© 2024 Trinity Capital Inc. | 30 VENTURE DEBT MARKET US Venture Debt Deal Activity(1) $7$12 $15 $13 $13$27$28$33$42$41$30 857 1,091 1,373 1,368 1,424 1,553 1,765 1,821 2,365 2,155 1,483 - 500 1,000 1,500 2,000 2,500 $- $5 $10 $15 $20 $25 $30 $35 $40 $45 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 # of Deals Dollars Invested ($ in billions) Venture debt deals ($ in billions) # of deals (1) As of December 31, 2023, per Pitchbook NVCA Venture Monitor Q4 2023. © 2024 Trinity Capital Inc. | 31 /////// ...