FOR IMMEDIATE RELEASE
March 12, 2008


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 Full Year 2007 and Fourth Quarter 2007 Results

RALEIGH, N.C., Mar 12, 2008 (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 full year of 2007 and for the fourth quarter ended December 31, 2007.

Full Year 2007 Results

For the year ended December 31, 2007, total investment income was $12.7 million. Total investment income consisted of $10.9 million of loan interest, fee, dividend income and PIK interest income and $1.8 million of interest income from cash on hand. During 2007, the Company's total investment income was primarily impacted by new investments funded during the year which totaled approximately $64.2 million. Non-recurring fee income, consisting primarily of loan prepayment fees, debt amendment fees and certain management and advisory fees was approximately $0.5 million for the year ended December 31, 2007.

Total operating expenses for the year ended December 31, 2007, were $6.3 million. Operating expenses consisted of $4.1 million in general and administrative expenses and management fees and $2.2 million in interest expense and amortization of deferred financing fees.

Net investment income for 2007 was $6.4 million. Net investment income per share during 2007 was $0.95, based on the Company's weighted average shares outstanding during the year of 6.7 million.

In commenting on the Company's results, Garland S. Tucker, III, President and Chief Executive Officer, stated, "Our 2007 results reflect a strong start for Triangle as a publicly held company. During the year we made eleven investments totaling more than $64.0 million which was significantly ahead of our investment objectives. We also acheived net investment income substantially higher than the expectations we outlined at the time of our initial public offering. As we move into 2008 we are optimistic about the quality of our existing investment portfolio as well as our prospects for making attractive new investments."

The Company's net increase in net assets resulting from operations was $8.8 million during 2007. The Company's net increase in net assets resulting from operations was $1.31 per share during 2007, based on the Company's weighted average shares outstanding during the year of 6.7 million. During 2007 the Company recorded net unrealized appreciation of investments of approximately $3.1 million which was offset by net realized losses on investments of approximately $0.6 million.

The Company's net asset value per share at December 31, 2007, was $13.74. As of December 31, 2007, the Company's weighted average yield on all of its outstanding debt investments was approximately 13.9%.

Fourth Quarter 2007 Results

For the quarter ended December 31, 2007, total investment income was $3.7 million. Total investment income consisted of $3.4 million of loan interest, fee, dividend income and PIK interest income and $0.3 million of interest income from cash on hand. Non-recurring fee income, consisting primarily of loan prepayment fees, debt amendment fees and certain management and advisory fees was approximately $0.1 million for the quarter ended December 31, 2007.

Total operating expenses during the fourth quarter of 2007 were $1.8 million. Operating expenses consisted of $1.2 million in general and administrative expenses and $0.6 million in interest expense and amortization of deferred financing fees.

Net investment income for fourth quarter of 2007 was $2.0 million. Net investment income per share during the fourth quarter of 2007 was $0.29, based on the Company's weighted average shares outstanding during the quarter of 6.8 million.

The Company's net increase in net assets resulting from operations was $2.2 million during the fourth quarter of 2007. The Company's net increase in net assets resulting from operations was $0.32 per share during the fourth quarter of 2007, based on the Company's weighted average shares outstanding during the quarter of 6.8 million. During the fourth quarter of 2007 the Company recorded net realized gains on investments of approximately $0.7 million which was offset by net unrealized depreciation on investments of approximately $0.5 million.

Liquidity and Capital Resources

At December 31, 2007, the Company had cash and cash equivalents totaling $21.8 million. The Company also had debentures outstanding guaranteed by the Small Business Administration ("SBA") totaling $37.0 million. The Company has the ability to issue more than $90.0 million of additional SBA guaranteed debentures in the future.

Commenting on the Company's liquidity position, Steven C. Lilly, Chief Financial Officer, stated, "Triangle enjoys an exceptionally strong liquidity position including more than $90.0 million of undrawn, committed capital from the SBA. Based on our strong liquidity position, we believe Triangle is very well positioned as we focus on attractive long term growth opportunities."

Dividend Information

As previously announced on December 19, 2007, Triangle's Board of Directors declared a cash dividend of $0.30 per share with a record date of December 31, 2007 and a payable date of January 28, 2008.

Portfolio Investments

Also as previously announced, during the fourth quarter of 2007 the Company made three new investments totaling $21.6 million, of which $4.0 million was senior debt, $3.1 million was second lien debt, $13.5 million was subordinated debt, and $1.0 million was equity. During the quarter, Triangle realized a long term gain of approximately $0.7 million in connection with the simultaneous repayment of a subordinated debt investment and the sale of a warrant position.

New investments and gains from exited investments since September 30, 2007 are summarized as follows:

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.

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.

On December 19, 2007, Triangle made an $11.0 million investment in Dyson Corporation ("Dyson") consisting of $10.0 million in subordinated debt and $1.0 million in equity. Dyson, located in Painesville, Ohio, has operated for 120 years as a supplier of custom fasteners and forgings to industrial markets, providing products to some of the country's most recognizable projects including the Golden Gate and Brooklyn bridges and the Trans Alaska Pipeline. Since 2003, Dyson has also established itself as a supplier to the high-growth wind energy industry.

