Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-17

Trinity Capital (TRIN)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$3,498,220
Kyle Brown total, FY2025
11th
CEO pay percentile vs peers
16.9:1
CEO-to-median pay ratio
94.24%
Say-on-pay support, latest vote
Companies that benchmark against TRIN
2 companies name TRIN as a compensation peer

Each company listed discloses TRIN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named TRIN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Kyle Brown$750,000$2,310,000$0$346,125$0$0$92,095$3,498,220
Chief Executive Officer, President and Chief Investment Officer
Gerald Harder650,0001,320,0000346,1250045,2152,361,340
Chief Operating Officer
Sarah Stanton497,500825,0000346,1250036,0141,704,639
General Counsel, Chief Compliance Officer and Secretary
Michael Testa491,667825,0000346,1250032,9871,695,779
Chief Financial Officer and Treasurer
Ron Kundich525,000693,0000346,1250030,8421,594,967
Chief Credit Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Kyle Brown$3,498,220$6,972,944$4,680,582−3,474,724
Gerald Harder2,361,3403,113,7982,048,769−752,458
Sarah Stanton1,704,639
Michael Testa1,695,779
Ron Kundich1,594,967

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Ronald E. EstesDirector2026-06-10A6,176CommonForm 4 ↗
Michael E. ZachariaDirector2026-06-10A6,176CommonForm 4 ↗
Irma LockridgeDirector2026-06-10A6,176CommonForm 4 ↗
Richard P. HamadaDirector2026-06-10A6,176CommonForm 4 ↗
Ronald E. EstesDirector2026-06-10D3,00000CommonForm 4 ↗
Steve Louis BrownDirector2026-06-12D6621711,181CommonForm 4 ↗
Steve Louis BrownDirector2026-06-12D13,59017229,535CommonForm 4 ↗
Kyle Steven BrownDirector2026-06-15D10,74317181,449CommonForm 4 ↗
Ron KundichChief Credit Officer2026-06-15D3,9821767,256CommonForm 4 ↗
Gerald HarderChief Operating Officer2026-06-15D4,6541778,606CommonForm 4 ↗
Sarah StantonGC, CCO, and Secretary2026-06-15D3,3101755,906CommonForm 4 ↗
Michael TestaCFO and Treasurer2026-06-15D2,6011743,931CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Gerald HarderOPTION2025-03-14300,000$346,125
Kyle BrownOPTION2025-03-14300,000346,125
Ron KundichOPTION2025-03-14300,000346,125
Sarah StantonOPTION2025-03-14300,000346,125
Michael TestaOPTION2025-03-14300,000346,125
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Gerald Harder$0$0$346,1250.0%
Kyle Brown00346,1250.0%
Ron Kundich00346,1250.0%
Sarah Stanton00346,1250.0%
Michael Testa00346,1250.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Michael TestaRSU22,805$334,093
Ron KundichRSU22,805334,093
BrownRSU97,2971,425,401
Gerald HarderRSU18,065264,652
BrownRSU114,0221,670,422
BrownRSU65,029952,675
Sarah StantonRSU46,897687,041
Michael TestaRSU41,379606,202
Ron KundichRSU41,379606,202
Gerald HarderRSU60,690889,109
Gerald HarderRSU33,447489,999
Sarah StantonRSU25,846378,644
BrownRSU13,006190,538
Sarah StantonRSU10,555154,631
Ron KundichRSU2,71039,702
Michael TestaRSU3625,303
Michael TestaRSU5,49780,531
Ron KundichRSU13,549198,493
Gerald HarderRSU3,61352,930
Sarah StantonRSU1,08415,881
05

Incentive-plan design — the Compensation Discussion & Analysis

We carefully design each NEO's compensation package to achieve the following objectives: Provide a total compensation opportunity that is competitive and rewards each NEO for their contributions. Align NEO compensation with Company performance and the interests of our stockholders. Motivate continued employment with Trinity.

