FOR IMMEDIATE RELEASE
August 08, 2007


Contact
Garland S. Tucker, III, Chairman and CEO (919) 719-4779
E. Ashton Poole, Chairman and CEO (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 Second Quarter Results, Announces Transaction Closing, and Increases Quarterly Dividend to $0.26 Per Share

RALEIGH, N.C., Aug 8, 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 its results for the second quarter of 2007, announced a transaction closing in the amount of $5.1 million, and increased its quarterly dividend to $0.26 per share.

Second Quarter 2007 Results

Total investment income during the second quarter of 2007 was $3.3 million, compared to total investment income of $2.1 million for the first quarter of 2007, representing an increase of 55.6%. The Company's increase in total investment income is primarily attributed to four investments totaling approximately $29.4 million in the aggregate which were funded during the second quarter.

Net investment income during the second quarter of 2007 was $1.6 million, compared to net investment income of $0.8 million for the first quarter of 2007, representing an increase of 104.3%. Net investment income per share during the second quarter of 2007 was $0.25, compared to $0.12 during the first quarter of 2007.

The Company's net increase in net assets resulting from operations was $2.2 million during the second quarter of 2007, as compared to $1.1 million during the first quarter of 2007. The Company's net increase in net assets resulting from operations was $0.33 per share during the second quarter of 2007 as compared to $0.16 per share during the first quarter of 2007.

The Company's net asset value per share at June 30, 2007, was $13.75 as compared to the Company's net asset value per share at March 31, 2007, of $13.57. As of June 30, 2007, the Company's weighted average yield on all of its outstanding debt investments was approximately 14.2%.

In describing the Company's second quarter performance, President and CEO, Garland S. Tucker, III, stated, "During the second quarter of 2007 we increased our net interest income per share by more than 100% as compared to the first quarter of 2007. Our strong operating performance has been driven by our ability to source and close high quality investment opportunities in the underserved lower middle market."

Dividend Information

Triangle's board of directors has declared a cash dividend of $0.26 per share for the second quarter of 2007. The dividend will be payable as follows:



            Record Date:            August 30, 2007
            Payment Date:           September 27, 2007

Commenting on the Company's dividend, Chief Financial Officer, Steven C. Lilly stated, "Our second quarter dividend of $0.26 per share equates to an annualized dividend yield of 8.0% based on today's closing price. We are pleased to have achieved such an attractive dividend yield in our first full quarter of operation 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

The Company made investments during the second quarter totaling $29.4 million, of which $1.5 million was senior debt, $23.2 million was subordinated debt, and $4.7 million was equity. Subsequent to quarter end, the Company invested $5.1 million, of which $4.3 million was first lien senior debt and $0.9 million was second lien senior debt. Investments since March 31, 2007 were as follows:

On April 2, 2007, the Company invested $4.25 million 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 investment, 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.

On April 18, 2007, the Company invested $6.0 million in subordinated debt of Equisales, LLC ("Equisales"), a niche provider of energy products and services based in Houston, Texas. Under the terms of the investment, Equisales will pay 15.0% interest per annum. In addition, the Company invested $0.5 million in exchange for a 9.0% equity interest in Equisales.

On May 1, 2007, the Company invested $8.4 million 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 investment, Fischbein will pay 16.5% interest per annum. In addition, the Company invested $4.2 million in exchange for a 37.4% equity interest in Fischbein.

On June 16, 2007, the Company invested $1.5 million and $4.5 million in senior and subordinated debt, respectively, of Twin Star International ("Twin Star"). Twin Star, based in Delray Beach, Florida, is a leading producer of high quality home furnishings, including electric fireplaces and decorative bathroom vanities. Under the terms of the investments, Twin Star will pay interest on the senior debt at a floating rate of LIBOR plus 300 basis points per annum and will pay interest on the subordinated debt at a rate of 13.0% per annum.

On July 20, 2007, the Company invested approximately $4.3 million and $0.9 million in first lien and second lien senior debt, respectively, of Cyrus Networks, LLC ("Cyrus Networks"), a provider of data center services based in Houston, Texas. Under the terms of the investments, Cyrus Networks will pay interest on the first lien senior debt at a floating rate of LIBOR plus 400 basis points per annum and will pay interest on the second lien senior debt at a floating rate of LIBOR plus 725 basis points per annum.

