FOR IMMEDIATE RELEASE
May 09, 2007


Contact
Garland S. Tucker, III, Chairman and CEO (919) 719-4779
E. Ashton Poole, President and COO (919) 747-8618
Steven C. Lilly, Chief Financial Officer (919) 719-4789


3600 Glenwood Avenue, Suite 104
Raleigh, NC 27612
Tel (919) 719-4770
Fax (919) 719-4777

www.TCAP.com

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Triangle Capital Corporation Reports First Quarter Results, Declares First Dividend, and Announces Completion of Investments Totaling $23.4 Million

RALEIGH, N.C., May 9, 2007 (PrimeNewswire via COMTEX News Network) -- Triangle Capital Corporation (Nasdaq:TCAP) ("Triangle" or "the Company"), a leading specialty finance company that provides customized financing solutions to lower middle market companies located throughout the United States, today announced the following: its results for the quarter ended March 31, 2007, its first quarterly dividend, and the completion of three investments totaling $23.4 million in the aggregate.

In describing the Company's first quarter activities, President and CEO, Garland S. Tucker, III, stated, "The most significant event during the first quarter was the successful completion of our initial public offering which occurred on February 21, 2007. Since that time we have been actively screening new transactions and beginning to establish Triangle in the marketplace as a premier provider of capital to lower middle market companies." In discussing recent investment closings, Tucker added, "Though it has been less than three months since the completion of our IPO, we have successfully invested approximately thirty-five percent of the net proceeds from the offering, which is a very encouraging investment pace."

The Company's results of operations and cash flows for the three months ended March 31, 2007, are presented as if the Company's initial public offering and related formation transactions had occurred as of January 1, 2007. In addition, in accordance with Statement of Financial Accounting Standards No. 141, Business Combinations, the results of the Company's operations and its cash flows for the three months ended March 31, 2006, and the Company's financial position as of December 31, 2006, have been presented on a combined basis in order to provide comparative information with respect to prior periods.

Total investment income during the first quarter of 2007 was $2.1 million, compared to total investment income of $1.4 million during the first quarter of 2006, representing an increase of 50.7%. Net investment income during the first quarter of 2007 was $0.8 million, compared to net investment income of $0.5 million during the first quarter of 2006, representing an increase of 59.2%. Net investment income per share during the first quarter of 2007 was $0.12.

The Company's net increase in net assets resulting from operations was $1.1 million during the first quarter of 2007 as compared to $0.5 million during the first quarter of 2006. The net increase in net assets resulting from operations per share was $0.16 during the first quarter of 2007.

The Company's net asset value per share at March 31, 2007, was $13.57 as compared to the Company's net asset value per share at the time of its initial public offering of $13.07. As of March 31, 2007, the Company's weighted average yield on all of its outstanding debt investments was 14.0%.

Dividend Information

Triangle's board of directors has declared a cash dividend of $0.15 per share for the first quarter of 2007. The dividend will be payable as follows:



         Record Date:    May 31, 2007
         Payment Date:   June 28, 2007

Steven C. Lilly, Chief Financial Officer, commented regarding the Company's quarterly dividend, "We are pleased to offer our shareholders an immediate, annualized yield on their investment in the amount of 4.00%, based on our initial public offering price of $15.00 per share. The strength of our existing portfolio of assets, coupled with the brisk investment activity we have seen since our IPO puts us in excellent financial position as we begin operating as a publicly traded company."

Triangle has adopted a dividend reinvestment plan ("DRIP") that provides for reinvestment of dividends on behalf of its shareholders, unless a shareholder elects to receive cash. As a result, when the Company declares a cash dividend, shareholders who have not opted out of the DRIP will have their cash dividends automatically reinvested in additional shares of the Company's common stock, rather than receiving cash dividends.

Recent Portfolio Investments

On April 2, 2007, the Company invested $4,250,000 in subordinated debt of APO Newco LLC ("APO"), a niche provider of commercial and consumer marketing products based in Bartlett, Tennessee. Under the terms of the loan, APO will pay 14.0% interest per annum. The Company also received a warrant to purchase up to 5.5% of APO's common units of membership interest.

On April 18, 2007, the Company invested $6,000,000 in subordinated debt of Equisales, LLC ("Equisales"), a niche provider of energy products and services based in Houston, Texas. Under the terms of the loan, Equisales will pay 15.0% interest per annum. In addition, the Company invested $500,000 in exchange for a 9.0% equity interest in Equisales.