CEO STI target (% of salary)280%
CEO LTI target (% of salary)
Independent consultantFrederic W. Cook & Co., Inc.
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1025,340,6451,548,5411,603,86394.24%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1094.24%a

a. Approved under the standard stated in the filing — “No Abstentions and broker non-votes, if any, will have no effect on the result of the vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)16.9 : 1
CEO total compensation$3,498,220
Median employee compensation$207,537
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Steven L. BrownEmployee director · Board Chair · Investment Committee$401,338$0$1,158,423$1,559,761
Ronald E. EstesIndependent · Lead Independent Director · Audit (Chair) · Nominating/Governance · Compensation160,00049,9920209,992
Michael E. ZachariaIndependent · Compensation (Chair) · Audit · Nominating/Governance135,00049,9920184,992
Irma LockridgeIndependent · Nominating/Governance (Chair)130,00049,9920179,992
Richard P. HamadaIndependent · Audit · Nominating/Governance · Compensation120,00049,9920169,992
Kyle BrownEmployee director · Investment Committee00000
09

Board fee structure and ownership guideline

Annual cash retainer$120,000
Annual equity retainer$49,992
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 15,000 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$545,000
Equity awards (grant-date value)$601,306
All other compensation$1,158,423
Total cost of the board$2,304,729

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Trinity Capital names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Trinity Capital.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1DigitalBridge Group, Inc.2025Marc Ganzi$1,200,000$2,864,222$0$2,403,360$7,505,614
2Peakstone Realty Trust2024Michael Escalante925,0003,500,00002,312,5007,162,931
3LXP Industrial Trust2025T. Wilson Eglin840,0004,044,98201,442,4386,645,384
4Chimera Investment Corporation2025Phillip Kardis II900,0003,890,78101,356,1806,167,961
5BrightSpire Capital, Inc.2025Michael Mazzei800,0003,283,90501,750,0005,849,879
6Two Harbors Investment Corp.2024William Greenberg919,0383,066,56101,799,6805,785,279
7Perella Weinberg Partners2025Andrew Bednar500,0003,636,55305,147,053
8Granite Point Mortgage Trust Inc.2025John Taylor1,000,0002,166,7410576,5003,757,041
9Trinity Capital2025Kyle Brown750,0000346,12503,498,220
10Medallion Financial Corp.2024Alvin Murstein926,324398,31901,154,7502,594,638