On December 19, 2007, the Company realized a long term capital gain of approximately $0.7 million, in connection with the full repayment of its $4.2 million subordinated debt investment and sale of its warrant position in AirServ Corporation, an aviation services company providing a wide range of services for airlines, airports and other transportation companies throughout the United States. The transaction represented an internal rate of return of approximately 19.4%.

Important Disclosures Relating to Financial Statement Presentation

In accordance with Statement of Financial Accounting Standards No. 141, Business Combinations ("SFAS 141"), the Company's results of operations for the twelve months ended December 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 SFAS 141, the results of the Company's operations for the years ended December 31, 2006 and 2005, 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

                                                   December 31,
                                            ---------------------------
                                                2007           2006
                                            ------------   ------------
                                           (Consolidated)   (Combined)
 Assets
 Investments at fair value:
 Non-Control / Non-Affiliate investments
  (cost of $66,819,386 and $40,592,972 at
  December 31, 2007 and 2006,
  respectively)                             $ 69,078,281   $ 42,370,348
 Affiliate investments (cost of
  $24,487,895 and $9,453,445 at December
  31, 2007 and 2006, respectively)            25,041,093     10,011,145
 Control investments (cost of $15,910,498
  and $2,614,935 at December 31, 2007
  and 2006, respectively)                     20,254,844      2,614,935
                                            ------------   ------------
 Total investments at fair value             114,374,218     54,996,428
 Deferred loan origination revenue            (1,368,603)      (774,216)
 Cash and cash equivalents                    21,787,750      2,556,502
 Interest and fees receivable                    305,159        134,819
 Prepaid expenses and other current
  assets                                          47,477             --
 Deferred offering costs                              --      1,020,646
 Deferred financing fees                         999,159        985,477
 Property and equipment, net                      34,166             --
                                            ------------   ------------
 Total assets                               $136,179,326   $ 58,919,656
                                            ============   ============

 Liabilities and Net Assets
 Accounts payable and accrued liabilities   $  1,144,222   $    794,983
 Interest payable                                698,735        606,296
 Partners distribution payable                        --        531,566
 Dividends payable                             2,041,159             --
 Income taxes payable                             52,598             --
 Deferred income taxes                         1,760,259             --
 Payable to Triangle Capital Partners,
  LLC                                                 --         30,000
 SBA guaranteed debentures payable            37,010,000     31,800,000
                                            ------------   ------------
 Total liabilities                            42,706,973     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 December 31, 2007 and
   2006, respectively)                             6,804             --
  Additional paid-in-capital                  86,949,189          1,500
  Investment income in excess of
   distributions                               1,738,797      1,570,135
  Accumulated realized losses on
   investments                                  (618,620)            --
  Net unrealized appreciation of
   investments                                 5,396,183      2,335,076
                                            ------------   ------------
 Total net assets                             93,472,353     25,156,811
                                            ------------   ------------
 Total liabilities and net assets           $136,179,326   $ 58,919,656
                                            ============   ============

 Net asset value per share                  $      13.74            N/A
                                            ============




                    Triangle Capital Corporation
                       Statements of Operations

                                        Years Ended December 31,
                                ---------------------------------------
                                   2007           2006          2005
                                -----------    ----------    ----------
                              (Consolidated)   (Combined)    (Combined)

 Investment income:
 Loan interest, fee and dividend
  income:
   Non-Control / Non-Affiliate
    investments                 $ 6,258,670    $4,488,831    $4,125,584
   Affiliate investments          1,808,664       638,318       459,810
   Control investments            1,323,876       293,532        39,850
                                -----------    ----------    ----------
 Total loan interest, fee and
  dividend income                 9,391,210     5,420,681     4,625,244

 Paid-in-kind interest income:
  Non-Control / Non-Affiliate
   investments                      871,184       815,408       962,121
  Affiliate investments             225,622        40,208       243,663
  Control investments               424,308       166,690        23,642
                                -----------    ----------    ----------
 Total paid-in-kind interest
  income                          1,521,114     1,022,306     1,229,426

 Interest income from cash and
  cash equivalent investments     1,823,519       279,817       108,493
                                -----------    ----------    ----------
 Total investment income         12,735,843     6,722,804     5,963,163
                                -----------    ----------    ----------

 Expenses:
  Interest expense                2,073,311     1,833,458     1,543,378
  Amortization of deferred
   financing fees                   112,660        99,920        89,970
  Management fees                   232,423     1,589,070     1,573,602
  General and administrative
   expenses                       3,894,240       115,040        57,991
                                -----------    ----------    ----------
 Total expenses                   6,312,634     3,637,488     3,264,941
                                -----------    ----------    ----------
 Net investment income            6,423,209     3,085,316     2,698,222

