Trinity Capital Inc.

Please stand by. Your program is about to begin. If you need assistance during your conference today, please press star zero. Good morning. My name is Angela, and I will be your conference operator today. At this time, I would like to welcome everyone to Trinity Capital's third 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. If you would like to ask a question at that time, please press star 1 on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star 2. It is now my pleasure to turn the call over to Ben Malcolmson, Trinity Capital's Head of Investor Relations.

Thank you and welcome to Trinity Capital's third quarter 2025 earnings conference call. Speaking on today's call are Kyle Brown, Chief Executive Officer, Michael Testa, Chief Financial Officer, and Jerry Harder, Chief Operating Officer. 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. Earlier today, we released our financial results, which are available on our website at ir.trinitycapital.com. Before we begin, please note that certain statements made during this call may be considered forward-looking under federal securities laws. Please review our most recent SEC filings for further information on the risks and uncertainties related to these statements. With that, please allow me to turn the call over to Trinity Capital CEO, Kyle Brown.

Thanks, Ben, and thanks, everyone, for joining us today. To start off, we're pleased to highlight several key achievements from a strong Q3 for Trinity Capital as we continue to mature as a best-in-class alternative asset manager focused on the private credit space. We delivered $37 million in net investment income, a 29% increase compared to Q3 of last year. Our net asset value grew 8% quarter-over-quarter to a record $998 million. Platform AUM increased to more than $2.6 billion, up 28% year-over-year. We maintain strong credit quality with non-accruals at 1% of the portfolio at fair value. And we distributed a third quarter cash dividend of 51 cents per share, marking the 23rd consecutive quarter of a consistent dividend for our shareholders. Trinity Capital continues to outperform across key metrics. Our return on equity and effective yield rank among the best in the BDC space. Our NAP has grown 32% year over year, while our credit metrics have remained consistent. Since our IPO nearly five years ago, TrendStock has delivered a cumulative return of 114%, far outpacing both the pure average of 63% and S&P 500's 78% over the same time period. And looking forward, we have a growing asset management business generating new income, as well as 210 warrant positions in 133 portfolio companies, which have the potential to provide incremental upside to our shareholders as IPO and M&A activity continue to rebound. We enter the fourth quarter with excellent momentum, In Q3, we funded $471 million, bringing year-to-date investments to $1.1 billion, nearly matching all of 2024's total. Our investment pipeline remains robust, with $773 million of new commitments in Q3 and $1.2 billion in total unfunded commitments as of quarter end. Important to note that 94% of our unfunded commitments remain subject to rigorous ongoing diligence and investment committee approval, while only 6% of these commitments are unconditional. Our originations activity reflects consistent growth in all our verticals across the Trinity platform. It's a powerful flywheel fueled by our lead team of originators, and we own the pipeline. We do not depend on syndicated deals and have immaterial overlap with other BDCs, all of which give our investors access to a highly differentiated portfolio of investments through our five business verticals. All the while, we remain deeply committed to disciplined underwriting and accredited performance, which are the bedrock of our long-term success. I would like to touch on two noteworthy topics concerning the private credit space. First, let's talk about rate cuts. To date, rate cuts have had a limited impact on our business. Unlike most BDCs, the majority of our loans include interest rate floors at or near the original closing levels. This means that when rates decline, our income does not decline proportionally. Looking ahead, additional rate cuts are expected to have a muted impact on our returns. partially due to a majority of our portfolio having already hit their floor rates, which could drive some early repayments and the capturing of prepayment fees and restructuring fees. Further rate cuts would also lower our borrowing costs by reducing the interest expense on our floating rate credit facility. And secondly, PIC is a nominal portion of our income with less than 2% of our income based on PIC. We continue to strategically raise equity, debt, and off-balance sheet vehicles to fuel our growth, In Q3, we raised $83 million of equity through our ATM program at a 19% average premium to NAV. We closed a new joint venture with a large asset manager to provide new liquidity and earnings. We converted a separate vehicle into a private BDC, which is now actively raising money. In addition, we're in the process of raising outside capital for our third SBIC fund, which provides low-cost leverage and is expected to add over $260 million of capacity to our platform. Together, these initiatives underscore our ability to scale the platform and expand investment capacity. The funds I just discussed are managed by our wholly owned RIA Trinity Capital Advisor, which manages third-party capital and generates new income above and beyond the interest and equity returns from our BDC's investment portfolio. As shareholders of Trinity Capital, investors benefit from the fees collected by our managed fund business. I'm going to be a broken record on this point in every call going forward. What we are building is not your typical BDC. We are building a platform that can scale while driving up earnings and NAV. We believe our consistent performance is driven by our differentiated structure, disciplined underwriting, and world-class team. Our five complementary business verticals, sponsor finance, equipment finance, tech lending, asset-based lending, and life sciences position us to maintain a diversified portfolio while staying closely aligned with our core competencies. Each vertical is supported by a dedicated originations team, underwriters, portfolio managers, together forming a highly effective and scalable operating model. Structurally, as an internally managed BDC, our employees, management, and board hold the same shares as our investors, promoting complete alignment of interest and a shared commitment to delivering consistent dividends and long-term value. This structure also supports a premium valuation as shareholders benefit from ownership of both the management company and the underlying assets. In addition, the management and incentive fees generated through our managed funds business flow directly into the BDC, creating incremental income streams, enhancing valuation, and fueling platform growth, all for the benefit of our shareholders. From a tele perspective, we're passionate about fostering a vibrant culture rooted in humility, trust, integrity, uncommon care, and continuous learning with an entrepreneurial spirit. Our unique culture enables us to attract and retain the best people in the industry and fuels our continued growth trajectory. From the onset, our goal has been clear, to consistently out-earn our dividend while growing the BDC. We continue to deliver on that mission. Trinity Capital is strategically positioned within the private credit market, supported by a differentiated pipeline, disciplined underwriting, and a growing platform. And on the capitalization front, we're laying the foundation for a managed funds business that will expand our direct lending strategy and create additional income streams for trend shareholders. Overall, we remain very bullish about the opportunities before us. We're committed to building a company that aims to deliver outsized returns for our investors and while demonstrating uncommon care for our people and partners. And with that, I'll turn the call over to our CFO, Michael Testa, to discuss our financial results in more detail. Michael?