FOR IMMEDIATE RELEASE
August 05, 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 Second Quarter 2008 Results and New Investments Totaling $41.9 Million

RALEIGH, N.C., Aug 5, 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 second quarter of 2008.

"The recent tightness in the credit markets has been favorable to Triangle allowing us to structure several attractive new investments," commented Garland S. Tucker, III, President and CEO of Triangle. "The significant deployments of capital we made during the quarter coupled with steady portfolio performance helped generate a 32.9% increase in net investment income as compared to the first quarter of 2008," Tucker continued.

Second Quarter 2008 Results

Total investment income during the second quarter of 2008 was $5.0 million, compared to total investment income of $3.3 million for the second quarter of 2007, representing an increase of 52.7%. The Company's increase in investment income is primarily attributable to a $1.8 million increase in total loan interest, fee and dividend income and a $0.5 million increase in total paid-in-kind interest income due to a net increase in portfolio investments from June 30, 2007, to June 30, 2008.

Net investment income during the second quarter of 2008 was $2.5 million, compared to net investment income of $1.6 million for the second quarter of 2007, representing an increase of 54.6%. Net investment income per share during the second quarter of 2008 was $0.37 compared to $0.25 during the second quarter of 2007.

The Company's net increase in net assets resulting from operations was $2.8 million during the second quarter of 2008, as compared to $2.2 million during the second quarter of 2007. The Company's net increase in net assets resulting from operations was $0.41 per share during the second quarter of 2008 as compared to $0.33 per share during the second quarter of 2007.

The Company's net asset value per share at June 30, 2008, was $13.73 as compared to the Company's net asset value per share at June 30, 2007, of $13.75. As of June 30, 2008, the Company's weighted average yield on all of its outstanding debt investments was approximately 14.0%.

Dividend Information

On July 21, 2008, Triangle announced that its board of directors had declared a cash dividend of $0.35 per share. This is the Company's sixth consecutive quarterly dividend since its initial public offering in February, 2007, and reflects a 34.6% increase over the same quarter in 2007. The dividend will be payable as follows:



   Record Date:   August 14, 2008
   Payment Date:  September 4, 2008

Commenting on the dividend, Steven C. Lilly, Chief Financial Officer, stated, "Triangle's dividend continues to pace well ahead of our original expectations. With over $41 million of new investments completed in the second quarter, we are optimistic about the prospect of additional dividend growth during the second half of 2008."

Triangle has adopted a dividend reinvestment plan ("DRIP") that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend, stockholders 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.

Quarterly Portfolio Investments

During the second quarter of 2008 as previously announced, the Company made investments totaling $41.9 million consisting of $40.5 million in subordinated debt and $1.4 million in convertible debt. Also during the second quarter, Triangle received a $3.8 million loan repayment of a subordinated debt investment.

New investments and repayments since March 31, 2008, are summarized as follows:

On April 17, 2008, the Company received a principal repayment of a subordinated debt investment in Flint Acquisition Corporation ("Flint") of $3.8 million. Triangle received a prepayment fee, and continues to own $1.3 million of equity in Flint at fair value as of June 30, 2008.

On April 25, 2008, the Company invested $9.4 million in Jenkins Restoration, Inc. ("Jenkins") consisting of $8.0 million in subordinated debt and $1.4 million in convertible debt. Jenkins, headquartered in Sterling, Virginia, is a provider of insurance restoration services, focusing on reconstruction and repair of damage to residential and commercial buildings caused by fire, wind, storm, vandalism, or burglary.

On April 29, 2008, the Company made an $8.0 million subordinated debt investment in American De-Rosa Lamparts, LLC ("ADL"). ADL, headquartered in Commerce, California, markets a wide variety of lighting products, including fixtures, bulbs, electrical components, glass, and hardware to maintenance and repair organizations, lighting wholesalers, retailers, and original equipment manufacturers.

On April 30, 2008, Triangle invested $13.0 million in subordinated debt in Yellowstone Landscape Group, Inc. ("Yellowstone"). Yellowstone, headquartered in Dallas, Texas, is a full-service lawn care provider focused primarily on the commercial market with services including lawn and landscape maintenance, construction/installation, irrigation, turf management, and tree care throughout Texas and the Southeast.

On June 2, 2008, The Company invested $8.0 million in subordinated debt in Inland Pipe Rehabilitation Holding Company ("Inland Pipe"). Triangle also received a warrant to purchase up to 2.5% of Inland Pipe's membership interests. Inland Pipe provides maintenance, inspection, and repair for piping, sewers, drains, and storm lines by utilizing several of the industry's leading technologies including pipe bursting, cured-in-place-pipe, and spiral-wound piping.

