, Continued ^(7)^
Whip Networks, Inc.		Secured Loan		June 14, 2021	July 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾		$	5,000		$	5,009		$	5,036
		Secured Loan		September 10, 2021	July 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾			1,000			999			1,004
		Secured Loan		February 3, 2022	July 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾			4,000			3,971			3,971
Total Whip Networks, Inc.										10,000			9,979			10,011

Zuum Transportation, Inc.		Secured Loan		December 17, 2021	January 1, 2027		Variable interest rate Prime + 6.0% or Floor rate 10.8%; EOT 2.5% ⁽⁸⁾		$	5,000		$	4,985		$	5,017

Sub-total: Information (8.8%)*									$	56,688		$	57,148		$	57,379

Management of Companies and Enterprises ^(7)^

Exer Holdings, LLC		Secured Loan		November 19, 2021	December 1, 2026		Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾		$	22,500		$	22,297		$	22,432
		Secured Loan		February 18, 2022	December 1, 2026		Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾			7,500			7,414			7,414
Total Exer Holdings, LLC										30,000			29,711			29,846

Sub-total: Management of Companies and Enterprises (3.1%)*									$	30,000		$	29,711		$	29,846

Manufacturing ^(7)^
3DEO, Inc.		Equipment Financing		February 23, 2022	March 1, 2025		Fixed interest rate 9.6%; EOT 9.0%		$	3,339		$	3,323		$	3,323


Athletic Brewing Company, LLC		Equipment Financing		December 7, 2021	January 1, 2026		Fixed interest rate 11.0%; EOT 7.0%		$	19,957		$	20,003		$	20,108
		Equipment Financing		March 16, 2022	April 1, 2026		Fixed interest rate 11.1%; EOT 7.0%			5,000			4,980			4,980
Total Athletic Brewing Company, LLC										24,957			24,983			25,088

Bolb, Inc.		Equipment Financing		October 12, 2021	November 1, 2024		Fixed interest rate 10.3%; EOT 6.0%		$	1,498		$	1,516		$	1,523

Cepton Technologies, Inc.		Secured Loan		January 4, 2022	February 1, 2026		Variable interest rate Prime + 7.0% or Floor rate 10.8%; EOT 2.5% ⁽⁸⁾		$	10,000		$	9,819		$	9,819

Daring Foods, Inc.		Equipment Financing		April 8, 2021	May 1, 2024		Fixed interest rate 9.6%; EOT 7.5%		$	361		$	377		$	378
		Equipment Financing		July 7, 2021	July 1, 2024		Fixed interest rate 9.5%; EOT 7.5%			1,751			1,798			1,794
		Equipment Financing		August 17, 2021	September 1, 2024		Fixed interest rate 9.7%; EOT 7.5%			864			881			884
		Equipment Financing		August 31, 2021	September 1, 2024		Fixed interest rate 10.0%; EOT 7.5%			501			510			513
		Equipment Financing		November 1, 2021	December 1, 2024		Fixed interest rate 9.4%; EOT 7.5%			956			963			967
		Equipment Financing		March 8, 2022	April 1, 2025		Fixed interest rate 9.5%; EOT 7.5%			2,277			2,249			2,249
Total Daring Foods, Inc.										6,710			6,778			6,785

Eterneva, Inc.		Equipment Financing⁽¹⁴⁾		November 24, 2021	December 1, 2025		Fixed interest rate 10.6%; EOT 11.5%		$	516		$	525		$	527
		Equipment Financing⁽¹⁴⁾		March 16, 2022	April 1, 2026		Fixed interest rate 10.4%; EOT 11.5%			757			757			757
Total Eterneva, Inc.										1,273			1,282			1,284

Footprint International Holding, Inc.		Secured Loan		February 18, 2022	March 1, 2027		Variable interest rate Prime + 7.3% or Floor rate 10.5%; EOT 3.0% ⁽⁸⁾		$	20,000		$	17,771		$	17,771


Hadrian, Inc.		Equipment Financing		March 2, 2022	October 1, 2025		Fixed interest rate 12.6%; EOT 0.0%		$	500		$	498		$	498

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		Fair Value^(6)^
Debt Securities- United States, Continued

Manufacturing, Continued ^(7)^
Happiest Baby, Inc.		Equipment Financing		January 16, 2020	September 1, 2022		Fixed interest rate 8.4%; EOT 9.5%		$	243		$	401	$	395
		Equipment Financing		January 16, 2020	November 1, 2022		Fixed interest rate 8.6%; EOT 9.5%			251			366		364
		Equipment Financing		January 16, 2020	January 1, 2023		Fixed interest rate 8.6%; EOT 9.5%			284			383		382
		Equipment Financing		February 7, 2020	June 1, 2023		Fixed interest rate 8.2%; EOT 9.5%			457			555		552
		Equipment Financing		September 16, 2020	January 1, 2024		Fixed interest rate 8.4%; EOT 9.5%			766			857		855
		Equipment Financing		January 22, 2021	May 1, 2024		Fixed interest rate 8.4%; EOT 9.5%			672			728		726
Total Happiest Baby, Inc.										2,673			3,290		3,274

Health-Ade, LLC		Equipment Financing		January 16, 2020	July 1, 2022		Fixed interest rate 9.1%; EOT 15.0%		$	345		$	969	$	953


Hi-Power, LLC		Equipment Financing		September 30, 2021	April 1, 2025		Fixed interest rate 12.4%; EOT 1.0%		$	6,115		$	6,118	$	6,189

Mainspring Energy, Inc.		Secured Loan		March 18, 2022	October 1, 2026		Fixed interest rate 11.0%; EOT 3.8%		$	30,000		$	29,673	$	29,673

Miyoko's Kitchen		Equipment Financing		February 19, 2020	September 1, 2022		Fixed interest rate 8.8%; EOT 9.0%		$	153		$	226	$	225
		Equipment Financing		August 27, 2020	March 1, 2023		Fixed interest rate 8.9%; EOT 9.0%			387			465		462
		Equipment Financing		February 5, 2021	September 1, 2023		Fixed interest rate 8.5%; EOT 9.0%			386			427		426
		Equipment Financing		June 25, 2021	December 1, 2023		Fixed interest rate 8.9%; EOT 9.0%			430			457		455
Total Miyoko's Kitchen										1,356			1,575		1,568

Molekule, Inc.		Equipment Financing		June 19, 2020	January 1, 2024		Fixed interest rate 8.8%; EOT 10.0%		$	1,553		$	1,754	$	1,739
		Equipment Financing		September 29, 2020	April 1, 2024		Fixed interest rate 9.0%; EOT 10.0%			352			390		386
		Equipment Financing		December 18, 2020	July 1, 2024		Fixed interest rate 8.8%; EOT 10.0%			593			644		637
		Equipment Financing		August 25, 2021	March 1, 2025		Fixed interest rate 8.9%; EOT 10.0%			460			476		471
Total Molekule, Inc.										2,958			3,264		3,233

Quip NYC, Inc.		Secured Loan		March 9, 2021	April 1, 2026		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.0% ⁽⁸⁾		$	17,500		$	17,374	$	17,560
		Secured Loan		February 10, 2022	May 1, 2026		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.0% ⁽⁸⁾			2,500			2,504		2,504
Total Quip NYC, Inc.										20,000			19,878		20,064

Space Perspective, Inc.		Secured Loan		March 3, 2022	July 1, 2026		Variable interest rate Prime + 7.8% or Floor rate 11.0%; EOT 5.0% ⁽⁸⁾		$	5,000		$	4,847	$	4,847

Store Intelligence, Inc. ^(20)^		Secured Loan ^(18)^		May 2, 2020	August 1, 2024		Fixed interest rate 12.0%; EOT 7.7%		$	11,641		$	12,033	$	2,272

The Fynder Group, Inc.		Equipment Financing		October 14, 2020	May 1, 2024		Fixed interest rate 9.1%; EOT 10.0%		$	442		$	475	$	451
		Equipment Financing		March 31, 2022	October 1, 2025		Fixed interest rate 17.8%; EOT 10.0%			2,614			2,549		2,549
Total The Fynder Group, Inc.										3,056			3,024		3,000

Vertical Communications, Inc.		Secured Loan⁽¹⁴⁾		August 23, 2021	March 1, 2026		Fixed interest rate 11.0%; EOT 23.8%		$	13,300		$	15,139	$	13,799

viaPhoton, Inc.		Secured Loan⁽¹⁴⁾		March 31, 2022	April 1, 2026		Variable interest rate Prime + 6.6% or Floor rate 9.9%; EOT 5.0% ⁽⁸⁾		$	15,000		$	14,884	$	14,884

VitaCup, Inc.		Secured Loan		June 23, 2021	July 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.5%; EOT 2.5% ⁽⁸⁾		$	5,500		$	5,485	$	5,523

Sub-total: Manufacturing (21.0%)*									$	185,221		$	186,149	$	175,370

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		Fair Value^(6)^
Debt Securities- United States, Continued

Pharmaceutical ^(7)^
Zosano Pharma Corporation		Equipment Financing⁽¹⁴⁾		March 11, 2022	December 1, 2022		Fixed interest rate 0.0%; EOT 0.0%		$	1,939		$	1,767	$	1,726

Sub-total: Pharmaceutical (0.2%)*									$	1,939		$	1,767	$	1,726

Professional, Scientific, and Technical Services ^(7)^
AllSeated, Inc.		Secured Loan		February 28, 2022	March 1, 2027		Variable interest rate Prime + 7.0% or Floor rate 10.8%; EOT 3.5% ⁽⁸⁾		$	6,000		$	5,966	$	5,966

BackBlaze, Inc.		Equipment Financing		January 16, 2020	January 1, 2023		Fixed interest rate 7.2%; EOT 11.5%		$	355		$	542	$	536
		Equipment Financing		January 16, 2020	April 1, 2023		Fixed interest rate 7.4%; EOT 11.5%			54			75		74
		Equipment Financing		January 16, 2020	June 1, 2023		Fixed interest rate 7.4%; EOT 11.5%			457			604		599
		Equipment Financing		January 16, 2020	August 1, 2023		Fixed interest rate 7.5%; EOT 11.5%			97			124		123
		Equipment Financing		January 16, 2020	September 1, 2023		Fixed interest rate 7.7%; EOT 11.5%			103			129		128
		Equipment Financing		January 16, 2020	October 1, 2023		Fixed interest rate 7.5%; EOT 11.5%			106			131		130
		Equipment Financing		January 16, 2020	November 1, 2023		Fixed interest rate 7.2%; EOT 11.5%			363			445		434
		Equipment Financing		January 16, 2020	December 1, 2023		Fixed interest rate 7.5%; EOT 11.5%			492			595		547
		Equipment Financing		January 16, 2020	January 1, 2024		Fixed interest rate 7.4%; EOT 11.5%			437			523		518
		Equipment Financing		January 20, 2020	February 1, 2024		Fixed interest rate 7.4%; EOT 11.5%			455			538		533
		Equipment Financing		February 1, 2020	March 1, 2024		Fixed interest rate 7.2%; EOT 11.5%			402			472		468
		Equipment Financing		March 26, 2020	April 1, 2024		Fixed interest rate 7.4%; EOT 11.5%			124			144		144
		Equipment Financing		April 17, 2020	May 1, 2024		Fixed interest rate 7.3%; EOT 11.5%			814			939		933
		Equipment Financing		July 27, 2020	August 1, 2024		Fixed interest rate 7.4%; EOT 11.5%			910			1,023		1,014
		Equipment Financing		September 4, 2020	October 1, 2024		Fixed interest rate 7.2%; EOT 11.5%			166			184		183
		Equipment Financing		March 29, 2021	April 1, 2025		Fixed interest rate 7.5%; EOT 11.5%			2,152			2,296		2,284
Total BackBlaze, Inc.										7,487			8,764		8,648

Commonwealth Fusion Systems, LLC		Equipment Financing		September 10, 2021	October 1, 2024		Fixed interest rate 9.5%; EOT 8.5%		$	1,994		$	2,050	$	2,053
		Equipment Financing		October 20, 2021	November 1, 2024		Fixed interest rate 9.7%; EOT 8.5%			594			607		608
Total Commonwealth Fusion Systems, LLC										2,588			2,657		2,661

Core Scientific, Inc.		Equipment Financing		August 31, 2021	October 1, 2024		Fixed interest rate 10.3%; EOT 5.0%		$	854		$	870	$	890
		Equipment Financing		November 19, 2021	December 1, 2024		Fixed interest rate 10.7%; EOT 5.0%			12,589			12,739		12,820
		Equipment Financing		December 13, 2021	January 1, 2025		Fixed interest rate 10.5%; EOT 5.0%			4,626			4,669		4,700
		Equipment Financing		February 9, 2022	March 1, 2025		Fixed interest rate 10.5%; EOT 5.0%			9,734			9,778		9,778
Total Core Scientific, Inc.										27,803			28,056		28,188

Edeniq, Inc.		Secured Loan⁽¹⁴⁾		November 30, 2021	June 1, 2025		Fixed interest rate 18.0%		$	5,267		$	1,084	$	5,339

Emerald Cloud Lab, Inc.		Equipment Financing		July 13, 2021	August 1, 2024		Fixed interest rate 9.7%; EOT 7.0%		$	8,478		$	8,779	$	8,798

Emergy, Inc.		Equipment Financing		January 8, 2021	May 1, 2024		Fixed interest rate 9.1%; EOT 8.5%		$	391		$	419	$	418
		Equipment Financing		December 15, 2021	July 1, 2025		Fixed interest rate 9.3%; EOT 11.5%			10,377			10,508		10,473
Total Emergy, Inc.										10,768			10,927		10,891

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		Fair Value^(6)^
Debt Securities- United States, Continued

Professional, Scientific, and Technical Services, Continued
Greenlight Biosciences Inc.		Equipment Financing⁽¹⁴⁾		March 29, 2021	April 1, 2024		Fixed interest rate 9.7%; EOT 8.0%		$	2,316		$	2,435	$	2,439
		Equipment Financing⁽¹⁴⁾		June 17, 2021	July 1, 2024		Fixed interest rate 9.5%; EOT 8.0%			3,383			3,494		3,516
		Equipment Financing⁽¹⁴⁾		August 31, 2021	September 1, 2024		Fixed interest rate 9.7%; EOT 8.0%			1,836			1,871		1,870
		Equipment Financing⁽¹⁴⁾		August 31, 2021	September 1, 2024		Fixed interest rate 9.7%; EOT 8.0%			1,064			1,084		1,077
Total Greenlight Biosciences Inc.										8,599			8,884		8,902

Incontext Solutions, Inc.		Secured Loan⁽¹⁴⁾		January 16, 2020	October 1, 2024		Fixed interest rate 11.8%; EOT 16.4%		$	6,149		$	6,887	$	5,667

Nomad Health, Inc.		Secured Loan		March 29, 2022	October 1, 2026		Variable interest rate Prime + 5.5% or Floor rate 9.3%; EOT 4.0% ⁽⁸⁾		$	30,000		$	29,703	$	29,703

PebblePost, Inc.		Secured Loan		May 7, 2021	June 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 3.8% ⁽⁸⁾		$	12,500		$	12,501	$	12,628

Pendulum Therapeutics, Inc.		Equipment Financing		January 16, 2020	May 1, 2023		Fixed interest rate 7.7%; EOT 5.0%		$	169		$	187	$	187
		Equipment Financing		January 17, 2020	August 1, 2023		Fixed interest rate 7.8%; EOT 5.0%			1,128			1,245		1,252
		Equipment Financing		March 6, 2020	October 1, 2023		Fixed interest rate 7.7%; EOT 5.0%			352			380		382
		Equipment Financing		July 15, 2020	February 1, 2024		Fixed interest rate 9.8%; EOT 6.0%			563			602		606
		Secured Loan		December 31, 2021	January 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾			5,000			4,967		5,042
		Secured Loan		February 28, 2022	March 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾			5,000			4,958		4,958
		Secured Loan		March 30, 2022	April 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾			5,000			4,955		4,955
Total Pendulum Therapeutics, Inc.										17,212			17,294		17,382

Reciprocity, Inc.		Secured Loan		September 25, 2020	October 1, 2024		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 2.0% ⁽⁸⁾		$	10,000		$	10,014	$	10,039
		Secured Loan		April 29, 2021	May 1, 2025		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 2.0% ⁽⁸⁾			5,000			4,996		4,974
Total Reciprocity, Inc.										15,000			15,010		15,013

Sun Basket, Inc.		Secured Loan		December 31, 2020	December 1, 2024		Variable interest rate Prime + 8.5% or Floor rate 11.8%; EOT 5.8% ⁽⁸⁾		$	16,905		$	17,195	$	16,969

Utility Associates, Inc.		Secured Loan^(18)^		January 16, 2020	September 30, 2023		PIK Fixed interest rate 11.0% ^(15)^		$	750		$	830	$	696

ZenDrive, Inc.		Secured Loan		July 16, 2021	August 1, 2026		Variable interest rate Prime + 7.0% or Floor rate 10.3%; EOT 3.0% ⁽⁸⁾		$	15,000		$	14,935	$	15,100

Sub-total: Professional, Scientific, and Technical Services (19.9%)*									$	190,506		$	189,472	$	192,551

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		Fair Value^(6)^
Debt Securities- United States, Continued

Real Estate ^(7)^
Knockaway, Inc.		Secured Loan		November 10, 2021	June 1, 2026		Variable interest rate Prime + 6.3% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾		$	14,734		$	14,648	$	14,428
		Secured Loan		November 30, 2021	June 1, 2026		Variable interest rate Prime + 6.3% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾			2,000			1,987		1,959
		Secured Loan		December 28, 2021	July 1, 2026		Variable interest rate Prime + 6.3% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾			4,275			4,243		4,180
Total Knockaway, Inc.										21,009			20,878		20,567

Orchard Technologies, Inc.		Secured Loan		March 11, 2021	April 1, 2026		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 4.0% ⁽⁸⁾		$	5,000		$	5,045	$	5,049
		Secured Loan		July 23, 2021	April 1, 2026		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 4.0% ⁽⁸⁾			12,500			12,561		12,572
Total Orchard Technologies, Inc.										17,500			17,606		17,621

Wanderjaunt, Inc.		Equipment Financing		January 16, 2020	June 1, 2023		Fixed interest rate 10.2%; EOT 12.0%		$	199		$	245	$	239
		Equipment Financing		January 16, 2020	August 1, 2023		Fixed interest rate 10.2%; EOT 12.0%			675			829		821
		Equipment Financing		January 7, 2022	August 1, 2025		Fixed interest rate 10.3%; EOT 11.0%			2,820			2,830		2,830
		Equipment Financing		March 4, 2022	October 1, 2025		Fixed interest rate 10.2%; EOT 11.0%			2,174			2,162		2,162
Total Wanderjaunt, Inc.										5,868			6,066		6,052

Sub-total: Real Estate (4.6%)*									$	44,377		$	44,550	$	44,240

Rental and Leasing Services^(7)^
EquipmentShare, Inc.		Equipment Financing		June 24, 2020	July 1, 2023		Fixed interest rate 11.0%; EOT 5.0%		$	2,761		$	3,014	$	3,038
		Equipment Financing		August 7, 2020	September 1, 2023		Fixed interest rate 10.2%; EOT 5.0%			1,078			1,161		1,168
		Equipment Financing		October 2, 2020	November 1, 2023		Fixed interest rate 10.4%; EOT 5.0%			482			514		518
		Equipment Financing		October 9, 2020	November 1, 2023		Fixed interest rate 10.5%; EOT 5.0%			1,523			1,622		1,636
Total EquipmentShare, Inc.										5,844			6,311		6,360

Maxwell Financial Labs, Inc.		Secured Loan		September 30, 2021	April 1, 2026		Variable interest rate Prime + 6.0% or Floor rate 10.0%; EOT 5.0% ⁽⁸⁾		$	18,000		$	17,905	$	17,985

NextCar Holding Company, Inc.		Secured Loan		December 14, 2021	January 1, 2026		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 12.0% ⁽⁸⁾		$	5,000		$	5,013	$	5,102
		Secured Loan		December 15, 2021	January 1, 2026		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 12.0% ⁽⁸⁾			2,000			2,007		2,041
		Secured Loan		February 23, 2022	January 1, 2026		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 12.0% ⁽⁸⁾			2,500			2,487		2,487
		Secured Loan		March 16, 2022	January 1, 2026		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 12.0% ⁽⁸⁾			3,000			2,980		2,980
Total NextCar Holding Company, Inc.										12,500			12,487		12,610

Sub-total: Rental and Leasing Services (3.8%)*									$	36,344		$	36,703	$	36,955

Retail Trade ^(7)^
Fernished, Inc.		Equipment Financing⁽¹⁴⁾		October 29, 2021	November 1, 2024		Fixed interest rate 13.4%; EOT 3.0%		$	438		$	437	$	442
		Equipment Financing⁽¹⁴⁾		March 21, 2022	April 1, 2025		Fixed interest rate 13.2%; EOT 3.0%			1,500			1,487		1,487
Total Fernished, Inc.										1,938			1,924		1,929

Gobble, Inc.		Secured Loan		January 16, 2020	July 1, 2023		Fixed interest rate 11.3%; EOT 6.0%		$	1,901		$	2,103	$	2,087
		Secured Loan		January 16, 2020	July 1, 2023		Fixed interest rate 11.5%; EOT 6.0%			956			1,057		1,049
Total Gobble Inc.										2,857			3,160		3,136

Portofino Labs, Inc.		Secured Loan		December 31, 2020	July 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾		$	2,000		$	2,021	$	2,035
		Secured Loan		March 12, 2021	October 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾			3,000			2,925		2,946
		Secured Loan		April 1, 2021	November 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾			2,000			1,881		1,897
Total Portofino Labs, Inc.										7,000			6,827		6,878

Super73, Inc.		Secured Loan		December 31, 2020	January 1, 2025		Variable interest rate Prime + 7.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾		$	5,241		$	5,296	$	5,323
		Secured Loan		October 25, 2021	January 1, 2025		Variable interest rate Prime + 7.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾			4,288			4,276		4,301
Total Super73, Inc.										9,529			9,572		9,624

UnTuckIt, Inc.		Secured Loan⁽¹⁴⁾		January 16, 2020	June 1, 2025		Fixed interest rate 12.0%; EOT 3.8%		$	15,000		$	15,785	$	15,238

Sub-total: Retail Trade (3.8%)*									$	36,324		$	37,268	$	36,805

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		Fair Value^(6)^
Debt Securities- United States, Continued

Space Research and Technology ^(7)^
Axiom Space, Inc.		Secured Loan		May 28, 2021	June 1, 2026		Variable interest rate Prime + 6.0% or Floor rate 9.3%; EOT 2.5% ⁽⁸⁾		$	30,000		$	29,896	$	30,204

Sub-total: Space Research and Technology (3.1%)*									$	30,000		$	29,896	$	30,204

Wholesale Trade ^(7)^
BaubleBar, Inc.		Secured Loan⁽¹⁴⁾		January 16, 2020	March 1, 2023		Fixed interest rate 11.5%; EOT 7.3%		$	2,740		$	3,660	$	3,507

Grandpad, Inc.		Equipment Financing		November 16, 2020	June 1, 2023		Fixed interest rate 10.6%; EOT 5.0%		$	1,492		$	1,607	$	1,608
		Equipment Financing		December 23, 2020	July 1, 2023		Fixed interest rate 10.8%; EOT 5.0%			1,947			2,081		2,082
Total Grandpad, Inc.										3,439			3,688		3,690

Sub-total: Wholesale Trade (0.7%)*									$	6,179		$	7,348	$	7,197

Total: Debt Securities- United States (79.7%)*									$	777,352		$	781,541	$	770,231

Debt Securities- Canada

Information ^(7)^
Hut 8 Holdings, Inc. ^(10)^		Equipment Financing		December 30, 2021	January 1, 2025		Fixed interest rate 9.5%; EOT 3.5%		$	27,608		$	27,511	$	27,712

Sub-total: Information (2.9%)*									$	27,608		$	27,511	$	27,712

Manufacturing ^(7)^
Nexii Building Solutions, Inc. ^(10)^		Secured Loan		August 27, 2021	September 1, 2025		Variable interest rate Prime + 7.0% or Floor rate 10.3%; EOT 2.5% ⁽⁸⁾		$	10,000		$	9,637	$	9,738

Sub-total: Manufacturing (1.0%)*									$	10,000		$	9,637	$	9,738

Transportation and Warehousing ^(7)^
GoFor Industries, Inc. ^(10)^		Secured Loan		January 21, 2022	February 1, 2026		Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 2.5% ⁽⁸⁾		$	10,000		$	9,868	$	9,868

Sub-total: Transportation and Warehousing (1.0%)*									$	10,000		$	9,868	$	9,868

Utilities ^(7)^
Invenia, Inc.		Secured Loan		January 16, 2020	January 1, 2023		Fixed interest rate 11.5%; EOT 5.0%		$	2,817		$	3,270	$	3,232
		Secured Loan		January 16, 2020	May 1, 2023		Fixed interest rate 11.5%; EOT 5.0%			1,720			1,923		1,904
		Secured Loan		January 16, 2020	January 1, 2024		Fixed interest rate 11.5%; EOT 5.0%			1,954			2,070		2,075
		Secured Loan		January 17, 2020	February 1, 2024		Fixed interest rate 11.5%; EOT 5.0%			2,711			2,878		2,870
		Secured Loan		June 8, 2020	July 1, 2024		Fixed interest rate 11.5%; EOT 5.0%			3,226			3,355		3,376
		Secured Loan		October 29, 2020	November 1, 2024		Fixed interest rate 11.5%; EOT 5.0%			4,525			4,657		4,680
Total Invenia, Inc. ^(10)^										16,953			18,153		18,137

Sub-total: Utilities (1.9%)*									$	16,953		$	18,153	$	18,137

Total: Debt Securities- Canada (6.8%)*									$	64,561		$	65,169	$	65,455

Debt Securities- Europe

Manufacturing ^(7)^
Aledia, Inc. ^(10)^		Equipment Financing⁽¹⁴⁾		March 31, 2022	April 1, 2025		Fixed interest rate 9.0%; EOT 7.0%		$	18,235		$	18,113	$	18,113

Sub-total: Manufacturing (1.9%)*									$	18,235		$	18,113	$	18,113

Total: Debt Securities- Europe (1.9%)*									$	18,235		$	18,113	$	18,113

Total: Debt Securities (88.4%)* ^(13)^									$	860,148		$	864,823	$	853,799

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Expiration Date	****	Series	****	Shares	****	Strike Price		****	Cost		****	Fair Value ^(6)^
Warrant Investments- United States

Administrative and Support and Waste Management and Remediation ^(7)^

Qwick, Inc.		Warrant		December 31, 2021		December 31, 2031		Common Stock		16,956		$	2.79		$	96		$	96

RTS Holding, Inc.		Warrant		December 10, 2021		December 10, 2031		Preferred Series C		3,857		$	205.28		$	153		$	144

Sub-Total: Administrative and Support and Waste Management and Remediation (0.0%)*															$	249		$	240

