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TheStreet Open House

Triangle Capital Corporation Reports Fourth Quarter And Full Year 2010 Results

Forward Looking Statements

This press release may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under the Company's control, and that the Company may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future and some of these uncertainties are enumerated in Triangle's filings with the Securities and Exchange Commission. Certain factors that could cause actual results to differ materially from those contained in the forward looking statements are included in our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, each as filed with the Securities and Exchange Commission. Copies are available on the SEC's website at www.sec.gov. Such statements speak only as of the time when made, and the Company undertakes no obligation to update any such statement now or in the future.

Triangle Capital Corporation
Consolidated Balance Sheets
  December 31,
  2010 2009
Assets    
Investments at fair value:    
Non–Control / Non–Affiliate investments (cost of $244,197,828 and $143,239,223 at  December 31, 2010 and 2009, respectively) $245,392,144 $138,281,894
Affiliate investments (cost of $60,196,084 and $47,934,280 at December 31, 2010 and  2009, respectively) 55,661,878 45,735,905
Control investments (cost of $19,647,795 and $18,767,587 at December 31, 2010 and  2009, respectively) 24,936,571 17,300,171
Total investments at fair value 325,990,593 201,317,970
Cash and cash equivalents 54,820,222 55,200,421
Interest and fees receivable 867,627 676,961
Prepaid expenses and other current assets 119,151 286,790
Deferred financing fees 6,200,254 3,540,492
Property and equipment, net 47,647 28,666
Total assets $388,045,494 $261,051,300
     
Liabilities    
Accounts payable and accrued liabilities $2,268,898 $2,222,177
Interest payable 2,388,505 2,333,952
Dividends payable 4,774,534
Taxes payable 197,979 59,178
Deferred revenue 37,500 75,000
Deferred income taxes 208,587 577,267
SBA guaranteed debentures payable 202,464,866 121,910,000
Total liabilities 207,566,335 131,952,108
     
Net Assets    
Common stock, $0.001 par value per share (150,000,000 shares authorized,  14,928,987 and 11,702,511 shares issued and outstanding as of December 31,   2010 and 2009, respectively) 14,929 11,703
Additional paid-in-capital 183,602,755 136,769,259
Investment income in excess of distributions 3,365,548 1,070,452
Accumulated realized gains (losses) on investments (8,244,376) 448,164
Net unrealized appreciation (depreciation) of investments 1,740,303 (9,200,386)
Total net assets 180,479,159 129,099,192
Total liabilities and net assets $388,045,494 $261,051,300
Net asset value per share $12.09 $11.03
 
Triangle Capital Corporation
Consolidated Statements of Operations
       
  Years Ended December 31, 
  2010 2009 2008
Investment income:      
Loan interest, fee and dividend income:      
Non–Control / Non–Affiliate investments $24,187,140 $16,489,943 $12,381,411
Affiliate investments 4,140,469 4,441,399 3,478,644
Control investments 1,333,385 1,142,764 1,434,687
Total loan interest, fee and dividend income 29,660,994 22,074,106 17,294,742
       
Paid–in–kind interest income:      
Non–Control / Non–Affiliate investments 4,449,358 3,114,325 2,657,281
Affiliate investments 1,059,069 1,539,776 665,817
Control investments 471,431 420,718 438,688
Total paid–in–kind interest income 5,979,858 5,074,819 3,761,786
Interest income from cash and cash equivalent investments 344,642 613,057 302,970
Total investment income 35,985,494 27,761,982 21,359,498
       
Expenses:      
Interest expense 7,350,012 6,900,591 4,227,851
Amortization of deferred financing fees 796,994 363,818 255,273
General and administrative expenses 7,689,015 6,448,999 6,254,096
Total expenses 15,836,021 13,713,408 10,737,220
       