On June 12, 2008, Triangle closed a $3.5 million subordinated debt and warrant investment in Wholesale Floors, Inc. ("Wholesale Floors"). Wholesale Floors, headquartered near Phoenix, Arizona, provides commercial flooring design and installation services for institutional and corporate clients and is the largest full-service flooring contractor in the state of Arizona.

Important Disclosures Relating to Financial Statement Presentation

Certain financial data for prior periods, including data for the six months ended June 30, 2007, 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 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.

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 stockholders.

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
                      Consolidated Balance Sheets

                                             June 30,     December 31,
                                               2008           2007
                                          ------------    ------------
                                           (Unaudited)

 Assets
 Investments at fair value:
 Non-Control / Non-Affiliate
  investments (cost of $115,624,742
  and $66,129,119 at June 30, 2008
  and December 31, 2007,
  respectively)                           $114,911,243    $ 68,388,014
 Affiliate investments (cost of
  $30,085,414 and $24,023,264 at
  June 30, 2008 and December 31,
  2007, respectively)                       32,661,279      24,576,462
 Control investments (cost of
  $13,388,794 and $15,727,418 at June
  30, 2008 and December 31, 2007,
  respectively)                             18,411,040      20,071,764
                                          ------------    ------------
 Total investments at fair value           165,983,562     113,036,240
 Cash and cash equivalents                  18,706,661      21,787,750
 Interest and fees receivable                  459,990         305,159
 Prepaid expenses and other current
  assets                                       160,989          47,477
 Deferred financing fees                     2,716,415         999,159
 Property and equipment, net                    39,911          34,166
                                          ------------    ------------
 Total assets                             $188,067,528    $136,209,951
                                          ============    ============

 Liabilities
 Accounts payable and accrued
  liabilities                             $    737,742    $  1,144,222
 Interest payable                            1,084,994         698,735
 Dividends payable                                  --       2,041,159
 Income taxes payable                               --          52,598
 Deferred revenue                                   --          30,625
 Deferred income taxes                       2,128,499       1,760,259
 SBA guaranteed debentures payable          89,110,000      37,010,000
                                          ------------    ------------
 Total liabilities                          93,061,235      42,737,598

 Net Assets
 Common stock, $0.001 par value per
  share (150,000,000 shares
  authorized, 6,917,363 and 6,803,863
  shares issued and outstanding as
  of June 30, 2008 and December 31,
  2007, respectively)                            6,917           6,804
 Additional paid-in capital                 87,013,500      86,949,189
 Investment income in excess of
  distributions                              3,848,381       1,738,797
 Accumulated realized losses on
  investments                                 (618,620)       (618,620)
 Net unrealized appreciation of
  investments                                4,756,115       5,396,183
                                          ------------    ------------
 Total net assets                           95,006,293      93,472,353
                                          ------------    ------------

 Total liabilities and net assets         $188,067,528    $136,209,951
                                          ============    ============

 Net asset value per share                $      13.73    $      13.74
                                          ============    ============


                    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,
                    2008           2007          2008          2007
               (Consolidated) (Consolidated)(Consolidated) (Combined)
                ------------------------------------------------------

 Investment
  income:
 Loan
  interest,
  fee and
  dividend
  income:
  Non-Control /
   Non-
    Affiliate
    invest-
    ments         $2,797,958     $1,349,014     $4,719,727  $2,504,636
  Affiliate
   investments       886,815        519,000      1,635,581     793,614
  Control
   investments       391,761        408,023        879,195     483,741
                ------------------------------------------------------
 Total loan
  interest, fee
  and dividend
  income           4,076,534      2,276,037      7,234,503   3,781,991

 Paid-in-kind
  interest
  income:
  Non-Control /
  Non-Affiliate
  investments        572,169        202,009        868,805     376,805
  Affiliate
   investments       170,962         66,292        313,514      95,542
  Control
   investments       130,912        108,365        260,307     151,313
                ------------------------------------------------------
 Total
  paid-in-kind
  interest
  income             874,043        376,666      1,442,626     623,660

 Interest
  income
  from cash
  and cash
  equivalent
  investments         69,514        634,521        206,946     993,689
                ------------------------------------------------------
 Total
  investment
  income           5,020,091      3,287,224      8,884,075   5,399,340
                ------------------------------------------------------

