Trinity Capital Inc.

Note 15. 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.

Equity ATM Program

For the period from January 1, 2026 to February 23, 2026, the Company issued and sold 1,361,786 shares of its common stock at a weighted-average price of $15.81 per share and raised $21.3 million of net proceeds after deducting commissions to the sales agents on shares sold under the ATM Program.

Acquisition of Equipment Leasing LLC

On January 30, 2026, the Company completed the acquisition of all of the equity interests of Equipment Leasing Services, LLC (“ELS”) for approximately $9.0 million, consisting of a mix of cash and the Company's common stock. ELS is an Arizona based equipment financing and leasing company and will continue to operate independently as a portfolio company of the Company.

New Joint Venture

On January 22, 2026 the Company entered into a joint venture agreement with a credit financing platform (the “New JV Partner”) to co-manage a private fund. The joint venture intends to acquire loans originated by the New JV Partner and intends to acquire, hold and, as applicable, dispose of investments as co-investments alongside the New JV Partner. The Company and the New JV Partner each hold equal ownership interests in the joint venture and committed capital contributions of $50.0 million. The joint venture is capitalized as investment transactions are completed, with contributions called from each member on a pro rata basis relative to each member’s total commitments.

All portfolio decisions, as well as substantially all other actions relating to the joint venture, require approval by its board of managers, which is composed of an equal number of representatives from the Company and the New JV Partner. The joint venture will generally invest in the first out senior tranche of such investments.