Agriculture, Forestry, Fishing and Hunting ^(7)^
Bowery Farming, Inc.		Warrant		January 16, 2020		June 10, 2029		Common Stock		68,863		$	5.08		$	410		$	1,476
		Warrant		December 22, 2020		December 22, 2030		Common Stock		29,925		$	6.24			160			616
		Warrant		September 10, 2021		September 10, 2028		Common Stock		21,577		$	0.01			616			548
Total Bowery Farming, Inc.																1,186			2,640

Robotany, Inc.		Warrant		January 16, 2020		July 19, 2029		Common Stock		262,870		$	0.26		$	129		$	57

Sub-Total: Agriculture, Forestry, Fishing and Hunting (0.3%)*															$	1,315		$	2,697

Construction ^(7)^
Project Frog, Inc. ^(20)^		Warrant		January 16, 2020		July 26, 2026		Preferred Series AA		211,633		$	0.19		$	9		$	1
		Warrant		January 16, 2020		July 26, 2026		Common Stock		180,356		$	0.19			9			1
		Warrant		August 3, 2021		December 31, 2031		Preferred Series CC		250,000		$	0.01			20			25
Total Project Frog, Inc.																38			27

Sub-Total: Construction (0.0%)*															$	38		$	27

Educational Services ^(7)^
Medical Sales Training Holding Company		Warrant		March 18, 2021		March 18, 2031		Common Stock		28,732		$	7.74		$	108		$	104

Yellowbrick Learning, Inc.		Warrant		January 16, 2020		September 28, 2028		Common Stock		222,222		$	0.90		$	120		$	317

Sub-Total: Educational Services (0.0%)*															$	228		$	421

Finance and Insurance ^(7)^
BoardRE, Inc.		Warrant		October 15, 2021		October 15, 2031		Common Stock		105,347		$	1.94		$	9		$	12

DailyPay, Inc.		Warrant		September 30, 2020		September 30, 2030		Common Stock		89,264		$	3.00		$	151		$	760

Petal Card, Inc.		Warrant		January 16, 2020		November 27, 2029		Preferred Series B		250,268		$	1.32		$	147		$	1,426
		Warrant		January 11, 2021		January 11, 2031		Common Stock		135,835		$	0.01			312			921
		Warrant		August 6, 2021		August 6, 2031		Common Stock		111,555		$	1.60			197			611
Total Petal Card, Inc.																656			2,958

Realty Mogul		Warrant		January 16, 2020		December 18, 2027		Preferred Series B		234,421		$	3.88		$	285		$	60

Stilt, Inc.		Warrant		February 10, 2022		February 10, 2032		Common Stock		67,465		$	0.01		$	106		$	129

Sub-Total: Finance and Insurance (0.4%)*															$	1,207		$	3,919

Health Care and Social Assistance ^(7)^
Lark Technologies, Inc.		Warrant		September 30, 2020		September 30, 2030		Common Stock		76,231		$	1.76		$	177		$	581
		Warrant		June 30, 2021		June 30, 2031		Common Stock		79,325		$	1.76			258			605
Total Lark Technologies, Inc.																435			1,186

Sub-Total: Health Care and Social Assistance (0.1%)*															$	435		$	1,186

Information ^(7)^
Everalbum, Inc.		Warrant		January 16, 2020		July 29, 2026		Preferred Series A		851,063		$	0.10		$	25		$	3

Figg, Inc.		Warrant		January 16, 2020		March 31, 2028		Common Stock		935,198		$	0.10		$	—		$	—

Firefly Systems, Inc.		Warrant		January 31, 2020		January 29, 2030		Common Stock		133,147		$	1.14		$	282		$	439

Gtxcel, Inc.		Warrant		January 16, 2020		September 24, 2025		Preferred Series C		1,000,000		$	0.21		$	83		$	15
		Warrant		January 16, 2020		September 24, 2025		Preferred Series D		1,000,000		$	0.21			83			4
Total Gtxcel, Inc.																166			19

Lucidworks, Inc.		Warrant		January 16, 2020		June 27, 2026		Preferred Series D		619,435		$	0.77		$	806		$	1,840

RapidMiner, Inc.		Warrant		January 16, 2020		March 25, 2029		Preferred Series C-1		11,624		$	60.22		$	528		$	—

Rigetti & Co, Inc.		Warrant		May 18, 2021		May 18, 2031		Common Stock		783,132		$	0.28		$	506		$	4,526

Stratifyd, Inc.		Warrant		September 3, 2021		September 3, 2031		Preferred Series B-2		106,719		$	2.53		$	83		$	28

Sub-Total: Information (0.7%)*															$	2,396		$	6,855

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Expiration Date	****	Series	****	Shares	****	Strike Price		****	Cost		****	Fair Value ^(6)^
Warrant Investments- United States, Continued
Management of Companies and Enterprises ^(7)^

Exer Holdings, LLC		Warrant		November 19, 2021		November 19, 2031		Common Stock		281		$	479.25	^(13)^	$	93		$	59

Sub-Total: Management of Companies and Enterprises (0.0%)*															$	93		$	59

Manufacturing ^(7)^
3DEO, Inc.		Warrant		February 23, 2022		February 23, 2032		Common Stock		37,218		$	1.81		$	93		$	86

Bolb, Inc.		Warrant		October 12, 2021		October 12, 2031		Common Stock		181,784		$	0.07		$	36		$	33

Daring Foods, Inc.		Warrant		April 8, 2021		April 8, 2031		Common Stock		68,100		$	0.27		$	106		$	663

Footprint International Holding, Inc.		Warrant		February 14, 2020		February 14, 2030		Common Stock		38,171		$	0.31		$	9		$	2,009
		Warrant		February 18, 2022		February 18, 2032		Common Stock		77,524		$	0.01			4,246		$	4,104
Total Footprint International Holding, Inc.															$	4,255			6,113

Happiest Baby, Inc.		Warrant		January 16, 2020		May 16, 2029		Common Stock		182,554		$	0.33		$	193		$	249

Mainspring Energy, Inc.		Warrant		January 16, 2020		July 9, 2029		Common Stock		140,186		$	1.15		$	283		$	373
		Warrant		November 20, 2020		November 20, 2030		Common Stock		81,294		$	1.15			226		$	216
		Warrant		March 18, 2022		March 18, 2032		Common Stock		137,692		$	1.66			344			344
Total Mainspring Energy, Inc.															$	853			933

Molekule, Inc.		Warrant		June 19, 2020		June 19, 2030		Preferred Series C-1		32,051		$	3.12		$	16		$	8


Quip NYC, Inc.		Warrant		March 9, 2021		March 9, 2031		Preferred Series A-1		10,833		$	48.46		$	203		$	575

SBG Labs, Inc.		Warrant		January 16, 2020		July 29, 2023		Preferred Series A-1		42,857		$	0.70		$	13		$	—
		Warrant		January 16, 2020		September 18, 2024		Preferred Series A-1		25,714		$	0.70			8			—
		Warrant		January 16, 2020		January 14, 2024		Preferred Series A-1		21,492		$	0.70			7			—
		Warrant		January 16, 2020		March 24, 2025		Preferred Series A-1		12,155		$	0.70			4			—
		Warrant		January 16, 2020		October 10, 2023		Preferred Series A-1		11,150		$	0.70			4			—
		Warrant		January 16, 2020		May 6, 2024		Preferred Series A-1		11,145		$	0.70			4			—
		Warrant		January 16, 2020		June 9, 2024		Preferred Series A-1		7,085		$	0.70			2			—
		Warrant		January 16, 2020		May 20, 2024		Preferred Series A-1		342,857		$	0.70			110			—
		Warrant		January 16, 2020		March 26, 2025		Preferred Series A-1		200,000		$	0.70			65			—
Total SBG Labs, Inc.															$	217			—

Space Perspective, Inc.		Warrant		March 3, 2022		March 3, 2032		Preferred Series A		221,280		$	2.75		$	256		$	256

Tarana Wireless, Inc.		Warrant		June 30, 2021		June 30, 2031		Common Stock		5,027,629		$	0.19		$	967		$	2,145

The Fynder Group, Inc.		Warrant		October 14, 2020		October 14, 2030		Common Stock		36,445		$	0.49		$	68		$	286

Vertical Communications, Inc. ^(20)^		Warrant		January 16, 2020		July 11, 2026		Preferred Series A		828,479		$	1.00		$	—		$	—

viaPhoton, Inc.		Warrant		March 31, 2022		March 31, 2032		Common Stock		15,839		$	0.60		$	22		$	22

VitaCup, Inc.		Warrant		June 23, 2021		June 23, 2031		Preferred Series C		68,996		$	2.79		$	9		$	3

Sub-Total: Manufacturing (1.2%)*															$	7,294		$	11,372

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Expiration Date	****	Series	****	Shares	****	Strike Price		****	Cost		Fair Value ^(6)^
Warrant Investments- United States, Continued

Pharmaceutical ^(7)^
Zosano Pharma Corporation		Warrant ^(9)^		January 16, 2020		September 25, 2025		Common Stock		75,000		$	3.59		$	69	$	7

Sub-Total: Pharmaceutical (0.0%)*															$	69	$	7

Professional, Scientific, and Technical Services ^(7)^
All Seated, Inc.		Warrant		February 28, 2022		February 28, 2032		Common Stock		5,101		$	15.72		$	20	$	29

Crowdtap, Inc.		Warrant		January 16, 2020		December 16, 2025		Preferred Series B		442,233		$	1.09		$	42	$	228
		Warrant		January 16, 2020		December 11, 2027		Preferred Series B		100,000		$	1.09			9		51
Total Crowdtap, Inc.																51		279

Dynamics, Inc.		Warrant		January 16, 2020		March 10, 2024		Common Stock		17,000		$	10.59		$	85	$	—

E La Carte, Inc.		Warrant		January 16, 2020		April 27, 2027		Preferred Series A		497,183		$	0.30		$	185	$	2,122
		Warrant		January 16, 2020		July 28, 2027		Common Stock		104,284		$	7.49			14		251
		Warrant		January 16, 2020		April 28, 2027		Preferred Series AA-1		106,841		$	7.49			14		114
Total E La Carte, Inc.																213		2,487

Edeniq, Inc.		Warrant		January 16, 2020		December 23, 2026		Preferred Series B		2,685,501		$	0.22		$	—	$	2
		Warrant		January 16, 2020		December 23, 2026		Preferred Series B		2,184,672		$	0.01			—		5
		Warrant		January 16, 2020		June 29, 2027		Preferred Series C		5,106,972		$	0.44			—		—
		Warrant		January 16, 2020		November 2, 2028		Preferred Series C		3,850,294		$	0.01			—		34
		Warrant		November 29, 2021		November 29, 2031		Preferred Series D		154,906,320		$	0.01			7		10
Total Edeniq, Inc. ^(20)^																7		51

Hologram, Inc.		Warrant		January 31, 2020		January 27, 2030		Common Stock		193,054		$	0.26		$	49	$	906

Hospitalists Now, Inc.		Warrant		January 16, 2020		March 30, 2026		Preferred Series D-2		135,807		$	5.89		$	71	$	843
		Warrant		January 16, 2020		December 6, 2026		Preferred Series D-2		750,000		$	5.89			391		4,654
Total Hospitalists Now, Inc.																462		5,497

Incontext Solutions, Inc.		Warrant		January 16, 2020		September 28, 2028		Common Stock		2,219		$	220.82		$	34	$	—

PebblePost, Inc.		Warrant		May 7, 2021		May 7, 2031		Common Stock		657,343		$	0.75		$	68	$	332

Pendulum Therapeutics, Inc.		Warrant		January 16, 2020		October 9, 2029		Preferred Series B		55,263		$	1.90		$	44	$	30
		Warrant		June 1, 2020		July 15, 2030		Preferred Series B		36,842		$	1.90			36		20
		Warrant		December 31, 2021		December 31, 2031		Preferred Series C		322,251		$	3.24			118		59
Total Pendulum Therapeutics, Inc.																198		109

Reciprocity, Inc.		Warrant		September 25, 2020		September 25, 2030		Common Stock		114,678		$	4.17		$	99	$	236
		Warrant		April 29, 2021		April 29, 2031		Common Stock		57,195		$	4.17			54		118
Total Reciprocity, Inc.																153		354

Resilinc, Inc.		Warrant		January 16, 2020		December 15, 2025		Preferred Series A		589,275		$	0.51		$	40	$	—

Sun Basket, Inc.		Warrant		January 16, 2020		October 5, 2027		Common Stock		103,636		$	14.47		$	111	$	217
		Warrant		December 31, 2020		December 29, 2032		Common Stock		33,348		$	3.17			546		378
Total Sun Basket, Inc.																657		595

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Expiration Date	****	Series	****	Shares	****	Strike Price		****	Cost		****	Fair Value ^(6)^
Warrant Investments- United States, Continued

Professional, Scientific, and Technical Services, Continued ^(7)^
Utility Associates, Inc.		Warrant		January 16, 2020		June 30, 2025		Preferred Series A		92,511		$	4.54		$	55		$	—
		Warrant		January 16, 2020		May 1, 2026		Preferred Series A		60,000		$	4.54			36			—
		Warrant		January 16, 2020		May 22, 2027		Preferred Series A		200,000		$	4.54			120			—
Total Utility Associates, Inc.																211			—

ZenDrive, Inc.		Warrant		July 16, 2021		July 16, 2031		Common Stock		30,466		$	2.46		$	29		$	42

Sub-Total: Professional, Scientific, and Technical Services (1.1%)*															$	2,277		$	10,681

Real Estate ^(7)^
Egomotion Corporation		Warrant		January 16, 2020		December 10, 2028		Preferred Series A		60,786		$	1.32		$	—		$	52
		Warrant		January 16, 2020		June 29, 2028		Preferred Series A		121,571		$	1.32			219			103
Total Egomotion Corporation																219			155

Knockaway, Inc.		Warrant		January 16, 2020		May 24, 2029		Preferred Series B		87,955		$	8.53		$	209		$	7
		Warrant		November 10, 2021		November 10, 2031		Common Stock		148,730	^(13)^	$	7.74	^(13)^	$	265		$	105
Total Knockaway, Inc.																474			112

Sub-Total: Real Estate (0.0%)*															$	693		$	267

Rental and Leasing Services ^(7)^

Maxwell Financial Labs, Inc.		Warrant		October 7, 2020		October 7, 2030		Common Stock		106,735		$	0.29		$	20		$	357
		Warrant		December 22, 2020		December 22, 2030		Common Stock		110,860		$	0.29			34			371
		Warrant		September 30, 2021		September 30, 2031		Common Stock		79,135		$	1.04			148			238
Total Maxwell Financial Labs, Inc.																202			966

NextCar Holding Company, Inc.		Warrant		December 14, 2021		December 14, 2026		Preferred Series A		167,543	^(13)^	$	2.62	^(13)^	$	35		$	30
		Warrant		February 23, 2022		February 23, 2032		Preferred Series A		13,869	^(13)^	$	2.62	^(13)^		3			3
		Warrant		March 16, 2022		March 16, 2032		Preferred Series A		16,643	^(13)^	$	2.62	^(13)^		3			3
Total NextCar Holding Company, Inc.																41			36

Sub-Total: Rental and Leasing Services (0.1%)*															$	243		$	1,002

Retail Trade ^(7)^
Boosted eCommerce, Inc.		Warrant		December 18, 2020		December 14, 2030		Preferred Series A-1		759,263		$	0.84		$	259		$	91

Fernished, Inc.		Warrant		May 5, 2021		May 5, 2031		Common Stock		54,427		$	0.15		$	39		$	41

Gobble, Inc.		Warrant		January 16, 2020		May 9, 2028		Common Stock		74,635		$	1.20		$	73		$	372
		Warrant		January 16, 2020		December 27, 2029		Common Stock		10,000		$	1.22			617			50
Total Gobble, Inc.																690			422

Madison Reed, Inc.		Warrant		January 16, 2020		March 23, 2027		Preferred Series C		194,553		$	2.57		$	185		$	327
		Warrant		January 16, 2020		July 18, 2028		Common Stock		43,158		$	0.99			71			113
		Warrant		January 16, 2020		June 30, 2029		Common Stock		36,585		$	1.23			56			90
Total Madison Reed, Inc.																312			530

Portofino Labs, Inc.		Warrant		December 31, 2020		December 31, 2030		Common Stock		39,659		$	1.53		$	160		$	115
		Warrant		April 1, 2021		April 1, 2031		Common Stock		39,912		$	1.46			99			47
Total Portofino Labs, Inc.																259			162

Super73, Inc.		Warrant		December 31, 2020		December 31, 2030		Common Stock		177,305		$	3.16		$	105		$	194

Trendly, Inc.		Warrant		January 16, 2020		August 10, 2026		Preferred Series A		245,506		$	1.14		$	221		$	75

Sub-Total: Retail Trade (0.2%)*															$	1,885		$	1,515

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Expiration Date	****	Series	****	Shares	****	Strike Price		****	Cost		****	Fair Value ^(6)^
Warrant Investments- United States, Continued

Space Research and Technology ^(7)^
Axiom Space, Inc.		Warrant		May 28, 2021		May 28, 2031		Common Stock		1,773		$	169.24		$	121		$	115
		Warrant		May 28, 2021		May 28, 2031		Common Stock		882		$	340.11			39			26
Total Axiom Space, Inc.																160			141

Sub-Total: Space Research and Technology (0.0%)*															$	160		$	141


Wholesale Trade ^(7)^
BaubleBar, Inc.		Warrant		January 16, 2020		March 29, 2027		Preferred Series C		531,806		$	1.96		$	639		$	716
		Warrant		January 16, 2020		April 20, 2028		Preferred Series C		60,000		$	1.96			72			81
Total BaubleBar, Inc.																711			797

GrubMarket, Inc.		Warrant		June 15, 2020		June 15, 2030		Common Stock		405,000		$	1.10		$	115		$	743

Sub-Total: Wholesale Trade (0.2%)*															$	826		$	1,540

Total: Warrant Investments- United States (4.4%)*															$	19,408		$	41,929

Warrant Investments- Canada

Manufacturing ^(7)^
Nexii Building Solutions, Inc. ^(10)^		Warrant		August 27, 2021		August 27, 2026		Common Stock		63,071	^(13)^	$	15.86	^(13)^	$	410		$	497

Sub-Total: Manufacturing (0.0%)*															$	410		$	497

Transportation and Warehousing ^(7)^
GoFor Industries, Inc. ^(10)^		Warrant		January 21, 2022		February 21, 2022		Common Stock		171,954		$	0.45		$	104		$	99

Sub-Total: Transportation and Warehousing (0.0%)*															$	104		$	99

Total: Warrant Investments- Canada (0.1%)*															$	514		$	596

Warrant Investments- Europe

Manufacturing ^(7)^

Aledia, Inc. ^(10)^		Warrant		March 31, 2022		March 31, 2032		Preferred Series D-3		33,552	^(13)^	$	148.92	^(13)^	$	130		$	130

Sub-Total: Manufacturing (0.0%)*															$	130		$	130

Total: Warrant Investments- Europe (0.0%)*															$	130		$	130

Total: Warrant Investments- (4.4%)*															$	20,052		$	42,655

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Shares / Principal		****	Series	****	Cost		****	Fair Value ^(6)^
Equity Investments- United States
Construction ^(7)^
Project Frog, Inc.		Equity⁽¹⁴⁾		January 16, 2020			4,383,173		Preferred Series AA-1⁽¹⁷⁾		$	351		$	46
		Equity⁽¹⁴⁾		January 16, 2020			3,401,427		Preferred Series BB⁽¹⁷⁾			1,333			90
		Equity⁽¹⁴⁾		August 3, 2021			6,634,061		Common Stock			1,684			37
		Equity⁽¹⁴⁾		August 3, 2021			3,129,887		Preferred Series CC⁽¹⁷⁾			1,253			323
Total Project Frog, Inc. ^(20)^												4,621			496

Sub-Total: Construction (0.1%)*											$	4,621		$	496
											****	****		****	****
Health Care and Social Assistance ^(7)^
FemTec, Inc. ^(20)^		Equity⁽¹⁴⁾		July 22, 2021			1,098,093		Common Stock		$	13,046		$	11,260

Lark Technologies, Inc.		Equity⁽¹⁴⁾		August 19, 2021			32,416		Preferred Series D⁽¹⁷⁾		$	500		$	487

WorkWell Prevention & Care Inc.		Equity⁽¹⁴⁾		January 16, 2020			7,000,000		Common Stock		$	51		$	—
		Equity⁽¹⁴⁾		January 16, 2020			3,450		Preferred Series P⁽¹⁷⁾			3,450			—
		Equity⁽¹⁴⁾		January 16, 2020		$	2,970		Convertible Note⁽¹⁶⁾			3,019			—
Total WorkWell Prevention & Care Inc. ^(20)^												6,520			—

Sub-Total: Health Care and Social Assistance (1.3%)*											$	20,066		$	11,747

Information ^(7)^
Rigetti & Co, Inc.		Equity⁽¹⁴⁾		February 25, 2022			50,000		Common Stock		$	500		$	315

Sub-Total: Information (0.0%)*											$	500		$	315

Manufacturing ^(7)^
Hadrian, Inc.		Equity⁽¹⁴⁾		March 29, 2022			53,154		Preferred A-4⁽¹⁷⁾		$	500		$	500

Mainspring Energy, Inc.		Equity⁽¹⁴⁾		March 30, 2022		$	500		Convertible Note⁽¹⁶⁾		$	500		$	500

Quip NYC, Inc.		Equity⁽¹⁴⁾		August 17, 2021			3,320		Preferred Series B-1⁽¹⁷⁾		$	500		$	480

Store Intelligence, Inc. ^(20)^		Equity⁽¹⁴⁾		May 2, 2020			1,430,000		Preferred Series A⁽¹⁷⁾		$	608		$	—

Tarana Wireless, Inc.		Equity⁽¹⁴⁾		March 16, 2022			611,246		Preferred Series 6⁽¹⁷⁾		$	500		$	500

Vertical Communications, Inc.		Equity⁽¹¹⁾⁽¹⁴⁾		January 16, 2020			3,892,485		Preferred Series 1⁽¹⁷⁾		$	—		$	—
		Equity⁽¹⁴⁾		January 16, 2020		$	5,500		Convertible Note⁽¹⁶⁾			3,966			3,736
Total Vertical Communications, Inc. ^(20)^												3,966			3,736

Sub-Total: Manufacturing (0.6%)*											$	6,574		$	5,716

Professional, Scientific, and Technical Services ^(7)^
Dynamics, Inc.		Equity⁽¹⁴⁾		January 16, 2020			17,726		Preferred Series A⁽¹⁷⁾		$	390		$	—


Edeniq, Inc.		Equity⁽¹¹⁾⁽¹⁴⁾		January 16, 2020			2,527,449		Preferred Series B⁽¹⁷⁾		$	—		$	18
		Equity⁽¹¹⁾⁽¹⁴⁾		January 16, 2020			3,657,487		Preferred Series C⁽¹⁷⁾			—			34
		Equity⁽¹¹⁾⁽¹⁴⁾		November 29, 2021			133,766,138		Preferred Series D⁽¹⁷⁾			—			352
Total Edeniq, Inc. ^(20)^												—			404

Emergy, Inc.		Equity⁽¹⁴⁾		June 28, 2021			75,958		Preferred Series B⁽¹⁷⁾		$	500		$	433

Greenlight Biosciences Inc.		Equity⁽¹⁴⁾		March 29, 2021			23,017		Common Stock		$	25		$	221

Sub-Total: Professional, Scientific, and Technical Services (0.1%)*											$	915		$	1,058

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

March 31, 2022

(In thousands, except share and per share data)

(Unaudited)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Shares / Principal		****	Series	****	Cost		****	Fair Value ^(6)^
Equity Investments- United States, Continued
Real Estate ^(7)^
Knockaway, Inc.		Equity⁽¹⁴⁾		March 30, 2022		$	500		Convertible Note⁽¹⁶⁾		$	500		$	500

Orchard Technologies, Inc.		Equity⁽¹⁴⁾		August 6, 2021			74,406		Preferred Series D⁽¹⁷⁾		$	500		$	497

Sub-Total: Real Estate (0.1%)*											$	1,000		$	997

Rental and Leasing Services ^(7)^
Maxwell Financial Labs, Inc		Equity⁽¹⁴⁾		January 22, 2021			135,641		Preferred Series B⁽¹⁷⁾		$	500		$	565

Sub-Total: Rental and Leasing Services (0.1%)*											$	500		$	565

Retail Trade ^(7)^
Fernished, Inc.		Equity⁽¹⁴⁾		October 6, 2021			454,905		Preferred Series B-1⁽¹⁷⁾		$	500		$	500

Portofino Labs, Inc.		Equity⁽¹⁴⁾		November 1, 2021			256,291		Preferred Series B-1⁽¹⁷⁾		$	500		$	500

Sub-Total: Retail Trade (0.1%)*											$	1,000		$	1,000

Space Research and Technology ^(7)^
Axiom Space, Inc.		Equity⁽¹⁴⁾		August 11, 2021		$	500		Convertible Note⁽¹⁶⁾		$	500		$	500

Sub-Total: Rental and Leasing Services (0.1%)*											$	500		$	500

Total: Equity Investments- United States (2.3%)*											$	35,676		$	22,394

Equity Investments- Canada

Manufacturing ^(7)^
Nexii Building Solutions, Inc. ^(10)^		Equity⁽¹⁴⁾		February 28, 2022			24,490		Common Stock		$	500		$	500

Sub-Total: Manufacturing (0.1%)*											$	500		$	500

Total: Equity Investments- Canada (0.1%)*											$	500		$	500

Total: Equity Investments (2.4%)*^(13)^											$	36,176		$	22,894

Total Investment in Securities (95.2%)*											$	921,051		$	919,348

Cash, Cash Equivalents, and Restricted Cash
Goldman Sachs Financial Square Government Institutional Fund											$	27,197		$	27,197
Other cash accounts												1,487			1,487
Cash, Cash Equivalents, and Restricted Cash (3.0%)*												28,684			28,684

Total Portfolio Investments and Cash and Cash Equivalents (98.2% of net assets)											$	949,735		$	948,032

(1)	All portfolio companies are located in North America and Europe. As of March 31, 2022, the Company had five foreign domiciled portfolio companies, four of which are based in Canada and one of which is based in Europe. In total these foreign domiciled portfolio investments, represent 20.0% of total net asset value based on fair value. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale and may be deemed to be “restricted securities” under the Securities Act.
(2)	All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. Equipment financed under our equipment financing investments relates to operational equipment essential to revenue production for the portfolio company in the industry noted.
---	---
(3)	Investment date represents the date of initial investment date, either purchases or funding, not adjusted for modifications. For assets purchased from the Legacy Funds as part of the Formation Transactions, investment date is January 16, 2020, the date of the Formation Transactions.
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Table of Contents