 Expenses:
  Interest
   expense           898,995        521,026      1,460,810   1,020,717
  Amortization
   of
   deferred
   financing
   fees               56,028         28,108         96,169      55,216
  Management
   fees                   --             --             --     232,423
  General and
   administra-
   tive
   expenses        1,522,626      1,094,092      2,870,959   1,642,256
                ------------------------------------------------------
 Total
  expenses         2,477,649      1,643,226      4,427,938   2,950,612
                ------------------------------------------------------
 Net
  investment
  income           2,542,442      1,643,998      4,456,137   2,448,728

  Net realized
   loss on
   investment -
   Non
    Control /
   Non-
    Affiliate             --             --             --  (1,464,224)
  Net
   unrealized
   appreciation
   (deprecia-
   tion) of
   investments       381,815        586,086       (640,068)  2,311,415
                ------------------------------------------------------

 Total net
  gain (loss)
  on
  investments
  before
  income taxes       381,815        586,086       (640,068)    847,191

 Income tax
  expense             75,750             --        202,171          --
                ------------------------------------------------------

 Net increase
  in net
  assets
  resulting
  from
  operations      $2,848,507     $2,230,084     $3,613,898  $3,295,919
                ======================================================


 Net investment
  income per
  share -
  basic and
  diluted         $     0.37     $     0.25     $     0.65  $     0.37
                ======================================================
 Net increase
  in net
  assets
  resulting
  from
  operations
  per share -
  basic and
  diluted         $     0.41     $     0.33     $     0.53  $     0.49
                ======================================================
 Weighted
  average
  number of
  shares
  outstanding
  - basic
  and diluted      6,871,215      6,687,773      6,837,539   6,687,269
                ======================================================


                     TRIANGLE CAPITAL CORPORATION
                  Unaudited Statements of Cash Flows

                                            Six Months      Six Months
                                               Ended          Ended
                                              June 30,       June 30,
                                                2008           2007
                                           (Consolidated)   (Combined)
                                            --------------------------
 Cash flows from operating
  activities:
  Net increase in net assets
   resulting from operations                $ 3,613,898    $ 3,295,919
  Adjustments to reconcile
   net increase in net assets
   resulting from operations to
   net cash provided by (used in)
   operating activities:
   Purchases of portfolio
    investments                             (57,312,359)   (29,413,602)
   Repayments received/sales of
    portfolio investments                     4,620,159      1,534,111
   Loan origination and other fees
    received                                  1,091,996        642,125
   Net realized loss on investments                  --      1,464,224
   Net unrealized depreciation
    (appreciation) of investments               271,828     (2,311,415)
   Deferred income taxes                        368,240             --
   Paid-in-kind interest accrued,
    net of payments received                 (1,389,162)      (498,684)
   Amortization of deferred
    financing fees                               96,169         55,216
   Recognition of loan origination
    and other fees                             (210,778)      (243,975)
   Accretion of loan discounts                  (49,631)      (106,248)
   Depreciation expense                           6,813          2,064
   Stock-based compensation                      64,424             --
   Changes in operating assets and
    liabilities:
     Interest and fees receivable              (154,831)         5,612
     Prepaid expenses and other
      current assets                           (113,512)       (50,637)
     Accounts payable and accrued
      liabilities                              (406,480)      (324,523)
     Interest payable                           386,259         71,570
     Income taxes payable                       (52,598)            --
     Receivable from / payable to
  Triangle Capital Partners, LLC                     --        (48,687)
                                            --------------------------
 Net cash provided by (used in)
  operating activities                      (49,169,565)   (25,926,930)
                                            --------------------------

 Cash flows from investing
  activities:
  Purchases of property and
   equipment                                    (12,558)       (23,561)
                                            --------------------------
 Net cash used in investing
  activities                                    (12,558)       (23,561)
                                            --------------------------

 Cash flows from financing activities:
  Borrowings under SBA guaranteed
   debentures payable                        52,100,000      4,000,000
  Financing fees paid                        (1,813,425)       (97,000)
  Proceeds from initial public
   offering, net of expenses                         --     64,728,037
  Change in deferred offering costs                  --      1,020,646
  Cash dividends paid                        (4,185,541)      (358,049)
  Tax distribution to partners                       --       (751,613)
                                            --------------------------
 Net cash provided by financing
  activities                                 46,101,034     68,542,021
                                            --------------------------
 Net increase (decrease) in cash
  and cash equivalents                       (3,081,089)    42,591,530
 Cash and cash equivalents,
  beginning of period                        21,787,750      2,556,502
                                            --------------------------
 Cash and cash equivalents, end
  of period                                 $18,706,661    $45,148,032
                                            ==========================

 Supplemental disclosure of
  cash flow information:
    Cash paid for interest                  $ 1,074,552    $   949,148
                                            ==========================

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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