FOR IMMEDIATE RELEASE
November 06, 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


3700 Glenwood Avenue, Suite 530
Raleigh, NC 27612
Tel (919) 719-4770
Fax (919) 719-4777

www.TCAP.com

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Triangle Capital Corporation Reports Record Third Quarter 2008 Results

RALEIGH, N.C., Nov 6, 2008 (GlobeNewswire 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 financial results for the third quarter of 2008.

Commenting on the quarter, Garland S. Tucker, III, President and CEO of Triangle, stated, "In the current market environment, risk adjusted returns for subordinated debt and equity investments are very attractive as well established, credit worthy companies seek capital to execute their business plans. As we begin to look toward 2009, we believe the operational landscape for Triangle could continue to be very favorable."

Third Quarter 2008 Results

Total investment income during the third quarter of 2008 was $5.9 million, compared to total investment income of $3.6 million for the third quarter of 2007, representing an increase of 63.3%. The Company's increase in investment income is primarily attributable to $73.6 million in new portfolio investments made during 2008 which resulted in an increase in total loan interest, fee, dividend and paid-in-kind income in the amount of $2.7 million.

Net investment income during the third quarter of 2008 was $3.2 million, compared to net investment income of $2.0 million for the third quarter of 2007, representing an increase of 61.2%. Net investment income per share during the third quarter of 2008 was $0.46 compared to $0.30 during the third quarter of 2007. The Company's third quarter net investment income was positively impacted by approximately $0.3 million, or $0.04 per share, due to favorable floating interest rates on a portion of the Company's Small Business Administration debentures which have now been converted into ten year non-callable, fixed rate debentures. Excluding the positive impact of these favorable floating interest rates, the Company's net investment income for the third quarter of 2008 would have been $2.9 million, or $0.42 per share, representing an increase of 40.0% over the prior year.

The Company's net increase in net assets resulting from operations was $2.5 million during the third quarter of 2008, as compared to $3.4 million during the third quarter of 2007. The Company's net increase in net assets resulting from operations was $0.36 per share during the third quarter of 2008 as compared to $0.50 per share during the third quarter of 2007.

The Company's net asset value per share at September 30, 2008, was $13.76 as compared to the Company's net asset value per share at September 30, 2007, of $13.99 and the Company's net asset value per share at June 30, 2008, of $13.73. As of September 30, 2008, the Company's weighted average yield on all of its outstanding debt investments was approximately 14.2%.

Liquidity and Capital Resources

At September 30, 2008, the Company had cash and cash equivalents totaling $15.9 million. The Company also had access to debentures guaranteed by the Small Business Administration ("SBA") totaling $37.5 million.

"As of the date of this earnings release, Triangle is fortunate to have sufficient cash on its balance sheet, without giving any credit to potential future earnings, to meet all of its obligations, including its current quarterly dividend rate of $0.38 per share, well into 2010. We believe this financial stability is one of our greatest strengths, especially in light of the liquidity challenges many companies currently face," commented Steven C. Lilly, Chief Financial Officer of Triangle.

Dividend Information

On October 9, 2008, Triangle announced that its board of directors had declared a cash dividend of $0.38 per share. This is the Company's seventh consecutive quarterly dividend since its initial public offering in February, 2007, and reflects a 40.7% increase over the same quarter in 2007. The dividend will be payable as follows:



  Record Date:  October 30, 2008
  Payment Date: November 20, 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.

Recent Portfolio Activity

During the third quarter of 2008, the Company made investments totaling $16.2 million consisting of $13.0 million in subordinated debt and $3.2 million in equity. Also during the third quarter, Triangle received loan repayments of subordinated debt investments totaling $4.6 million. Subsequent to quarter end, the company made two subordinated debt investments totaling $17.7 million, and one equity investment of $0.8 million, and received a repayment of a subordinated debt investment of $5.2 million. New investments and repayments since June 30, 2008, are summarized as follows:

On August 19, 2008, the Company's loan to Eastern Shore Ambulance ("ESA") of $1.0 million was repaid in full. Triangle received a prepayment fee in connection with the transaction. ESA, headquartered in the Tidewater region of Virginia, provides non-emergency inter-facility transport services on a pre-scheduled basis to patients requiring medical care. ESA maintains a fleet of vehicles that includes ambulances, medical taxis and wheelchair vans.

