FOR IMMEDIATE RELEASE
November 07, 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 Third Quarter Results and Increases Quarterly Dividend to $0.27 Per Share

RALEIGH, N.C., Nov 7, 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 third quarter of 2007, and increased its quarterly dividend to $0.27 per share.

Third Quarter 2007 Results

Total investment income during the third quarter of 2007 was $3.6 million, compared to total investment income of $3.3 million for the second quarter of 2007, representing an increase of 9.3%. The Company's increase in total investment income is primarily attributed to an increase in investment interest, fee and dividend income due to a net increase in portfolio investments from June 30, 2007 to September 30, 2007.

Net investment income during the third quarter of 2007 was $2.0 million, compared to net investment income of $1.6 million for the second quarter of 2007, representing an increase of 21.2%. Net investment income per share during the third quarter of 2007 was $0.30 compared to $0.25 during the second quarter of 2007. The Company's net investment income during the third quarter of 2007 was positively impacted by approximately $0.2 million of non-recurring fee income relating primarily to loan prepayment fees and debt amendment fees. These non-recurring fees equated to $0.03 of net investment income on a per share basis during the third quarter of 2007.

The Company's net increase in net assets resulting from operations was $3.4 million during the third quarter of 2007, as compared to $2.2 million during the second quarter of 2007. The Company's net increase in net assets resulting from operations was $0.50 per share during the third quarter of 2007 as compared to $0.33 per share during the second quarter of 2007.

The Company's net asset value per share at September 30, 2007, was $13.99 as compared to the Company's net asset value per share at June 30, 2007, of $13.75. As of September 30, 2007, the Company's weighted average yield on all of its outstanding debt investments was approximately 13.8%.

"We are very pleased to announce a solid quarter-over-quarter increase in net investment income, particularly during a time in the credit markets that many find challenging. We have continued to identify well-collateralized investment opportunities, and are very pleased with the quality of our investment portfolio which contains no sub-prime mortgage related exposure," said Garland S. Tucker, III, President and CEO of Triangle.

Dividend Information

Triangle's board of directors has declared a cash dividend of $0.27 per share. The dividend will be payable as follows:



    Record Date:     November 29, 2007
    Payment Date:    December 27, 2007

"Triangle continues to pace ahead of its business plan in terms of providing shareholders with a strong recurring dividend yield," said Steven C. Lilly, Triangle's Chief Financial Officer. "As our investment portfolio matures we anticipate our future dividend yield will continue to be attractive."

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.

When the Company declares and pays dividends, it determines the allocation of the distribution between current income, accumulated income and return of capital on the basis of accounting principles generally accepted in the United States ("GAAP"). At each year end, the Company is required for tax purposes to determine the dividend allocation based on tax accounting principles. Due to differences between GAAP and tax accounting principles, the portion of each dividend distribution that is ordinary income, capital gain or return of capital may differ for GAAP and tax purposes.

Recent Portfolio Investments

During the third quarter the Company made an additional $1.9 million subordinated debt investment in an existing portfolio company, and two new investments totaling $11.2 million, of which $9.3 million was senior debt, $0.9 million was second lien debt, and $1 million was equity. Subsequent to quarter end, the Company has made investments totaling $10.6 million, of which $4.0 million was senior debt, $3.1 million was second lien debt, and $3.5 million was subordinated debt.

New investments since June 30, 2007 are summarized as follows:

On July 20, 2007, the Company invested approximately $4.3 million and $0.9 million in senior and second lien 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.

On September 17, 2007, the Company made a $5.0 million senior debt investment and a $1.0 million equity investment in Syrgis Holdings, Inc. ("Syrgis"). Syrgis, headquartered in Covington, Kentucky, is a holding company comprised of four distinct specialty chemical subsidiaries. Under the terms of the investments Syrgis will pay interest on the senior debt at a rate of 10.0% per annum.

On October 25, 2007, the Company invested $7.1 million in FCL Graphics, Inc. ("FCL") consisting of $4.0 million in senior debt and $3.1 million in second lien debt. FCL is a leading commercial printer based in Chicago, Illinois, producing such items as direct mailings, brochures, annual reports, posters, catalogs, sell sheets, newspaper inserts and labels. Under the terms of the investments FCL will pay interest on the first lien senior debt at floating rates ranging from LIBOR plus 350 basis points per annum to LIBOR plus 750 basis points per annum and will pay interest on the second lien senior debt at a fixed rate of 18.0%.