Net investment income 20,149,473 14,048,574 10,622,278
       
Net realized gain (loss) on investments—Non Control / Non–Affiliate (1,623,104) 448,164 (1,393,139)
Net realized loss on investment—Affiliate (3,855,769)
Net realized gain on investment—Control 2,828,747
Net unrealized appreciation (depreciation) of investments 10,940,689 (10,310,194) (4,286,375)
Total net gain (loss) on investments before income taxes 5,461,816 (9,862,030) (2,850,767)
Provision for taxes 220,740 149,841 133,010
Net increase in net assets resulting from operations $25,390,549 $4,036,703 $7,638,501
       
Net investment income per share—basic and diluted $1.58 $1.63 $1.54
Net increase in net assets resulting from operations per share—basic and  diluted $1.99 $0.47 $1.11
Dividends declared per common share $1.61 $1.62 $1.44
Capital gains distributions declared per common share $0.04 $0.05
Weighted average number of shares outstanding—basic and diluted 12,763,243 8,593,143 6,877,669
 
Triangle Capital Corporation
Consolidated Statements of Cash Flows
       
  Years Ended December 31,
  2010 2009 2008
       
       
Cash flows from operating activities:      
Net increase in net assets resulting from operations $25,390,549 $4,036,703 $7,638,501
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:      
Purchases of portfolio investments  (173,581,930) (48,475,570) (93,054,022)
Repayments received/sales of portfolio investments  54,914,835 21,431,698 20,968,397
Loan origination and other fees received 3,351,568 952,500 1,686,996
Net realized (gain) loss on investments 5,478,873 (448,164) (1,435,608)
Net unrealized (appreciation) depreciation on investments (10,572,009) 10,576,873 3,516,855
Deferred income taxes (368,680) (266,680) 769,519
Paid–in–kind interest accrued, net of payments received (2,269,307) (2,165,015) (1,783,288)
Amortization of deferred financing fees 796,994 363,818 255,273
Accretion of loan origination and other fees (1,268,839) (663,506) (515,289)
Accretion of loan discounts (701,268) (421,495) (169,548)
Accretion of discount on SBA guaranteed debentures payable 50,948
Depreciation expense 19,554 22,548 16,681
Stock-based compensation 1,151,576 701,601 275,311
Changes in operating assets and liabilities:      
Interest and fees receivable (215,212) 2,867 (374,669)
Prepaid expenses 167,639 (191,465) (47,848)
Accounts payable and accrued liabilities 46,721 613,268 464,687
Interest payable 54,553 452,191 1,183,026
Deferred revenue (37,500) 75,000
Taxes payable 138,801 28,742 (22,162)
Net cash used in operating activities (97,452,134) (13,374,086) (60,627,188)
       
Cash flows from investing activities:      
Purchases of property and equipment (38,535) (3,194) (30,535)
Net cash used in investing activities (38,535) (3,194) (30,535)
       
Cash flows from financing activities:      
Borrowings under SBA guaranteed debentures payable 102,803,918 6,800,000 78,100,000
Repayments of SBA guaranteed debentures payable (22,300,000)
Financing fees paid (3,456,756) (358,900) (2,801,524)
Proceeds from public stock offerings, net of expenses 41,212,968 47,332,682
Common stock withheld for payroll taxes upon vesting of restricted stock (234,912) (66,900)
Cash dividends paid (20,466,584) (11,970,102) (9,235,216)
Cash distributions paid (448,164) (352,366)
Net cash provided by financing activities 97,110,470 41,384,414 66,063,260
Net increase (decrease) in cash and cash equivalents (380,199) 28,007,134 5,405,537
Cash and cash equivalents, beginning of year 55,200,421 27,193,287 21,787,750
Cash and cash equivalents, end of year $54,820,222 $55,200,421 $27,193,287
       
Supplemental Disclosure of cash flow information:      
Cash paid for interest $7,244,511 $6,448,400 $3,044,825
       
Summary of non-cash financing transactions:      
Dividends declared but not paid $ — $4,774,534 $2,766,945
CONTACT: Sheri Blair Colquitt
         Vice President, Investor Relations
         919-719-4784
         scolquitt@tcap.com
         
         Steven C. Lilly
         Chief Financial Officer
         919-719-4789
         slilly@tcap.com

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