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Triangle Capital Corporation Reports Second Quarter 2013 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 and shareholders may receive a hard copy of the completed audited financial statements free of charge upon request to the Company at 3700 Glenwood Avenue, Suite 530, Raleigh, NC 27612. 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
     
  June 30, 2013 December 31, 2012
  (Unaudited)  
Assets:    
Investments at fair value:    
Non-Control / Non-Affiliate investments (cost of $519,536,914 and $565,737,092 at June 30, 2013 and December 31, 2012, respectively)  $ 537,770,803  $ 579,078,939
Affiliate investments (cost of $111,083,771 and $123,019,204 at June 30, 2013 and December 31, 2012, respectively) 109,258,133 123,408,445
Control investments (cost of $7,990,474 and $11,474,208 at June 30, 2013 and December 31, 2012, respectively) 3,068,541 4,315,339
Total investments at fair value 650,097,477 706,802,723
Cash and cash equivalents 117,131,063 72,300,423
Interest and fees receivable 4,179,016 2,650,178
Prepaid expenses and other current assets 509,768 403,123
Deferred financing fees 11,828,830 12,323,430
Property and equipment, net 53,595 55,535
Total assets  $ 783,799,749  $ 794,535,412
Liabilities:    
Accounts payable and accrued liabilities  $ 4,451,101  $ 6,405,570
Interest payable 2,955,187 3,136,574
Taxes payable 234,796 3,210,989
Deferred income taxes 2,373,214 1,342,456
Notes 149,500,000 149,500,000
SBA-guaranteed debentures payable 193,193,422 213,604,579
Total liabilities 352,707,720 377,200,168
Net Assets:    
Common stock, $0.001 par value per share (150,000,000 shares authorized, 27,600,250 and 27,284,798 shares issued and outstanding as of June 30, 2013 and December 31, 2012, respectively) 27,600 27,285
Additional paid in capital 406,567,839 403,322,097
Investment income in excess of distributions 8,098,018 6,783,161
Accumulated realized gains on investments 7,285,470 1,972,940
Net unrealized appreciation of investments 9,113,102 5,229,761
Total net assets 431,092,029 417,335,244
Total liabilities and net assets  $ 783,799,749  $ 794,535,412
Net asset value per share  $ 15.62  $ 15.30
         
         
TRIANGLE CAPITAL CORPORATION
Unaudited Consolidated Statements of Operations
         
  Three Months Ended June 30, 2013 Three Months Ended June 30, 2012 Six Months Ended June 30, 2013 Six Months Ended June 30, 2012
Investment income:        
Loan interest, fee and dividend income:        
Non-Control / Non-Affiliate investments  $ 19,696,422  $ 15,060,897  $ 36,883,923  $ 28,024,499
Affiliate investments 3,246,452 2,952,805 6,209,481 5,669,954
Control investments 46,194 52,218 95,565 111,991
Total loan interest, fee and dividend income 22,989,068 18,065,920 43,188,969 33,806,444
Payment-in-kind interest income:        
Non-Control / Non-Affiliate investments 3,234,925 2,850,412 6,485,473 5,437,679
Affiliate investments 981,731 870,085 1,940,110 1,524,318
Control investments 5,961 20,000 11,828 39,971
Total payment-in-kind interest income 4,222,617 3,740,497 8,437,411 7,001,968
Interest income from cash and cash equivalent investments 44,463 156,049 95,703 265,907
Total investment income 27,256,148 21,962,466 51,722,083 41,074,319
Expenses:        
Interest and other debt financing fees 4,989,523 4,144,623 10,101,035 7,455,360
General and administrative expenses 5,994,702 3,767,420 10,115,660 7,374,687
Total expenses 10,984,225 7,912,043 20,216,695 14,830,047
Net investment income 16,271,923 14,050,423 31,505,388 26,244,272
Net realized gains:        
Net realized gain on investments – Non-Control / Non-Affiliate 2,428,668 2,784,108 3,007,450 2,784,108
Net realized gain on investments – Affiliate 3,321,999 4,595,999
Net realized gain (loss) on investments – Control (2,290,919) 838,039 (2,290,919) 838,039
Net unrealized appreciation (depreciation) of investments 2,116,796 (2,046,369) 3,883,341 (1,424,898)
Total net gain on investments 5,576,544 1,575,778 9,195,871 2,197,249
Loss on extinguishment of debt (412,673) (205,043)
Income tax benefit (provision) (20,303) 7,231
Net increase in net assets resulting from operations  $ 21,848,467  $ 15,626,201  $ 40,268,283  $ 28,243,709
Net investment income per share—basic and diluted  $ 0.59  $ 0.52  $ 1.15  $ 1.00
Net increase in net assets resulting from operations per share—basic and diluted  $ 0.79  $ 0.57  $ 1.46  $ 1.08
Dividends declared per common share  $ 0.54  $ 0.50  $ 1.08  $ 0.97
Weighted average number of shares outstanding—basic and diluted 27,569,524 27,262,646 27,501,407 26,168,973
     
     
TRIANGLE CAPITAL CORPORATION
Unaudited Consolidated Statements of Cash Flows
     
  Six Months Ended June 30, 2013 Six Months Ended June 30, 2012
Cash flows from operating activities:    
Net increase in net assets resulting from operations  $ 40,268,283  $ 28,243,709
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:  
Purchases of portfolio investments (37,112,821) (156,571,355)
Repayments received/sales of portfolio investments 111,695,347 71,439,853
Loan origination and other fees received 621,440 2,309,229
Net realized gain on investments (5,312,530) (3,622,147)
Net unrealized (appreciation) depreciation of investments (4,914,099) 1,251,562
Deferred income taxes 1,030,758 173,337
Payment-in-kind interest accrued, net of payments received (5,263,335) (3,765,725)
Amortization of deferred financing fees 766,221 504,619
Loss on extinguishment of debt 412,673 205,043
Accretion of loan origination and other fees (2,243,128) (1,554,726)
Accretion of loan discounts (765,628) (811,990)
Accretion of discount on SBA-guaranteed debentures payable 88,843 87,256
Depreciation expense 19,085 15,811
Stock-based compensation 1,675,896 1,372,096
Changes in operating assets and liabilities:    
Interest and fees receivable (1,528,838) (2,564,588)
Prepaid expenses (106,645) 221,547
Accounts payable and accrued liabilities (1,954,469) (1,397,172)
Interest payable (181,387) 29,435
Taxes payable (2,976,193) (1,198,973)
Net cash provided by (used in) operating activities 94,219,473 (65,633,179)
Cash flows from investing activities:    
Purchases of property and equipment (17,145) (13,354)
Net cash used in investing activities (17,145) (13,354)
Cash flows from financing activities:    
Repayments of SBA-guaranteed debentures payable (20,500,000) (10,410,000)
Repayments of credit facility (15,000,000)
Proceeds from notes 69,000,000
Financing fees paid (684,294) (2,340,983)
Proceeds from public stock offerings, net of expenses 77,122,974
Common stock withheld for payroll taxes upon vesting of restricted stock (1,111,444)
Cash dividends paid (28,187,394) (24,754,733)
Net cash provided by (used in) financing activities (49,371,688) 92,505,814
Net increase in cash and cash equivalents 44,830,640 26,859,281
Cash and cash equivalents, beginning of period 72,300,423 66,868,340
Cash and cash equivalents, end of period  $ 117,131,063  $ 93,727,621
Supplemental disclosure of cash flow information:    
Cash paid for interest  $ 9,084,547  $ 6,671,706
Summary of non-cash financing transactions:    
Dividends paid through DRIP share issuances  $ 1,570,161  $ 1,664,166
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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