(4)	Interest rate is the fixed or variable rate of the debt investments and does not include any original issue discount, end-of-term (“EOT”) payment, or any additional fees related to such investments, such as deferred interest, commitment fees, prepayment fees or exit fees. EOT payments are contractual payments due in cash at the maturity date of the loan, including upon prepayment, and are a fixed rate determined at the inception of the loan. At the end of the term of certain equipment financings, the borrower has the option to purchase the underlying assets at fair value in certain cases subject to a cap or return the equipment and pay a restocking fee. The fair values of the financed assets have been estimated as a percentage of original cost for purpose of the EOT payment value. The EOT payment is amortized and recognized as non-cash income over the loan or equipment financing prior to its payment and is included as a component of the cost basis of the Company’s current debt securities.
(5)	Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.
---	---
(6)	Except as noted, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors.
---	---
(7)	The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies.
---	---
(8)	The interest rate on variable interest rate investments represents a benchmark rate plus spread. The benchmark interest rate is subject to an interest rate floor. The benchmark rate Prime was 3.50% and 1-month USD LIBOR was 0.45% as of March 31, 2022.
---	---
(9)	Asset is valued using Level 2 inputs.
---	---
(10)	Indicates a “non-qualifying asset” under section 55(a) by the Investment Company Act of 1940, as amended. The Company’s percentage of non-qualifying assets at fair value represents 8.8% of the Company’s total assets as of March 31, 2022. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. Asset is not a U.S. entity.
---	---
(11)	Investment has zero cost basis as it was purchased at a fair value of zero as part of the Formation Transactions (as defined below).
---	---
(12)	Investment is a secured loan warehouse facility collateralized by interest in specific assets that meet the eligibility requirements under the facility during the warehouse period. Repayment of the facility will occur over the amortizing period unless otherwise prepaid.
---	---
(13)	Company has been issued warrants with pricing and number of shares dependent upon a future round of equity issuance by the portfolio company.
---	---
(14)	Investment is not pledged as collateral supporting amounts outstanding under the credit facility with KeyBank.
---	---
(15)	Interest on this loan includes a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected.
---	---
(16)	Convertible notes represent investments through which the Company will participate in future equity rounds at preferential rates. There are no principal or interest payments made against the note unless conversion does not take place.
---	---
(17)	Preferred stock represents investments through which the Company will have preference in liquidation rights and do not contain any cumulative preferred dividends.
---	---
(18)	Investment is on non-accrual status as of March 31, 2022 and is therefore considered non-income producing.
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Table of Contents

(19)	Investment has an unfunded commitment as of March 31, 2022 (see “Note 6 – Commitments and Contingencies”). The fair value of the investment includes the impact of the fair value of any unfunded commitments.
(20)	This investment is deemed to be a “Control Investment” or an “Affiliate Investment.” The Company classifies its investment portfolio in accordance with the requirements of the 1940 Act. Control Investments are defined by the Investment Company Act of 1940, as amended, as investments in companies in which the Company owns more than 25% of the voting securities or maintains greater than 50% of the board representation. Affiliate Investments are defined by the Investment Company Act of 1940, as amended, as investments in companies in which the Company owns between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation. As defined in the Investment Company Act, the Company is deemed to be an “Affiliated Person” of this portfolio company. Fair value as of March 31, 2022, along with transactions during the three months ended March 31, 2022 in these control or affiliated investments are as follows:
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														Net change in
														Unrealized
		Fair Value at			Gross			Gross			Realized			(Depreciation)/			Fair Value at			Interest
		December 31, 2021			Additions ^(1)^			Reductions ^(2)^			Gain/(Loss)			Appreciation			March 31, 2022			Income
For the Year Ended December 31, 2021
Control Investments
Edeniq, Inc.		$	5,522		$	615		$	—		$	—		$	(344)		$	5,793		$	759
Project Frog, Inc.			4,209			15			(679)			—			170			3,715			125
Vertical Communications, Inc.			17,382			123			—			—			30			17,535			489
WorkWell Prevention and Care Inc.			5,101			100			—			—			(4,187)			1,014			—
Total Control Investments		$	32,214		$	853		$	(679)		$	—		$	(4,331)		$	28,057		$	1,373

Affiliate Investments
FemTec Health, Inc.		$	27,748		$	13		$	—		$	—		$	(1,092)		$	26,669		$	428
Store Intelligence, Inc.			4,444			—			—			—			(2,172)			2,272			—
Total Affiliate Investments		$	32,192		$	13		$	—		$	—		$	(3,264)		$	28,941		$	428

Total Control and Affiliate Investments		$	64,406		$	866		$	(679)		$	—		$	(7,595)		$	56,998		$	1,801

(1)	Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)	Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
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Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		****	Fair Value^(6)^
Debt Securities

Administrative and Support and Waste Management and Remediation ^(7)^
Qwick, Inc.		Secured Loan⁽¹⁹⁾		December 31, 2021	January 1, 2026		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 5.0% ⁽⁸⁾		$	5,000		$	4,903		$	4,903

RTS Holding, Inc.		Secured Loan⁽¹⁹⁾		December 31, 2021	January 1, 2027		Fixed interest rate 10.5%; EOT 3.0%		$	23,000		$	22,711		$	22,711

SeaOn Environmental, LLC		Equipment Financing		January 16, 2020	January 1, 2023		Fixed interest rate 9.0%; EOT 12.0%		$	1,115		$	1,490		$	1,474

Sub-total: Administrative and Support and Waste Management and Remediation (3.1%)*									$	29,115		$	29,104		$	29,088

Agriculture, Forestry, Fishing and Hunting ^(7)^
Bowery Farming, Inc.		Secured Loan⁽¹⁴⁾		September 10, 2021	January 1, 2026		Variable interest rate LIBOR + 11.0% or Floor rate 10.1% ⁽⁸⁾		$	10,000		$	9,253		$	9,300

Robotany, Inc.		Equipment Financing		January 16, 2020	January 1, 2024		Fixed interest rate 7.6%; EOT 22.0%		$	1,186		$	1,458		$	1,492

Sub-total: Agriculture, Forestry, Fishing and Hunting (1.2%)*									$	11,186		$	10,711		$	10,792

Construction ^(7)^
Dandelion Energy, Inc.		Equipment Financing		March 17, 2020	April 1, 2024		Fixed interest rate 9.0%; EOT 12.5%		$	332		$	367		$	368
		Equipment Financing		October 27, 2020	November 1, 2024		Fixed interest rate 9.2%; EOT 12.5%			421			456			453
		Equipment Financing		November 19, 2020	December 1, 2024		Fixed interest rate 9.1%; EOT 12.5%			524			564			561
		Equipment Financing		December 29, 2020	January 1, 2025		Fixed interest rate 9.2%; EOT 12.5%			615			657			653
		Equipment Financing		March 25, 2021	April 1, 2025		Fixed interest rate 9.1%; EOT 12.5%			1,238			1,300			1,295
		Equipment Financing		December 1, 2021	January 1, 2026		Fixed interest rate 8.8%; EOT 12.5%			1,356			1,362			1,362
Total Dandelion Energy, Inc.										4,486			4,706			4,692

Project Frog, Inc. ^(22)^		Secured Loan		April 30, 2020	May 1, 2023		Fixed interest rate 12.0%		$	4,128		$	4,080		$	3,754

Sub-total: Construction (0.9%)*									$	8,614		$	8,786		$	8,446

Educational Services ^(7)^
Medical Sales Training Holding Company		Secured Loan		March 18, 2021	April 1, 2025		Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾		$	6,000		$	5,962		$	6,052
		Secured Loan		July 21, 2021	August 1, 2025		Variable interest rate Prime + 8.8% or Floor rate 12.0%; EOT 5.0% ⁽⁸⁾			2,000			1,973			2,013
Total Medical Sales Training Holding Company										8,000			7,935			8,065

Yellowbrick Learning, Inc.		Secured Loan		February 1, 2021	September 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 5.0% ⁽⁸⁾		$	7,500		$	7,579		$	7,630
		Secured Loan		August 10, 2021	March 1, 2026		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 5.0% ⁽⁸⁾			2,500			2,504			2,525
Total Yellowbrick Learning, Inc.										10,000			10,083			10,155

Sub-total: Educational Services (2.0%)*									$	18,000		$	18,018		$	18,220

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		****	Fair Value^(6)^
Debt Securities, Continued

Finance and Insurance ^(7)^
BoardRE, Inc.		Secured Loan⁽¹⁹⁾		October 15, 2021	May 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.5% ⁽⁸⁾		$	5,000		$	4,973		$	4,973

DailyPay, Inc.		Secured Loan		September 30, 2020	November 1, 2024		Variable interest rate Prime + 5.0% or Floor rate 12.0%; EOT 6.0% ⁽⁸⁾		$	19,536		$	19,869		$	20,040
		Secured Loan		December 30, 2020	January 1, 2025		Variable interest rate Prime + 5.0% or Floor rate 12.0%; EOT 6.0% ⁽⁸⁾			5,000			5,076			5,101
Total DailyPay, Inc.										24,536			24,945			25,141

Petal Card, Inc.		Secured Loan		January 16, 2020	October 1, 2024		Variable interest rate Prime + 3.5% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾		$	10,000		$	10,140		$	10,078
		Secured Loan ^(12)(14)^		January 28, 2021	January 1, 2024		Variable interest rate Prime + 4.3% or Floor rate 11.5% ⁽⁸⁾			14,234			13,986			14,236
		Secured Loan		August 6, 2021	October 1, 2024		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾			7,000			6,855			6,908
Total Petal Card, Inc.										31,234			30,981			31,222

Sub-total: Finance and Insurance (6.6%)*									$	60,770		$	60,899		$	61,336

Health Care and Social Assistance ^(7)^
FemTec Health, Inc.		Secured Loan		December 1, 2021	July 1, 2026		Fixed interest rate 11.0%; EOT 7.5%		$	10,000		$	10,752		$	10,168
		Secured Loan		July 23, 2021	September 1, 2022		Fixed interest rate 11.0%			2,151			2,152			2,171
		Secured Loan		September 29, 2021	April 1, 2026		Fixed interest rate 11.0%; EOT 7.5%			3,000			3,019			3,040
Total FemTec Health, Inc. ^(22)^										15,151			15,923			15,379

Lark Technologies, Inc.		Secured Loan		September 30, 2020	April 1, 2025		Variable interest rate Prime + 3.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾		$	5,000		$	4,939		$	4,986
		Secured Loan		June 30, 2021	January 1, 2026		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾			5,000			4,818			4,847
Total Lark Technologies, Inc.										10,000			9,757			9,833

WorkWell Prevention & Care Inc.		Secured Loan		January 16, 2020	March 1, 2024		Fixed interest rate 8.0%; EOT 10.0%		$	3,370		$	3,659		$	3,522
		Secured Loan		January 16, 2020	March 1, 2024		Fixed interest rate 8.0%			700			718			676
Total WorkWell Prevention & Care Inc. ^(22)^										4,070			4,377			4,198

Sub-total: Health Care and Social Assistance (3.1%)*									$	29,221		$	30,057		$	29,410

Information ^(7)^

Firefly Systems, Inc.		Equipment Financing		January 29, 2020	February 1, 2023		Fixed interest rate 9.0%; EOT 10.0%		$	2,144		$	2,579		$	2,549
		Equipment Financing		August 28, 2020	September 1, 2023		Fixed interest rate 8.9%; EOT 10.0%			2,094			2,356			2,338
		Equipment Financing		September 18, 2020	October 1, 2023		Fixed interest rate 8.8%; EOT 10.0%			256			286			284
Total Firefly Systems, Inc.										4,494			5,221			5,171

Gobiquity, Inc.		Equipment Financing		January 16, 2020	April 1, 2022		Fixed interest rate 7.5%; EOT 20.0%		$	61		$	193		$	189

Group Nine Media, Inc.		Secured Loan⁽¹⁹⁾		September 17, 2021	October 1, 2026		Variable interest rate Prime + 7.3% or Floor rate 10.5%; EOT 3.5% ⁽⁸⁾		$	20,000		$	19,962		$	20,108

Hut 8 Holdings, Inc. ^(10)^		Equipment Financing⁽¹⁹⁾		December 30, 2021	January 1, 2025		Fixed interest rate 9.5%; EOT 3.5%		$	30,000		$	29,705		$	29,705

Rigetti & Co, Inc.		Secured Loan		March 10, 2021	April 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾		$	12,000		$	11,891		$	11,977
		Secured Loan		May 18, 2021	June 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾			8,000			7,895			7,954
		Secured Loan		November 10, 2021	December 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 2.8% ⁽⁸⁾			7,000			6,848			6,848
Total Rigetti & Co, Inc.										27,000			26,634			26,779

Smule, Inc.		Secured Loan^(15)^		July 1, 2020	January 1, 2022		Fixed interest rate 0.0%		$	10		$	10		$	10

Stratifyd, Inc.		Secured Loan⁽¹⁹⁾		September 3, 2021	December 1, 2025		Variable interest rate Prime + 7.8% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾		$	6,000		$	5,947		$	5,993

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		****	Fair Value^(6)^
Debt Securities, Continued

Information, Continued ^(7)^
Whip Networks, Inc.		Secured Loan⁽¹⁹⁾		June 14, 2021	July 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾		$	5,000		$	4,992		$	5,029
		Secured Loan⁽¹⁹⁾		September 10, 2021	July 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 3.5% ⁽⁸⁾			1,000			995			1,003
Total Whip Networks, Inc.										6,000			5,987			6,032

Zuum Transportation, Inc.		Secured Loan⁽¹⁹⁾		December 17, 2021	January 1, 2027		Variable interest rate Prime + 6.0% or Floor rate 10.8%; EOT 2.5% ⁽⁸⁾		$	5,000		$	4,976		$	4,976

Sub-total: Information (10.6%)*									$	98,565		$	98,635		$	98,963

Management of Companies and Enterprises ^(7)^

Exer Holdings, LLC		Secured Loan⁽¹⁹⁾		November 19, 2021	December 1, 2026		Variable interest rate Prime + 7.0% or Floor rate 11.5%; EOT 3.0% ⁽⁸⁾		$	22,500		$	22,240		$	22,240

Sub-total: Management of Companies and Enterprises (2.4%)*									$	22,500		$	22,240		$	22,240

Manufacturing ^(7)^
Athletic Brewing Company, LLC		Equipment Financing⁽¹⁹⁾		December 7, 2021	December 1, 2025		Fixed interest rate 11.0%; EOT 7.0%		$	20,000		$	19,932		$	19,932

Bolb, Inc.		Equipment Financing⁽¹⁹⁾		October 12, 2021	November 1, 2024		Fixed interest rate 10.3%; EOT 6.0%		$	1,624		$	1,625		$	1,625

Daring Foods, Inc.		Equipment Financing⁽¹⁹⁾		April 8, 2021	May 1, 2024		Fixed interest rate 9.6%; EOT 7.5%		$	400		$	411		$	413
		Equipment Financing⁽¹⁹⁾		July 7, 2021	July 1, 2024		Fixed interest rate 9.5%; EOT 7.5%			1,917			1,938			1,937
		Equipment Financing⁽¹⁹⁾		August 17, 2021	September 1, 2024		Fixed interest rate 9.7%; EOT 7.5%			942			947			952
		Equipment Financing⁽¹⁹⁾		August 31, 2021	September 1, 2024		Fixed interest rate 10.0%; EOT 7.5%			546			548			552
		Equipment Financing⁽¹⁹⁾		November 1, 2021	December 1, 2024		Fixed interest rate 9.4%; EOT 7.5%			1,034			1,028			1,028
Total Daring Foods, Inc.										4,839			4,872			4,882

Eterneva, Inc.		Equipment Financing⁽¹⁴⁾		November 24, 2021	December 1, 2025		Fixed interest rate 10.6%; EOT 11.5%		$	544		$	546		$	546


Footprint International Holding, Inc.		Equipment Financing		February 14, 2020	March 1, 2024		Fixed interest rate 10.3%; EOT 8.0%		$	10,611		$	11,576		$	12,405
		Secured Loan		June 22, 2020	November 1, 2024		Fixed interest rate 12.0%; EOT 9.0%			6,837			7,162			6,837
Total Footprint International Holding, Inc.										17,448			18,738			19,242

Happiest Baby, Inc.		Equipment Financing		January 16, 2020	September 1, 2022		Fixed interest rate 8.4%; EOT 9.5%		$	385		$	538		$	527
		Equipment Financing		January 16, 2020	November 1, 2022		Fixed interest rate 8.6%; EOT 9.5%			355			469			464
		Equipment Financing		January 16, 2020	January 1, 2023		Fixed interest rate 8.6%; EOT 9.5%			375			469			469
		Equipment Financing		February 7, 2020	June 1, 2023		Fixed interest rate 8.2%; EOT 9.5%			550			640			640
		Equipment Financing		September 16, 2020	January 1, 2024		Fixed interest rate 8.4%; EOT 9.5%			866			945			947
		Equipment Financing		January 22, 2021	May 1, 2025		Fixed interest rate 8.4%; EOT 9.5%			745			790			792
Total Happiest Baby, Inc.										3,276			3,851			3,839

Health-Ade, LLC		Equipment Financing		January 16, 2020	February 1, 2022		Fixed interest rate 9.4%; EOT 15.0%		$	110		$	709		$	703
		Equipment Financing		January 16, 2020	April 1, 2022		Fixed interest rate 8.6%; EOT 15.0%			163			462			454
		Equipment Financing		January 16, 2020	July 1, 2022		Fixed interest rate 9.1%; EOT 15.0%			682			1,295			1,270
Total Health-Ade, LLC										955			2,466			2,427

Hi-Power, LLC		Equipment Financing⁽¹⁹⁾		September 30, 2021	April 1, 2025		Fixed interest rate 12.4%; EOT 1.0%		$	6,529		$	6,524		$	6,598

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		****	Fair Value^(6)^
Debt Securities, Continued

Manufacturing, Continued ^(7)^
Mainspring Energy, Inc.		Secured Loan		January 16, 2020	August 1, 2023		Fixed interest rate 11.0%; EOT 3.8%		$	5,660		$	5,942		$	5,956
		Secured Loan		November 20, 2020	December 1, 2024		Fixed interest rate 11.0%; EOT 3.8%			5,500			5,436			5,539
Total Mainspring Energy, Inc.										11,160			11,378			11,495

Miyoko's Kitchen		Equipment Financing		February 19, 2020	September 1, 2022		Fixed interest rate 8.8%; EOT 9.0%		$	242		$	311		$	310
		Equipment Financing		August 27, 2020	March 1, 2023		Fixed interest rate 8.9%; EOT 9.0%			488			558			556
		Equipment Financing		February 5, 2021	September 1, 2023		Fixed interest rate 8.5%; EOT 9.0%			450			484			483
		Equipment Financing		June 25, 2021	December 1, 2023		Fixed interest rate 8.9%; EOT 9.0%			486			506			505
Total Miyoko's Kitchen										1,666			1,859			1,854

Molekule, Inc.		Equipment Financing		June 19, 2020	January 1, 2024		Fixed interest rate 8.8%; EOT 10.0%		$	1,756		$	1,931		$	1,918
		Equipment Financing		September 29, 2020	April 1, 2024		Fixed interest rate 9.0%; EOT 10.0%			391			425			421
		Equipment Financing		December 18, 2020	July 1, 2024		Fixed interest rate 8.8%; EOT 10.0%			652			695			688
		Equipment Financing		August 25, 2021	March 1, 2025		Fixed interest rate 8.9%; EOT 10.0%			494			504			500
Total Molekule, Inc.										3,293			3,555			3,527

Nexii Building Solutions, Inc. ^(10)^		Secured Loan⁽¹⁹⁾		August 27, 2021	September 1, 2025		Variable interest rate Prime + 7.0% or Floor rate 10.3%; EOT 2.5% ⁽⁸⁾		$	10,000		$	9,575		$	9,648

Quip NYC, Inc.		Secured Loan		March 9, 2021	April 1, 2026		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 3.0% ⁽⁸⁾		$	17,500		$	17,319		$	17,448

Store Intelligence, Inc. ^(22)^		Secured Loan ^(18)^		May 2, 2020	August 1, 2024		Fixed interest rate 12.0%; EOT 7.7%		$	11,641		$	12,033		$	4,444

Tarana Wireless, Inc.		Secured Loan⁽¹⁹⁾		June 30, 2021	July 1, 2025		Variable interest rate Prime + 8.0% or Floor rate 11.5%; EOT 4.5% ⁽⁸⁾		$	18,500		$	17,728		$	17,551

The Fynder Group, Inc.		Equipment Financing		October 14, 2020	May 1, 2024		Fixed interest rate 9.1%; EOT 10.0%		$	489		$	516		$	515

Vertical Communications, Inc.		Secured Loan		August 23, 2021	March 1, 2026		Fixed interest rate 11.0%; EOT 23.8%		$	13,300		$	15,016		$	13,656

VitaCup, Inc.		Secured Loan⁽¹⁹⁾		June 23, 2021	July 1, 2025		Variable interest rate Prime + 7.5% or Floor rate 11.5%; EOT 2.5% ⁽⁸⁾		$	5,500		$	5,471		$	5,519

Sub-total: Manufacturing (15.5%)*									$	148,264		$	153,004		$	144,748

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		****	Fair Value^(6)^
Debt Securities, Continued

Pharmaceutical ^(7)^
Zosano Pharma Corporation		Equipment Financing		January 16, 2020	April 1, 2022		Fixed interest rate 9.4%; EOT 12.0%		$	473		$	1,070		$	1,038
		Equipment Financing		January 16, 2020	July 1, 2022		Fixed interest rate 9.7%; EOT 12.0%			525			853			822
		Equipment Financing		January 16, 2020	January 1, 2023		Fixed interest rate 9.9%; EOT 12.0%			844			1,091			1,059
		Equipment Financing		January 16, 2020	April 1, 2023		Fixed interest rate 9.9%; EOT 12.0%			1,042			1,273			1,245
		Equipment Financing		January 16, 2020	May 1, 2023		Fixed interest rate 10.5%; EOT 12.0%			811			973			949
Total Zosano Pharma Corporation										3,695			5,260			5,113

Sub-total: Pharmaceutical (0.5%)*									$	3,695		$	5,260		$	5,113

Professional, Scientific, and Technical Services ^(7)^
BackBlaze, Inc.		Equipment Financing		January 16, 2020	January 1, 2023		Fixed interest rate 7.2%; EOT 11.5%		$	470		$	650		$	645
		Equipment Financing		January 16, 2020	April 1, 2023		Fixed interest rate 7.4%; EOT 11.5%			67			87			87
		Equipment Financing		January 16, 2020	June 1, 2023		Fixed interest rate 7.4%; EOT 11.5%			550			690			686
		Equipment Financing		January 16, 2020	August 1, 2023		Fixed interest rate 7.5%; EOT 11.5%			114			140			139
		Equipment Financing		January 16, 2020	September 1, 2023		Fixed interest rate 7.7%; EOT 11.5%			120			145			144
		Equipment Financing		January 16, 2020	October 1, 2023		Fixed interest rate 7.5%; EOT 11.5%			123			146			145
		Equipment Financing		January 16, 2020	November 1, 2023		Fixed interest rate 7.2%; EOT 11.5%			416			493			489
		Equipment Financing		January 16, 2020	December 1, 2023		Fixed interest rate 7.5%; EOT 11.5%			560			657			651
		Equipment Financing		January 16, 2020	January 1, 2024		Fixed interest rate 7.4%; EOT 11.5%			495			575			570
		Equipment Financing		January 20, 2020	February 1, 2024		Fixed interest rate 7.4%; EOT 11.5%			512			590			585
		Equipment Financing		February 1, 2020	March 1, 2024		Fixed interest rate 7.2%; EOT 11.5%			451			515			512
		Equipment Financing		March 26, 2020	April 1, 2024		Fixed interest rate 7.4%; EOT 11.5%			138			156			157
		Equipment Financing		April 17, 2020	May 1, 2024		Fixed interest rate 7.3%; EOT 11.5%			903			1,018			1,014
		Equipment Financing		July 27, 2020	August 1, 2024		Fixed interest rate 7.4%; EOT 11.5%			998			1,100			1,093
		Equipment Financing		September 4, 2020	October 1, 2024		Fixed interest rate 7.2%; EOT 11.5%			181			197			197
		Equipment Financing		March 29, 2021	April 1, 2025		Fixed interest rate 7.5%; EOT 11.5%			2,310			2,426			2,421
Total BackBlaze, Inc.										8,408			9,585			9,535

Commonwealth Fusion Systems, LLC		Equipment Financing⁽¹⁹⁾		September 10, 2021	October 1, 2024		Fixed interest rate 9.5%; EOT 8.5%		$	2,169		$	2,196		$	2,207
		Equipment Financing⁽¹⁹⁾		October 20, 2021	November 1, 2024		Fixed interest rate 9.7%; EOT 8.5%		$	644		$	648		$	648
Total Commonwealth Fusion Systems, LLC										2,813			2,844			2,855

Core Scientific, Inc.		Equipment Financing⁽¹⁹⁾		August 31, 2021	October 1, 2024		Fixed interest rate 10.3%; EOT 5.0%		$	928		$	938		$	964
		Equipment Financing⁽¹⁹⁾		August 31, 2021	December 1, 2024		Fixed interest rate 10.7%; EOT 5.0%		$	13,596		$	13,649		$	13,649
		Equipment Financing⁽¹⁹⁾		August 31, 2021	January 1, 2025		Fixed interest rate 10.5%; EOT 5.0%		$	5,000		$	5,008		$	5,008
Total Core Scientific, Inc.										19,524			19,595			19,621

Edeniq, Inc.		Secured Loan		November 30, 2021	June 1, 2025		Fixed interest rate 18.0%		$	5,267		$	469		$	5,074

Emerald Cloud Lab, Inc.		Equipment Financing⁽¹⁹⁾		July 13, 2021	August 1, 2024		Fixed interest rate 9.7%; EOT 7.0%		$	9,278		$	9,486		$	9,528

Emergy, Inc.		Equipment Financing⁽¹⁹⁾		January 8, 2021	May 1, 2024		Fixed interest rate 9.1%; EOT 8.5%		$	434		$	456		$	456
		Equipment Financing⁽¹⁹⁾		December 15, 2021	July 1, 2025		Fixed interest rate 9.3%; EOT 11.5%		$	10,419		$	10,396		$	10,396
Total Emergy, Inc.										10,853			10,852			10,852

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		****	Fair Value^(6)^
Debt Securities, Continued

Professional, Scientific, and Technical Services, Continued
Greenlight Biosciences Inc.		Equipment Financing		March 29, 2021	April 1, 2024		Fixed interest rate 9.7%; EOT 8.0%		$	2,575		$	2,656		$	2,667
		Equipment Financing		June 17, 2021	July 1, 2024		Fixed interest rate 9.5%; EOT 8.0%			3,716			3,774			3,808
		Equipment Financing		August 31, 2021	September 1, 2024		Fixed interest rate 9.7%; EOT 8.0%			2,003			2,008			2,011
		Equipment Financing		August 31, 2021	September 1, 2024		Fixed interest rate 9.7%; EOT 8.0%			1,160			1,163			1,157
Total Greenlight Biosciences Inc.										9,454			9,601			9,643