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Trinity Capital110%not disclosednot disclosedFrederic W. Cook & Co., Inc.
BrightSpire Capital, Inc.97.2%RSU 50 · PSU 50YesFerguson Partners
Chimera Investment Corporation65%RSU 50 · PSU 50Yes — Relative TSRFrederic W. Cook & Co.
DigitalBridge Group, Inc.166.9%RSU 100Yes — Relative TSR ModifierPay Governance
Granite Point Mortgage Trust Inc.57.7%PSU 50 · RSU 50NoSemler Brossy Consulting Group LLC
LXP Industrial Trustnot disclosedPSU 60 · RSU 40Yes — Relative TSR compared to MSCI US REIT IndexFerguson Partners Consulting, L.P.
Medallion Financial Corp.143.28%RSU 50 · PSU 50NoMeridian
Peakstone Realty Trust250%RSU 100not disclosedFerguson Partners
Perella Weinberg Partnersnot disclosednot disclosedNoExequity LLP
Two Harbors Investment Corp.94.7%PSU 50 · RSU 50Yes — Three-year Absolute TSRPay Governance LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Kyle BrownDEF 14A2026-04-300001140361-26-017966Section “Summary Compensation Table”. As printed: 3,498,220. Filing ↗machine: t144 · r2 · c21 · span 629020–629029
2Section 01, Gerald HarderDEF 14A2026-04-300001140361-26-017966Section “Summary Compensation Table”. As printed: 2,361,340. Filing ↗machine: t144 · r6 · c21 · span 645154–645163
3Section 01, Sarah StantonDEF 14A2026-04-300001140361-26-017966Section “Summary Compensation Table”. As printed: 1,704,639. Filing ↗machine: t144 · r9 · c21 · span 656942–656951
4Section 01, Michael TestaDEF 14A2026-04-300001140361-26-017966Section “Summary Compensation Table”. As printed: 1,695,779. Filing ↗machine: t144 · r5 · c21 · span 640569–640578
5Section 01, Ron KundichDEF 14A2026-04-300001140361-26-017966Section “Summary Compensation Table”. As printed: 1,594,967. Filing ↗machine: t144 · r10 · c21 · span 661223–661232
6Section 03, Gerald Harder OPTIONDEF 14A2026-04-300001140361-26-017966Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t144 · r6 · c15 · span 644022–644029
7Section 03, Kyle Brown OPTIONDEF 14A2026-04-300001140361-26-017966Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t144 · r2 · c15 · span 627894–627901
8Section 03, Ron Kundich OPTIONDEF 14A2026-04-300001140361-26-017966Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t144 · r10 · c15 · span 660173–660180
9Section 03, Sarah Stanton OPTIONDEF 14A2026-04-300001140361-26-017966Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t144 · r9 · c15 · span 656006–656013
10Section 03, Michael Testa OPTIONDEF 14A2026-04-300001140361-26-017966Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION TABLES” · grants of plan-based awards table. Filing ↗machine: t144 · r5 · c15 · span 639633–639640
11Section 07, pay ratioDEF 14A2026-04-300001140361-26-017966Section “CEO Pay Ratio”. As printed: 16.9 : 1. Filing ↗
12Section 08, Steven L. BrownDEF 14A2026-04-300001140361-26-017966Section “Director Compensation”. As printed: 1,559,761. Filing ↗machine: t86 · r2 · c15 · span 374309–374318
13Section 08, Ronald E. EstesDEF 14A2026-04-300001140361-26-017966Section “Director Compensation”. As printed: 209,992. Filing ↗machine: t86 · r4 · c15 · span 377920–377927
14Section 08, Michael E. ZachariaDEF 14A2026-04-300001140361-26-017966Section “Director Compensation”. As printed: 184,992. Filing ↗machine: t86 · r5 · c15 · span 380721–380728
15Section 08, Irma LockridgeDEF 14A2026-04-300001140361-26-017966Section “Director Compensation”. As printed: 179,992. Filing ↗machine: t86 · r6 · c15 · span 383949–383956
16Section 08, Richard P. HamadaDEF 14A2026-04-300001140361-26-017966Section “Director Compensation”. As printed: 169,992. Filing ↗machine: t86 · r7 · c15 · span 386604–386611
17Section 08, Kyle BrownDEF 14A2026-04-300001140361-26-017966Section “Director Compensation”. As printed: 0. Filing ↗
18Section 02, Ronald E. Estes 2026-06-10Form 42026-06-120001193125-26-269747Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Michael E. Zacharia 2026-06-10Form 42026-06-120001193125-26-269745Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Irma Lockridge 2026-06-10Form 42026-06-120001193125-26-269748Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Richard P. Hamada 2026-06-10Form 42026-06-120001193125-26-269746Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Ronald E. Estes 2026-06-10Form 42026-06-120001193125-26-269747Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Steve Louis Brown 2026-06-12Form 42026-06-160001193125-26-273025Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Steve Louis Brown 2026-06-12Form 42026-06-160001193125-26-273025Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Kyle Steven Brown 2026-06-15Form 42026-06-170001193125-26-274520Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Ron Kundich 2026-06-15Form 42026-06-170001193125-26-274517Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Gerald Harder 2026-06-15Form 42026-06-170001193125-26-274518Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Sarah Stanton 2026-06-15Form 42026-06-170001193125-26-274519Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Michael Testa 2026-06-15Form 42026-06-170001193125-26-274521Insider equity transaction reported since the proxy statement. Filing ↗
