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Triangle Capital Corporation Reports First Quarter 2014 Results

Stocks in this article: TCAP

RALEIGH, N.C., May 7, 2014 (GLOBE NEWSWIRE) -- Triangle Capital Corporation (NYSE:TCAP) ("Triangle" or the "Company"), a leading provider of capital to lower middle market companies, today announced its financial results for the first quarter of 2014.

Highlights

  • Total Investment Portfolio at Fair Value: $690.0 million
  • Total Net Assets (Equity): $438.6 million
  • Net Asset Value Per Share (Book Value): $15.72
  • Weighted Average Yield on Debt Investments: 13.9%
  • Efficiency Ratio (G&A Expenses/Total Investment Income): 21.0%
  • Investment Portfolio Activity for the Quarter Ended March 31, 2014
    • Cost of investments made during the period: $77.5 million
    • Principal repayments during the period: $49.5 million
    • Proceeds related to the sale of equity investments during the period:  $2.3 million
  • Financial Results for the Quarter Ended March 31, 2014
    • Total investment income: $24.0 million
    • Net investment income: $13.8 million
    • Net investment income per share: $0.50
    • Dividends paid per share: $0.54
    • Capital gain distributions paid per share:  $0.15
    • Net realized gains: $0.1 million
    • Net increase in net assets resulting from operations: $12.5 million
    • Net increase in net assets resulting from operations per share: $0.45

In commenting on the Company's results, Garland S. Tucker, III, Chairman and Chief Executive Officer, stated, "The first quarter represented the beginning of the more active year we are expecting 2014 to be, with new portfolio investments totaling more than $77 million.  In addition to our normal quarterly dividend of $0.54 per share, the first quarter also included the first of our two special distributions to shareholders of $0.15 per share.  Our activity during the quarter supports our optimism for the year, as we believe the lower middle market is poised to provide attractive investment opportunities during the balance of 2014."

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