Incontext Solutions, Inc.		Secured Loan		January 16, 2020	October 1, 2024		Fixed interest rate 11.8%; EOT 16.4%		$	6,149		$	6,818		$	5,476

PebblePost, Inc.		Secured Loan⁽¹⁹⁾		May 7, 2021	June 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 3.8% ⁽⁸⁾		$	12,500		$	12,450		$	12,547

Pendulum Therapeutics, Inc.		Equipment Financing		January 16, 2020	May 1, 2023		Fixed interest rate 7.7%; EOT 5.0%		$	206		$	220		$	220
		Equipment Financing		January 17, 2020	August 1, 2023		Fixed interest rate 7.8%; EOT 5.0%			1,326			1,436			1,445
		Equipment Financing		March 6, 2020	October 1, 2023		Fixed interest rate 7.7%; EOT 5.0%			407			431			433
		Equipment Financing		July 15, 2020	February 1, 2024		Fixed interest rate 9.8%; EOT 6.0%			633			665			671
		Secured Loan		December 31, 2021	January 1, 2026		Variable interest rate Prime + 6.8% or Floor rate 10.0%; EOT 3.0% ⁽⁸⁾			5,000			4,972			4,972
Total Pendulum Therapeutics, Inc.										7,572			7,724			7,741

Reciprocity, Inc.		Secured Loan		September 25, 2020	October 1, 2024		Variable interest rate Prime + 3.3% or Floor rate 11.3%; EOT 2.0% ⁽⁸⁾		$	10,000		$	9,984		$	10,200
		Secured Loan		April 29, 2021	May 1, 2025		Variable interest rate Prime + 8.0% or Floor rate 11.3%; EOT 2.0% ⁽⁸⁾			5,000			4,984			5,100
Total Reciprocity, Inc.										15,000			14,968			15,300

Sun Basket, Inc.		Secured Loan		December 31, 2020	December 1, 2024		Variable interest rate Prime + 3.3% or Floor rate 11.8%; EOT 5.8% ⁽⁸⁾		$	16,905		$	16,984		$	16,882

Utility Associates, Inc.		Secured Loan^(18)^		January 16, 2020	September 30, 2023		PIK Fixed interest rate 11.0% ^(20)^		$	750		$	830		$	697

ZenDrive, Inc.		Secured Loan⁽¹⁹⁾		July 16, 2021	August 1, 2026		Variable interest rate Prime + 7.0% or Floor rate 10.3%; EOT 3.0% ⁽⁸⁾		$	15,000		$	14,899		$	15,006

Sub-total: Professional, Scientific, and Technical Services (15.1%)*									$	139,473		$	137,105		$	140,757

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		****	Fair Value^(6)^
Debt Securities, Continued

Real Estate ^(7)^
Knockaway, Inc.		Secured Loan		November 10, 2021	June 1, 2026		Variable interest rate Prime + 6.3% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾		$	14,734		$	14,608		$	14,608
		Secured Loan		November 30, 2021	June 1, 2026		Variable interest rate Prime + 6.3% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾			2,000			1,982			1,982
		Secured Loan		December 28, 2021	July 1, 2026		Variable interest rate Prime + 6.3% or Floor rate 11.0%; EOT 3.0% ⁽⁸⁾			4,275			4,231			4,231
Total Knockaway, Inc.										21,009			20,821			20,821

Orchard Technologies, Inc.		Secured Loan		March 11, 2021	April 1, 2026		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 4.0% ⁽⁸⁾		$	5,000		$	5,030		$	5,064
		Secured Loan		July 23, 2021	April 1, 2026		Variable interest rate Prime + 7.5% or Floor rate 11.0%; EOT 4.0% ⁽⁸⁾			12,500			12,520			12,612
Total Orchard Technologies, Inc.										17,500			17,550			17,676

Wanderjaunt, Inc.		Equipment Financing		January 16, 2020	June 1, 2023		Fixed interest rate 10.2%; EOT 12.0%		$	238		$	277		$	271
		Equipment Financing		January 16, 2020	August 1, 2023		Fixed interest rate 10.2%; EOT 12.0%			792			935			928
Total Wanderjaunt, Inc.										1,030			1,212			1,199

Sub-total: Real Estate (4.3%)*									$	39,539		$	39,583		$	39,696

Rental and Leasing Services^(7)^
EquipmentShare, Inc.		Equipment Financing		June 24, 2020	July 1, 2023		Fixed interest rate 11.0%; EOT 5.0%		$	3,269		$	3,501		$	3,532
		Equipment Financing		August 7, 2020	September 1, 2023		Fixed interest rate 10.2%; EOT 5.0%			1,252			1,328			1,335
		Equipment Financing		October 2, 2020	November 1, 2023		Fixed interest rate 10.4%; EOT 5.0%			551			579			585
		Equipment Financing		October 9, 2020	November 1, 2023		Fixed interest rate 10.5%; EOT 5.0%			1,741			1,829			1,846
Total EquipmentShare, Inc.										6,813			7,237			7,298

Maxwell Financial Labs, Inc.		Secured Loan		September 30, 2021	April 1, 2026		Variable interest rate Prime + 6.0% or Floor rate 10.0%; EOT 5.0% ⁽⁸⁾		$	18,000		$	17,828		$	17,949

NextCar Holding Company, Inc.		Secured Loan⁽¹⁹⁾		December 14, 2021	January 1, 2026		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 12.0% ⁽⁸⁾		$	5,000		$	4,961		$	4,961
		Secured Loan⁽¹⁹⁾		December 15, 2021	January 1, 2026		Variable interest rate Prime + 5.8% or Floor rate 9.0%; EOT 12.0% ⁽⁸⁾			2,000			1,986			1,986
Total NextCar Holding Company, Inc.										7,000			6,947			6,947

Sub-total: Rental and Leasing Services (3.4%)*									$	31,813		$	32,012		$	32,194

Retail Trade ^(7)^
Fernished, Inc.		Equipment Financing⁽¹⁴⁾		October 29, 2021	November 1, 2024		Fixed interest rate 13.4%; EOT 3.0%		$	472		$	470		$	470

Gobble, Inc.		Secured Loan		January 16, 2020	July 1, 2023		Fixed interest rate 11.3%; EOT 6.0%		$	2,227		$	2,414		$	2,398
		Secured Loan		January 16, 2020	July 1, 2023		Fixed interest rate 11.5%; EOT 6.0%			1,120			1,214			1,206
Total Gobble Inc.										3,347			3,628			3,604

Portofino Labs, Inc.		Secured Loan⁽¹⁹⁾		December 31, 2020	July 1, 2025		Variable interest rate Prime + 3.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾		$	2,000		$	2,014		$	2,023
		Secured Loan⁽¹⁹⁾		March 12, 2021	October 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾			3,000			2,904			2,918
		Secured Loan⁽¹⁹⁾		April 1, 2021	November 1, 2025		Variable interest rate Prime + 8.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾			2,000			1,860			1,873
Total Portofino Labs, Inc.										7,000			6,778			6,814

Super73, Inc.		Secured Loan		December 31, 2020	January 1, 2025		Variable interest rate Prime + 4.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾		$	5,500		$	5,528		$	5,567
		Secured Loan		October 25, 2021	January 1, 2025		Variable interest rate Prime + 7.3% or Floor rate 11.5%; EOT 4.0% ⁽⁸⁾		$	4,500		$	4,456		$	4,456
Total Super73, Inc.										10,000			9,984			10,023

UnTuckIt, Inc.		Secured Loan		January 16, 2020	June 1, 2025		Fixed interest rate 12.0%; EOT 3.8%		$	15,000		$	15,796		$	15,200

Sub-total: Retail Trade (3.9%)*									$	35,819		$	36,656		$	36,111

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	Maturity Date	****	Interest Rate^(4)^	****	Principal Amount ^(5)^		****	Cost		****	Fair Value^(6)^
Debt Securities, Continued

Space Research and Technology ^(7)^

Axiom Space, Inc.		Secured Loan⁽¹⁹⁾		May 28, 2021	June 1, 2026		Variable interest rate Prime + 6.0% or Floor rate 9.3%; EOT 2.5% ⁽⁸⁾		$	30,000		$	29,819		$	30,015

Sub-total: Space Research and Technology (3.2%)*									$	30,000		$	29,819		$	30,015

Utilities ^(7)^
Invenia, Inc.		Secured Loan		January 16, 2020	January 1, 2023		Fixed interest rate 11.5%; EOT 5.0%		$	3,611		$	4,068		$	4,012
		Secured Loan		January 16, 2020	May 1, 2023		Fixed interest rate 11.5%; EOT 5.0%			2,060			2,264			2,240
		Secured Loan		January 16, 2020	January 1, 2024		Fixed interest rate 11.5%; EOT 5.0%			2,190			2,297			2,308
		Secured Loan		January 17, 2020	February 1, 2024		Fixed interest rate 11.5%; EOT 5.0%			3,023			3,183			3,177
		Secured Loan		June 8, 2020	July 1, 2024		Fixed interest rate 11.5%; EOT 5.0%			3,523			3,638			3,669
		Secured Loan		October 29, 2020	November 1, 2024		Fixed interest rate 11.5%; EOT 5.0%			4,883			4,995			5,030
Total Invenia, Inc. ^(10)^										19,290			20,445			20,436

Sub-total: Utilities (2.2%)*									$	19,290		$	20,445		$	20,436

Wholesale Trade ^(7)^
BaubleBar, Inc.		Secured Loan		January 16, 2020	March 1, 2023		Fixed interest rate 11.5%; EOT 7.3%		$	3,377		$	4,285		$	4,085

Grandpad, Inc.		Equipment Financing⁽¹⁹⁾		November 16, 2020	June 1, 2023		Fixed interest rate 10.6%; EOT 5.0%		$	1,789		$	1,887		$	1,893
		Equipment Financing⁽¹⁹⁾		December 23, 2020	July 1, 2023		Fixed interest rate 10.8%; EOT 5.0%			2,306			2,419			2,425
Total Grandpad, Inc.										4,095			4,306			4,318

Sub-total: Wholesale Trade (0.9%)*									$	7,472		$	8,591		$	8,403

Total: Debt Securities (78.8%)* ^(13)^									$	733,336		$	740,925		$	735,968

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Expiration Date	****	Series	****	Shares	****	Strike Price		****	Cost		****	Fair Value ^(6)^
Warrant Investments

Administrative and Support and Waste Management and Remediation ^(7)^

Qwick, Inc.		Warrant⁽¹⁴⁾		December 31, 2021		December 31, 2031		Common Stock		16,956		$	2.79		$	96		$	96

RTS Holding, Inc.		Warrant⁽¹⁴⁾		December 10, 2021		December 10, 2031		Preferred Series C		3,857		$	205.28		$	153		$	153

Sub-Total: Administrative and Support and Waste Management and Remediation (0.0%)*															$	249		$	249

Agriculture, Forestry, Fishing and Hunting ^(7)^
Bowery Farming, Inc.		Warrant		January 16, 2020		June 10, 2029		Common Stock		68,863		$	5.08		$	410		$	1,419
		Warrant		December 22, 2020		December 22, 2030		Common Stock		29,925		$	6.24			160			594
		Warrant		September 10, 2021		September 10, 2028		Common Stock		21,577		$	0.01			617			518
Total Bowery Farming, Inc.																1,187			2,531


Robotany, Inc.		Warrant		January 16, 2020		July 19, 2029		Common Stock		262,870		$	0.26		$	127		$	73

Sub-Total: Agriculture, Forestry, Fishing and Hunting (0.3%)*															$	1,314		$	2,604

Construction ^(7)^
Project Frog, Inc. ^(22)^		Warrant		January 16, 2020		July 26, 2026		Preferred Series AA		211,633		$	0.19		$	9		$	—
		Warrant		January 16, 2020		July 26, 2026		Common Stock		180,356		$	0.19			9			—
		Warrant		August 3, 2021		December 31, 2031		Preferred Series CC		250,000		$	0.01			20			31
Total Project Frog, Inc.																38			31

Sub-Total: Construction (0.0%)*															$	38		$	31

Educational Services ^(7)^
Medical Sales Training Holding Company		Warrant⁽¹⁴⁾		March 18, 2021		March 18, 2031		Common Stock		28,732		$	7.74		$	108		$	108

Yellowbrick Learning, Inc.		Warrant		January 16, 2020		September 28, 2028		Common Stock		222,222		$	0.90		$	120		$	485

Sub-Total: Educational Services (0.1%)*															$	228		$	593

Finance and Insurance ^(7)^
BoardRE, Inc.		Warrant⁽¹⁴⁾		October 15, 2021		October 15, 2031		Common Stock		105,347		$	1.94		$	9		$	8

DailyPay, Inc.		Warrant		September 30, 2020		September 30, 2030		Common Stock		89,264		$	3.00		$	151		$	839

Petal Card, Inc.		Warrant		January 16, 2020		November 27, 2029		Preferred Series B		250,268		$	1.32		$	147		$	1,412
		Warrant⁽¹⁴⁾		January 11, 2021		January 11, 2031		Common Stock		135,835		$	0.01			312			908
		Warrant		August 6, 2021		August 6, 2031		Common Stock		111,555		$	1.60			197			605
Total Petal Card, Inc.																656			2,925

Realty Mogul		Warrant		January 16, 2020		December 18, 2027		Preferred Series B		234,421		$	3.88		$	285		$	1

Sub-Total: Finance and Insurance (0.4%)*															$	1,101		$	3,773

Health Care and Social Assistance ^(7)^
Lark Technologies, Inc.		Warrant		September 30, 2020		September 30, 2030		Common Stock		76,231		$	1.76		$	177		$	674
		Warrant		June 30, 2021		June 30, 2031		Common Stock		79,325		$	1.76			258			701
Total Lark Technologies, Inc.																435			1,375

Sub-Total: Health Care and Social Assistance (0.1%)*															$	435		$	1,375

Information ^(7)^
Everalbum, Inc.		Warrant		January 16, 2020		July 29, 2026		Preferred Series A		851,063		$	0.10		$	25		$	—

Figg, Inc.		Warrant⁽¹¹⁾		January 16, 2020		March 31, 2028		Common Stock		935,198		$	0.10		$	—		$	—

Firefly Systems, Inc.		Warrant		January 31, 2020		January 29, 2030		Common Stock		133,147		$	1.14		$	282		$	477

Gtxcel, Inc.		Warrant		January 16, 2020		September 24, 2025		Preferred Series C		1,000,000		$	0.21		$	83		$	21
		Warrant		January 16, 2020		September 24, 2025		Preferred Series D		1,000,000		$	0.21			83			14
Total Gtxcel, Inc.																166			35

Lucidworks, Inc.		Warrant		January 16, 2020		June 27, 2026		Preferred Series D		619,435		$	0.77		$	805		$	2,302

RapidMiner, Inc.		Warrant		January 16, 2020		March 25, 2029		Preferred Series C-1		11,624		$	60.22		$	528		$	18

Rigetti & Co, Inc.		Warrant		May 18, 2021		May 18, 2031		Common Stock		995,099		$	0.21		$	506		$	5,830

Stratifyd, Inc.		Warrant		September 3, 2021		September 3, 2031		Preferred Series B-2		106,719		$	2.53		$	84		$	71

Sub-Total: Information (0.6%)*															$	2,396		$	8,733

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Expiration Date	****	Series	****	Shares	****	Strike Price		****	Cost		****	Fair Value ^(6)^
Warrant Investments, Continued
Management of Companies and Enterprises ^(7)^

Exer Holdings, LLC		Warrant⁽¹⁴⁾		November 19, 2021		November 19, 2031		Common Stock		281		$	479.25	^(21)^	$	93		$	92

Sub-Total: Management of Companies and Enterprises (0.0%)*															$	93		$	92

Manufacturing ^(7)^
Bolb, Inc.		Warrant⁽¹⁴⁾		October 12, 2021		October 12, 2031		Common Stock		181,784		$	0.07		$	35		$	34

Daring Foods, Inc.		Warrant		April 8, 2021		April 8, 2031		Common Stock		68,100		$	0.27		$	106		$	431

Footprint International Holding, Inc.		Warrant		February 14, 2020		February 14, 2030		Common Stock		38,171		$	0.31		$	9		$	2,137

Happiest Baby, Inc.		Warrant		January 16, 2020		May 16, 2029		Common Stock		182,554		$	0.33		$	193		$	241

Mainspring Energy, Inc.		Warrant		January 16, 2020		July 9, 2029		Common Stock		140,186		$	1.15		$	284		$	534
		Warrant		November 20, 2020		November 20, 2030		Common Stock		81,294		$	1.15			226			310
Total Mainspring Energy, Inc.																510			844

Molekule, Inc.		Warrant		June 19, 2020		June 19, 2030		Preferred Series C-1		32,051		$	3.12		$	16		$	23

Nexii Building Solutions, Inc. ^(10)^		Warrant⁽¹⁴⁾		August 27, 2021		August 27, 2026		Common Stock		63,071	^(21)^	$	15.86	^(21)^	$	410		$	421

Quip NYC, Inc.		Warrant		March 9, 2021		March 9, 2031		Preferred Series A-1		10,833		$	48.46		$	203		$	311

SBG Labs, Inc.		Warrant		January 16, 2020		July 29, 2023		Preferred Series A-1		42,857		$	0.70		$	13		$	—
		Warrant		January 16, 2020		September 18, 2024		Preferred Series A-1		25,714		$	0.70			8			—
		Warrant		January 16, 2020		January 14, 2024		Preferred Series A-1		21,492		$	0.70			7			—
		Warrant		January 16, 2020		March 24, 2025		Preferred Series A-1		12,155		$	0.70			4			—
		Warrant		January 16, 2020		October 10, 2023		Preferred Series A-1		11,150		$	0.70			4			—
		Warrant		January 16, 2020		May 6, 2024		Preferred Series A-1		11,145		$	0.70			4			—
		Warrant		January 16, 2020		June 9, 2024		Preferred Series A-1		7,085		$	0.70			2			—
		Warrant		January 16, 2020		May 20, 2024		Preferred Series A-1		342,857		$	0.70			110			—
		Warrant		January 16, 2020		March 26, 2025		Preferred Series A-1		200,000		$	0.70			65			—
Total SBG Labs, Inc.																217			—

Tarana Wireless, Inc.		Warrant⁽¹⁴⁾		June 30, 2021		June 30, 2031		Common Stock		5,027,629		$	0.19		$	967		$	641

The Fynder Group, Inc.		Warrant		October 14, 2020		October 14, 2030		Common Stock		36,445		$	0.49		$	68		$	337

Vertical Communications, Inc. ^(22)^		Warrant⁽¹¹⁾		January 16, 2020		July 11, 2026		Preferred Series A		828,479		$	1.00		$	—		$	—

VitaCup, Inc.		Warrant⁽¹⁴⁾		June 23, 2021		June 23, 2031		Preferred Series C		68,996		$	2.79		$	9		$	5

Sub-Total: Manufacturing (0.6%)*															$	2,743		$	5,425

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Expiration Date	****	Series	****	Shares	****	Strike Price		****	Cost		Fair Value ^(6)^
Warrant Investments, Continued

Pharmaceutical ^(7)^
Zosano Pharma Corporation		Warrant ^(9)^		January 16, 2020		September 25, 2025		Common Stock		75,000		$	3.59		$	69	$	17

Sub-Total: Pharmaceutical (0.0%)*															$	69	$	17

Professional, Scientific, and Technical Services ^(7)^
Continuity, Inc.		Warrant		January 16, 2020		March 29, 2026		Preferred Series C		1,588,806		$	0.25		$	21	$	17

Crowdtap, Inc.		Warrant		January 16, 2020		December 16, 2025		Preferred Series B		442,233		$	1.09		$	41	$	240
		Warrant		January 16, 2020		December 11, 2027		Preferred Series B		100,000		$	1.09			9		54
Total Crowdtap, Inc.																50		294

Dynamics, Inc.		Warrant		January 16, 2020		March 10, 2024		Common Stock		17,000		$	10.59		$	86	$	—

E La Carte, Inc.		Warrant		January 16, 2020		April 27, 2027		Preferred Series A		497,183		$	0.30		$	185	$	861
		Warrant		January 16, 2020		July 28, 2027		Common Stock		104,284		$	7.49			14		156
		Warrant		January 16, 2020		April 28, 2027		Preferred Series AA-1		106,841		$	7.49			14		43
Total E La Carte, Inc.																213		1,060

Edeniq, Inc.		Warrant⁽¹¹⁾		January 16, 2020		December 23, 2026		Preferred Series B		2,685,501		$	0.22		$	—	$	2
		Warrant⁽¹¹⁾		January 16, 2020		December 23, 2026		Preferred Series B		2,184,672		$	0.01			—		5
		Warrant⁽¹¹⁾		January 16, 2020		June 29, 2027		Preferred Series C		5,106,972		$	0.44			—		—
		Warrant⁽¹¹⁾		January 16, 2020		November 2, 2028		Preferred Series C		3,850,294		$	0.01			—		12
		Warrant		November 29, 2021		November 29, 2031		Preferred Series D		154,906,320		$	0.01			7		34
Total Edeniq, Inc. ^(22)^																7		53

Greenlight Biosciences Inc.		Warrant⁽¹⁴⁾		March 29, 2021		March 29, 2031		Common Stock		219,839		$	0.82		$	139	$	857

Hologram, Inc.		Warrant		January 31, 2020		January 27, 2030		Common Stock		193,054		$	0.26		$	49	$	914

Hospitalists Now, Inc.		Warrant		January 16, 2020		March 30, 2026		Preferred Series D-2		135,807		$	5.89		$	71	$	1,840
		Warrant		January 16, 2020		December 6, 2026		Preferred Series D-2		750,000		$	5.89			391		333
Total Hospitalists Now, Inc.																462		2,173

Incontext Solutions, Inc.		Warrant		January 16, 2020		September 28, 2028		Common Stock		2,219		$	220.82		$	34	$	—

PebblePost, Inc.		Warrant⁽¹⁴⁾		May 7, 2021		May 7, 2031		Common Stock		657,343		$	0.75		$	68	$	379

Pendulum Therapeutics, Inc.		Warrant		January 16, 2020		October 9, 2029		Preferred Series B		55,263		$	1.90		$	44	$	46
		Warrant		June 1, 2020		July 15, 2030		Preferred Series B		36,842		$	1.90			36		31
		Warrant⁽¹⁴⁾		December 31, 2021		December 31, 2021		Preferred Series C		322,251		$	3.24			118		118
Total Pendulum Therapeutics, Inc.																198		195

Reciprocity, Inc.		Warrant		September 25, 2020		September 25, 2030		Common Stock		114,678		$	4.17		$	99	$	656
		Warrant		April 29, 2021		April 29, 2031		Common Stock		57,195		$	4.17			54		327
Total Reciprocity, Inc.																153		983

Resilinc, Inc.		Warrant		January 16, 2020		December 15, 2025		Preferred Series A		589,275		$	0.51		$	40	$	—

Sun Basket, Inc.		Warrant		January 16, 2020		October 5, 2027		Common Stock		103,636		$	14.47		$	111	$	1,172
		Warrant		December 31, 2020		December 29, 2032		Common Stock		33,348		$	3.17			546		81
Total Sun Basket, Inc.																657		1,253

Table of Contents

TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Expiration Date	****	Series	****	Shares	****	Strike Price		****	Cost		****	Fair Value ^(6)^
Warrant Investments, Continued

Professional, Scientific, and Technical Services, Continued ^(7)^
Utility Associates, Inc.		Warrant		January 16, 2020		June 30, 2025		Preferred Series A		92,511		$	4.54		$	55		$	—
		Warrant		January 16, 2020		May 1, 2026		Preferred Series A		60,000		$	4.54			36			—
		Warrant		January 16, 2020		May 22, 2027		Preferred Series A		200,000		$	4.54			120			—
Total Utility Associates, Inc.																211			—

ZenDrive, Inc.		Warrant⁽¹⁴⁾		July 16, 2021		July 16, 2031		Common Stock		30,466		$	2.46		$	29		$	55

Sub-Total: Professional, Scientific, and Technical Services (0.9%)*															$	2,417		$	8,233

Real Estate ^(7)^
Egomotion Corporation		Warrant⁽¹¹⁾		January 16, 2020		December 10, 2028		Preferred Series A		60,786		$	1.32		$	—		$	47
		Warrant		January 16, 2020		June 29, 2028		Preferred Series A		121,571		$	1.32			219			94
Total Egomotion Corporation																219			141

Knockaway, Inc.		Warrant		January 16, 2020		May 24, 2029		Preferred Series B		87,955		$	8.53		$	209		$	458
		Warrant		November 10, 2021		November 10, 2031		Common Stock		148,730	^(21)^	$	7.74	^(21)^	$	265		$	557
Total Knockaway, Inc.																474			1,015

Sub-Total: Real Estate (0.1%)*															$	693		$	1,156

Rental and Leasing Services ^(7)^

Maxwell Financial Labs, Inc.		Warrant		October 7, 2020		October 7, 2030		Common Stock		106,735		$	0.29		$	20		$	283
		Warrant		December 22, 2020		December 22, 2030		Common Stock		110,860		$	0.29			34			273
		Warrant		September 30, 2021		September 30, 2031		Common Stock		79,135		$	1.04			148			174
Total Maxwell Financial Labs, Inc.																202			730

NextCar Holding Company, Inc.		Warrant		December 14, 2021		December 14, 2026		Preferred Series A		167,543	^(21)^	$	2.62	^(21)^	$	35		$	80

Sub-Total: Rental and Leasing Services (0.1%)*															$	237		$	810

Retail Trade ^(7)^
Boosted eCommerce, Inc.		Warrant		December 18, 2020		December 14, 2030		Preferred Series A-1		759,263		$	0.84		$	259		$	154

Fernished, Inc.		Warrant⁽¹⁴⁾		May 5, 2021		May 5, 2031		Common Stock		54,427		$	0.15		$	39		$	39

Gobble, Inc.		Warrant		January 16, 2020		May 9, 2028		Common Stock		74,635		$	1.20		$	73		$	101
		Warrant		January 16, 2020		December 27, 2029		Common Stock		10,000		$	1.22			617			754
Total Gobble, Inc.																690			855

Madison Reed, Inc.		Warrant		January 16, 2020		March 23, 2027		Preferred Series C		194,553		$	2.57		$	185		$	398
		Warrant		January 16, 2020		July 18, 2028		Common Stock		43,158		$	0.99			71			131
		Warrant		January 16, 2020		June 30, 2029		Common Stock		36,585		$	1.23			56			105
Total Madison Reed, Inc.																312			634

Portofino Labs, Inc.		Warrant⁽¹⁴⁾		December 31, 2020		December 31, 2030		Common Stock		39,659		$	1.53		$	160		$	107
		Warrant⁽¹⁴⁾		April 1, 2021		April 1, 2031		Common Stock		39,912		$	1.46			99			44
Total Portofino Labs, Inc.																259			151

Super73, Inc.		Warrant⁽¹⁴⁾		December 31, 2020		December 31, 2030		Common Stock		177,305		$	3.16		$	105		$	132

Trendly, Inc.		Warrant		January 16, 2020		August 10, 2026		Preferred Series A		245,506		$	1.14		$	222		$	86

Sub-Total: Retail Trade (0.2%)*															$	1,886		$	2,051

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Expiration Date	****	Series	****	Shares	****	Strike Price		****	Cost		****	Fair Value ^(6)^
Warrant Investments, Continued

Space Research and Technology ^(7)^
Axiom Space, Inc.		Warrant		May 28, 2021		May 28, 2031		Common Stock		1,773		$	169.24		$	121		$	146
		Warrant		May 28, 2021		May 28, 2031		Common Stock		882		$	340.11			39			37
Total Axiom Space, Inc.																160			183

Sub-Total: Space Research and Technology (0.0%)*															$	160		$	183

Wholesale Trade ^(7)^
BaubleBar, Inc.		Warrant		January 16, 2020		March 29, 2027		Preferred Series C		531,806		$	1.96		$	639		$	788
		Warrant		January 16, 2020		April 20, 2028		Preferred Series C		60,000		$	1.96			72			89
Total BaubleBar, Inc.																711			877

GrubMarket, Inc.		Warrant		June 15, 2020		June 15, 2030		Common Stock		405,000		$	1.10		$	115		$	568

Sub-Total: Wholesale Trade (0.2%)*															$	826		$	1,445

Total: Warrant Investments (3.6%)*^(13)^															$	14,885		$	36,770

Table of Contents TRINITY CAPITAL INC.