As previously announced, on October 25, 2007, the Company invested $3.5 million in Energy Hardware Holdings, LLC ("EH Holdings") consisting of $3.3 million in senior subordinated debt and $0.2 million in junior subordinated debt. EH Holdings is a global distributor of fasteners, machined parts, seals and gaskets to the power generation industry. Under the terms of the investments, EH Holdings will pay interest at fixed rates of 14.5% on the senior subordinated debt and 8.0% on the junior subordinated debt.

Important Disclosures Relating to Financial Statement Presentation

Certain financial data for prior periods, including data for the three months ended June 30, 2007 and for the three and nine months ended September 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 for the three months ended June 30, 2007 and for the three and nine months ended September 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 for the three and nine months ended September 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. Triangle's investment objective is to seek attractive returns by generating current income from debt investments and capital appreciation from equity related investments. Triangle's 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 typically invests $5.0 - $15.0 million per transaction in companies with annual revenues between $20.0 and $75.0 million and EBITDA between $2.0 and $10.0 million.

Triangle has elected to be treated as a business development company under the Investment Company Act of 1940 ("1940 Act"). Triangle is required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state laws and regulations. Triangle intends 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 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. 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

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

 Assets
 Investments at fair value:
 Non-Control / Non-Affiliate
  investments (cost of
  $60,597,699 and $40,592,972
  at September 30, 2007 and
  December 31, 2006,
  respectively)                        $  63,449,412     $  42,370,348
 Affiliate investments (cost
  of $13,420,305 and $9,453,445
  at September 30, 2007 and
  December 31, 2006,
  respectively)                           13,946,303        10,011,145
 Control investments (cost of
  $15,980,690 and $2,614,935
  at September 30, 2007 and
  December 31, 2006,
  respectively)                           18,483,136         2,614,935
                                       -------------------------------
 Total investments at fair
  value                                   95,878,851        54,996,428
 Deferred loan origination
  revenue                                 (1,125,654)         (774,216)
 Cash and cash equivalents                35,789,724         2,556,502
 Interest and fees receivable                304,831           134,819
 Prepaid expenses                             30,382                --
 Deferred offering costs                          --         1,020,646
 Deferred financing fees                     998,746           985,477
 Property and equipment, net                  34,701                --
                                       -------------------------------
 Total assets                          $ 131,911,581     $  58,919,656
                                       ===============================

 Liabilities
 Accounts payable and accrued
  liabilities                          $     740,300     $     794,983
 Interest payable                            171,222           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                        36,711,522        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, 6,803,863 and
   100 shares issued and
   outstanding as of September
   30, 2007 and December 31,
   2006, respectively)                         6,804                --
  Additional paid-in capital              87,599,046             1,500
  Accumulated undistributed
   net realized earnings                   1,714,052         1,570,135
  Net unrealized appreciation
   of investments                          5,880,157         2,335,076
                                       -------------------------------
 Total net assets                         95,200,059        25,156,811
                                       -------------------------------

 Total liabilities and net
  assets                               $ 131,911,581     $  58,919,656
                                       ===============================

 Net asset value per share             $       13.99            N/A
                                       =============


                      TRIANGLE CAPITAL CORPORATION
                   Unaudited Statements of Operations

                 Three Months  Three Months   Nine Months   Nine Months
                     Ended         Ended         Ended         Ended
                   Sept. 30,     Sept. 30,     Sept. 30,     Sept. 30,
                     2007          2006          2007          2006
                 (Consolidated)  (Combined)  (Consolidated)  (Combined)
                 -----------------------------------------------------

 Investment
  income:
 Loan interest,
  fee and
  dividend
  income:
   Non-Control/
    Non-Affiliate
    investments    $1,728,682    $1,137,179   $4,233,318    $3,353,636
   Affiliate
    investments       574,964       151,478    1,368,578       483,817
   Control
    investments       361,395        74,606      845,136       217,559
                 -----------------------------------------------------
 Total loan
  interest,
  fee and
  dividend
  income            2,665,041     1,363,263    6,447,032     4,055,012

 Paid-in-kind
  interest
  income:
   Non-Control/
   Non-Affiliate
   investments        213,850       204,240      590,655       594,119
   Affiliate
    investments        63,556        10,336      159,098        29,187
   Control
    investments       143,188        42,370      294,501       123,558
                 -----------------------------------------------------
 Total
  paid-in-kind
  interest
  income              420,594       256,946    1,044,254       746,864

 Interest
  income
  from cash
  and cash
  equivalent
  investments         508,652        93,274    1,502,341       212,115
                 -----------------------------------------------------

 Total
  investment
  income            3,594,287     1,713,483    8,993,627     5,013,991
                 -----------------------------------------------------