Important Disclosures Relating to Financial Statement Presentation

Certain financial data for prior periods, including data for the three months ended March 31, 2007 and for the three and six months ended June 30, 2006, are included in this press release. In accordance with Statement of Financial Accounting Standards No. 141, Business Combinations ("SFAS 141"), the Company's results of operations and cash flows for the three months ended March 31, 2007 and for the three and six months ended June 30, 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 SFAS 141, the results of the Company's operations and its cash flows for the three and six months ended June 30, 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.

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

                                           June 30,      December 31,
                                            2007            2006
                                        (Consolidated)    (Combined)
                                        ------------------------------
                                          (Unaudited)

 Assets
 Investments at fair value:
 Non-Control / Non-Affiliate
  investments (cost of $48,270,780
  and $40,592,972 at June 30, 2007 and
  December 31, 2006, respectively)      $  51,656,727   $  42,370,348
 Affiliate investments (cost of
  $16,044,523 and $9,453,445 at
  June 30, 2007 and December 31, 2006,
  respectively)                            17,393,567      10,011,145
 Control investments (cost of
  $15,366,248 and $2,614,935 at
  June 30, 2007 and December 31, 2006,
  respectively)                            15,277,748       2,614,935
                                        ------------------------------
 Total investments at fair value           84,328,042      54,996,428
 Deferred loan origination revenue         (1,172,366)       (774,216)
 Cash and cash equivalents                 45,148,032       2,556,502
 Interest and fees receivable                 129,207         134,819
 Prepaid expenses                              50,637              --
 Receivable from Triangle Capital
  Partners, LLC                                18,687              --
 Deferred offering costs                           --       1,020,646
 Deferred financing fees                    1,027,261         985,477
 Property and equipment, net                   21,497              --
                                        ------------------------------
 Total assets                           $ 129,550,997   $  58,919,656
                                        ==============================

 Liabilities
 Accounts payable and accrued
  liabilities                           $     470,460   $     794,983
 Interest payable                             677,866         606,296
 Partners tax distribution payable                 --         531,566
 Payable to Triangle Capital Partners,
  LLC                                              --          30,000
 SBA guaranteed debentures payable         35,800,000      31,800,000
                                        ------------------------------
 Total liabilities                         36,948,326      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,
   6,732,862 and 100 shares issued and
   outstanding as of June 30, 2007 and
   December 31, 2006, respectively)             6,733              --
  Additional paid-in capital               86,617,869           1,500
  Accumulated undistributed net
   realized earnings                        1,331,578       1,570,135
  Net unrealized appreciation of
   investments                              4,646,491       2,335,076
                                        ------------------------------
 Total net assets                          92,602,671      25,156,811
                                        ------------------------------

 Total liabilities and net assets       $ 129,550,997   $  58,919,656
                                        ==============================

 Net asset value per share              $       13.75             N/A
                                        ==============


                     TRIANGLE CAPITAL CORPORATION
                  Unaudited Statements of Operations

                  Three Months  Three Months  Six Months  Six Months
                     Ended         Ended        Ended       Ended
                    June 30,       June 30,    June 30,    June 30,
                      2007          2006         2007        2006
                 (Consolidated)  (Combined) (Consolidated)  (Combined)
                   ---------------------------------------------------
 Investment income:
 Loan interest,
  fee and dividend
  income:
  Non-Control /
  Non-Affiliate
   investments     $ 1,349,014  $ 1,302,937  $ 2,504,636  $ 2,216,457
  Affiliate
   investments         519,000           --      793,614           --
  Control
   investments         408,023      265,420      483,741      475,292
                   ---------------------------------------------------
 Total loan
  interest, fee and
  dividend income    2,276,037    1,568,357    3,781,991    2,691,749

 Paid-in-kind
  interest income:
  Non-Control /
   Non-Affiliate
   investments         202,009      219,918      376,805      389,879
  Affiliate
   investments          66,292           --       95,542           --
  Control
   investments         108,365       51,346      151,313      100,039
                   ---------------------------------------------------
 Total paid-in-kind
  interest income      376,666      271,264      623,660      489,918
 Interest income
  from cash and
  cash equivalent
  investments          634,521       58,922      993,689      118,841
                   ---------------------------------------------------
 Total investment
  income             3,287,224    1,898,543    5,399,340    3,300,508
                   ---------------------------------------------------