Consolidated Schedule of Investments

December 31, 2021

(In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Shares / Principal		****	Series	****	Cost		****	Fair Value ^(6)^
Equity Investments
Construction ^(7)^
Project Frog, Inc.		Equity		January 16, 2020			4,383,173		Preferred Series AA-1⁽¹⁷⁾		$	351		$	—
		Equity		January 16, 2020			3,401,427		Preferred Series BB⁽¹⁷⁾			1,333			—
		Equity		August 3, 2021			6,634,061		Common Stock			1,684			—
		Equity		August 3, 2021			3,129,887		Preferred Series CC⁽¹⁷⁾			1,253			426
Total Project Frog, Inc. ^(22)^												4,621			426

Sub-Total: Construction (0.0%)*											$	4,621		$	426
											****	****		****	****
Health Care and Social Assistance ^(7)^
FemTec, Inc. ^(22)^		Equity		July 22, 2021			1,098,093		Common Stock		$	13,046		$	12,369

Lark Technologies, Inc.		Equity⁽¹⁴⁾		August 19, 2021			32,416		Preferred Series D⁽¹⁷⁾		$	500		$	461

WorkWell Prevention & Care Inc.		Equity		January 16, 2020			7,000,000		Common Stock		$	51		$	—
		Equity		January 16, 2020			3,450		Preferred Series P⁽¹⁷⁾			3,450			—
		Equity		January 16, 2020		$	2,870		Convertible Note⁽¹⁶⁾			2,919			903
Total WorkWell Prevention & Care Inc. ^(22)^												6,420			903

Sub-Total: Health Care and Social Assistance (1.5%)*											$	19,966		$	13,733

Manufacturing ^(7)^
Lucid Motors, Inc.		Equity ^(9)^		July 26, 2021			1,867,973		Common Stock		$	8,560		$	67,620

Quip NYC, Inc.		Equity⁽¹⁴⁾		August 17, 2021			3,321		Preferred Series B-1⁽¹⁷⁾		$	500		$	493

Store Intelligence, Inc. ^(22)^		Equity		May 2, 2020			1,430,000		Preferred Series A⁽¹⁷⁾		$	608		$	—

Vertical Communications, Inc.		Equity⁽¹¹⁾		January 16, 2020			3,892,485		Preferred Series 1⁽¹⁷⁾		$	—		$	—
		Equity		January 16, 2020		$	5,500		Convertible Note⁽¹⁶⁾			3,966			3,725
Total Vertical Communications, Inc. ^(22)^												3,966			3,725

Sub-Total: Manufacturing (7.7%)*											$	13,634		$	71,838

Professional, Scientific, and Technical Services ^(7)^
Dynamics, Inc.		Equity		January 16, 2020			17,726		Preferred Series A⁽¹⁷⁾		$	391		$	—

Matterport, Inc.		Equity ^(9)^		July 23, 2021			571,941		Common Stock		$	434		$	11,324

Edeniq, Inc.		Equity⁽¹¹⁾		January 16, 2020			7,807,499		Preferred Series B⁽¹⁷⁾		$	—		$	19
		Equity⁽¹¹⁾		January 16, 2020			3,657,487		Preferred Series C⁽¹⁷⁾			—			34
		Equity⁽¹¹⁾		November 29, 2021			133,766,138		Preferred Series D⁽¹⁷⁾			—			343
Total Edeniq, Inc. ^(22)^												—			396

Emergy, Inc.		Equity		June 28, 2021			75,958		Preferred Series B⁽¹⁷⁾		$	500		$	507

Sub-Total: Professional, Scientific, and Technical Services (1.3%)*											$	1,325		$	12,227

Table of Contents TRINITY CAPITAL INC. Consolidated Schedule of Investments December 31, 2021 (In thousands, except share and per share data)


Portfolio Company ^(1)^	****	Type of Investment ^(2)^	****	Investment Date ^(3)^	****	Shares / Principal		****	Series	****	Cost		****	Fair Value ^(6)^
Equity Investments, Continued
Real Estate ^(7)^
Orchard Technologies, Inc.		Equity⁽¹⁴⁾		August 6, 2021			74,406		Preferred Series D⁽¹⁷⁾		$	500		$	499

Sub-Total: Real Estate (0.1%)*											$	500		$	499

Rental and Leasing Services ^(7)^
Maxwell Financial Labs, Inc		Equity⁽¹⁴⁾		January 22, 2021			135,641		Preferred Series B⁽¹⁷⁾		$	500		$	509

Sub-Total: Rental and Leasing Services (0.1%)*											$	500		$	509

Retail Trade ^(7)^

Fernished, Inc.		Equity⁽¹¹⁾⁽¹⁴⁾		October 6, 2021			454,905		Preferred Series B-1⁽¹⁷⁾		$	500		$	500

Portofino Labs, Inc.		Equity⁽¹¹⁾⁽¹⁴⁾		November 1, 2021			256,291		Preferred Series B-1⁽¹⁷⁾		$	500		$	500

Sub-Total: Retail Trade (0.1%)*											$	1,000		$	1,000

Space Research and Technology ^(7)^

Axiom Space, Inc.		Equity⁽¹⁴⁾		August 11, 2021		$	500		Convertible Note⁽¹⁶⁾		$	500		$	500

Sub-Total: Rental and Leasing Services (0.1%)*											$	500		$	500

Total: Equity Investments (10.8%)*^(13)^											$	42,046		$	100,732

Total Investment in Securities (93.2%)*											$	797,856		$	873,470

Cash, Cash Equivalents, and Restricted Cash
Goldman Sachs Financial Square Government Institutional Fund											$	43,428		$	43,428
Other cash accounts												3,314			3,314
Cash, Cash Equivalents, and Restricted Cash (4.7%)*												46,742			46,742

Total Portfolio Investments and Cash and Cash Equivalents (97.8% of net assets)											$	844,598		$	920,212

(1)	All portfolio companies are located in North America. As of December 31, 2021, the Company had three foreign domiciled portfolio companies, which are based in Canada and, in total, represent 13.5% of total net asset value based on fair value. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale and may be deemed to be “restricted securities” under the Securities Act.
(2)	All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted. Equipment financed under our equipment financing investments relates to operational equipment essential to revenue production for the portfolio company in the industry noted.
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(3)	Investment date represents the date of initial investment date, either purchases or funding, not adjusted for modifications. For assets purchased from the Legacy Funds as part of the Formation Transactions, investment date is January 16, 2020, the date of the Formation Transactions.
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(4)	Interest rate is the fixed or variable rate of the debt investments and does not include any original issue discount, end-of-term (“EOT”) payment, or any additional fees related to such investments, such as deferred interest, commitment fees, prepayment fees or exit fees. EOT payments are contractual payments due in cash at the maturity date of the loan, including upon prepayment, and are a fixed rate determined at the inception of the loan. At the end of the term of certain equipment financings, the borrower has the option to purchase the underlying assets at fair market value in certain cases subject to a cap or return the equipment and pay a restocking fee. The fair values of the financed assets have been estimated as a percentage of original cost for purpose of the EOT payment value. The EOT payment is amortized and recognized as non-cash income over the loan or equipment financing prior to its payment and is included as a component of the cost basis of the Company’s current debt securities
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(5)	Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.
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(6)	Except as noted, all investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors.
(7)	The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies.
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(8)	The interest rate on variable interest rate investments represents a benchmark rate plus spread. The benchmark interest rate is subject to an interest rate floor. The benchmark rate Prime was 3.25% and 1-month USD LIBOR was 0.10% as of December 31, 2021
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(9)	Asset is valued using Level 2 inputs.
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(10)	Indicates a “non-qualifying asset” under section 55(a) by the Investment Company Act of 1940, as amended (the “1940 Act”). The Company’s percentage of non-qualifying assets at fair value represents 6.4% of the Company’s total assets as of December 31, 2021. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. Asset is not a U.S. entity. Hut 8 Holdings, Inc., Invenia, Inc. and Nexii, Inc. are Canadian corporations.
---	---
(11)	Investment has zero cost basis as it was purchased at a fair market value of zero as part of the Formation Transactions.
---	---
(12)	Investment is a secured loan warehouse facility collateralized by interest in specific assets that meet the eligibility requirements under the facility during the warehouse period. Repayment of the facility will occur over the amortizing period unless otherwise prepaid.
---	---
(13)	All of the Company’s debt, warrant and equity securities are pledged as collateral supporting the amounts outstanding under the credit facility with Credit Suisse AG (see “Note 5 – Borrowings”), except as noted.
---	---
(14)	Investment is not pledged as collateral supporting amounts outstanding under the credit facility with Credit Suisse AG.
---	---
(15)	Investment is considered non-income producing.
---	---
(16)	Convertible notes represent investments through which the Company will participate in future equity rounds at preferential rates. There are no principal or interest payments made against the note unless conversion does not take place.
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(17)	Preferred stock represents investments through which the Company will have preference in liquidation rights and do not contain any cumulative preferred dividends.
---	---
(18)	Investment is on non-accrual status as of December 31, 2021, and is therefore considered non-income producing.
---	---
(19)	Investment is pledged as collateral supporting amounts outstanding under the credit facility with KeyBank.
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(20)	Interest on this loan includes a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected.
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(21)	Company has been issued warrants with pricing and number of shares dependent upon a future round of equity issuance by the portfolio company.
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(22)	This investment is deemed to be a “Control Investment” or an “Affiliate Investment.” The Company classifies its investment portfolio in accordance with the requirements of the 1940 Act. Control Investments are defined by the 1940 Act as investments in companies in which the Company owns more than 25% of the voting securities or
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Table of Contents

maintains greater than 50% of board representation. Affiliate Investments are defined by the 1940 Act as investments in companies in which the Company owns between 5% and 25% (inclusive) of the voting securities and does not have rights to maintain greater than 50% of the board representation. As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company. Fair value as of December 31, 2021, along with transactions during the year ended December 31, 2021, in these control or affiliated investments are as follows:

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														Net change in
														Unrealized
		Fair Value at			Gross			Gross			Realized			(Depreciation)/			Fair Value at			Interest
		December 31, 2020			Additions ^(1)^			Reductions ^(2)^			Gain/(Loss)			Appreciation			December 31, 2021			Income
For the Year Ended December 31, 2021
Control Investments
Birchbox, Inc.		$	19,369		$	5,569		$	(23,548)		$	(2,725)		$	1,335		$	—		$	576
Edeniq, Inc.			1,507			914			(2,301)			—			5,402			5,522			1,675
Project Frog, Inc.			4,516			1,318			(20)			—			(1,605)			4,209			549
Vertical Communications, Inc.			16,953			1,597			(325)			—			(843)			17,382			2,082
WorkWell Prevention and Care Inc.			6,385			1,435			—			—			(2,719)			5,101			360
Total Control Investments		$	48,730		$	10,833		$	(26,194)		$	(2,725)		$	1,570		$	32,214		$	5,242

Affiliate Investments
FemTec Health, Inc.		$	—		$	29,499		$	(531)		$	—		$	(1,220)		$	27,748		$	725
Ology Bioservices, Inc.			15,072			—			(9,972)			2,159			(7,259)			—			—
Store Intelligence, Inc.			12,578			162			(360)			—			(7,936)			4,444			882
Total Affiliate Investments		$	27,650		$	29,661		$	(10,863)		$	2,159		$	(16,415)		$	32,192		$	1,607

Total Control and Affiliate Investments		$	76,380		$	40,494		$	(37,057)		$	(566)		$	(14,845)		$	64,406		$	6,849

(1)	Gross additions may include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the accretion of discounts, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)	Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
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Table of Contents TRINITY CAPITAL INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Organization and Basis of Presentation

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

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

On September 27, 2019, Trinity Capital was initially capitalized with the issuance of 10 shares of its common stock for $150 to its sole stockholder. On January 16, 2020, Trinity Capital completed a series of transactions, including a private equity offering, a private debt offering, and the acquisition of Trinity Capital Investment, LLC, Trinity Capital Fund II, L.P. (“Fund II”), Trinity Capital Fund III, L.P., Trinity Capital Fund IV, L.P., and Trinity Sidecar Income Fund, L.P. (collectively the “Legacy Funds”) through mergers of the Legacy Funds with and into Trinity Capital as well as Trinity Capital’s acquisition of Trinity Capital Holdings, LLC (“Trinity Capital Holdings”) (collectively, the “Formation Transactions”).

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

Basis of Presentation

The Company’s interim consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of the results for the interim period included herein. The current period’s consolidated results of operations are not necessarily indicative of results that may be achieved for the year. The interim consolidated financial statements and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (“SEC”). As an investment company, the Company follows accounting and reporting guidance determined by the Financial Accounting Standards Board (“FASB”), in Accounting Standards Codification, as amended (“ASC”) 946 - Financial Services – Investment Companies (“ASC 946”).

Principles of Consolidation

Under ASC 946, the Company is precluded from consolidating portfolio company investments, including those in which it has a controlling interest, unless the portfolio company is another investment company. An exception to this general principle occurs if the Company holds a controlling interest in an operating company that provides all or substantially all of its services directly to the Company or to its portfolio companies. None of the portfolio investments made by the Company qualify for this exception. Therefore, the Company’s investment portfolio is carried on the Consolidated Statements of Assets and Liabilities at fair value, as discussed further in “Note 3 - Investments,” with any 42

Table of Contents adjustments to fair value recognized as "Net unrealized appreciation (depreciation) from investments" on the Consolidated Statements of Operations.

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

In accordance with Rule 10-01(b)(1) of Regulation S-X, as amended, the Company must determine which of its unconsolidated controlled portfolio companies, if any, are considered “significant subsidiaries.” In evaluating these unconsolidated controlled portfolio companies, there are two significance tests utilized per Rule 1-02(w) of Regulation S-X to determine if any of the Company’s Control Investments (as defined in “Note 2 - Summary of Significant Accounting Policies”) are considered significant subsidiaries: the investment test, and the income test. As of March 31, 2022 and December 31, 2021, the Company had no single investment that met either of these two tests.

Note 2. Summary of Significant Accounting Policies

Use of Estimates

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

Investment Transactions

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

Valuation of Investments

The Company’s investments are carried at fair value in accordance with the 1940 Act and ASC 946 and measured in accordance with ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, establishes a fair value hierarchy based on the observability of inputs 43

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

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

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

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

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

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

Given the nature of lending to venture capital-backed growth stage companies, 99.4%, based on fair value, of the Company’s investments in these portfolio companies are considered Level 3 assets under ASC 820 because there is no known or accessible market or market indexes for these investment securities to be traded or exchanged. Transfers between levels, if any, are recognized at the beginning of the period in which the transfers occur. The Company uses an internally developed portfolio investment rating system in connection with its investment oversight, portfolio management and analysis and investment valuation procedures. This system takes into account both quantitative and qualitative factors of the portfolio companies. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been reported had a ready market for the investments existed, and it is reasonably possible that the difference could be material.

Debt Securities

The debt securities identified on the Consolidated Schedule of Investments are secured loans and equipment financings made to growth stage companies. For portfolio investments in debt securities for which the Company has determined that third-party quotes or other independent pricing are not available, the Company generally estimates the fair value based on the assumptions that hypothetical market participants would use to value the investment in a current hypothetical sale using an income approach. 44

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

Equity Securities and Warrants

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

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

Cash, Cash Equivalents and Restricted Cash

Cash, cash equivalents and restricted cash consist of funds deposited with financial institutions and short-term (original maturity of three months or less) liquid investments in money market deposit accounts. Cash equivalents are classified as Level 1 assets and are valued using the net asset value (“NAV”) per share of the money market fund. As of March 31, 2022 and December 31, 2021, cash, cash equivalents and restricted cash consisted of $28.7 million and $46.7 million, respectively, of which $27.2 million and $43.4 million, respectively, is held in the Goldman Sachs Financial Square Government Institutional Fund. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and therefore is subject to credit risk. All of the Company’s cash deposits are held at large, established, high credit quality financial institutions, and management believes that the risk of loss associated with any uninsured balances is remote. As of March 31, 2022, we did not have any restricted cash. As of December 31, 2021, restricted cash consisted of approximately $15.1 million related to the Credit Suisse Credit Facility covenants (See “Note 5 – Borrowings”). In conjunction with the maturity of the Credit Suisse Credit Facility on January 8, 2022, the restrictions on our cash thereunder expired. 45

Table of Contents Escrow Receivables

Escrow receivables are collected in accordance with the terms and conditions of the escrow agreement. Escrow balances are typically distributed over a period of one year and may accrue interest during the escrow period. Escrow balances are measured for collectability on at least a quarterly basis and fair value is determined based on the amount of the estimated recoverable balances and the contractual maturity date. As of March 31, 2022 and December 31, 2021, there were no material past due escrow receivables. The escrow receivable balance as of March 31, 2022 and December 31, 2021 was measured at fair value and held in accordance with ASC 820.

Other Assets

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

Equity Offering Costs

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

Security Deposits

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

Debt Financing Costs

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

Income Recognition

Interest Income

The Company recognizes interest income on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement to the extent that such amounts are expected to be collected. Original issue discount (“OID”) initially includes the estimated fair value of detachable warrants obtained in conjunction with the origination of debt securities and is accreted into interest income over the term of the loan as a yield enhancement based on the effective yield method. In addition, the Company may also be entitled to an end-of-term (“EOT”) fee. EOT fees to be paid at the termination of the debt agreements are accreted into interest income over the contractual life of the debt based on the effective yield method. As of March 31, 2022 and December 31, 2021, the EOT payment receivable of approximately $52.0 million and $46.7 million, respectively, is included as a component of the cost basis of the Company’s current debt securities. When a portfolio company pre-pays their indebtedness prior to the scheduled maturity date, the acceleration of the unaccreted OID and EOT is recognized as interest income.

The Company had a limited number of debt investments in its portfolio that contain a payment-in-kind (“PIK”) provision. Contractual PIK interest, which represents contractually deferred interest added to the loan balance that is generally due at the end of the loan term, is generally recorded on an accrual basis to the extent such amounts are expected to be collected. The Company will generally cease accruing PIK interest if there is insufficient value to support 46

Table of Contents the accrual or management does not expect the portfolio company to be able to pay all principal and interest due. No PIK interest income was recorded during the three months ended March 31, 2022 and 2021.

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

Fee Income

The Company recognizes one-time fee income, including, but not limited to, structuring fees, prepayment penalties, and exit fees related to a change in ownership of the portfolio company, as other income when earned. These fees are generally earned when the portfolio company enters into an equipment financing arrangement or pays off their outstanding indebtedness prior to the scheduled maturity.

Non-Accrual Policy

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

As of March 31, 2022, loans to three portfolio companies were on non-accrual status with a total cost of approximately $17.2 million, and a total fair value of approximately $4.0 million, or 0.5% of the fair value of the Company’s debt investment portfolio. As of December 31, 2021, loans to two portfolio companies were on non-accrual status with a total cost of approximately $12.9 million, and a total fair value of approximately $5.1 million, or 0.7%, of the fair value of the Company’s debt investment portfolio.

Net Realized Gains / (Losses)

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

Net Unrealized Appreciation / (Depreciation)

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

Stock Based Compensation

The Company has issued and may, from time to time, issue restricted stock to its officers and employees under the 2019 Trinity Capital Inc. Long Term Incentive Plan and to its non-employee directors under the Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan. The Company accounts for its share-based compensation plan using the fair value method, as prescribed by ASC 718, Compensation – Stock Compensation. Accordingly, for restricted stock awards, the Company measures the grant date fair value based upon the market price of its common stock on the date of 47

Table of Contents the grant and amortizes the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.

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

Earnings Per Share

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

Income Taxes

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

The Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC 740, Income Taxes (“ASC 740”), as modified by ASC 946. Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense. The Company has no material uncertain tax positions as of March 31, 2022 and December 31, 2021. All the Company’s tax returns remain subject to examination by U.S. federal and state tax authorities.

Based on federal excise distribution requirements applicable to RICs, the Company will be subject to a 4% nondeductible federal excise tax on undistributed taxable income and gains unless the Company distributes in a timely manner an amount at least equal to the sum of (1) 98% of its ordinary income for each calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income or gain realized, but not distributed, in the preceding years. For this purpose, however, any ordinary income or capital gain net income retained by the Company and on which the Company paid corporate income tax is considered to have been distributed. The Company, at its discretion, may determine to carry forward taxable income or gain and pay a 4% excise tax on the amount by which it falls short of this calendar-year distribution requirement. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to stockholders. The Company will accrue excise tax on estimated undistributed taxable income and gain as required on an annual basis. 48

Table of Contents Distributions

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

Note 3. Investments

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

Debt Securities

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

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

Warrant Investments

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

Equity Investments

In specific circumstances, the Company may seek to make direct equity investments in situations where it is appropriate to align the interests of the Company with key management and stockholders of the portfolio company, and to allow for participation in the appreciation in the equity values of the portfolio company. These equity investments are 49

Table of Contents generally made in connection with debt investments. The Company seeks to maintain fully diluted equity positions in the portfolio companies of 5% to 50% and may have controlling equity interests in some instances.

Portfolio Composition

The Company’s portfolio investments are in companies conducting business in a variety of industries. The following table summarizes the composition of the Company’s portfolio investments by industry at cost and fair value and as a percentage of the total portfolio as of March 31, 2022 and December 31, 2021 (dollars in thousands):


		March 31, 2022										December 31, 2021
		Cost					Fair Value					Cost					Fair Value
Industry	****	Amount		****	%	****	Amount		****	%	****	Amount		****	%	****	Amount		****	%
Manufacturing		$	228,807		24.8%		$	221,436		23.9%		$	169,381		21.1%		$	222,011		25.4%
Professional, Scientific, and Technical Services			192,664		20.8%			204,290		22.2%			140,847		17.6%			161,217		18.5%
Information			87,555		9.5%			92,261		10.0%			101,031		12.7%			107,696		12.3%
Finance and Insurance			66,984		7.3%			69,756		7.6%			62,000		7.8%			65,109		7.5%
Real Estate			46,243		5.0%			45,504		4.9%			40,776		5.1%			41,351		4.7%
Retail Trade			40,153		4.4%			39,320		4.3%			39,542		5.0%			39,162		4.5%
Health Care and Social Assistance			50,636		5.5%			39,273		4.3%			50,458		6.3%			44,518		5.1%
Rental and Leasing Services			37,446		4.1%			38,522		4.2%			32,749		4.1%			33,513		3.8%
Space Research and Technology			30,556		3.3%			30,845		3.4%			30,479		3.8%			30,698		3.5%
Management of Companies and Enterprises			29,804		3.2%			29,905		3.3%			22,333		2.8%			22,332		2.6%
Administrative and Support and Waste Management and Remediation Services			29,192		3.2%			29,410		3.2%			29,353		3.7%			29,337		3.4%
Educational Services			18,334		2.0%			18,639		2.0%			18,246		2.3%			18,813		2.2%
Utilities			18,153		2.0%			18,137		2.0%			20,445		2.6%			20,436		2.3%
Agriculture, Forestry, Fishing and Hunting			12,003		1.3%			13,458		1.5%			12,025		1.5%			13,396		1.5%
Transportation and Warehousing			9,972		1.1%			9,967		1.1%			—		—			—		—
Wholesale Trade			8,174		0.9%			8,737		1.0%			9,417		1.2%			9,848		1.1%
Construction			12,539		1.4%			8,155		0.9%			13,445		1.7%			8,903		1.0%
Pharmaceutical			1,836		0.2%			1,733		0.2%			5,329		0.7%			5,130		0.6%
Total		$	921,051		100.0%		$	919,348		100.0%		$	797,856		100.0%		$	873,470		100.0%

Table of Contents The geographic composition is determined by the location of the corporate headquarters of the portfolio company. The following table summarizes the composition of the Company’s portfolio investments by geographic region of the United States and other countries at cost and fair value and as a percentage of the total portfolio as of March 31, 2022 and December 31, 2021 (dollars in thousands):


		March 31, 2022									December 31, 2021
		Cost				Fair Value					Cost				Fair Value
Geographic Region	****	Amount		****	%	Amount		****	%	****	Amount		****	%	Amount		****	%
United States:
West		$	430,485		46.7%	$	429,048		46.7%		$	370,791		46.5%	$	442,659		50.7%
Northeast			219,624		23.8%		221,313		24.1%			210,302		26.4%		213,823		24.5%
Mountain			73,144		7.9%		78,240		8.5%			65,223		8.2%		70,886		8.1%
South			61,280		6.7%		64,295		7.0%			60,455		7.6%		61,166		7.0%
Midwest			45,864		5.0%		35,830		3.9%			29,825		3.7%		23,958		2.7%
Southeast			6,228		0.7%		5,827		0.6%			1,125		0.1%		768		0.1%
International:
Canada			66,183		7.2%		66,552		7.2%			60,135		7.5%		60,210		6.9%
Western Europe			18,243		2.0%		18,243		2.0%			—		—		—		—
Total		$	921,051		100.0%	$	919,348		100.0%		$	797,856		100.0%	$	873,470		100.0%

The following table summarizes the composition of the Company’s portfolio investments by investment type at cost and fair value and as a percentage of the total portfolio as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	March 31, 2022						December 31, 2021
	Cost			Fair Value			Cost			Fair Value
Investment	Amount		%	Amount		%	Amount		%	Amount		%
Secured Loan	$	660,769	71.7%	$	649,491	70.6%	$	557,627	69.8%	$	551,894	63.2%
Equipment Financing		204,054	22.2%		204,308	22.2%		183,298	23.0%		184,074	21.1%
Warrants		20,052	2.2%		42,655	4.6%		14,885	1.9%		36,770	4.2%
Equity		36,176	3.9%		22,894	2.6%		42,046	5.3%		100,732	11.5%
Total	$	921,051	100.0%	$	919,348	100.0%	$	797,856	100.0%	$	873,470	100.0%

Table of Contents Certain Risk Factors

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

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

The Company’s investments may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

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

Table of Contents Note 4. Fair Value of Financial Instruments

ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. The Company accounts for its investments at fair value. As of March 31, 2022 and December 31, 2021, the Company’s portfolio investments consisted primarily of investments in secured loans and equipment financings. The fair value amounts have been measured as of the reporting date and have not been reevaluated or updated for purposes of these financial statements subsequent to that date. As such, the fair values of these financial instruments subsequent to the reporting date may be different than amounts reported.

