• The Silicon Valley Bank (SVB) for venture debt, providing financing to high-growth, venture-backed companies.
• Similar to Ares Capital (ARCC), but singularly focused on providing debt and equity to venture-backed technology and life sciences companies.

• Venture Debt: Provides growth capital to venture-backed companies, typically structured as senior or subordinated loans with warrant coverage.
• Equity Investments: Makes direct equity investments in the common or preferred stock of high-growth, privately held companies.

Trinity Capital Inc. (TRIN) is a Business Development Company (BDC) that primarily provides debt and equity capital to high-growth, venture-backed companies, predominantly in the technology, life sciences, and other innovation sectors. Therefore, its "customers" are the companies it invests in or lends to.

Given the nature of its business, Trinity Capital has a diversified portfolio of investments rather than a few traditional "major customers" in the sense of repeat buyers of a product or service. However, some prominent companies that have been part of its investment portfolio include:

• Instacart (Maplebear Inc.) - Trinity Capital provided venture debt to Instacart during its growth phase. Instacart is now a public company. (NASDAQ: CART)
• Arcadia - A leading climate technology company focused on clean energy and data. (Private)
• ServiceTitan - A comprehensive software platform for home service businesses. (Private)

These examples illustrate Trinity Capital's focus on innovative, venture-backed companies, which typically remain private during TRIN's investment period, with some eventually going public.

• U.S. Bancorp (USB)
• B. Riley Financial, Inc. (RILY)
• Raymond James Financial, Inc. (RJF)

Kyle Brown, Chief Executive Officer

Kyle Brown assumed the role of Chief Executive Officer of Trinity Capital on January 1, 2024, and has served as President, Chief Investment Officer, and a member of the Board of Directors since 2019. He was an original member of Trinity Capital's Investment Committee and a Managing Partner of its predecessor funds since 2015. Before joining Trinity in 2015, Mr. Brown founded and managed Sharp Equity, LLC and Brown Equity, LLC, companies focused on providing equity and bridge debt financing in the real estate sector, where they managed multiple private offerings and deployed over $250 million in capital. His previous experience also includes serving as general partner at Point Financial Capital Partners, a venture leasing fund, and as President and Chief Financial Officer of InvestLinc Financial Services, an early-stage private equity fund and consulting firm. Additionally, he was a partner at Cornerstone Equity Partners, a private equity fund.

Michael Testa, Chief Financial Officer

Michael Testa serves as the Chief Financial Officer and Treasurer of Trinity Capital. He brings over 20 years of finance and accounting experience, having previously worked at both a credit-focused asset manager and a large global accounting firm.

Gerry Harder, Chief Operating Officer

Gerry Harder is the Chief Operating Officer at Trinity Capital. He joined the company in 2016 and was promoted to Chief Operating Officer in March 2022. Prior to this role, he served as Senior Vice President, Chief Credit Officer since August 2019, overseeing the company's credit performance. Mr. Harder has over 30 years of experience working with venture-backed technology companies, providing extensive operational expertise.

Ron Kundich, Chief Credit Officer

Ron Kundich serves as the Chief Credit Officer at Trinity Capital. He joined Trinity in 2017 and has been a member of the Investment Committee and Senior Vice President of Loan Originations since August 2019. Before Trinity, Mr. Kundich co-founded and served as Regional Manager and Managing Director of Square 1 Bank's Silicon Valley office, where he led the team in providing venture debt and banking solutions to technology and life science companies. He possesses over 25 years of experience supporting venture-backed companies, including roles at Silicon Valley Bank and Imperial Bank.

Sarah Stanton, General Counsel, Chief Compliance Officer and Secretary

Sarah Stanton holds the titles of General Counsel, Chief Compliance Officer, and Secretary at Trinity Capital.

A clear emerging threat for Trinity Capital (TRIN) is the sustained downturn in venture capital funding and exit activity. The global venture capital market has experienced a significant slowdown since 2022, with reduced deal volume, lower valuations, and a substantial decrease in initial public offerings (IPOs) and M&A exits for growth-stage companies. As a Business Development Company specializing in venture debt for venture-backed companies, TRIN's business model is directly impacted by this shift. A constricted venture funding environment limits the pipeline for new investment opportunities, increases the risk of defaults or restructuring for existing portfolio companies that struggle to secure follow-on funding, and reduces the opportunities for portfolio companies to achieve liquidity events necessary for debt repayment and equity realization. This represents a fundamental recalibration of the market TRIN operates in, posing a significant challenge to its ability to originate new deals and ensure the performance of its existing portfolio.

Trinity Capital (TRIN) operates primarily in venture debt financing and equipment financing, with additional business verticals including asset-based lending, life sciences, and sponsor finance.

Venture Debt Market

• The global venture debt market expanded to a record aggregate deal value of $83.4 billion in 2024.
• In the United States, the venture debt market reached $53.3 billion in investments in 2024.
• The U.S. venture debt market is projected to reach $27.83 billion in 2025, with traditional venture debt accounting for approximately $23.94 billion of that total.

Equipment Financing Market

• The equipment finance industry in the U.S. expanded to an estimated $1.34 trillion in 2023, representing 57.7% of the $2.3 trillion in equipment and software investment in 2023.
• Globally, the equipment finance services market was valued at $1.2 trillion in 2022 and is projected to reach $3.1 trillion by 2032, growing at a CAGR of 9.7% from 2023 to 2032.

Share Repurchases

• Trinity Capital authorized a $30 million stock repurchase program in November 2024, effective until November 7, 2025. As of the announcement, the company had not yet been active in this program.
• A previous stock repurchase program of up to $25 million was authorized in November 2022, expiring by November 11, 2023. The company also had not yet been active in repurchases under this program as of its announcement.

Share Issuance

• During the third quarter ended September 30, 2025, Trinity Capital issued approximately 5.32 million shares of common stock through its equity ATM offering program, raising $83.0 million in net proceeds.
• From October 1 to November 3, 2025, the company issued an additional 663,974 shares of common stock for $9.9 million in net proceeds via its equity ATM offering program.
• In the first quarter ended March 31, 2025, Trinity utilized its equity ATM offering program to sell approximately 1.98 million shares of its common stock, generating $30.5 million in net proceeds.

Outbound Investments

• For the first three quarters of 2025, Trinity Capital originated $1.5 billion in new commitments and funded approximately $1.1 billion in investments, which included $825 million in secured loans, $197 million in equipment financings, and $35 million in warrant and equity investments.
• In the third quarter of 2025 alone, Trinity Capital originated $773 million of new commitments and funded approximately $471 million of investments, with $272 million directed to 17 new portfolio companies and $176 million to 20 existing portfolio companies.
• Recent specific investments include a $130 million growth capital commitment to Candel Therapeutics in October 2025 and a $15 million growth capital commitment to Kard in October 2025.