Trinity Capital Inc.

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 second quarter 2026 earnings conference call, which is being held on August 5, 2026. 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 keypads. 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 second quarter 2026 earnings conference call. Speaking on today's call are Kyle Brown, Chief Executive Officer, Sarah Stanton, General Counsel and Chief Compliance Officer, Michael Testa, Chief Financial Officer, and Jerry Harder, Chief Operating Officer. Also joining us for the Q&A portion of the call is Ron Kundich, Chief Credit Officer. Earlier today, we released our financial results, which are available on our website at ir.trinitycapital.com. As a reminder, certain statements on this call may be considered forward-looking under federal securities laws. For a full discussion of the risks and uncertainties related to these statements, please refer to our most recent SEC filings. With that, please allow me to turn the call over to Trinity Capital CEO, Kyle Brown.

Thanks, Ben, and thank you to everyone joining today. Trinity Capital leads the BDC space in year-to-date shareholder return as we continue to build a differentiated platform. Fueled by a diversified five vertical lending enterprise, a managed funds business generating income in addition to our portfolio returns and an internally managed structure that keeps our interests aligned with shareholders. We believe these unique advantages are driving our consistent outperformance. To start off, I'd like to spotlight some shareholder-friendly news from Q2. As of June 30th, total shareholder return is the best in the BDC space over the last one, three, and five years. From our IPO in 2021 to the end of Q2, Trend stock has delivered a total return of 174%, far outpacing the S&P 500's 114% and the BDC index's 58% over that same time period. We are paying a 17-cent monthly dividend through the end of Q3, and Trend shareholders have been the recipients of a consistent distribution for approaching seven consecutive years now. Our managed funds platform continues to grow at a healthy pace, and income generated from the platform contributed 6% of our net investment income in Q2. And looking forward, we have 202 warrant positions and 129 portfolio companies, which have the potential to provide incremental upside to our shareholders. Here are some highlights from Trent's performance during the second quarter. Our net asset value grew 9% quarter over quarter and 37% year over year to a record $1.3 billion. Also, NAV for share increased from $13.27 to $13.47 quarter over quarter. Platform AUM increased to $3.2 billion, up 36% year over year. Our originations engine is as strong as ever, achieving a record $619 million of fundings in Q2, along with $709 million of commitments. And we maintain strong credit, with non-accruals improving to less than 1% of the portfolio at fair value. Net investment income per share of 51 cents covered our dividend and reflects the strong earnings power of the portfolio. It was a quarter defined by outperformance across NAV, originations, and credit quality. We remain confident in our earnings trajectory and dividend stability heading into the second half of 2026. We continue to grow strategically. Q2 fundings were up 69% year-over-year, and our pipeline is thriving. The $700 million in accepted term sheets and $1.2 billion in total unfunded commitments as of June 30th. Of those unfunded commitments, 91% remain subject to ongoing diligence and investment committee approval, with just 9% unconditional, a structure that preserves underwriting discipline for future deployments. Our originations activity reflects consistent performance across Trinity's five lending verticals, driven by an experienced team and a proprietary pipeline. As a direct lender, we do not rely on syndicated deals and also have immaterial overlap with other BDCs, giving our investors access to a genuinely diversified and differentiated portfolio. During Q2, we announced the acquisition of Equipment Leasing Services, a middle market equipment financing firm that remains a standalone portfolio company and adds another income generator to the trend platform. Our joint venture with Capital Southwest is a co-investment vehicle focusing on first-out senior secured loans in the lower middle markets. This strategic partnership, which features joint decision-making and now includes a scaling portfolio, allows us to diversify into a complementary segment of the lower middle market with a proven partner while minimizing risk and providing stable income for our investors. Subsequent to corner end, we transitioned our listing to the New York Stock Exchange, a milestone we're proud of and one we believe better positions us in the financial sector and provides improved daily liquidity within our stock. Our goal since day one hasn't changed. Out-earn the dividend, grow the business, and do it the right way. That means originating our own deals, underwriting them to our own standards, and making decisions as one aligned team. That alignment starts with structure. As an internally managed BDC, there is no external manager collecting fees. Our employees, management, and board own the same shares as our shareholders. So our commitment to consistent dividends and long-term value creation isn't a talking point. It's a financial reality. We operate like shareholders because we are shareholders. And the fees generated through our managed funds flow back to the BDC, creating incremental income that benefits shareholders directly rather than flowing to a third party. Our five lending verticals provide meaningful diversification while keeping us directly within our core competencies. Each vertical is staffed by dedicated originators, underwriters, and portfolio managers, creating a scalable model that drives results without sacrificing focus. The people executing that model are why it works, and Trinity's unique culture enables us to attract and retain a world-class team of originators and underwriters. What we've built and continue to build is a platform with real breadth, growing scale, and a managed funds business that's delivering meaningful incremental income. None of it is accidental. It's a product of deliberate decisions made the same way quarter after quarter, year after year. The pipeline is active, underwriting discipline is intact, and our capitalization strategy has been constructed to grow earnings power over time. Trinity is built different, built for this moment and built to last. From here, General Counsel Sarah Stanton, who leads our corporate development efforts, will walk through our updates on the managed funds platform. Sarah?