On August 29, 2008, Triangle invested $12.2 million in Emerald Waste Services, LLC ("EWS") consisting of $9.0 million in subordinated debt, $3.0 million in preferred equity, and $0.2 million in common equity. The Company also received a warrant to purchase up to 3.5% of Emerald's membership interests. EWS, headquartered in Freeport, Florida, is the largest independent provider of non-hazardous municipal waste management services in Florida, Alabama, and the Mississippi Gulf Coast region. EWS owns and operates ten landfill sites and runs a fleet of over 250 trucks which provide waste collection services to more than 145,000 customers in commercial, residential and construction markets.

On September 15, 2008, the Company made a $4.0 million subordinated debt investment in a large, well established, national producer of consumer mailings for clients in the insurance, travel, retail, and financial services sectors.

In September, 2008, the Company received principal repayments of its subordinated debt investment in American Paper Optics ("APO") totaling $1.8 million. Triangle also received a prepayment fee in connection with the transaction. Triangle maintains a $2.5 million subordinated debt investment in APO. APO is the world's largest manufacturer of paper 3-D eyewear for movies, television, websites, theme park attractions, laser light shows, and fireworks displays.

In September, 2008, Triangle received principal repayments of its subordinated debt investment in Fischbein, LLC ("Fischbein") totaling $1.9 million. The Company also received a prepayment fee in connection with the transaction. Triangle maintains a $7.0 million subordinated debt investment. Fischbein is a global manufacturer of flexible packaging and materials handling equipment.

On October 1, 2008, the Company's investment in CV Holdings, LLC ("CV") of approximately $5.2 million was repaid in full in conjunction with a recapitalization. Concurrent with the repayment, the Company made a $10.7 million subordinated debt investment in CV. CV, headquartered in Amsterdam, NY, designs, develops, manufactures and markets customized, application specific, high performance, injection molded, plastic products. From its origins as an injection molder, the Company has developed into a leading supplier of proprietary packaging solutions holding over 250 domestic and international patents.

On October 31, 2008, Triangle invested $7.8 million in Novolyte Technologies LP ("Novolyte") consisting of $7.0 million in subordinated debt and $0.8 million in equity. Novolyte is a leading manufacturer of electrolytes used in the manufacture of lithium ion batteries, as well as high performance intermediates for other key end products.

Important Disclosures Relating to Financial Statement Presentation

Certain financial data for prior periods, including data for the nine months ended September 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 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.

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 $20.0 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 has elected 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

                                         Sept. 30,         Dec. 31,
                                           2008              2007
                                       ------------------------------
                                        (Unaudited)
 Assets
 Investments at fair value:
 Non-Control / Non-Affiliate
  investments (cost of $129,405,482
  and $66,129,119 at September 30,
  2008 and December 31, 2007,
  respectively)                        $ 126,979,495    $  68,388,014
 Affiliate investments (cost of
  $30,283,922 and $24,023,264 at
  September 30, 2008 and December 31,
  2007, respectively)                     33,725,587       24,576,462
 Control investments (cost of
  $11,636,897 and $15,727,418 at
  September 30, 2008 and December
  31, 2007, respectively)                 17,058,874       20,071,764
                                       ------------------------------
 Total investments at fair value         177,763,956      113,036,240
 Cash and cash equivalents                15,931,088       21,787,750
 Interest and fees receivable                268,488          305,159
 Prepaid expenses and other
  current assets                             113,367           47,477
 Deferred financing fees                   3,106,419          999,159
 Property and equipment, net                  48,086           34,166
                                       ------------------------------
 Total assets                          $ 197,231,404    $ 136,209,951
                                       ==============================

 Liabilities
 Accounts payable and
  accrued liabilities                  $   1,116,926    $   1,144,222
 Interest payable                            266,973          698,735
 Dividends payable                                --        2,041,159
 Income taxes payable                             --           52,598
 Deferred revenue                             50,000           30,625
 Short-term borrowings                     5,100,000               --
 Deferred income taxes                     2,418,178        1,760,259
 SBA guaranteed debentures payable        93,110,000       37,010,000
                                       ------------------------------
 Total liabilities                       102,062,077       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 September 30, 2008
  and December 31, 2007, respectively)         6,917            6,804
 Additional paid-in capital               87,121,265       86,949,189
 Investment income in excess
  of distributions                         4,589,197        1,738,797
 Accumulated realized losses
  on investments                            (567,531)        (618,620)
 Net unrealized appreciation
  of investments                           4,019,479        5,396,183
                                       ------------------------------
 Total net assets                         95,169,327       93,472,353
                                       ------------------------------