 Expenses:
   Interest
    expense           525,081       459,746    1,545,798     1,378,736
   Amortization
    of deferred
    financing
    fees               28,515        25,158       83,731        74,397
   Management
    fees                  --        398,441      232,423     1,190,632
   General and
    admini-
    strative
    expenses        1,048,690            81    2,690,946        39,820
                 -----------------------------------------------------
 Total
  expenses          1,602,286       883,426    4,552,898     2,683,585
                 -----------------------------------------------------
 Net
  investment
  income            1,992,001       830,057    4,440,729     2,330,406

  Net
   realized
   gain
   (loss) on
   investments
   - Non
   Control/
   Non-Affiliate         --            --     (1,464,224)    5,977,109
  Net
   realized
   gain on
   investments
    - Affiliate       141,014          --        141,014          --
  Net
   unrealized
   appreciation
   (depreciation)
   of
   investments      1,233,666       228,700    3,545,081    (2,552,800)
                 -----------------------------------------------------
 Total net
  gain on
  investments       1,374,680       228,700    2,221,871     3,424,309
                 -----------------------------------------------------
 Net increase
  in net
  assets
  resulting
  from
  operations     $  3,366,681   $ 1,058,757  $ 6,662,600   $ 5,754,715
                 =====================================================

 Net
  investment
  income per
  share -
  basic and
  diluted        $       0.30        N/A     $      0.66        N/A
                 =====================================================

 Net
  increase
  in net
  assets
  resulting
  from
  operations
  per share -
  basic and
  diluted        $       0.50         N/A    $      0.99         N/A
                 =====================================================


 Dividends
  declared
  per
  common
  share          $       0.26         N/A    $      0.41         N/A
                 =====================================================

 Weighted
  average
  number of
  shares
  outstanding -
  basic and
  diluted           6,735,177         N/A      6,703,414         N/A
                 =====================================================

 Allocation
  of net
  increase
  in net
  assets
  resulting
  from
  operations
  to:
   General
    partner            N/A     $    211,751       N/A      $ 1,150,943
   Limited
    partners           N/A          847,006       N/A        4,603,772
                 -----------------------------------------------------
                       N/A     $  1,058,757       N/A      $ 5,754,715
                 =====================================================


                     TRIANGLE CAPITAL CORPORATION
                  Unaudited Statements of Cash Flows

                                        Nine Months      Nine Months
                                           Ended            Ended
                                       September 30,    September 30,
                                           2007             2006
                                       (Consolidated)     (Combined)
                                     ---------------------------------

 Cash flows from operating
  activities:
  Net increase in net assets
  resulting from operations            $ 6,662,600       $ 5,754,715
  Adjustments to reconcile net
   increase in net assets
   resulting from operations to
   net cash used in operating
   activities:
     Purchases of portfolio
      investments                      (42,534,975)      (15,703,478)
     Repayments received/sales
      of portfolio investments           4,878,207         9,870,607
     Loan origination and other
      fees received                        894,904           474,795
     Net realized loss (gain)
      on investments                     1,323,210        (5,977,109)
     Net unrealized depreciation
      (appreciation) of
      investments                       (3,545,081)        2,552,800
     Paid-in-kind interest
      accrued, net of payments
      received                            (845,033)         (383,073)
     Amortization of deferred
      financing fees                        83,731            74,397
     Recognition of loan
      origination and other fees          (543,466)         (400,291)
     Accretion of loan discounts          (158,751)         (119,593)
     Depreciation expense                    4,605                --
     Changes in operating
      assets and liabilities:
       Interest and fees
        receivable                        (170,012)          (50,172)
       Prepaid expenses                    (30,382)               --
       Accounts payable and
        accrued liabilities                (54,683)          (13,226)
       Interest payable                   (435,074)         (414,494)
       Receivable from /
        payable to Triangle
        Capital Partners, LLC              (30,000)               --
                                     ---------------------------------
 Net cash used in
  operating activities                 (34,500,200)       (4,334,122)
                                     ---------------------------------

 Cash flows from investing
  activities:
  Purchases of property and
   equipment                               (39,306)               --
                                     ---------------------------------
 Net cash used in investing
  activities                               (39,306)               --
                                     ---------------------------------

 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                   (1,127,342)               --
  Distributions to partners               (751,613)       (5,000,010)
                                     ---------------------------------
 Net cash provided by financing
  activities                            67,772,728         5,624,990
                                     ---------------------------------
 Net increase in cash and cash
  equivalents                           33,233,222         1,290,868
 Cash and cash equivalents,
  beginning of period                    2,556,502         6,067,164
                                     ---------------------------------
 Cash and cash equivalents,
  end of period                        $35,789,724       $ 7,358,032
                                     =================================

 Supplemental disclosure of
  cash flow information:
    Cash paid for interest             $ 1,980,873       $ 1,793,230
                                     =================================

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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