 Expenses:
  Interest expense     521,026      462,259    1,020,717      918,990
  Amortization of
   deferred
   financing fees       28,108       24,796       55,216       49,239
  Management fees           --      398,439      232,423      792,191
  General and
   administrative
   expenses          1,094,092       18,338    1,642,256       39,739
                   ---------------------------------------------------
 Total expenses      1,643,226      903,832    2,950,612    1,800,159
                   ---------------------------------------------------
 Net investment
  income             1,643,998      994,711    2,448,728    1,500,349

 Net realized gain
  (loss) on
  investments -
  Non Control /
  Non-Affiliate             --    5,977,109   (1,464,224)   5,977,109
 Net unrealized
  appreciation
  (depreciation) of
  investments          586,086   (2,781,500)   2,311,415   (2,781,500)
                   ---------------------------------------------------
 Total net gain on
  investments          586,086    3,195,609      847,191    3,195,609
                   ---------------------------------------------------
 Net increase in
  net assets
  resulting
  from operations  $ 2,230,084  $ 4,190,320  $ 3,295,919  $ 4,695,958
                   ===================================================

 Net investment
  income per share
  - basic and
  diluted          $      0.25          N/A  $      0.37          N/A
                   ===================================================
 Net increase in
  net assets
  resulting from
  operations per
  share - basic and
  diluted          $      0.33          N/A  $      0.49          N/A
                   ===================================================

 Dividends declared
  per common share $      0.15          N/A  $      0.15          N/A
                   ===================================================
 Weighted average
  number of shares
  outstanding -
  basic and diluted  6,687,773          N/A    6,687,269          N/A
                   ===================================================

 Allocation of net
  increase in net
  assets resulting
  from operations to:
  General partner          N/A  $   838,064          N/A  $   939,192
  Limited partners         N/A    3,352,256          N/A    3,756,766
                   ---------------------------------------------------
                           N/A  $ 4,190,320          N/A  $ 4,695,958
                   ===================================================


                     TRIANGLE CAPITAL CORPORATION
                  Unaudited Statements of Cash Flows

                                            Six Months     Six Months
                                              Ended          Ended
                                              June 30,      June 30,
                                               2007           2006
                                          (Consolidated)   (Combined)
                                          ----------------------------
 Cash flows from operating activities:
  Net increase in net assets resulting
   from operations                          $ 3,295,919   $ 4,695,958
  Adjustments to reconcile net increase in
   net assets resulting from operations to
   net cash used in operating activities:
   Purchases of portfolio investments       (29,413,602)  (14,453,478)
   Repayments received/sales of portfolio
    investments                               1,534,111     9,725,609
   Loan origination and other fees received     642,125       438,795
   Net realized loss on investments           1,464,224    (5,977,109)
   Net unrealized appreciation of
    investments                              (2,311,415)    2,781,500
   Paid-in-kind interest accrued, net of
    payments received                          (498,684)     (344,225)
   Amortization of deferred financing fees       55,216        49,239
   Recognition of loan origination and
    other fees                                 (243,975)     (340,167)
   Accretion of loan discounts                 (106,248)      (75,345)
   Depreciation expense                           2,064            --
   Changes in operating assets and
    liabilities:
    Interest and fees receivable                  5,612        49,583
    Prepaid expenses                            (50,637)           --
    Accounts payable and accrued liabilities   (324,523)       (9,037)
    Interest payable                             71,570        50,277
    Receivable from / payable to Triangle
     Capital Partners, LLC                      (48,687)           --
                                          ----------------------------
 Net cash used in operating activities      (25,926,930)   (3,408,400)
                                          ----------------------------

 Cash flows from investing activities:
  Purchases of property and equipment           (23,561)           --
                                          ----------------------------
 Net cash used in investing activities          (23,561)           --
                                          ----------------------------

 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
  Cash dividends paid                          (358,049)           --
  Tax distribution to partners                 (751,613)           --
                                          ----------------------------
 Net cash provided by financing activities   68,542,021    10,625,000
                                          ----------------------------
 Net increase in cash and cash equivalents   42,591,530     7,216,600
 Cash and cash equivalents, beginning
  of period                                   2,556,502     6,067,164
                                          ----------------------------
 Cash and cash equivalents, end of period   $45,148,032   $13,283,764
                                          ============================
 Supplemental disclosure of cash flow
  information:
   Cash paid for interest                   $   949,148   $   868,713
                                          ============================

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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