Trinity Capital Inc.

Please stand by. Your program is about to begin. If you need assistance during the conference today, please press star zero. Good morning. My name is Katie, and I'll be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's first quarter 2025 earnings conference call. All participants have been placed in a listen-only mode, and the floor will be open for questions following the presentation. It is now my pleasure to turn the call over to Ben Malcolmson, Head of Investor Relations for Trinity Capital.

Thank you, and welcome to Trinity Capital's earnings conference call for the first quarter of 2025. Today, our speakers are Kyle Brown, Chief Executive Officer, Michael Testa, Chief Financial Officer, and Jerry Harder, Chief Operating Officer. Also joining us for the Q&A portion of the call are Ron Kundich, Chief Credit Officer, and Sarah Stanton, General Counsel and Chief Compliance Officer. Trinity Capital's financial results were released earlier today and can be accessed on our investor relations website at ir.trinitycapital.com. Before we begin, I would like to remind everyone that certain statements made during this call may be deemed forward-looking statements under federal securities laws. Because forward-looking statements involve known and unknown risks and uncertainties, We encourage you to refer to our most recent SEC filings for information on certain risk factors. Now, please allow me to turn the call over to the CEO of Trinity Capital, Kyle Brown.

Thank you, Ben, and thanks, everyone, for joining us today. Before addressing the macro environment, we wanted to share some quick highlights from a solid Q1 for Trinity Capital. We delivered $32.4 million in net investment income, a 29% increase versus Q1 of last year. Our net asset value grew to a record $833 million. Platform AUM increased to more than $2.1 billion. Our credit quality remained strong, with non-accruals staying consistent and representing less than 1% of the portfolio at fair value. And Trinity paid a first quarter cash dividend of 51 cents per share, representing our 21st consecutive quarter of a consistent or increased regular dividend. Before we dive deeper into Q1 performance, we do want to address macroeconomic and geopolitical conditions that are currently at play. We've been closely monitoring the recent tariff announcements and have been in discussions with all of our portfolio companies to determine the potential impact on their operational performance. Credit quality is of the utmost importance to us, particularly during periods of market volatility. The portfolio management team is actively engaged with every single one of our portfolio companies to analyze the effects of tariffs and quantify the potential impact across all risk factors, and safeguard the health of our investments. An overwhelming majority of our portfolio companies are domestically headquartered and have very limited exposure to imported goods or international sales. As such, most do not expect a near-term impact operations as a direct result of tariffs imposed by the United States or other countries. Jerry will address the portfolio in greater detail during his portion of the call. Every investment dollar matters to us, and we have demonstrated in previous periods of market uncertainty that we are committed to finding positive outcomes for our partners and, most importantly, our shareholders. In terms of debt servicing during this volatile time, almost all of our companies are privately funded by venture capital firms or private equity groups that have dry powder. Additionally, we have not seen an unusual uptick in requests for amendments or delayed payments. Times of volatility can create opportunities as well. As we experienced during the COVID years, when we were able to turn macro trials into great pathways of growth for us, we see this as a moment in time to be thoughtfully opportunistic as well. The top of our funnel is expanding, and our underwriting process remains strict as we continue to mature as a best-in-class direct lender to growth-oriented businesses. We are building an asset management business that is resilient, even during the ebbs and flows of the market. Our five complementary business verticals, sponsor finance, equipment finance, and Tech lending, asset-backed lending, and life sciences position us to have a diversified portfolio that can be durable regardless of macro conditions. As we continue to expand into the future, we want to emphasize the internally managed structure that we operate under. As an internally managed BDC, our employees, management, the board, we all own the same shares as our investors. This structure creates great alignment with our shareholders as we strive to deliver the growing returns for our investors. Additionally, all the fees and incentive fees that come with being an asset manager under the RIA that we own flow to our shareholders, which drives more income, increases our valuation, and grows the platform. All along, we've said that we're going to out-earn the dividend and grow the BDC, and we continue to do just that. This continued growth is possible for a few reasons. We are positioned well in the private credit space, focused on late-stage VC into the lower middle market. With regard to our capitalization, we are building a foundation for a managed account business, offering high net worth and institutional investors access to our growing direct lending business, which offers Trinity Capital new income streams. From a talent attraction and retention standpoint, we are hyper-focused on culture, attracting the best people in the industry as we continue this growth trajectory. Underpinning our culture are six pillars, humility, trust, integrity, uncommon care, continuous learning, and an entrepreneurial spirit. And three core principles are foundational to us, exhibiting uncommon care for our employees, customers, and stakeholders, serving our clients by being partners rather than just money, and providing outsized returns for our shareholders. We look forward to continuing to create a company that our people, partners, and shareholders are proud of. We're experiencing tremendous momentum right now as we continue to grow a best-in-class platform. Signaling confidence in our platform, subsequent to quarter end, Moody's assigned us an investment grade rating attributable to our growing performance record since inception, our relatively low reliance on secured funding sources, and our strong capitalization and liquidity. This rating from one of the most respected agencies will open up access to cheaper capital and a new pool of investors for us. Turning to our platform performance, we maintain a strong investment pipeline, including $623 million in unfunded commitments as of the end of Q1, leaving us well-positioned for continued portfolio growth in 2025. More than 90% of these unfunded commitments are subject to ongoing diligence and approval by our investment committee. During the quarter, we increased our NAV through net investment income that exceeded our dividend and creative ATM offerings. The decrease in NAV per share was mostly driven by the impact of the early retirement of the convertible notes in February, which Michael will address in further detail later in the call. This debt extinguishment removes the overhang to our investors, and we firmly believe this payoff will be a net positive for our shareholders in the coming quarters. Credit underwriting and portfolio management ultimately determine our success over the long term. We have a unique structure of collaboration among our originations, credit, and portfolio teams that manage our inbound opportunities and active portfolio companies. We are very selective and follow a rigorous diligence process. Only a small percentage of our deals reach the underwriting stage. This methodical approach mitigates risk and positions us to excel in all macroeconomic cycles. And with that, I'll turn the call over to our CFO, Michael Testa, to discuss our financial results in more detail. Michael? Thank you, Kyle.