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Triangle Capital Corporation Reports First Quarter 2013 Results

Net investment income during the first quarter of 2013 was $15.2 million, compared to net investment income of $12.2 million for the first quarter of 2012, representing an increase of 24.9%. The Company's net investment income per share during the first quarter of 2013 was $0.56 based on a weighted average share count of 27.4 million as compared to $0.49 per share during the first quarter of 2012, based on a weighted average share count of 25.1 million.

The Company's net increase in net assets resulting from operations was $18.4 million during the first quarter of 2013, as compared to a net increase in net assets resulting from operations of $12.6 million during the first quarter of 2012. The Company's net increase in net assets resulting from operations was $0.67 per share during the first quarter of 2013 based on a weighted average share count of 27.4 million, as compared to a net increase in net assets resulting from operations of $0.50 per share during the first quarter of 2012, based on a weighted average share count of 25.1 million.  

The Company's net asset value, or NAV, per share at March 31, 2013, was $15.32 as compared to $15.30 per share at December 31, 2012. As of March 31, 2013, the Company's weighted average yield on its outstanding, currently yielding, debt investments was approximately 14.8%.

Liquidity and Capital Resources

Commenting on the Company's liquidity position, Steven C. Lilly, Chief Financial Officer, stated, "Many of the decisions we made during 2012 with regard to our capital structure are benefitting us today as we enjoy very attractively priced liquidity in excess of $230 million. Our liquidity is comprised of a balanced mix of cash on hand, SBA debentures, and our senior credit facility and, in total, equates to approximately one-third of the value of our current investment portfolio."

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