On May 1, 2007, the Company invested $8,400,000 in subordinated debt of Fischbein LLC ("Fischbein"), a global manufacturer of flexible packaging and materials handling equipment based in Statesville, North Carolina. Under the terms of the loan, Fischbein will pay 16.5% interest per annum. In addition, the Company invested $4,200,000 in exchange for a 37.4% equity interest in Fischbein.

About Triangle Capital Corporation

Triangle Capital Corporation (www.TCAP.com) is a specialty finance company organized to provide customized financing solutions to lower middle market companies located throughout the United States. Our investment objective is to seek attractive returns by generating current income from our debt investments and capital appreciation from our equity related investments. Our investment philosophy is to partner with business owners, management teams and financial sponsors to provide flexible financing solutions to fund growth, changes of control, or other corporate events.

Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). We are required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state laws and regulations. We intend to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to Triangle could have a material adverse effect on Triangle and its shareholders.

This press release contains 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. 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
                            Balance Sheets

                                      March 31,       December 31,
                                        2007              2006
                                   (Consolidated)      (Combined)
                                   --------------    -------------
                                     (Unaudited)
 Assets
 Investments at fair value:
 Non-Control / Non-Affiliate
  investments (cost of
  $37,861,493 and $40,592,972 at
  March 31, 2007 and
  December 31, 2006,
  respectively)                     $  41,045,654    $  42,370,348
 Affiliate investments (cost of
  $9,512,102 and $9,453,445 at
  March 31, 2007 and
  December 31, 2006,
  respectively)                        10,388,346       10,011,145
 Control investments (cost of
  $2,657,884 and $2,614,935 at
  March 31, 2007 and
  December 31, 2006,
  respectively)                         2,657,884        2,614,935
                                    -------------    -------------
 Total investments at fair value       54,091,884       54,996,428
 Deferred loan origination
  revenue                                (754,659)        (774,216)
 Cash and cash equivalents             72,791,346        2,556,502
 Interest and fees receivable             181,601          134,819
 Prepaid expenses                          70,892               --
 Receivable from Triangle
  Capital Partners, LLC                    18,687               --
 Deferred offering costs                       --        1,020,646
 Deferred financing fees                1,055,369          985,477
 Property and equipment, net               12,547               --
                                    -------------    -------------
 Total assets                       $ 127,467,667    $  58,919,656
                                    =============    =============
 Liabilities
 Accounts payable and accrued
  liabilities                       $     560,144    $     794,983
 Interest payable                         156,840          606,296
 Partners tax distribution
  payable                                 220,047          531,566
 Payable to Triangle Capital
  Partners, LLC                                --           30,000
 SBA guaranteed debentures
  payable                              35,800,000       31,800,000
                                    -------------    -------------
 Total liabilities                     36,737,031       33,762,845

 Net Assets
   General partner's capital                   --              100
   Limited partners' capital                   --       21,250,000
   Common stock, $0.001 par
    value per share
    (150,000,000 shares
    authorized, 6,686,760 and
    100 shares issued and
    outstanding as of March 31,
    2007 and December 31, 2006,
    respectively)                           6,687               --
   Additional paid-in capital          85,972,950            1,500
   Accumulated undistributed
   net realized earnings                  690,594        1,570,135
   Net unrealized appreciation
   of investments                       4,060,405        2,335,076
                                    -------------    -------------
 Total net assets                      90,730,636       25,156,811
                                    -------------    -------------

 Total liabilities and net assets   $ 127,467,667    $  58,919,656
                                    =============    =============

 Net asset value per share          $       13.57              N/A
                                    =============




                      TRIANGLE CAPITAL CORPORATION
                   Unaudited Statements of Operations

                                    Three Months       Three Months
                                        Ended             Ended
                                   March 31, 2007     March 31, 2006
                                   (Consolidated)       (Combined)
                                   --------------     --------------

 Investment income:
 Loan interest, fee and dividend
  income:
   Non-Control / Non-Affiliate
    investments                      $ 1,155,622        $   913,520
   Affiliate investments                 274,614                 --
   Control investments                    75,718            209,872
                                     -----------        -----------
 Total loan interest, fee and
  dividend income                      1,505,954          1,123,392

 Paid-in-kind interest income:
   Non-Control / Non-Affiliate
    investments                          174,796            169,961
   Affiliate investments                  29,250                 --
   Control investments                    42,948             48,693
                                     -----------        -----------
 Total paid-in-kind interest
  income                                 246,994            218,654

 Interest income from cash and
  cash equivalent investments            359,168             59,919
                                     -----------        -----------
 Total investment income               2,112,116          1,401,965
                                     -----------        -----------

