Trinity Capital (TRIN): what its 10-K says it depends on

Customers

Finance and Insurance industry

concentrated in · 15.1%named as a risk

For example, as of December 31, 2025, our largest industry concentrations of our total investments at fair value were in the Finance and Insurance industry, which represented 15.1%; and Medical Devices industry, which represented approximately 10.0%.Risk factors (Item 1A)

Medical Devices industry

concentrated in · approximately 10.0%named as a risk

For example, as of December 31, 2025, our largest industry concentrations of our total investments at fair value were in the Finance and Insurance industry, which represented 15.1%; and Medical Devices industry, which represented approximately 10.0%.Risk factors (Item 1A)

Suppliers

KeyBank National Association

depends onnamed as a risk

Currently, we have secured indebtedness outstanding under the KeyBank Credit Facility and the KeyBank Secured Term Loan Facility and unsecured indebtedness outstanding related to the Notes and the Series A Notes, and may incur additional indebtedness in the future.Risk factors (Item 1A)

Also named by KEY

Partners and platforms

Venture capital sponsors

depends onnamed as a risk

Our business model depends to a significant extent upon strong referral relationships with venture capital sponsors, and our inability to develop or maintain these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.Risk factors (Item 1A)

Senior Credit Corp 2022 LLC

named as a risk

We hold a portion of our investments through certain joint ventures, including Senior Credit Corp and Direct Lending (the “Joint Ventures”), and may, from time to time, hold a portion of our investments through partnerships, joint ventures, securitization vehicles or other entities with third-party investors (collectively, “joint ventures”).Risk factors (Item 1A)

Direct Lending 2025 LLC

named as a risk

We hold a portion of our investments through certain joint ventures, including Senior Credit Corp and Direct Lending (the “Joint Ventures”), and may, from time to time, hold a portion of our investments through partnerships, joint ventures, securitization vehicles or other entities with third-party investors (collectively, “joint ventures”).Risk factors (Item 1A)

Eagle Point Trinity Senior Secured Lending Company (EPT)

EPT has acquired and intends to acquire, hold and, as applicable, dispose of investments that have been originated by us.Business (Item 1)

Technology banks

depends on

We have established relationships with the major technology banks and have established standard intercreditor and subordination agreements, which make working with technology banks seamless in most regions across United States.Business (Item 1)

Other companies

Bank failures (Silicon Valley Bank, Signature Bank, First Republic Bank)

named as a risk

In March 2023, the U.S. Federal Deposit Insurance Corporation (“FDIC”) took control of Silicon Valley Bank and Signature Bank, and in May 2023, the FDIC took control of First Republic Bank due to liquidity concerns.Risk factors (Item 1A)

Places

California

concentrated innamed as a risk

For example, portfolio companies in California may be particularly susceptible to certain types of hazards, such as earthquakes, floods, mudslides, wildfires and other national disasters, which could have a negative impact on their business and negatively impact such company’s ability to meet their obligations under their debt securities that we hold.Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

China

named as a risk

Some foreign governments, including China, have instituted retaliatory tariffs on certain U.S. goods.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Western United States

concentrated innamed as a risk

Our investments are geographically concentrated in the Western and Northeastern part of the United States.Risk factors (Item 1A)

Also named by DHI, LEN, RRGB, TOL, TSLX

Northeastern United States

concentrated innamed as a risk

Our investments are geographically concentrated in the Western and Northeastern part of the United States.Risk factors (Item 1A)

Also named by CWST

Hazards

California earthquakes and wildfires

concentrated innamed as a risk

For example, portfolio companies in California may be particularly susceptible to certain types of hazards, such as earthquakes, floods, mudslides, wildfires and other national disasters, which could have a negative impact on their business and negatively impact such company’s ability to meet their obligations under their debt securities that we hold.Risk factors (Item 1A)

Also named by EWBC, ISRG, MNST

Commodities and inputs

Secured Overnight Financing Rate (SOFR)

exposed to its price · approximately 82.9% of our debt investmentsnamed as a risk

As of December 31, 2025, approximately 82.9% of our debt investments based on outstanding principal balance represented floating-rate investments based on U.S. Prime Rate (“Prime”), Secured Overnight Financing Rate (“SOFR”), Canadian Overnight Repo Rate Average (“CORRA”) and Bank of England Base Rate (“Base Rate”), and approximately 17.1% of our debt investments based on outstanding principal balance represented fixed rate investments.Market risk (Item 7A)

Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CAT and 21 more

U.S. Prime Rate

exposed to its price · approximately 82.9% of our debt investmentsnamed as a risk

As of December 31, 2025, approximately 82.9% of our debt investments based on outstanding principal balance represented floating-rate investments based on U.S. Prime Rate (“Prime”), Secured Overnight Financing Rate (“SOFR”), Canadian Overnight Repo Rate Average (“CORRA”) and Bank of England Base Rate (“Base Rate”), and approximately 17.1% of our debt investments based on outstanding principal balance represented fixed rate investments.Market risk (Item 7A)

Also named by HTGC, SYF

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

Such portfolio companies are subject to extensive regulation by the Food and Drug Administration and to a lesser extent, other federal and state agencies.Risk factors (Item 1A)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Laws and programs

Investment Company Act of 1940

subject to · at least 70% of our total assetsnamed as a risk

As a BDC, we may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets.Risk factors (Item 1A)

Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more

Subchapter M of the Internal Revenue Code (RIC status)

subject to · at least 90%named as a risk

We will be subject to U.S. federal income tax at corporate rates if we are unable to maintain qualification as a RIC under Subchapter M of the Code.Risk factors (Item 1A)

Also named by CGBD, FSK, GAIN, GBDC, MAIN, TSLX

Series A Senior Notes (Note Purchase Agreement)

1.00% per annumnamed as a risk

If an investment grade rating is not maintained with respect to the Series A Notes, pursuant to the terms in the Note Purchase Agreement, additional interest of 1.00% per annum will accrue on the Series A Notes until such time that the conditions described in the Note Purchase Agreement are no longer continuing.Risk factors (Item 1A)

Medicare

named as a risk

The results of product development efforts may be affected by a number of factors, including the ability to innovate, develop and manufacture new products, complete clinical trials, obtain regulatory approvals and reimbursement by insurers in the United States (including Medicare and Medicaid) and abroad, or gain and maintain market approval of products.Risk factors (Item 1A)

Also named by ABT, ARWR, AXGN, BAX, BDX, BMY, BSX, CAH and 48 more

Investment Advisers Act of 1940

subject tonamed as a risk

Failure to comply with the requirements of the Advisers Act or the rules and regulations promulgated by the SEC thereunder could have a material adverse effect on Adviser Sub’s business and our business as a result.Business (Item 1)

Also named by ABR, AMG, BAM, BEN, BX, CG, HTGC, KKR and 3 more

Rule 18f-4 under the 1940 Act

subject tonamed as a risk

We currently operate as a “limited derivatives user” which may limit our ability to use derivatives and/or enter into certain other financial contracts.Risk factors (Item 1A)