Estes Ronald E. 4

What Happened
Ronald E. Estes, a director of Trinity Capital Inc. (TRIN), made two open-market purchases: 105 shares at $14.80 on 2026-03-09 ($1,554) and 500 shares at $14.75 on 2026-03-11 ($7,375), for a total of 605 shares purchased and $8,929 spent. These were purchases (code P), which are typically viewed as insider buying rather than selling.

Key Details

• Transaction dates and prices:
  • 2026-03-09: 105 shares @ $14.80 — $1,554
  • 2026-03-11: 500 shares @ $14.75 — $7,375
• Total shares acquired: 605; total value: $8,929.
• Shares owned after transaction: Not specified in the provided filing details.
• Footnotes:
  • F1: Filing notes inclusion of 3,443 restricted shares issued under the 2019 Non-Employee Director Restricted Stock Plan that vest on the earlier of June 12, 2026 or the day before the next annual meeting.
  • F2: Some shares may reflect reinvested dividends under the company’s dividend reinvestment plan (DRIP).
• Filing/authorization: Sarah Stanton signed on behalf of Mr. Estes under a power of attorney dated March 11, 2021 (previously filed). The Form 4 was filed on 2026-03-11; the reported trades occurred on 2026-03-09 and 2026-03-11 — the filing shows no indication of a late report.

Context
Insider purchases of this size ($~9k) are relatively small and may reflect routine accumulation rather than a major position shift. The filing also reports restricted shares and DRIP participation that affect beneficial ownership counts; no options exercises, gifts, or 10% owner implications were reported.