 Expenses:
   Interest expense                      499,691            456,731
   Amortization of deferred
    financing fees                        27,108             24,443
   Management fees                       232,423            393,752
   General and administrative
    expenses                             548,164             21,401
                                     -----------        -----------
 Total expenses                        1,307,386            896,327
                                     -----------        -----------
 Net investment income                   804,730            505,638

  Net realized loss on
   investment - Non Control /
   Non-Affiliate                      (1,464,224)                --
  Net unrealized appreciation
   of investments                      1,725,329                 --
                                     -----------        -----------
 Total net gain on investments           261,105                 --
                                     -----------        -----------
 Net increase in net assets
  resulting from operations          $ 1,065,835        $   505,638
                                     ===========        ===========

 Net investment income per
  share - basic and diluted          $      0.12                N/A
                                     ===========        ===========
 Net increase in net assets
  resulting from operations
  per share - basic and diluted      $      0.16                N/A
                                     ===========        ===========
 Weighted average number of
  shares outstanding - basic
  and diluted                          6,686,760                N/A
                                     ===========        ===========

 Allocation of net increase in
  net assets resulting from
  operations to:
   General partner                           N/A        $   101,128
   Limited partners                          N/A            404,510
                                     -----------        -----------
                                             N/A        $   505,638
                                     ===========        ===========




                      TRIANGLE CAPITAL CORPORATION
                   Unaudited Statements of Cash Flows

                                     Three Months     Three Months
                                        Ended             Ended
                                      March 31,         March 31,
                                         2007             2006
                                    (Consolidated)     (Combined)
                                    --------------    -------------

 Cash flows from operating
  activities:
   Net increase in net assets
    resulting from operations        $  1,065,835      $    505,638
   Adjustments to reconcile net
    increase in net assets
    resulting from operations
    to net cash provided by
    (used in) operating
    activities:
      Purchases of portfolio
       investments                        (63,602)      (11,150,000)
      Repayments received/sales
       of portfolio investments         1,424,112                --
      Loan origination and other
       fees received                       27,500           354,837
      Net realized loss on
       investments                      1,464,224                --
      Net unrealized appreciation
       of investments                  (1,725,329)               --
      Paid-in-kind interest
       accrued, net of payments
       received                          (142,908)         (218,654)
      Amortization of deferred
       financing fees                      27,108            24,443
      Recognition of loan
       origination and other
       fees                               (47,057)          (59,113)
      Accretion of loan
       discounts                          (51,953)          (34,496)
      Depreciation expense                    358                --
      Changes in operating
       assets and liabilities:
         Interest and fees
          receivable                      (46,782)          (19,135)
         Prepaid expenses                 (70,892)               --
         Accounts payable and
          accrued liabilities            (234,839)           77,911
         Interest payable                (449,456)         (411,982)
         Receivable from /
          payable to Triangle
          Capital Partners, LLC           (48,687)               --
                                     ------------      ------------
 Net cash provided by (used in)
  operating activities                  1,127,632       (10,930,551)
                                     ------------      ------------
 Cash flows from investing
  activities:

   Purchases of property and
    equipment                             (12,905)               --
                                     ------------      ------------
  Net cash used in investing
   activities                             (12,905)               --
                                     ------------      ------------

 Cash flows from financing
  activities:

   Borrowings under SBA
    guaranteed debentures
    payable                             4,000,000                --
   Financing fees paid                    (97,000)               --
   Proceeds from initial public
    offering, net of expenses          64,728,037                --
   Change in deferred offering
    costs                               1,020,646                --
   Partners' capital
    contributions                              --        10,625,000
   Tax distribution to partners          (531,566)               --
                                     ------------      ------------
 Net cash provided by financing
  activities                           69,120,117        10,625,000
                                     ------------      ------------
 Net increase (decrease) in
  cash and cash equivalents            70,234,844          (305,551)
   Cash and cash equivalents,
    beginning of period                 2,556,502         6,067,164
                                     ------------      ------------
   Cash and cash equivalents,
    end of period                    $ 72,791,346      $  5,761,613
                                     ============      ============
 Supplemental disclosure of
  cash flow information:
    Cash paid for interest           $    949,148      $    868,713
                                     ============      ============
 Summary of non-cash financing
  transactions:
   Accrued tax distribution to
    partners                         $    220,047      $         --
                                     ============      ============

This news release was distributed by PrimeNewswire, www.primenewswire.com

SOURCE: Triangle Capital Corporation

Triangle Capital Corporation 
          Sheri B. 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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