Trinity Capital Inc.

Good morning. My name is Stephanie, and I'll be your conference operator today. At this time, I'd like to welcome everyone to Trinity Capital's fourth quarter 2025 earnings conference call. All participants have been placed on a listen-only mode, and the floor will be open for questions following the presentation. If you'd like to ask a question at that time, please press star 1 on your keypad. If any question has been answered, you may remove yourself from 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. Please go ahead.

Thank you, and welcome to Trinity Capital's fourth 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.

Thank you, Ben, and thanks, everyone, for joining us today. Trinity Capital is experiencing strong momentum right now, and our investors are seeing the benefits from our diversified platform, our internally managed structure, and our continued growth. 2025 was a banner year for us. We achieved records in many major operating categories. Our five complementary verticals continue to drive real diversification, and our internally managed structure creates a creative value for shareholders. Together, those advantages clearly differentiate Trinity in the private credit space. Major highlights from 2025 include excellent operating results with record-setting net investment income of $144 million, or $2.08 per share, a transition to monthly dividends, providing more frequent income for shareholders, as well as continued consistency of our distributions. Sustained momentum with our originations engine as we achieved a record $1.5 billion of fundings, and $2.1 billion of commitments, and significant growth of our managed funds business through the establishment of several co-investment vehicles, which provide new liquidity to the platform and incremental income to trend shareholders. We finished the year with an especially strong fourth quarter. Here are some of the highlights from Q4. We delivered $40 million in net investment income, 15% increase compared to Q4 of last year, Our net asset value grew 10% quarter over quarter to a record $1.1 billion. Platform AUM increased to more than $2.8 billion, up 38% year over year. We maintained strong credit quality with non-accruals at less than 1% of the portfolio at a fair value. Trinity paid a fourth quarter cash dividend of 51 cents per share and announced a 17 cents per month distribution for the first quarter. Trinity shareholders have now been the beneficiaries of more than six consecutive years of a consistent or increased dividend. Trinity Capital continues to outperform in key metrics. Our return on equity and effective yield rank at or near the top in the BDC space. Our NAV has grown 33% year over year, while our credit metrics have remained strong and consistent. Since our IPO five years ago, TrinStock has delivered a cumulative total return of 109%, far outpacing both the peer average of 70% and the S&P 500's 82% over that same time period. Looking forward, we have an ever-growing managed funds business, as well as 209 warrant positions and 130 portfolio companies, which have the potential to provide incremental upside to our shareholders. We have entered 2026 with strong momentum. In Q4, we funded $435 million, bringing full-year investments to $1.5 billion, 21% more than the prior year's total. Our investment pipeline remains robust, with $1.2 billion in total unfunded commitments as of year-end. As a point of emphasis, 93% of our unfunded commitments remain subject to rigorous ongoing diligence and investment committee approval, while only 7% of these commitments are unconditional. Our originations activity reflects consistent growth in all of our verticals across the Trinity platform, powered by an elite team of originators and underwriters. We are a direct lender. We own the pipeline. We do not depend on syndicated deals, and we 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 and disciplined to our underwriting approach and credit performance, which are crucial to our long-term success. I'd like to share a few thoughts that are newsworthy topics of late regarding AI and the software space. Really, anyone saying that AI is going to end software is off-base, and anyone saying AI will not change software is also off-base. The recent overreaction around AI's impact on the software industry is not new to us. We've been dealing with AI-driven disruption for more than three years, and we've made thoughtful decisions to strategically diversify our portfolio and opportunistically invest in adjacent sectors to the AI space. Enterprise SaaS is currently 9% of our portfolio. Many of those are private equity-backed, lower middle market companies that have, over the last few years, introduced new AI tools to their offerings. Software, and particularly incumbent and trusted software, is the means of integrating these new AI efficiencies. The strongest companies continue to adapt and perform well. We're not seeing any weakness in our software investments. The companies with the best management teams, the strongest moats, and most versatile strategies continue to separate themselves from the pack. More importantly, we're also not placing bets on individual AI winners and losers. We are proactively marketing our services to SaaS companies that want to on-prem their compute. Our equipment finance business has been active in the space for multiple years and has the ability and experience to provide CapEx financing for data centers, GPUs, CPUs, and power generation equipment. We're investing in the picks and shovels that power the entire ecosystem. This is the infrastructure that every AI application depends on, regardless of which companies rise or fall in the application layer. We strongly believe that AI versus SaaS debate is not a zero-sum game. We'll continue to keep the portfolio diversified and our investment approach nimble as we identify new and underserved markets to generate alpha returns for our shareholders. Moving to rate cuts, so far, they've had little impact on our business. Based on our modeling, additional cuts would likely have a muted effect on our earnings power. Unlike most other lenders, the majority of our loans have interest rate floors set at or near the original levels. So, When rates come down, our income does not fall proportionally. In fact, much of the portfolio is already at those floors. Further cuts could actually accelerate early repayments, allowing us to capture prepayment or restructuring fees. And at the same time, lowering rates would reduce the interest expense on our floating rate credit facility, lowering our cost of capital. And lastly, PIC continues to be a nominal portion of our income, with less than 2% of our income based on PIC, another one of TRNS differentiators in the BDC space. We continue to strategically raise equity, debt, and off-balance sheet capital to fuel our growth. In 2025, the first quarter of 2026, we closed several co-investment vehicles with leading asset managers, adding liquidity and generating management fees. We also converted a separate vehicle into a private BDC that is actively raising capital. At the same time, we're seeing strong momentum and capital-raising efforts for our third SBIC fund, which will provide attractive low-cost leverage and is expected to add more than $260 million of incremental capacity to the platform once scaled. Together, these initiatives demonstrate our ability to thoughtfully grow, expand investment capacity, and further diversify our capital base. What we are building is not your typical BDC. Our wholly owned managed fund business oversees third-party capital and generates new income, above and beyond the interest and equity returns from our BDC's portfolio investments. Trend shareholders benefit from these fees collected by our managed funds business, We are building a platform that can scale while driving up earnings and NAV. We believe our consistent performance is driven by three things. Our differentiated structure, disciplined underwriting, and world-class team. Our five complementary verticals, sponsor finance, equipment finance, tech lending, asset-based lending, and life sciences allow us to stay diversified while operating squarely within our core competencies. Each vertical has dedicated originators, underwriters, and portfolio managers and creating a scalable and highly effective operating model. Structurally, as an internally managed BDC, our employees, management, and board own the same shares as our investors, increasing alignment and a shared commitment to consistent dividends and long-term value creation. That structure also supports a premium valuation because shareholders own both the management company and the underlying assets. The management and incentive fees generated through our managed fund business flow directly to the BDC, creating incremental income, enhancing value, fueling growth, all for the benefit of our shareholders. From a talent 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, retain the best people in the industry, which fuels our continued growth trajectory. From day one, our objective has been simple, consistently out-earn the dividend while growing the BDC. and we continue to execute on that commitment. Trinity is strategically positioned to capitalize on the opportunities ahead, supported by a diversified pipeline, disciplined underwriting, and an expanding managed funds platform. We are not your typical BDC, and that differentiation matters. We're building more than a portfolio. We're building a durable, aligned, and scalable platform designed to compound value over time. And as we look to 2026 and beyond, we believe our best days are still ahead. With that, I'll turn the call over to our CFO, Michael Testa, to discuss our financial results in more detail. Michael. Thanks, Kyle.