30Section 06, 2026 voteForm 8-K2026-06-120001193125-26-269551Item 5.07 · say-on-pay result. As reported: 94.24% (votes for as printed: 25,340,645). Filing ↗
31Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
32Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
33Section 09b board cost (computed)ComputedcomputedCash 545,000 + equity 601,306 + all other 1,158,423 = 2,304,729, summed across the director compensation table rows.machine: formula: Σ = 2,304,729
34DigitalBridge Group, Inc., Section 10b CEO totalDEF 14A2026-04-270001104659-26-049502CEO total compensation as printed in DigitalBridge Group, Inc.'s own proxy. As printed: 7,505,614. Filing ↗machine: t114 · r5 · c14 · span 1012265–1012274
35Peakstone Realty Trust, Section 10b CEO totalDEF 14A2025-04-110001140361-25-013469CEO total compensation as printed in Peakstone Realty Trust's own proxy. As printed: 7,162,931. Filing ↗machine: r2 · c22 · span 698185–698195
36LXP Industrial Trust, Section 10b CEO totalDEF 14A2026-04-030000910108-26-000015CEO total compensation as printed in LXP Industrial Trust's own proxy. As printed: 6,645,384. Filing ↗machine: t65 · r2 · c15 · span 653567–653576
37Chimera Investment Corporation, Section 10b CEO totalDEF 14A2026-04-230001206774-26-000238CEO total compensation as printed in Chimera Investment Corporation's own proxy. As printed: 6,167,961. Filing ↗machine: t63 · r1 · c7 · span 507844–507854
38BrightSpire Capital, Inc., Section 10b CEO totalDEF 14A2026-04-010001717547-26-000026CEO total compensation as printed in BrightSpire Capital, Inc.'s own proxy. As printed: 5,849,879. Filing ↗machine: t89 · r7 · c18 · span 543725–543734
39Two Harbors Investment Corp., Section 10b CEO totalDEF 14A2025-04-020001465740-25-000090CEO total compensation as printed in Two Harbors Investment Corp.'s own proxy. As printed: 5,785,279. Filing ↗machine: r2 · c42 · span 566941–566950
40Perella Weinberg Partners, Section 10b CEO totalDEF 14A2026-04-100001777835-26-000029CEO total compensation as printed in Perella Weinberg Partners's own proxy. As printed: 5,147,053. Filing ↗machine: t15 · r5 · c8 · span 817572–817581
41Granite Point Mortgage Trust Inc., Section 10b CEO totalDEF 14A2026-04-200001104659-26-045496CEO total compensation as printed in Granite Point Mortgage Trust Inc.'s own proxy. As printed: 3,757,041. Filing ↗machine: r1 · c41 · span 1477032–1477041
42Trinity Capital (subject), Section 10b CEO totalDEF 14A2026-04-300001140361-26-017966CEO total compensation as printed in Trinity Capital's own proxy. As printed: 3,498,220. Filing ↗machine: t144 · r2 · c21 · span 629020–629029
43Medallion Financial Corp., Section 10b CEO totalDEF 14A2025-04-300000950170-25-061067CEO total compensation as printed in Medallion Financial Corp.'s own proxy. As printed: 2,594,638. Filing ↗machine: span 1126216–1126225
44Section 10a, DigitalBridge Group, Inc. reciprocityDEF 14A0001104659-26-049502DigitalBridge Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Trinity Capital. Filing ↗
45Section 10a, Two Harbors Investment Corp. reciprocityDEF 14A0001465740-25-000090Two Harbors Investment Corp.'s most recent proxy was read; its disclosed peer group does not include Trinity Capital. Filing ↗
46Section 10a, Chimera Investment Corporation reciprocityDEF 14A0001206774-26-000238Chimera Investment Corporation's most recent proxy was read; its disclosed peer group does not include Trinity Capital. Filing ↗
47Section 10a, Granite Point Mortgage Trust Inc. reciprocityDEF 14A0001104659-26-045496Granite Point Mortgage Trust Inc.'s most recent proxy was read; its disclosed peer group does not include Trinity Capital. Filing ↗
48Section 10a, Medallion Financial Corp. reciprocityDEF 14A0000950170-25-061067Medallion Financial Corp.'s most recent proxy was read; its disclosed peer group does not include Trinity Capital. Filing ↗
49Section 10a, BrightSpire Capital, Inc. reciprocityDEF 14A0001717547-26-000026BrightSpire Capital, Inc.'s most recent proxy was read; its disclosed peer group does not include Trinity Capital. Filing ↗
50Section 10a, LXP Industrial Trust reciprocityDEF 14A0000910108-26-000015LXP Industrial Trust's most recent proxy was read; its disclosed peer group does not include Trinity Capital. Filing ↗
51Section 10a, Peakstone Realty Trust reciprocityDEF 14A0001140361-25-013469Peakstone Realty Trust's most recent proxy was read; its disclosed peer group does not include Trinity Capital. Filing ↗
52Section 10a, Perella Weinberg Partners reciprocityDEF 14A0001777835-26-000029Perella Weinberg Partners's most recent proxy was read; its disclosed peer group does not include Trinity Capital. Filing ↗