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

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

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

●	Financial information obtained from each portfolio company, including unaudited statements of operations and balance sheets for the most recent period available as compared to budgeted numbers;
●	Current and projected financial condition of the portfolio company;
---	---
●	Current and projected ability of the portfolio company to service its debt obligations;
---	---
●	Type and amount of collateral, if any, underlying the investment;
---	---
●	Current financial ratios (e.g., fixed charge coverage ratio, interest coverage ratio and net debt/EBITDA ratio) applicable to the investment;
---	---
●	Current liquidity of the investment and related financial ratios (e.g., current ratio and quick ratio);
---	---
●	Pending debt or capital restructuring of the portfolio company;
---	---
●	Projected operating results of the portfolio company;
---	---
●	Current information regarding any offers to purchase the investment;
---	---
●	Current ability of the portfolio company to raise any additional financing as needed;
---	---
●	Changes in the economic environment, which may have a material impact on the operating results of the portfolio company;
---	---
●	Internal occurrences that may have an impact (both positive and negative) on the operating performance of the portfolio company;
---	---
●	Qualitative assessment of key management;
---	---

Table of Contents

●	Contractual rights, obligations or restrictions associated with the investment; and
●	Time to exit.
---	---

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

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


		Fair Value Measurements at Reporting Date Using
	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
Assets	(Level 1)		(Level 2)		(Level 3)		Total
Secured Loans	$	—	$	—	$	649,491	$	649,491
Equipment Financings		—		—		204,308		204,308
Warrants		—		4,533		38,122		42,655
Equity		—		537		22,357		22,894
Total Investments at fair value		—		5,070		914,278		919,348
Escrow Receivable ^(1)^		—		—		2,441		2,441
Cash, cash equivalents and restricted cash		28,684		—		—		28,684
Total	$	28,684	$	5,070	$	916,719	$	950,473

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

The Company’s assets measured at fair value by investment type on a recurring basis as of December 31, 2021 were as follows:


		Fair Value Measurements at Reporting Date Using
	Quoted Prices		Significant
	in Active		Other		Significant
	Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
Assets	(Level 1)		(Level 2)		(Level 3)		Total
Secured Loans	$	—	$	—	$	551,894	$	551,894
Equipment Financings		—		—		184,074		184,074
Equity		—		78,944		21,788		100,732
Warrants		—		17		36,753		36,770
Total Investments at fair value		—		78,961		794,509		873,470
Escrow Receivable ^(1)^		—		—		4,152		4,152
Cash, cash equivalents and restricted cash		46,742		—		—		46,742
Total	$	46,742	$	78,961	$	798,661	$	924,364

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

Table of Contents

The following table provides a summary of the significant unobservable inputs used to fair value the Level 3 portfolio investments as of March 31, 2022. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Summary of Significant Accounting Policies”. The significant unobservable input used in the fair value measurement of the Company’s escrow receivables is the amount recoverable at the contractual maturity date of the escrow receivable.


	****	Fair Value as of		****		****		****		****		****
		March 31, 2022			Valuation Techniques/		Unobservable				Weighted
Investment Type	****	(in thousands)		****	Methodologies	****	Inputs^(1)^	****	Range	****	Average^(2)^	****
	****
Debt investments		$	640,679		Discounted Cash Flows		Hypothetical Market Yield		10.9% - 42.9%		14.5	%

			209,835		Originated within the past three months		Origination Market Yield		10.5% - 24.4%		13.0	%

			3,285		Liquidation Scenario		Probability Weighting of Alternative Outcomes		20.0% - 80.0%		n/a

Equity investments			19,357		Market Approach		Revenue Multiple Only ^(3)^		0.8x - 3.9x		3.1	x
							Revenue Multiple ^(3)^		n/a		0.2	x
							Volatility ^(5)^		47.4% - 86.2%		68.2	%
							Risk-Free Interest Rate		1.6% - 1.8%		1.7	%
							Estimated Time to Exit (in years)		2.5 - 4.8		3.2
							Discount for Lack of Marketability ^(8)^		23.5% - 33.5%		26.6	%

			3,000		Transactions Precedent^(6)^		Transaction Price		n/a		n/a

Warrants			27,936		Market Approach		Revenue Multiple ^(3)^		0.2x - 6.4x		0.9	x
							Company Specific Adjustment ^(4)^		7.6% - 33.6%		8.7	%
							Volatility ^(5)^		22.9% - 101.1%		45.8	%
							Risk-Free Interest Rate		1.0% - 1.8%		1.2	%
							Estimated Time to Exit (in years)		0.2 - 4.8		2.0

			1,233		Black Scholes Option Pricing Model		Volatility ^(5)^		35.3% - 71.6%		52.0	%
							Discount for Lack of Marketability		19.6% - 26.9%		26.4	%
							Risk-Free Interest Rate		1.0% - 1.5%		1.1	%
							Estimated Time to Exit (in years)		1.0 - 4.8		2.6

			353		Transactions Precedent^(6)^		Transaction Price		n/a		n/a

			8,600		Other⁽⁷⁾		Probability Weighting of Alternative Outcomes		10.0% - 90.0%		n/a

Total Level 3 Investments		$	914,278

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

Table of Contents

(6)	Represents investments where there is an observable transaction or pending event for the investment.
(7)	The fair value of these investments is derived based on recent private market and merger and acquisition transaction prices.
---	---
(8)	Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.
---	---

The following table provides a summary of the significant unobservable inputs used to fair value the Level 3 portfolio investments as of December 31, 2021:


	****	Fair Value as of		****		****		****		****		****
		December 31, 2021			Valuation Techniques/		Unobservable				Weighted
Investment Type	****	(in thousands)		****	Methodologies	****	Inputs^(1)^	****	Range	****	Average^(2)^	****
	****
Debt investments		$	508,756		Discounted Cash Flows		Hypothetical Market Yield		10.8% - 33.2%		14.6	%

			188,226		Originated within the past three months		Origination Market Yield		11.3% - 16.2%		13.0	%

			34,542		Transactions Precedent^(6)^		Transaction Price		n/a		n/a

			4,444		Liquidation Scenario		Probability Weighting of Alternative Outcomes		20.0% - 80.0%		n/a

Equity investments			20,788		Market Approach		Revenue Multiple Only^(3)^		0.8x - 2.3x		1.9	x
							Revenue Multiple^(3)^		0.2x - 6.8x		3.5	x
							Volatility^(5)^		47.0% - 85.0%		65.1	%
							Risk-Free Interest Rate		0.1% - 1.1%		0.9	%
							Estimated Time to Exit (in years)		0.2 - 3.8		2.9
							Discount for Lack of Marketability^(8)^		9.0% - 32.3%		24.5	%



			1,000		Transactions Precedent^(6)^		Transaction Price		n/a		n/a

Warrants			23,573		Market Approach		Revenue Multiple^(3)^		0.2x - 30.0x		1.5	x
							Company Specific Adjustment^(4)^		7.9% - 34.5%		9.9	%
							Volatility^(5)^		35.1% - 111.3%		63.7	%
							Risk-Free Interest Rate		0.1% - 1.3%		0.8	%
							Estimated Time to Exit (in years)		0.2 - 5.0		2.3

			2,312		Black Scholes Option Pricing Model		Volatility^(5)^		42.1% - 83.5%		56.8	%
							Discount for Lack of Marketability		27.2% - 30.3%		27.7	%
							Risk-Free Interest Rate		0.4% - 1.3%		0.7	%
							Estimated Time to Exit (in years)		1.0 - 5.0		2.3

			984		Transactions Precedent^(6)^		Transaction Price		n/a		n/a

			9,884		Other⁽⁷⁾		Probability Weighting of Alternative Outcomes		10.0% - 90.0%		n/a

Total Level 3 Investments		$	794,509

(1)

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

(2)

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

---

Table of Contents

(3)	Represents amounts used when the Company has determined that market participants would use such multiples when pricing the investments.
(4)	Represents amounts used when the Company has determined market participants would take into account these discounts when pricing the investments.
---	---
(5)	Represents the range of industry volatility used by market participants when pricing the investment.
---	---
(6)	Represents investments where there is an observable transaction or pending event for the investment.
---	---

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



	Debt		Equity		Warrants		Escrow Receivable		Total
Fair Value as of December 31, 2021	$	735,968	$	21,788	$	36,753	$	4,152	$	798,661
Purchases, net of deferred fees		211,854		2,600		5,725		—		220,179
Transfers out of Level 3 ^(1)^		—		—		(6,687)		—		(6,687)
Proceeds from sales and paydowns		(96,513)		(1)		(714)		(1,711)		(98,939)
Accretion of OID and EOT payments		8,148		—		—		—		8,148
Net realized gain/(loss)		408		—		2,328		—		2,736
Change in unrealized appreciation/(depreciation)		(6,066)		(2,030)		717		—		(7,379)
Fair Value as of March 31, 2022	$	853,799	$	22,357	$	38,122	$	2,441	$	916,719

Net change in unrealized appreciation/depreciation on Level 3 investments still held as of March 31, 2022	$	(5,494)	$	(2,030)	$	2,026	$	—	$	(5,498)

(1)

Transfers out of Level 3 during the three months ended March 31, 2022 primarily relates to the exercise of warrants held in one portfolio company and the corresponding company’s public offering transaction during the period as well as the warrants held in one portfolio company that transferred to warrants in the publicly traded entity as a result of the corresponding company’s public offering transaction during the period. During the three months ended March 31, 2022, there were no transfers into Level 3.

Table of Contents The following table provides a summary of changes in the debt, including loans and equipment financings (collectively “Debt”), equity, and warrants fair value of the Company’s Level 3 portfolio investments for the year ended December 31, 2021 (in thousands):


	Type of Investment
	Debt		Equity		Warrants		Escrow Receivable		Total
Fair Value as of December 31, 2020	$	443,219	$	32,654	$	17,778	$	—	$	493,651
Purchases, net of deferred fees ^(1)^		533,146		12,153		5,573		4,152		555,024
Non-cash conversion ^(2)^		916		—		—		—		916
Transfers out of Level 3 ^(3)^		—		—		(2,611)		—		(2,611)
Proceeds from sales and paydowns		(264,386)		(14,098)		(9,100)		—		(287,584)
Accretion of OID and EOT payments		21,238		—		—		—		21,238
Net realized gain/(loss)		2,501		2,038		6,061		—		10,600
Third party participation ^(4)^		—		(283)		—		—		(283)
Change in unrealized appreciation/(depreciation)		(666)		(10,676)		19,052		—		7,710
Fair Value as of December 31, 2021	$	735,968	$	21,788	$	36,753	$	4,152	$	798,661

Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31, 2021	$	(1,473)	$	(4,641)	$	19,458	$	—	$	13,344

(1)	Escrow receivable purchases may include additions due to proceeds held in escrow from the liquidation of level 3 investments.
(2)	The non-cash conversion includes non-cash restructuring resulting in an increase in cost basis or the recognition of PIK interest income.
---	---
(3)	Transfers out of Level 3 during the year ended December 31, 2021 primarily relates to the exercise of warrants held in four portfolio companies to equity investments during the period, and the corresponding company’s public offering transaction. During the year ended December 31, 2021, there were no transfers into Level 3.
---	---
(4)	Certain third parties had rights to 17,485 shares of Ology Bioservices common stock at a fair value of approximately $0.6 million as of December 31, 2020. The activity related to these shares and the related liability is recorded against unrealized appreciation/(depreciation).
---	---

Fair Value of Financial Instruments Carried at Cost

As of March 31, 2022 and December 31, 2021, the carrying value of the KeyBank Credit Facility was approximately $134.0 million and $81.0 million. The carrying value of the KeyBank Credit Facility as of March 31, 2022 and December 31, 2021 approximates the fair value, which was estimated using a market yield approach with Level 3 inputs.

As of March 31, 2022 and December 31, 2021, the carrying value of the 2025 Notes was approximately $121.7 million and $121.4 million, respectively, net of unamortized deferred financing costs of $3.3 million and $3.6 million, respectively. The 2025 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the 2025 Notes as of March 31, 2022 and December 31, 2021 was approximately $134.5 million and $139.0 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

As of March 31, 2022 and December 31, 2021, the carrying value of the Convertible Notes was approximately $47.6 million and $47.5 million, respectively, net of unamortized deferred financing costs and discount of $2.4 million and $2.5 million, respectively. The Convertible Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company’s Convertible Notes as of March 31, 2022 and December 31, 2021 was approximately $57.4 million and $55.8 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

As of March 31, 2022 and December 31, 2021, the carrying value of the Company’s 4.375% Notes due 2026 (the “August 2026 Notes”) was approximately $122.5 million and $122.3 million, respectively, net of unamortized deferred 58

Table of Contents financing costs and discount of $2.5 million and $2.7 million, respectively. The 2026 Notes have a fixed interest rate as discussed in “Note 5 – Borrowings.” The fair value of the Company’s August 2026 Notes as of March 31, 2022 and December 31, 2021, was approximately $135.2 million and $138.4 million, respectively, which was estimated using a relative market yield approach with Level 3 inputs.

As of March 31, 2022, and December 31, 2021, the carrying value of the Company’s 4.25% Notes due 2026 (the “December 2026 Notes”) was approximately $73.3 million, and $73.2 million, respectively, net of unamortized deferred financing fees of $1.7 million and $1.8 million, respectively. The fair value of the Company’s December 2026 Notes as of March 31, 2022 was approximately $80.5 million, which was estimated using a relative market yield approach with Level 3 inputs. The fair value of the Company’s December 2026 Notes as of December 31, 2021 was approximately $73.2 million, which was based on the recent funding.

Note 5. Borrowings

Credit Suisse Credit Facility

On January 9, 2020, TF1 and its affiliates borrowed $190.0 million under the Credit Suisse Credit Facility. On January 16, 2020, in connection with the Formation Transactions, through its wholly owned subsidiary, TF1, the Company became a party to, and assumed, the credit facility with Credit Suisse.

Borrowings under the Credit Suisse Credit Facility bore interest at a rate of the three-month London Interbank Offered Rate (“LIBOR”) plus 3.25%. The Credit Suisse Credit Facility was collateralized by all investments held by TF1 and permitted an advance rate of up to 65% of eligible investments. The Company had the ability to borrow up to an aggregate of $300.0 million, and the Credit Suisse Credit Facility borrowing base contained certain criteria for eligible investments and includes concentration limits as defined in the Credit Suisse Credit Facility.

On January 8, 2022, the Credit Suisse Credit Facility matured in accordance with its terms, and all outstanding indebtedness thereunder was repaid. Additionally, in conjunction with the maturity of the Credit Suisse Credit Facility on January 8, 2022, the restrictions on our cash thereunder expired.

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


		Three Months Ended			Three Months Ended
	****	March 31, 2022		****	March 31, 2021		****
Stated interest expense		$	9		$	677
Amortization of deferred financing costs			—			528
Total interest and amortization of deferred financing costs		$	9		$	1,205

Weighted average effective interest rate			3.1	%		6.2	%
Weighted average outstanding balance		$	1,111		$	78,000

KeyBank Credit Facility

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

The KeyBank Credit Facility includes a commitment of $200.0 million from KeyBank and other banks and allows the Company, through TCF, to borrow up to $300 million. Borrowings under the KeyBank Credit Facility will initially bear interest at a rate equal to the one-month LIBOR plus 3.25%, which may decrease to the one-month LIBOR plus 2.85% upon the achievement of certain benchmarks, including criteria related to the number and composition of assets in the KeyBank Credit Facility’s collateral pool. The terms of the KeyBank Credit Facility provide for a transition from LIBOR to SOFR no later than July 1, 2023, or the date that the Financial Conduct Authority permanently or indefinitely 59

Table of Contents ceases to provide LIBOR rates, if earlier. The KeyBank Credit Facility provides for a variable advance rate of up to 60% on eligible term loans and up to 64% on eligible equipment finance loans.

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

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

During the three months ended March 31, 2022, the Company borrowed $68.0 million and made repayments of $15.0 million under the KeyBank Credit Facility. The Company incurred approximately $2.4 million of financing costs in connection with the KeyBank Credit Facility that were capitalized and deferred using the straight-line method over the life of the facility. As of March 31, 2022, and December 31, 2021, unamortized deferred financing costs related to the KeyBank Credit Facility were $2.2 million and $2.3 million, respectively. As of March 31, 2022 and December 31, 2021, the Company had a borrowing availability of approximately $66.0 million and $38.1 million. See “Note 14 – Subsequent Events.”

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


		Three Months Ended			Three Months Ended
	****	March 31, 2022		****	March 31, 2021		****
Stated interest expense		$	851		$	n/a
Amortization of deferred financing costs			120			n/a
Total interest and amortization of deferred financing costs		$	971		$	n/a

Weighted average effective interest rate			4.7	%		n/a	%
Weighted average outstanding balance		$	81,900		$	n/a

2025 Notes

Concurrent with the completion of a private common stock offering, on January 16, 2020, the Company completed the 144A Note Offering of $105.0 million in aggregate principal amount of the unsecured 2025 Notes in reliance upon the available exemptions from the registration requirements of the Securities Act. KBW, as the initial purchaser, exercised in full its option to purchase or place additional Notes and on January 29, 2020, the Company issued and sold an additional $20.0 million in aggregate principal amount of the 2025 Notes. As a result, the Company issued and sold a total of $125.0 million in aggregate principal amount of the 2025 Notes pursuant to the 144A Note Offering.

The 2025 Notes were issued pursuant to an Indenture dated as of January 16, 2020 (the “Base Indenture”), between the Company and U.S. Bank National Association, as trustee (the “Trustee”), and a First Supplemental Indenture, dated as of January 16, 2020 (the “First Supplemental Indenture” and together with the Base Indenture, the “2025 Notes Indenture”), between the Company and the Trustee. The 2025 Notes mature on January 16, 2025 (the “Maturity Date”), unless repurchased or redeemed in accordance with their terms prior to such date. The 2025 Notes are redeemable, in whole or in part, at any time, or from time to time, at the Company’s option, on or after January 16, 2023 at a redemption price equal to 100% of the outstanding principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of redemption. The holders of the 2025 Notes do not have the option to have the notes repaid or repurchased by the Company prior to the Maturity Date. 60

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

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

Aggregate offering costs in connection with the 2025 Notes issuance, including the underwriter’s discount and commissions, were approximately $5.9 million, which were capitalized and deferred. As of March 31, 2022 and December 31, 2021, unamortized deferred financing costs related to the 2025 Notes were $3.3 million and $3.6 million, respectively.

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


		Three Months Ended				Three Months Ended
	****	March 31, 2022			****	March 31, 2021
Stated interest expense		$	2,188			$	2,188
Amortization of deferred financing costs			298				291
Total interest and amortization of deferred financing costs		$	2,486			$	2,479

Weighted average effective interest rate			8.0	%			7.9	%

August 2026 Notes

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

The August 2026 Notes bear interest at a fixed rate of 4.375% per year payable semiannually on February 15 and August 15 of each year, commencing on February 15, 2022. The August 2026 Notes are direct, general unsecured 61

Table of Contents obligations of the Company and rank pari passu, or equal in right of payment, with all of the Company’s existing and future unsecured indebtedness or other obligations that are not so subordinated.

Aggregate offering costs in connection with the August 2026 Notes issuance, including the underwriter’s discount and commissions, were approximately $2.9 million, which were capitalized and deferred. As of March 31, 2022 and December 31, 2021, unamortized deferred financing costs related to the August 2026 Notes were $2.5 million and $2.7 million, respectively.

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


		Three Months Ended				Three Months Ended
	****	March 31, 2022			****	March 31, 2021
Stated interest expense		$	1,352			$	n/a
Amortization of deferred financing costs			144				n/a
Total interest and amortization of deferred financing costs		$	1,496			$	n/a

Weighted average effective interest rate			4.8	%			—	%

December 2026 Notes

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

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

Aggregate offering costs in connection with the December 2026 Notes issuance, including the underwriter’s discount and commissions, were approximately $1.9 million, which were capitalized and deferred. As of March 31, 2022 and December 31, 2021, unamortized deferred financing costs related to the December 2026 Notes were $1.7 million and $1.8 million, respectively. 62

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


		Three Months Ended				Three Months Ended
	****	March 31, 2022			****	March 31, 2021
Stated interest expense		$	797			$	n/a
Amortization of deferred financing costs			93				n/a
Total interest and amortization of deferred financing costs		$	890			$	n/a

Weighted average effective interest rate			4.7	%			—	%

Convertible Notes due 2025

On December 11, 2020, the Company completed a private offering (the “Private Convertible Note Offering”) of $50.0 million in aggregate principal amount of its unsecured 6.00% Convertible Notes due 2025 (the “Convertible Notes”) in reliance upon the available exemptions from the registration requirements of the Securities Act. KBW acted as the initial purchaser and placement agent in connection with the Private Convertible Note Offering pursuant to a purchase/placement agreement dated December 4, 2020, by and between the Company and KBW.

The Convertible Notes were issued pursuant to the Base Indenture and a Second Supplemental Indenture, dated as of December 11, 2020 (the “Second Supplemental Indenture” and together with the Base Indenture, the “Convertible Notes Indenture”), between the Company and the Trustee. Concurrent with the closing of the Convertible Note Offering, on December 11, 2020, the Company entered into a registration rights agreement for the benefit of the holders of the Convertible Notes and the shares of common stock issuable upon conversion thereof. The effective interest rate of the Convertible Notes was approximately 7.2% annualized.

The Convertible Notes bear interest at a fixed rate of 6.00% per year, subject to additional interest upon certain events, payable semiannually in arrears on May 1 and November 1 of each year, beginning on May 1, 2021. If an investment grade rating is not maintained with respect to the Convertible Notes, additional interest of 0.75% per annum will accrue on the Convertible Notes until such time as the Convertible Notes have received an investment grade rating of “BBB-” (or its equivalent) or better. The rating remained at investment grade as of March 31, 2022. The Convertible Notes mature on December 11, 2025 (the “Convertible Notes Maturity Date”), unless earlier converted or repurchased in accordance with their terms.

Holders may convert their Convertible Notes, at their option, at any time on or prior to the close of business on the business day immediately preceding the Convertible Notes Maturity Date. The conversion rate was initially 66.6667 shares of the Company’s common stock, per $1,000 principal amount of the Convertible Notes (equivalent to an initial conversion price of approximately $15.00 per share of common stock). Effective immediately after the close of business on March 31, 2022, the conversion rate changed to 67.5315 shares of the Company’s common stock, per $1,000 principal amount of the Convertible Notes (equivalent to a conversion price of approximately $14.81 per share of common stock) as a result of a certain cash dividend of the Company. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events, further described in the Convertible Note Indenture, that occur prior to the Convertible Notes Maturity Date, the Company will increase the conversion rate for a holder who elects to convert its Convertible Notes in connection with such a corporate event in certain circumstances. Upon conversion of the Convertible Notes, the Company will pay or deliver, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at the Company’s election, per $1,000 principal amount of the Convertible Notes, equal to the then existing conversion rate.

At the Company’s option, it may cause holders to convert all or a portion of the then outstanding principal amount of the Convertible Notes plus accrued but unpaid interest, at any time on or prior to the close of business on the business day immediately preceding the Convertible Notes Maturity Date, if the closing sale price of the Company’s common stock for any 30 consecutive trading days exceeds 120% of the conversion price, as may be adjusted. Upon such conversion, the Company will pay or deliver, as the case may be, cash, shares of common stock, or a combination of cash and shares of common stock, at the Company’s election, per $1,000 principal amount of the Convertible Notes, 63

Table of Contents equal to the then existing conversion rate, and a forced conversion make-whole payment (as defined in the Second Supplemental Indenture), if any, in cash.

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

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

Aggregate offering costs in connection with the Convertible Note Offering, including the initial purchaser and placement agent discount and commissions, were approximately $1.9 million which were capitalized and deferred. As of March 31, 2022 and December 31, 2021, unamortized deferred financing costs related to the Convertible Notes were $1.4 million and $1.5 million, respectively.

The Convertible Notes are accounted for in accordance with ASC 470-20 Debt Instruments with Conversion and Other Options. In accounting for the Convertible Notes, the Company estimated at the time of issuance that the values of the debt and the embedded conversion feature of the Convertible Notes were approximately 99.1% and 0.9%, respectively. The original issue discount of 0.9%, or approximately $0.5 million, attributable to the conversion feature of the Convertible Notes was recorded in “capital in excess of par value” in the Consolidated Statements of Assets and Liabilities as of December 31, 2020.

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

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


	March 31, 2022		****	March 31, 2021
Principal amount of debt	$	50,000		$	50,000
Unamortized debt financing cost		(1,391)			(1,760)
Original issue discount, net of accretion		(970)			(1,127)
Carrying value of Convertible Notes	$	47,639		$	47,113

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


		Three Months Ended				Three Months Ended
	****	March 31, 2022			****	March 31, 2021
Stated interest expense		$	750			$	742
Amortization of deferred financing costs and original issue discount			160				156
Total interest and amortization of deferred financing costs and original issue discount		$	910			$	898

Weighted average effective interest rate			7.3	%			7.2	%

Table of Contents As of March 31, 2022 and December 31, 2021, the Company was in compliance with the terms of the KeyBank Credit Facility, the 2025 Notes Indenture, the August 2026 Notes Indenture, the December 2026 Notes Indenture and the Convertible Notes Indenture.

Note 6. Commitments and Contingencies

Unfunded Commitments

The Company’s commitments and contingencies consist primarily of unused commitments to extend credit in the form of loans or equipment financings to the Company’s portfolio companies. A portion of these unfunded contractual commitments as of March 31, 2022 and December 31, 2021 are generally dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements contain customary lending provisions that allow the Company relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the Company. Since a portion of these commitments may expire without being withdrawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments as of March 31, 2022 and December 31, 2021 includes only those commitments which are available at the request of the portfolio company and are unencumbered by milestones or additional lending provisions.

As of March 31, 2022 and December 31, 2021 the Company had no outstanding unfunded commitments. The Company will fund its unfunded commitments, if any, from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under its credit facilities) and maintains adequate liquidity to fund its unfunded commitments through these sources.

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

Leases

FASB ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”) requires that a lessee evaluate its leases to determine whether they should be classified as operating or financing leases. The Company identified two significant operating leases for its office space in Chandler, AZ and its new headquarters in Phoenix, AZ. The lease for the Chandler office commenced February 21, 2017, and expires July 31, 2022. The Chandler lease contains a five-year extension option for a final expiration date of July 31, 2027, which the company will not exercise. The Company has also entered into a lease for new office space in downtown Phoenix, Arizona (“PHX”), which commenced on July 10, 2021, and expires on December 31, 2028. The PHX lease contains two five-year extension options for a final expiration date of December 31, 2038.