 Net realized gain (loss) on
  investments - Non Control /
  Non-Affiliate                    (759,634)    6,026,948    (3,500,000)
 Net realized gain on
  investment - Affiliate            141,014            --            --
 Net unrealized appreciation
  (depreciation) of
  investments                     3,061,107      (414,924)    3,975,000
                                -----------    ----------    ----------
 Total net gain on investments
  before income taxes             2,442,487     5,612,024       475,000
 Income tax expense                  52,598            --            --
 Net increase in net assets
  resulting from operations     $ 8,813,098    $8,697,340    $3,173,222
                                ===========    ==========    ==========


 Net investment income per
  share - basic and diluted     $      0.95           N/A           N/A
                                ===========
 Net increase in net assets
  resulting from operations
  per share - basic and diluted $      1.31           N/A           N/A
                                ===========
 Dividends declared per common
  share                         $      0.98           N/A           N/A
                                ===========
 Weighted average number of
  shares outstanding - basic
  and diluted                     6,728,733           N/A           N/A
                                ===========
 Allocation of net increase
  (decrease) in net assets
  resulting from operations to:
   General partner                      N/A    $1,739,386    $  634,644
                                               ==========    ==========
   Limited partners                     N/A    $6,957,954    $2,538,578
                                               ==========    ==========


                     Triangle Capital Corporation
                       Statements of Cash Flows

                                        Years Ended December 31,
                              ----------------------------------------
                                  2007          2006          2005
                              ------------  ------------  ------------
                             (Consolidated)  (Combined)    (Combined)

 Cash flows from operating
  activities:
   Net increase in net
    assets resulting from
    operations                $  8,813,098  $  8,697,340  $  3,173,222
   Adjustments to reconcile
    net increase in net
    assets resulting from
    operations to net cash
    used in operating
    activities:
     Purchases of portfolio
      investments              (64,159,172)  (21,458,478)  (29,125,000)
     Repayments received/
      sales of portfolio
      investments               10,470,803     9,965,446    12,202,510
     Loan origination and
      other fees received        1,272,002       607,794     1,083,600
     Net realized (gain) loss
      on investments               618,620    (6,026,948)    3,500,000
     Net unrealized
      (appreciation)
      depreciation on
      investments               (4,821,366)      414,923    (3,975,000)
     Deferred income taxes       1,760,259            --            --
     Paid-in-kind interest
      accrued, net of payments
      received                  (1,280,950)     (578,724)       47,748
     Amortization of deferred
      financing fees               112,660        99,920        89,970
     Recognition of loan
      origination and other
      fees                        (677,615)     (435,492)   (1,018,965)
     Accretion of loan
      discounts                   (205,725)     (169,036)      (93,272)
     Depreciation                    7,814            --            --
     Changes in operating
      assets and liabilities:
       Interest and fees
        receivable                (170,340)      (85,236)       48,859
       Prepaid expenses and
        other current assets       (47,477)           --            --
       Accounts payable and
        accrued liabilities        349,239       781,757        13,226
       Interest payable             92,439        40,228       335,696
       Income taxes payable         52,598            --            --
       Payable to Triangle
        Capital Partners, LLC      (30,000)       30,000            --
                              ------------  ------------  ------------
 Net cash used in operating
  activities                   (47,843,113)   (8,116,506)  (13,717,406)
                              ------------  ------------  ------------
 Cash flows from investing
  activities:
   Purchases of property and
    equipment                      (41,980)           --            --
                              ------------  ------------  ------------
 Net cash used in investing
  activities                       (41,980)           --            --
                              ------------  ------------  ------------
 Cash flows from financing
  activities:
   Borrowings under SBA
    guaranteed debentures
    payable                      5,210,000            --    14,100,000
  Financing fees paid             (126,342)           --      (352,500)
  Issuance of common stock              --         1,500            --
  Proceeds from initial
   public offering, net of
   expenses                     64,728,037            --            --
  Change in deferred offering
   costs                         1,020,646    (1,020,646)           --
  Partners' capital
   contributions                        --    10,625,000     3,187,500
  Cash dividends paid           (2,964,387)           --            --
  Distribution to partners        (751,613)   (5,000,010)           --
                              ------------  ------------  ------------
 Net cash provided by
  financing activities          67,116,341     4,605,844    16,935,000
                              ------------  ------------  ------------
 Net increase (decrease) in
  cash and cash equivalents     19,231,248    (3,510,662)    3,217,594
 Cash and cash equivalents,
  beginning of year              2,556,502     6,067,164     2,849,570
                              ------------  ------------  ------------
 Cash and cash equivalents,
  end of year                 $ 21,787,750  $  2,556,502  $  6,067,164
                              ============  ============  ============
 Supplemental Disclosure of
  cash flow information:
   Cash paid for interest     $  1,980,872  $  1,793,230  $  1,208,000
                              ============  ============  ============
 Summary of non-cash
  financing transactions:
   Dividends declared but
    not paid                  $  2,041,159            --            --
     Accrued distribution to
      partners                          --  $    531,566            --

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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