The total lease expense incurred for the three months ended March 31, 2022 and 2021 was approximately $0.1 million for each period. As of March 31, 2022 and December 31, 2021, the right of use asset related to the office operating leases was $2.4 million and $2.5 million, respectively, and the lease liability was $2.6 million and $2.7 million, respectively. As of March 31, 2022, the remaining lease term for the Chandler office was 0.3 years and the discount rate was 3.25%. As of March 31, 2022, the remaining lease term for the Phoenix office was 6.8 years and the discount rate was 3.75%. 65

Table of Contents The following table shows future minimum payments under the Company’s operating leases as of March 31, 2022 (in thousands):


For the Years Ended December 31,		Total
2022	$	339
2023		361
2024		371
2025		380
2026		390
Thereafter		1,229
Total	$	3,070

Legal Proceedings

The Company may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. As of March 31, 2022, there are no material legal matters or material litigation pending of which the Company is aware.

Note 7. Stockholder’s Equity

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

Private Common Stock Offerings

On January 16, 2020, the Company completed the Private Common Stock Offering in reliance upon the available exemptions from the registration requirements of the Securities Act. As a result, the Company issued and sold a total of 7,000,000 shares of its common stock for aggregate net proceeds of approximately $105.0 million. The related overallotment option was exercised in full on January 29, 2020, pursuant to which the Company issued and sold an additional 1,333,333 shares of its common stock for gross proceeds of approximately $20.0 million. As a result, the Company issued and sold a total of 8,333,333 shares of its common stock pursuant to the Private Common Stock Offering for aggregate net proceeds of approximately $114.4 million, net of offering costs of approximately $10.6 million.

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

Formation Transactions

On January 16, 2020, immediately following the initial closings of the Private Offerings, the Company used the proceeds from the Private Offerings to complete the Formation Transactions, pursuant to which the Company acquired the Legacy Funds and Trinity Capital Holdings. In consideration for the Legacy Funds, the Company issued 9,183,185 shares of common stock at $15.00 per share for a total value of approximately $137.7 million and paid approximately $108.7 million in cash to certain of the Legacy Investors. As consideration for all of the equity interests in Trinity 66

Table of Contents Capital Holdings, the Company issued 533,332 shares of its common stock at $15.00 per share for a total value of approximately $8.0 million and paid approximately $2.0 million in cash.

Initial Public Offering

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

ATM Program

On November 9, 2021, the Company entered into an open market sale agreement (the “2021 Sales Agreement”) with Jefferies LLC, as sales agent and/or principal thereunder, pursuant to which the Company can issue and sell, from time to time, up to $50 million in aggregate offering price of shares of its common stock by any method permitted by law and deemed to be part of an “at-the-market” offering (as defined in Rule 415 under the Securities Act) (the “ATM Program”). During the three months ended March 31, 2022, there was no activity under the ATM Program. During the year ended December 31, 2021, the Company issued and sold 35,714 shares of its common stock at a weighted-average price of $16.55 per share and raised $0.6 million of net proceeds after deducting commissions to the sales agent on shares sold under the ATM Program. The Company did not have the ATM Program prior to November 9, 2021. The Company generally uses net proceeds from the ATM Program to make investments in accordance with its investment objective and investment strategy and for general corporate purposes.

Distribution Reinvestment Plan

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

The Company’s DRIP is administered by its transfer agent on behalf of the Company’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the Company’s DRIP but may provide a similar distribution reinvestment plan for their clients. During the three months ended March 31, 2022, the Company issued 59,534 shares of common stock for a total of approximately $1.1 million under the DRIP. During the year ended December 31, 2021, the Company issued 281,149 shares of common stock for a total of approximately $4.1 million under the DRIP. 67

Table of Contents Distributions

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


Declaration Date	Type	Record Date	Payment Date	Per Share Amount
May 7, 2020	Quarterly	May 29, 2020	June 5, 2020	$	0.22
August 10, 2020	Quarterly	August 21, 2020	September 4, 2020		0.27
November 9, 2020	Quarterly	November 20, 2020	December 4, 2020		0.27
December 22, 2020	Quarterly	December 30, 2020	January 15, 2021		0.27
March 23, 2021	Quarterly	March 31, 2021	April 16, 2021		0.28
June 15, 2021	Quarterly	June 30, 2021	July 15, 2021		0.29
September 13, 2021	Quarterly	September 30, 2021	October 15, 2021		0.33
December 16, 2021	Quarterly	December 31, 2021	January 14, 2022		0.36
March 15, 2022	Quarterly	March 31, 2022	April 15, 2022		0.40
March 15, 2022	Supplemental	March 31, 2022	April 15, 2022		0.15
			Total	$	2.84

Note 8. Equity Incentive Plans

2019 Long Term Incentive Plan

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

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

For additional information regarding the 2019 Long Term Incentive Plan, please refer to the Company’s Current Report on Form 8-K filed with the SEC on June 23, 2021, and the Company’s definitive proxy statement filed with the SEC on April 27, 2022.

During the three months ended March 31, 2022, the Company granted 687,987 shares, net of 10,956 retired shares of restricted stock under the 2019 Long Term Incentive Plan. The Company determined that the fair value of such restricted stock granted under the 2019 Long Term Incentive Plan during the three months ended March 31, 2022 was approximately $12.1 million. During the three months ended March 31, 2022, the Company recognized approximately $0.9 million in stock-based compensation expense. As of March 31, 2022, there was approximately $18.7 million of total unrecognized compensation costs related to non-vested restricted stock awards. These costs are expected to be 68

Table of Contents recognized over a weighted average period of 3.4 years. As of March 31, 2021, there were no stock based compensation costs or unrecognized compensation costs as no restricted stock had been issued under the plan.

During the year ended December 31, 2021, the Company granted 572,981 shares, net of 8,319 retired shares of restricted stock of the 3.6 million authorized under the 2019 Long Term Incentive Plan. The Company determined that the fair value of such restricted stock granted during the year ended December 31, 2021 was approximately $9.6 million and recognized total share-based compensation expense of $0.9 million for the year. As of December 31, 2021, there was approximately $8.7 million of total unrecognized compensation costs related to non-vested restricted stock awards. These costs are expected to be recognized over a weighted average period of 2.8 years.

2019 Restricted Stock Plan

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

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

For additional information regarding the 2019 Restricted Stock Plan, please refer to the Company’s Current Report on Form 8-K, filed with the SEC on June 23, 2021, and the Company’s definitive proxy statement filed with the SEC on April 27, 2022.

During the three months ended March 31, 2022, the Company granted 5,780 shares of restricted stock under the 2019 Restricted Stock Plan. The Company determined that the fair value of such restricted stock granted under the 2019 Restricted Stock Plan during the three months ended March 31, 2022, was approximately $0.1 million. During the three months ended March 31, 2022, the Company recognized approximately $37,000 in stock-based compensation expense. As of March 31, 2022, there was approximately $37,000 of total unrecognized compensation costs related to non-vested restricted stock awards. These costs are expected to be recognized over a twelve-month period. As of March 31, 2021, there were no unrecognized compensation costs as no restricted stock had been issued under the plan.

During the year ended December 31, 2021, the Company granted 12,132 shares of restricted stock under the 2019 Restricted Stock Plan. The Company determined that the fair value of such restricted stock granted during the year ended December 31, 2021, was approximately $0.2 million and recognized total share-based compensation expense of approximately $0.2 million for the year. As of December 31, 2021, there was approximately $0.1 million of total unrecognized compensation costs related to non-vested restricted stock awards. These costs are expected to be recognized over a six-month period.

Table of Contents Note 9. Earnings Per Share

The following table sets forth the computation of the basic and diluted earnings per common share for the three months ended March 31, 2022 and 2021 (in thousands except shares and per share information):



		Three Months Ended		Three Months Ended
	March 31, 2022		March 31, 2021
Earnings per common share - basic
Numerator for basic earnings per share	$	(9,065)	$	25,324
Denominator for basic weighted average shares		27,416,943		23,554,950
Earnings/(Loss) per common share - basic	$	(0.33)	$	1.08
Earnings per common share - diluted
Numerator for increase in net assets per share	$	(9,065)	$	25,324
Adjustment for interest expense and deferred financing costs on Convertible Notes^(1)^		—		—
Numerator for diluted earnings per share		(9,065)		25,324
Denominator for basic weighted average shares		27,416,943		23,554,950
Adjustment for dilutive effect of Convertible Notes		—		—
Denominator for diluted weighted average shares		27,416,943		23,554,950
Earnings/(Loss) per common share - diluted	$	(0.33)	$	1.08

(1)	No adjustments for interest or incremental shares were included for the three months ended March 31, 2022 and 2021, because the effect would be antidilutive.

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

Note 10. Income Taxes

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

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

For the three months ended March 31, 2022 and 2021, $0.7 million and $0.1 million was recorded for U.S. federal excise tax. 70

Table of Contents The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments for federal income tax purposes as of and for the period ended March 31, 2022 and December 31, 2021 (in thousands):


	Three Months Ended		Year Ended
	March 31, 2022		December 31, 2021
Tax Cost of Investments ^(1)^	$	954,131	$	849,402

	Three Months Ended		Year Ended
	March 31, 2022		December 31, 2021
Unrealized appreciation	$	30,271	$	97,569
Unrealized depreciation		(36,370)		(26,759)
Net unrealized appreciation/(depreciation) from investments	$	(6,099)	$	70,810

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

Note 11. Financial Highlights

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




		Three Months Ended			Three Months Ended
	March 31, 2022			March 31, 2021
Per Share Data: ^(1)^
Net asset value, beginning of period	$	16.40		$	13.03

Net investment income		0.57			0.31
Net realized and unrealized gains/(losses) on investments ^(2)^		(0.90)			0.77
Net increase/(decrease) in net assets resulting from operations		(0.33)			1.08

Offering costs		—			(0.30)
Effect of shares issued ^(3)^		(0.37)			0.18
Equity component of convertible notes		—			(0.02)
Distributions ^(4)^		(0.55)			(0.28)
Total increase/(decrease) in net assets		(1.25)			0.66

Net asset value, end of period	$	15.15		$	13.69

Shares outstanding, end of period		27,982,842			26,415,275
Weighted average shares outstanding		27,416,943			23,554,950
Total return based on net asset value ^(5)(6)^		(4.3)	%		7.2	%
Total return based on market value ^(7)(6)^		12.1	%		6.6	%

Ratio/Supplemental Data:
Per share market value at end of period	$	19.31		$	14.92
Net assets, end of period	$	424,042		$	361,563
Ratio of total expenses to average net assets^(8)^		16.3	%		13.6	%
Ratio of net investment income to average net assets^(8)^		15.7	%		9.8	%
Ratio of interest and credit facility expenses to average net assets^(8)^		6.8	%		6.2	%
Portfolio turnover rate^(6)(9)^		18.4	%		13.0	%
Asset coverage ratio ^(10)^		183.3	%		264.3	%

Table of Contents

(1)	Based on actual number of shares outstanding at the end of the corresponding period or the weighted average shares outstanding for the period, unless otherwise noted, as appropriate.
(2)	Net realized and unrealized gains/(losses) on investments include rounding adjustments to reconcile the change in net asset value per share.
---	---
(3)	Includes the impact of the different share amounts as a result of calculating certain per share data based on the weighted-average basic shares outstanding during the period and certain per share data based on the shares outstanding as of a period end or transaction date. Also includes the impact of the issuance of shares related to the equity incentive plans. Refer to “Note 8 – Equity Incentive Plans” for further details.
---	---
(4)	The per share data reflects the actual amount of distributions declared per share for the applicable period.
---	---
(5)	Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared distributions per share during the period, divided by the beginning net asset value per share.
---	---
(6)	Not annualized.
---	---
(7)	Total return based on market value is calculated as the change in market value per share during the period, taking into account dividends. For the three months ended March 31, 2021, the beginning market value per share is based on the market price of $14.00 per share on January 29, 2021, the date of the Company’s listing on the Nasdaq Global Select Market, and not annualized.
---	---
(8)	Annualized.
---	---
(9)	Portfolio turnover rate is calculated using the lesser of year-to-date cash sales/repayments or year-to-date cash purchases over the average of the total investments at fair value.
---	---
(10)	Based on outstanding debt of $509.0 million and $220.0 million as of March 31, 2022 and 2021, respectively.
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Table of Contents Senior Securities

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


Class and Period	Total Amount Outstanding Exclusive of Treasury Securities ^(1)^		Asset Coverage per Unit ^(2)^		Involuntary Liquidating Preference per Unit ^(3)^	Average Market Value per Unit ^(4)^
Credit Suisse Credit Facility
March 31, 2022 ^(5)^	$	—		—	—	—
December 31, 2021		10,000		1,958	—	—
December 31, 2020		135,000		1,770	—	—
December 31, 2019		—		—	—	—

KeyBank Credit Facility
March 31, 2022	$	134,000		1,833	—	—
December 31, 2021		81,000		1,958	—	—
December 31, 2020		—		—	—	—
December 31, 2019		—		—	—	—

2025 Notes
March 31, 2022	$	125,000		1,833	—	—
December 31, 2021		125,000		1,958	—	—
December 31, 2020		125,000		1,770	—	—
December 31, 2019		—		—	—	—

Convertible Notes
March 31, 2022	$	50,000		1,833	—	—
December 31, 2021		50,000		1,958	—	—
December 31, 2020		50,000		1,770	—	—
December 31, 2019		—		—	—	—

August 2026 Notes
March 31, 2022	$	125,000		1,833	—	—
December 31, 2021		125,000		1,958	—	—
December 31, 2020		—		—	—	—
December 31, 2019		—		—	—	—

December 2026 Notes
March 31, 2022	$	75,000		1,833	—	—
December 31, 2021		75,000		1,958	—	—
December 31, 2020		—		—	—	—
December 31, 2019		—		—	—	—

Total
March 31, 2022	$	509,000		1,833	—	—
December 31, 2021		466,000		1,958	—	—
December 31, 2020		310,000		1,770	—	—
December 31, 2019		—		—	—	—

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(1)	Total amount of each class of senior securities outstanding at the end of the period presented.
(2)	Asset coverage per unit is the ratio of the carrying value of total assets, less all liabilities excluding indebtedness represented by senior securities in this table to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
---	---
(3)	The amount to which such class of senior security would be entitled upon the Company’s involuntary liquidation in preference to any security junior to it. The “—” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
---	---
(4)	Not applicable because the senior securities are not registered for public trading on a securities exchange.
---	---
(5)	Credit Suisse Credit Facility matured on January 8, 2022, in accordance with its terms, and all outstanding indebtedness thereunder was repaid.
---	---

Note 12. Related Party Transactions

During the three months ended March 31, 2022 and the year ended December 31, 2021, certain related parties received distributions from the Company relating to their shares held. Refer to “Note 7 – Stockholder’s Equity” for further details on the Company’s Distribution Reinvestment Plan and the distributions declared. Additionally, during the Company’s IPO certain related parties purchased additional shares of the Company’s common stock. These acquisitions were made at the IPO price of $14.00 per share. During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company’s directors and executive officers and certain employees received restricted stock awards under the 2019 Long Term Incentive Plan and the 2019 Restricted Stock Plan. Refer to “Note 8 – Equity Incentive Plans” for further details on the Company’s share-based compensation plans.

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

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

Note 13. Recent Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, “Reference rate reform (Topic 848) - Facilitation of the effects of reference rate reform on financial reporting” and in January 2021, the FASB issued ASU 2021-01, “Reference rate reform (Topic 848).” The amendments in these updates provide optional expedients and exceptions for applying U.S. GAAP to certain contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform and became effective upon issuance for all entities. ASU 2020-04 and ASU 2021-01 are elective and are effective on March 12, 2020 through December 31, 2022. The Company does not plan on adopting, as it expects that the adoption of the guidance will not have a material impact on its consolidated financial statements.

Rule 2a-5 under the 1940 Act was recently adopted by the SEC and establishes a framework for determining fair value in good faith for purposes of the 1940 Act. The Company is evaluating the impact of adopting Rule 2a-5 and intends to comply with the new rule’s requirements on or before the compliance date in September 2022. 74

Table of Contents

Note 14. Subsequent Events

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

KeyBank Credit Facility

On April 13, 2022, TCF, as borrower, and the Company, as servicer, entered into an amendment (the “Second Amendment”) to the KeyBank Credit Agreement. Among other changes, the Second Amendment (i) increased the total facility amount by $100 million to $400 million in maximum capacity, subject to certain provisions, and (ii) replaces LIBOR benchmark provisions with SOFR benchmark provisions such that borrowings under the KeyBank Credit Facility will bear interest at a rate equal to Adjusted Term SOFR plus 3.25%. As of May 9, 2022, the Company has increased the total availability under the KeyBank Credit Facility to $275 million.

Equity issuance

On April 7, 2022, the Company issued 2,754,840 shares of the Company’s common stock, par value $0.001 per share, at a public offering price of $18.15 per share, resulting in net proceeds to the Company of approximately $47.7 million, after deducting discounts and commissions and estimated offering expenses. In addition, the underwriters exercised their option to purchase an additional 413,226 shares of common stock.

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

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

Forward-Looking Statements

This quarterly report contains forward-looking statements that involve substantial risks and uncertainties. Such statements involve known and unknown risks, uncertainties and other factors and undue reliance should not be placed thereon. Any statements about our expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. Accordingly, these statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in them. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of several factors discussed under Item 1A. “Risk Factors” of Part II of this quarterly report and Item 1A. “Risk Factors” of Part I of our Annual Report on Form 10-K, filed with the SEC on March 4, 2021, including the following factors, among others:

●	our limited operating history as a business development company (“BDC”);
●	our future operating results, including the impact of the SARS-CoV-2 (“COVID-19”) pandemic;
---	---
●	our dependence upon our management team and key investment professionals;
---	---
●	our ability to manage our business and future growth;
---	---
●	risks related to investments in growth stage companies, other venture capital-backed companies and generally U.S. companies;
---	---
●	the ability of our portfolio companies to achieve their objectives, including as a result of the COVID-19 pandemic;
---	---
●	the use of leverage;
---	---
●	risks related to the uncertainty of the value of our portfolio investments;
---	---
●	changes in political, economic or industry conditions, the interest rate and inflation rate environments or conditions affecting the financial and capital markets, including as a result of the COVID-19 pandemic;
---	---
●	uncertainty surrounding the financial and/or political stability of the United States, the United Kingdom, the European Union and China, including as a result of the COVID-19 pandemic, and the military conflict between Russia and Ukraine;
---	---
●	the dependence of our future success on the general economy and its impact on the industries in which we invest;
---	---
●	risks related to changes in interest rates and inflation rates, our expenses, and other general economic conditions and the effect on our net investment income;
---	---
●	the effect of changes in tax laws and regulations and interpretations thereof;
---	---

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●	the impact on our business of new or amended legislation or regulations, including the Coronavirus Aid, Relief and Economic Security Act, the stimulus package passed by Congress and signed into law in December 2020 and the American Rescue Plan Act of 2021 signed into law in March 2021;
●	risks related to market volatility, including general price and volume fluctuations in stock markets;
---	---
●	our ability to make distributions, including as a result of the COVID-19 pandemic; and
---	---
●	our ability to maintain our status as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”), and qualify annually for tax treatment as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
---	---

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

Overview

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

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

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

Our loans and equipment financings may have initial interest-only periods of up to 24 months and generally fully amortize over a total term of up to 60 months. These investments are typically secured by a blanket first position lien, a specific asset lien on mission critical assets and/or a blanket second position lien. We may also make a limited number of direct equity and equity-related investments in conjunction with our debt investments. We target growth stage companies that have recently issued equity to raise cash to offset potential cash flow needs related to projected growth, have 77

Table of Contents achieved positive cash flow to cover debt service, or have institutional investors committed to providing additional funding. A loan or equipment financing may be structured to tie the amortization of the loan or equipment financing to the portfolio company’s projected cash balances while cash is still available for operations. As such, the loan or equipment financing may have a reduced risk of default. We believe that the amortizing nature of our investments will mitigate risk and significantly reduce the risk of our investments over a relatively short period. We focus on protecting and recovering principal in each investment and structure our investments to provide downside protection.

Our History

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

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

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

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

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

Critical Accounting Policies

The Company’s financial statements are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and pursuant to Regulation S-X under the Securities Act of 1933, as amended (the “Securities Act”). The Company follows accounting and reporting guidance as determined by the Financial Accounting Standards Board (“FASB”), in FASB Accounting Standards Codification (“ASC”) 946, Financial Services — Investment Companies. 78

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

Valuation of Investments

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

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

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

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

Income Recognition

Interest Income

The Company recognizes interest income on an accrual basis and recognizes it as earned in accordance with the contractual terms of the loan agreement to the extent that such amounts are expected to be collected. Original issue discount (“OID”) initially includes the estimated fair value of detachable warrants obtained in conjunction with the origination of debt securities, and is accreted into interest income over the term of the loan as a yield enhancement based on the effective yield method. In addition, the Company may also be entitled to an end-of-term (“EOT”) fee. EOT fees related to debt investments to be paid at the termination of the financing arrangements are accreted into interest income over the contractual life of the debt based on the effective yield method. As of March 31, 2022 and December 31, 2021, the Company had an EOT payment receivable of approximately $53.9 million and $37.9 million, respectively, which is included as a component of the cost basis of the Company’s current debt securities. When a portfolio company pre-pays their indebtedness prior to the scheduled maturity date, then the acceleration of the unaccreted OID and EOT is recognized as interest income.

Fee Income

Portfolio Composition and Investment Activity

Portfolio Composition

As of March 31, 2022, our investment portfolio had an aggregate fair value of approximately $919.3 million and was comprised of approximately $649.5 million in secured loans, $204.3 million in equipment financings, and $65.5 million in equity and warrants, across 98 portfolio companies. As of December 31, 2021, our investment portfolio had an aggregate fair value of approximately $873.5 million and was comprised of approximately $551.9 million in secured 80

Table of Contents loans, $184.1 million in equipment financings, and $137.5 million in equity and equity-related investments, including warrants, across 94 portfolio companies.

A summary of the composition of our investment portfolio at cost and fair value as a percentage of total investments are shown in following table as of March 31, 2022 and December 31, 2021:


	****	March 31, 2022		****	December 31, 2021		****

			Fair			Fair
Type		Cost	Value		Cost	Value	****
Secured Loans		71.7%	70.6%		69.8%	63.2%
Equipment Financings		22.2%	22.2%		23.0%	21.1%
Equity		3.9%	2.6%		5.3%	11.5%
Warrants		2.2%	4.6%		1.9%	4.2%
Total		100.0%	100.0%		100.0%	100.0%

The following table shows the composition of our investment portfolio by geographic region at cost and fair value as a percentage of total investments as of March 31, 2022 and December 31, 2021. The geographic composition is determined by the location of the corporate headquarters of the portfolio company.


	****	March 31, 2022		****	December 31, 2021
			Fair			Fair
Geographic Region		Cost	Value		Cost	Value
United States
West		46.7%	46.7%		46.5%	50.7%
Northeast		23.8%	24.1%		26.4%	24.5%
Mountain		7.9%	8.5%		8.2%	8.1%
South		6.7%	7.0%		7.6%	7.0%
Midwest		5.0%	3.9%		3.7%	2.7%
Southeast		0.7%	0.6%		0.1%	0.1%
International:
Canada		7.2%	7.2%		7.5%	6.9%
Western Europe		2.0%	2.0%		0.0%	0.0%
Total		100.0%	100.0%		100.0%	100.0%

Table of Contents Set forth below is a table showing the industry composition of our investment portfolio at cost and fair value as a percentage of total investments as of March 31, 2022 and December 31, 2021:


	****	March 31, 2022		****	December 31, 2021		****
			Fair			Fair
Industry		Cost	Value		Cost	Value	****
Manufacturing		24.8%	23.9%		21.1%	25.4%
Professional, Scientific, and Technical Services		20.8%	22.2%		17.6%	18.5%
Information		9.5%	10.0%		12.7%	12.3%
Finance and Insurance		7.3%	7.6%		7.8%	7.5%
Real Estate		5.0%	4.9%		5.1%	4.7%
Retail Trade		4.4%	4.3%		5.0%	4.5%
Health Care and Social Assistance		5.5%	4.3%		6.3%	5.1%
Rental and Leasing Services		4.1%	4.2%		4.1%	3.8%
Space Research and Technology		3.3%	3.4%		3.8%	3.5%
Management of Companies and Enterprises		3.2%	3.3%		2.8%	2.6%
Administrative and Support and Waste Management and Remediation Services		3.2%	3.2%		3.7%	3.4%
Educational Services		2.0%	2.0%		2.3%	2.2%
Utilities		2.0%	2.0%		2.6%	2.3%
Agriculture, Forestry, Fishing and Hunting		1.3%	1.5%		1.5%	1.5%
Transportation and Warehousing		1.1%	1.1%		0.0%	0.0%
Wholesale Trade		0.9%	1.0%		1.2%	1.1%
Construction		1.4%	0.9%		1.7%	1.0%
Pharmaceutical		0.2%	0.2%		0.7%	0.6%
Total		100.0%	100.0%		100.0%	100.0%

As of March 31, 2022 and December 31, 2021, the debt, including loans and equipment financings, in our portfolio had a weighted average time to maturity of approximately 3.4 years. Additional information regarding our portfolio is set forth in the schedule of investments and the related notes thereto included with this Quarterly Report on Form 10-Q.

Concentrations of Credit Risk

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

As of March 31, 2022 and December 31, 2021, the Company’s ten largest portfolio companies represented approximately 32.8% and 36.1%, respectively, of the total fair value of the Company’s investments in portfolio companies. As of March 31, 2022 and December 31, 2021, the Company had 13 and nine portfolio companies that represented 5% or more of the Company’s net assets, respectively.

Investment Activity

During the three months ended March 31, 2022, we made an aggregate of approximately $103.9 million of investments in 10 new portfolio companies and approximately $118.6 million of investments in 21 existing portfolio companies, excluding fees. During the three months ended March 31, 2022, we received an aggregate of $158.8 million in proceeds from repayments and sales of our investments, including proceeds of approximately $69.7 million from early repayments on our debt investments.

During the year ended December 31, 2021, we invested approximately $395.3 million in 33 new portfolio companies and approximately $163.0 million in 24 existing portfolio companies, excluding deferred fees. During the year ended December 31, 2021, we received an aggregate of approximately $290.2 million in proceeds from repayments of our debt investments, including proceeds of approximately $190.1 million from early debt repayments. 82

Table of Contents The following table provides a summary of the changes in the investment portfolio for the three months ended March 31, 2022 and the year ended December 31, 2021 (in thousands):



	Three Months Ended		Year Ended
	March 31, 2022		December 31, 2021
Beginning Portfolio, at fair value	$	873,470	$	493,651
Purchases, net of deferred fees		221,179		554,832
Non-cash conversion		—		916
Principal payments received on investments		(26,783)		(74,278)
Proceeds from early debt repayments		(69,729)		(190,107)
Sale of investments		(62,263)		(25,787)
Accretion of OID and EOT payments		8,148		21,238
Net realized gain/(loss)		52,644		12,708
Third party participation ^(1)^		—		(283)
Change in unrealized appreciation/(depreciation)		(77,318)		80,580
Ending Portfolio, at fair value	$	919,348	$	873,470

(1)

Certain third parties had rights to 17,485 shares of Ology Bioservices common stock at a fair value of approximately $0.6 million as of December 31, 2020. During March 2021, these shares were reissued by Ology Bioservices directly to the third parties and the corresponding liability was removed from the Consolidated Statement of Assets and Liabilities. The activity related to these shares and the related liability is recorded against unrealized appreciation/(depreciation).

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

Portfolio Asset Quality

Our portfolio management team uses an ongoing investment risk rating system to characterize and monitor our outstanding loans and equipment financings. Our portfolio management team monitors and, when appropriate, recommends changes to the investment risk ratings. Our Investment Committee reviews the recommendations and/or changes to the investment risk ratings, which are submitted on a quarterly basis to the Board and its Audit Committee. 83

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

The following table shows the distribution of our loan and equipment financing investments on the 1 to 5 investment risk rating scale range at fair value as of March 31, 2022 and December 31, 2021 (dollars in thousands):


	****		****	March 31, 2022				****	December 31, 2021				****
Investment Risk Rating				Investments at		****	Percentage of	****	Investments at		****	Percentage of
Scale Range		Designation		Fair Value			Total Portfolio	****	Fair Value			Total Portfolio	****
4.0 - 5.0		Very Strong Performance		$	80,592		9.4%		$	84,785		11.5%
3.0 - 3.9		Strong Performance			332,019		38.9%			236,466		32.1%
2.0 - 2.9		Performing			429,044		50.3%			396,846		53.9%
1.6 - 1.9		Watch			8,858		1.0%			13,427		1.9%
1.0 - 1.5		Default/Workout			3,286		0.4%			4,444		0.6%
Total				$	853,799		100.0%		$	735,968		100.0%

At March 31, 2022 and December 31, 2021, our loan and equipment financing investments had a weighted average risk rating score of 3.1 and 3.0, respectively.

Debt Investments on Non-Accrual Status

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

As of March 31, 2022, loans to three portfolio companies were on non-accrual status with a total cost of approximately $17.2 million, and a total fair value of approximately $4.0 million, or 0.5%, of the fair value of the Company’s debt investment portfolio. As of December 30, 2021, loans to two portfolio companies were on non-accrual status with a total cost of approximately $12.9 million, and a total fair value of approximately $5.1 million, or 0.7%, of the total fair value of the Company’s debt investment portfolio.

Table of Contents Results of Operations

The following discussion and analysis of our results of operations encompasses our consolidated results for the three months ended March 31, 2022 and 2021.

Investment Income

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


		Three Months Ended		Three Months Ended
	March 31, 2022		March 31, 2021
Stated interest income	$	20,258	$	11,752
Amortization of original issue discount		4,989		3,447
Acceleration of amortization of original issue discount		3,159		1,146
Prepayment penalty and related fees		2,555		706
Other fee income		884		269
Total investment income	$	31,845	$	17,320

We generate revenues primarily in the form of investment income from the investments we hold, generally in the form of interest income from our debt securities. Investment income represents interest income recognized as earned in accordance with the contractual terms of the loan agreement. Interest income from original issue discount (“OID”) represents the estimated fair value of detachable warrants obtained in conjunction with the origination of debt securities, including loans and equipment financings and is accreted into interest income over the term of the loan as a yield enhancement. Interest income from payment-in-kind (“PIK”) represents contractually deferred interest added to the loan balance recorded on an accrual basis to the extent such amounts are expected to be collected.

Loan and commitment fees in excess of related expenses are amortized into interest income over the contractual life of the loan. The Company also recognizes certain fees as one-time fee income, including, but not limited to, prepayment penalties, fees related to select covenant default, late-payment fees, structuring fees and exit fees related to a change in ownership of the portfolio company.

For the three months ended March 31, 2022, total investment income was approximately $31.8 million, which represents an approximate effective yield of 16.3% on the average investments during such period. For the three months ended March 31, 2021, total investment income was approximately $17.3 million, which represents an approximate effective yield of 15.5% on the investments during the period. The increase in investment income for the three months ended March 31, 2022 is due to higher stated interest income and amortization of OID and EOT based on an increased principal value of income producing debt investments and increased non-recurring fee income, which fluctuates based on investment activity and early repayment activity.

Operating Expenses and Excise Taxes

Our operating expenses are comprised of interest and fees on our borrowings, employee compensation, professional fees and general and administrative expenses. Our operating expenses totaled approximately $15.6 million and $10.1 million for the three months ended March 31, 2022 and 2021. For the three months ended March 31, 2022 and 2021, we expensed excise taxes of $0.7 million and $0.1 million. The increase in excise tax was primarily due to increase in estimated undistributed taxable income in 2022.

Interest Expense and Other Debt Financing Costs

Interest expense and other debt financing costs on our borrowings totaled approximately $6.8 million and $4.6 million for the three months ended March 31, 2022 and 2021. These costs are primarily comprised of interest and fees related to the credit facilities, the 2025 Notes, the August 2026 Notes, the December 2026 Notes and the Convertible Notes. Our weighted effective interest rate, comprised of interest and amortization of fees and discount was approximately 5.9% and 7.2% for the three months ended March 31, 2022 and 2021, respectively. The increase in 85

Table of Contents interest expense for the three months ended March 31, 2022 was primarily due to the issuance of the August 2026 Notes in August 2021 and the issuance of the December 2026 Notes in December 2021.

Employee Compensation and Benefits

Employee compensation and benefits totaled approximately $6.5 million and $4.0 million for the three months ended March 31, 2022 and 2021, respectively. The increase in employee compensation related expenses relates primarily to the accrual of bonuses expected to be paid at the discretion of management or upon approval of the Board, as applicable, as well as an increased headcount. As of March 31, 2022 and 2021, the Company had 46 and 39 employees, respectively.

The Board and the Company’s stockholders have adopted and approved the (i) 2019 Trinity Capital Inc., Long-Term Incentive Plan (the “2019 Long Term Incentive Plan”); and (ii) Trinity Capital Inc. 2019 Non-Employee Director Restricted Stock Plan (the “2019 Restricted Stock Plan”), with each plan becoming effective on June 17, 2021. During the quarter ended March 31, 2022, the Company granted 698,943 shares of restricted stock of the 3.6 million authorized under the 2019 Long Term Incentive Plan and retired 10,956 shares under the plan. During the quarter ended March 31, 2022, the Company granted 5,780 shares of restricted stock of the 60,000 authorized under the 2019 Restricted Stock Plan. See “Note 8 – Equity Incentive Plans” in the Notes to Consolidated Financial Statements.

Professional Fees Expenses

Professional fees expenses, consisting of legal fees, accounting fees, third-party valuation fees, and talent acquisition fees were approximately $0.8 million and $0.6 million for the three months ended March 31, 2022 and 2021, respectively.

General and Administrative Expenses

General and administrative expenses include insurance premiums, rent, taxes and various other expenses related to our ongoing operations. Our general and administrative expenses totaled approximately $1.5 million and $0.8 million for the three months ended March 31, 2022 and 2021, respectively. The increase in general and administrative expenses for the three months ended March 31, 2022 is primarily due to increases in directors and officers liability insurance.

Net Investment Income

As a result of approximately $31.8 million in total investment income as compared to approximately $16.3 million in total expenses including excise tax expense, net investment income for the three months ended March 31, 2022 was approximately $16.3 million. As a result of approximately $17.3 million in total investment income as compared to approximately $10.0 million in total expenses including excise tax expense, net investment income for the three months ended March 31, 2021 was approximately $7.3 million.

Net Realized Gains and Losses

Realized gains or losses are measured by the difference between the net proceeds from the sale or redemption of an investment or a financial instrument and the cost basis of the investment or financial instrument, without regard to unrealized appreciation or depreciation previously recognized, and includes investments written-off during the period. 86

Table of Contents The net realized gains (losses) from the sales, repayments, or exits of investments were comprised of the following (in thousands):


			Three Months Ended			Three Months Ended
	****	March 31, 2022		****	March 31, 2021
Net realized gain (loss) on investments:
Gross realized gains		$	53,295		$	2,967
Gross realized losses			(651)			(372)
Total net realized gains/(losses) on investments		$	52,644		$	2,595

Net Change in Unrealized Appreciation / (Depreciation) from Investments

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

Net unrealized appreciation and depreciation on investments for the three months ended March 31, 2022 and 2021 is comprised of the following (in thousands):


			Three Months Ended			Three Months Ended
	****	March 31, 2022		****	March 31, 2021
Gross unrealized appreciation		$	11,692		$	34,066
Gross unrealized depreciation			(18,492)			(18,081)
Third party participation ^(1)^			—			283
Net unrealized appreciation/depreciation reclassified related to net realized gains or losses ^(2)^			(70,518)			(792)
Total net unrealized gains (losses) on investments		$	(77,318)		$	15,476

(1)

During the three months ended March 31, 2022, we recorded net unrealized depreciation of $77.3 million, which was primarily from gross unrealized depreciation reclassified related to net realized gains of approximately $70.5 million related to the sale of two equity investments.

During the three months ended March 31, 2021, we recorded net unrealized appreciation of $15.5 million, which was primarily from net unrealized appreciation of our equity investments.

Net Increase (Decrease) in Net Assets Resulting from Operations

Net decrease in net assets resulting from operations during the three months ended March 31, 2022, was approximately $9.1 million. Net increase in net assets resulting from operations during the three months ended March 31, 2021, was approximately $25.3 million.

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

For the three months ended March 31, 2022 basic net decrease in net assets per common share was $0.33. For the three months ended March 31, 2021, basic net increase in net assets per common share was $1.08. The decrease in 2022 is result of gross unrealized depreciation reclassified related to net realized gains. 87

Table of Contents Financial Condition, Liquidity and Capital Resources

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

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

For the three months ended March 31, 2022, we experienced a net decrease in cash and cash equivalents in the amount of $18.1 million, which is the net result of $52.4 million of cash used in operating activities partially offset by a $0.1 million of cash provided by investing activities and $34.2 million of cash provided by financing activities. During the three months ended March 31, 2021, we experienced a net decrease in cash and cash equivalents in the amount of $9.8 million, which is the net result of $19.7 million of cash used in operating activities and $0.5 million of cash used in investing activities partially offset by $10.4 million of cash provided by financing activities.

As of March 31, 2022 and December 31, 2021, we had cash, cash equivalents and restricted cash of $28.7 million and $46.7 million, respectively, of which $27.2 and $43.4 million, respectively, is held in the Goldman Sachs Financial Square Government Institutional Fund. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit and therefore is subject to credit risk. All of the Company’s cash deposits are held at large established high credit quality financial institutions, and management believes that the risk of loss associated with any uninsured balances is remote. As of March 31, 2022, we did not have any restricted cash. As of December 31, 2021, restricted cash consisted of approximately $15.1 million related to the Credit Suisse Credit Facility covenants. In conjunction with the maturity of the Credit Suisse Credit Facility on January 8, 2022, the restrictions on our cash thereunder expired

As of March 31, 2022 and December 31, 2021, we had approximately $66.0 million and $38.1 million, respectively, of available borrowings under the KeyBank Credit Facility, subject to its terms and regulatory requirements. Cash and cash equivalents, taken together with available borrowings under the KeyBank Credit Facility, as of March 31, 2022, are expected to be sufficient for our investing activities and to conduct our operations in the near term.

Refer to “Item 1. Consolidated Financial Statements – Note 5 – Borrowings” included in the notes to our consolidated financial statements appearing elsewhere in this report for a discussion of our borrowings.

Reduced Asset Coverage Requirements

In accordance with the 1940 Act, with certain limited exceptions, we are only allowed to incur borrowings, issue debt securities or issue preferred stock, if immediately after the borrowing or issuance, the ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred stock, is at least 150%. On September 27, 2019, the Board, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) and our initial stockholder approved the application to us of the 150% minimum asset coverage ratio set forth in Section 61(a)(2) of the 1940 Act. As a result, we are permitted to potentially borrow $2 for investment purposes of every $1 of investor equity. As of March 31, 2022, our asset coverage ratio was approximately 183.3% and our asset coverage ratio per unit was approximately $1,833. As of December 31, 2021, our asset coverage ratio was approximately 195.8% and our asset coverage ratio per unit was approximately $1,958. We target a leverage range of between 1.15x and 1.35x. 88

Table of Contents Commitments and Off-Balance Sheet Arrangements

Other than contractual commitments with respect to our portfolio companies and other legal contingencies incurred in the normal course of our business, we do not have any off-balance sheet financings or liabilities as of March 31, 2022 or December 31, 2021.

The Company’s commitments and contingencies consist primarily of unfunded commitments to extend credit in the form of loans to the Company’s portfolio companies. A portion of these unfunded contractual commitments as of March 31, 2022 and December 31, 2021 are dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements with its portfolio companies generally contain customary lending provisions that allow the Company relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook for the company. Since a portion of these commitments may expire without being withdrawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments includes only those which are available at the request of the portfolio company and unencumbered by milestones. As of March 31, 2022 and December 31, 2021, the Company did not have any outstanding unfunded commitments. The Company will fund future unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents and borrowings under the KeyBank Credit Facility).

Contractual Obligations

A summary of our contractual payment obligations as of March 31, 2022, is as follows:


	****	Payments Due by Period
		Less than 1
		year		****	1 - 3 years		****	4 - 5 years		****	After 5 years		****	Total
KeyBank Credit Facility		$	—			—			134,000			—			134,000
2025 Notes			—			—			125,000			—			125,000
Convertible Notes			—			—			50,000			—			50,000
August 2026 Notes			—			—			125,000			—			125,000
December 2026 Notes			—			—			75,000			—			75,000
Operating Leases ^(1)^			339			732			770			1,229			3,070
Total Contractual Obligations		$	339		$	732		$	509,770		$	1,229		$	512,070

(1)	Relates to the lease for our headquarters in downtown Phoenix, Arizona which commenced on June 4, 2021. Also includes the lease for our Chandler office, which expires on July 31, 2022 and is subject to a five-year extension option that will not be exercised.

Distributions

We intend to pay quarterly distributions to our stockholders out of assets legally available for distribution. All distributions will be paid at the discretion of the Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as the Board may deem relevant from time to time. 89

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


Declaration Date	Type	Record Date	Payment Date	Per Share Amount
May 7, 2020	Quarterly	May 29, 2020	June 5, 2020	$	0.22
August 10, 2020	Quarterly	August 21, 2020	September 4, 2020		0.27
November 9, 2020	Quarterly	November 20, 2020	December 4, 2020		0.27
December 22, 2020	Quarterly	December 30, 2020	January 15, 2021		0.27
March 23, 2021	Quarterly	March 31, 2021	April 16, 2021		0.28
June 15, 2021	Quarterly	June 30, 2021	July 15, 2021		0.29
September 13, 2021	Quarterly	September 30, 2021	October 15, 2021		0.33
December 16, 2021	Quarterly	December 31, 2021	January 14, 2022		0.36
March 15, 2022	Quarterly	March 31, 2022	April 15, 2022		0.40
March 15, 2022	Supplemental	March 31, 2022	April 15, 2022		0.15
			Total	$	2.84

Price Range of Common Stock

Our common stock began trading on the Nasdaq Global Select Market (“Nasdaq”) on January 29, 2021 under the symbol “TRIN” in connection with our initial public offering, which closed on February 2, 2021 (“IPO”). Prior to our IPO, the shares of our common stock were offered and sold in transactions exempt from registration under the Securities Act. As such, there was no public market for shares of our common stock during our fiscal quarters and years preceding December 31, 2020. Since our IPO, our common stock has traded at prices both above and below our net asset value per share. It is not possible to predict whether our common stock will trade at a price per share at, above or below net asset value per share.

The following table sets forth the net asset value per share of our common stock, the range of high and low closing sales prices of our common stock reported on Nasdaq, the closing sales price as a premium (discount) to net asset value and the dividends declared by us in each fiscal quarter since we began trading on Nasdaq. On May 6, 2022, the last reported closing sales price of our common stock on Nasdaq was $16.42 per share, which represented a premium of approximately 8.4% to our net asset value per share of $15.15 as of March 31, 2022. As of May 6, 2022, we had approximately 90 stockholders of record, which does not include stockholders for whom shares are held in nominee or “street” name.


				Price Range									****
Class and Period	Net Asset Value^(1)^		High		Low		High Sales Price Premium (Discount) to Net Asset Value^(2)^		Low Sales Price Premium (Discount) to Net Asset Value^(2)^		Cash Dividend Per Share^(3)^
Year Ending December 31, 2022
Second Quarter (through May 6, 2022)		*	$	19.44	$	16.37	*		*			*
First Quarter	$	15.15	$	20.11	$	17.00	32.7	%	12.2	%	$	0.55	^(5)^
Year Ending December 31, 2021
Fourth Quarter	$	16.40	$	17.65	$	15.79	7.6	%	(3.7)	%	$	0.36
Third Quarter	$	14.70	$	16.73	$	14.14	13.8	%	(3.8)	%	$	0.33
Second Quarter	$	14.33	$	15.00	$	14.10	4.7	%	(1.6)	%	$	0.29
First Quarter^(4)^	$	13.69	$	15.65	$	13.75	14.3	%	0.4	%	$	0.28

Table of Contents

(1)	Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value per share on the date of the high and low closing sales prices. The net asset values shown are based on outstanding shares at the end of the relevant quarter.
(2)	Calculated as the respective high or low closing sales price less net asset value, divided by net asset value (in each case, as of the applicable quarter).
---	---
(3)	Represents the dividend or distribution declared in the relevant quarter.
---	---
(4)	Shares of our common stock began trading on Nasdaq on January 29, 2021, under the trading symbol “TRIN”.
---	---
(5)	Consists of quarterly dividend of $0.40 per share and supplemental dividend of $0.15 per share declared during the quarter ended March 31, 2022.
---	---

* Not determined at time of filing.

Related Party Transactions

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

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

Refer to “Item 1. Consolidated Financial Statements – Note 12 – Related Party Transactions” included in the notes to our consolidated financial statements appearing elsewhere in this report for additional information.

Recent Developments

KeyBank Credit Facility

Equity issuance

On April 7, 2022, the Company issued 2,754,840 shares of the Company’s common stock, par value $0.001 per share, at a public offering price of $18.15 per share, resulting in net proceeds to the Company of approximately $47.7 million, after deducting discounts and commissions and estimated offering expenses. In addition, the underwriters have exercised their option to purchase an additional 413,226 shares of common stock. 91

Table of Contents Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including valuation risk and interest rate risk. Uncertainty with respect to the economic effects of the COVID-19 pandemic has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below.

Valuation Risk

Our investments may not have a readily available market price, and we value these investments at fair value as determined in good faith by the Board of Directors in accordance with our valuation policy. There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period, including as a result of the impact of the COVID-19 pandemic on the economy and financial and capital markets. Because of the inherent uncertainty of valuation, these estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and it is possible that the difference could be material.

Interest Rate Risk

Interest rate sensitivity and risk refer to the change in earnings that may result from changes in the level of interest rates. To the extent that we borrow money to make investments, including under the KeyBank Credit Facility or any future financing arrangement, our net investment income will be affected by the difference between the rate at which we borrow funds and the rate at which we invest these funds. In periods of rising interest rates, our cost of borrowing funds would increase, which may reduce our net investment income. As a result, there can be no assurance that a significant change in market interest rates, including as a result of inflation, will not have a material adverse effect on our net investment income.

As of March 31, 2022, approximately 59.6% of our debt investments based on outstanding principal balance represented floating-rate investments based on Prime or LIBOR, and approximately 40.4% of our debt investments based on outstanding principal balance represented fixed rate investments. In addition, borrowings under the KeyBank Credit Facility are subject to floating interest rates based on LIBOR, generally bearing interest at a rate of the one-month LIBOR plus 3.25%.

Based on our Consolidated Statements of Operations as of March 31, 2022, the following table shows the annualized impact on net income of hypothetical base rate changes in the Prime rate on our debt investments (considering interest rate floors for floating rate instruments) and the hypothetical base rate changes in the one-month LIBOR on our KeyBank Credit Facility and there are no changes in our investment and borrowing structure (in thousands):


	****	Interest		****	Interest		****	Net
		Income			Expense			Income/(Loss)
Up 300 basis points		$	13,908		$	4,020		$	9,888
Up 200 basis points		$	8,784		$	2,680		$	6,104
Up 100 basis points		$	3,838		$	1,340		$	2,498
Down 100 basis points		$	(632)		$	(606)		$	(27)
Down 200 basis points		$	(632)		$	(606)		$	(27)
Down 300 basis points		$	(632)		$	(606)		$	(27)

Table of Contents Currency Risk

In addition, any investments we make that are denominated in a foreign currency will be subject to risks associated with changes in currency exchange rates. These risks include the possibility of significant fluctuations in the foreign currency markets, the imposition or modification of foreign exchange controls and potential illiquidity in the secondary market. These risks will vary depending upon the currency or currencies involved. As of March 31, 2022, we had five foreign domiciled portfolio companies. Our exposure to currency risk related to the debt investments is minimal as payments from such portfolio companies are received in U.S. dollars. No other investments at March 31, 2022 were subject to currency risk.

Hedging

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

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by this Quarterly Report on Form 10-Q.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period ended March 31, 2022, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents PART II: OTHER INFORMATION

Item 1. Legal Proceedings

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

Item 1A. Risk Factors

Investing in our securities involves a number of significant risks. In addition to the other information set forth in this quarterly report on Form 10-Q, including the risk factors set forth below, you should carefully consider the risk factors discussed in “Item 1A. Risk Factors” of Annual Report on Form 10 K filed with the SEC on March 3, 2022, all of which could materially affect our business, financial condition and/or results of operations. Although the risks described below and in our other SEC filings referenced above represent the principal risks associated with an investment in us, they are not the only risks we face. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, might materially and adversely affect our business, financial condition and/or results of operations.

Other than as described below, during the three months ended March 31, 2022, there have been no material changes to the risk factors discussed in our SEC filings referenced above.

Existing stockholders may incur dilution if, in the future, we sell shares of our common stock in one or more offerings at prices below the then current net asset value per share of our common stock.

The 1940 Act prohibits us from selling shares of our common stock at a price below the current net asset value per share of such stock, with certain exceptions. One such exception is prior stockholder approval of issuances below net asset value provided that our Board of Directors makes certain determinations. At our 2021 Annual Meeting of Stockholders held on June 17, 2021, our stockholders voted to allow us to issue common stock at a price below net asset value per share for the period ending on the earlier of the one-year anniversary of the date of our 2021 Annual Meeting of Stockholders and the date of our 2022 Annual Meeting of Stockholders, which is expected to be held in May or June 2022. The proposal approved by our stockholders at our 2021 Annual Meeting of Stockholders did not specify a maximum discount below net asset value at which we are able to issue our common stock, although the number of shares sold in one or more offerings may not exceed 25% of our outstanding common stock as of the date of stockholder approval of this proposal.

If we were to issue or sell shares of our common stock at a price below our net asset value per share, such sales would result in an immediate dilution to our net asset value per share and pose a risk of dilution to our stockholders. In particular, stockholders who do not purchase additional shares at or below such discounted price in proportion to their current ownership will experience an immediate decrease in net asset value per share (as well as in the aggregate net asset value of their shares if they do not participate at all). These stockholders will also experience a disproportionately greater decrease in their participation in our earnings and assets and their voting power than the increase we experience in our assets, potential earning power and voting interests from such issuance or sale. In addition, such issuances or sales may adversely affect the price at which our common stock trades.

Because the number of shares of common stock that could be so issued and the timing of any issuance is not currently known, the actual dilutive effect cannot be predicted.

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

On April 15, 2022, pursuant to its amended and restated distribution reinvestment plan, the Company issued 30,800 shares of its common stock, at a price of $18.65 per share, to stockholders of record as of March 31, 2022 that did not opt out of the Company’s amended and restated distribution reinvestment plan in order to satisfy the reinvestment portion of the Company’s distribution. This issuance was not subject to the registration requirements of the Securities Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None.

Table of Contents Item 6. Exhibits

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

Exhibit Number		Description of Exhibits
3.1		Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form 10 filed on January 16, 2020).
3.2		Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 10 filed on January 16, 2020).
10.1		Second Amendment to Credit Agreement, dated as of April 13, 2022, relating to the KeyBank Credit Facility, by and among Trinity Capital Inc., as servicer, TrinCap Funding, LLC, as borrower, KeyBank National Association, as administrative agent and syndication agent, Wells Fargo, National Association, as collateral custodian and paying agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on April 19, 2022).
31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

* Filed herewith

Table of Contents SIGNATURES

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


	TRINITY CAPITAL INC.

Dated: May 9, 2022	By:	/s/ Steven L. Brown
		Steven L. Brown
		Chairman and Chief Executive Officer
		(Principal Executive Officer)



Dated: May 9, 2022	By:	/s/ David Lund
		David Lund
		Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)

Exhibit 31.1

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Steven L. Brown, Chief Executive Officer of Trinity Capital Inc., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Trinity Capital Inc. (the “registrant”) for the quarter ended March 31, 2022;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this Quarterly Report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and cash flows of the registrant as of, and for, the periods presented in this Quarterly Report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this Quarterly Report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 9, 2022	By:	/s/ Steven L. Brown
		Steven L. Brown
****	****	Chief Executive Officer

Exhibit 31.2

CERTIFICATION PURSUANT TO

RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David Lund, Chief Financial Officer of Trinity Capital Inc., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Trinity Capital Inc. (the “registrant”) for the quarter ended March 31, 2022;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 9, 2022	By:	/s/ David Lund
		David Lund
****	****	Chief Financial Officer and Treasurer

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Executive Officer of Trinity Capital Inc. (the “Company”), does hereby certify that to the undersigned’s knowledge:

1) the Company’s Form 10-Q for the quarter ended March 31, 2022, fully complies with the requirements of Section 13(a) or 15(d) as applicable of the Securities Exchange Act of 1934, as amended; and

2) the information contained in the Company’s Form 10-Q for the quarter ended March 31, 2022, fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: May 9, 2022	By:	/s/ Steven L. Brown
		Steven L. Brown
		Chief Executive Officer

Exhibit 32.2

CERTIFICATION PURSUANT TO

SECTION 1350, CHAPTER 63 OF TITLE 18, UNITED STATES CODE,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, as Chief Financial Officer of Trinity Capital Inc. (the “Company”), does hereby certify that to the undersigned’s knowledge:

1) the Company’s Form 10-Q for the quarter ended March 31, 2022 fully complies with the requirements of Section 13(a) or 15(d) as applicable of the Securities Exchange Act of 1934, as amended; and

2) the information contained in the Company’s Form 10-Q for the quarter ended March 31, 2022 fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: May 9, 2022	By:	/s/ David Lund
		David Lund
		Chief Financial Officer and Treasurer