 Total liabilities and net assets      $ 197,231,404    $ 136,209,951
                                       ==============================

 Net asset value per share             $       13.76    $       13.74
                                       ==============================



                     TRIANGLE CAPITAL CORPORATION
                  Unaudited Statements of Operations

                        Three Months Ended        Nine Months Ended
                      Sept. 30,    Sept. 30,    Sept. 30,    Sept. 30,
                        2008         2007         2008         2007
                   (Consolidated)(Consolidated)(Consolidated)(Combined)
                   ---------------------------------------------------

 Investment income:
 Loan interest,
  fee and
  dividend income:
  Non-Control /
   Non-Affiliate
   investments       $3,447,176   $1,728,682   $8,166,903   $4,233,318
  Affiliate
   investments          936,965      574,964    2,572,546    1,368,578
  Control
   investments          315,408      361,395    1,194,603      845,136
                     -------------------------------------------------
 Total loan interest,
  fee and dividend
  income              4,699,549    2,665,041   11,934,052    6,447,032

 Paid-in-kind
  interest income:
  Non-Control /
   Non-Affiliate
   investments          840,543      213,850    1,709,348      590,655
  Affiliate
   investments          175,491       63,556      489,005      159,098
  Control
   investments           96,393      143,188      356,700      294,501
                     -------------------------------------------------
 Total paid-in-kind
  interest income     1,112,427      420,594    2,555,053    1,044,254

 Interest income from
  cash and cash
  equivalent
  investments            57,661      508,652      264,607    1,502,341
                     -------------------------------------------------
 Total investment
  income              5,869,637    3,594,287   14,753,712    8,993,627
                     -------------------------------------------------

 Expenses:
  Interest expense    1,125,469      525,081    2,586,279    1,545,798
  Amortization of
   deferred
   financing fees        64,596       28,515      160,765       83,731
  Management fees            --           --           --      232,423
  General and
   administrative
   expenses           1,467,866    1,048,690    4,338,825    2,690,946
                     -------------------------------------------------
 Total expenses       2,657,931    1,602,286    7,085,869    4,552,898
                     -------------------------------------------------
 Net investment
  income              3,211,706    1,992,001    7,667,843    4,440,729

 Net realized gain
  (loss) on
  investment - Non
  Control /
  Non-Affiliate          51,089           --       51,089   (1,464,224)
 Net realized gain on
  investment -
  Affiliate                  --      141,014           --      141,014
 Net unrealized
  appreciation
  (depreciation) of
  investments          (736,636)   1,233,666   (1,376,704)   3,545,081
                     -------------------------------------------------
 Total net gain (loss)
  on investments
  before income taxes  (685,547)   1,374,680   (1,325,615)   2,221,871

 Income tax expense      49,813           --      251,984           --
                     -------------------------------------------------
 Net increase in net
  assets resulting
  from operations    $2,476,346   $3,366,681   $6,090,244   $6,662,600
                     =================================================

 Net investment
  income per
  share - basic
  and diluted        $     0.46   $     0.30   $     1.12   $     0.66
                     =================================================
 Net increase in net
  assets resulting
  from operations per
  share - basic and
  diluted            $     0.36   $     0.50   $     0.89   $     0.99
                     =================================================
 Dividends declared
  per common share   $     0.35   $     0.26   $     0.66   $     0.41
                     =================================================
 Weighted average
  number of shares
  outstanding - basic
  and diluted         6,917,363    6,735,177    6,864,341    6,703,414
                     =================================================


                     TRIANGLE CAPITAL CORPORATION
                  Unaudited Statements of Cash Flows

                                        Nine Months       Nine Months
                                          Ended             Ended
                                         Sept. 30,         Sept. 30,
                                           2008              2007
                                       (Consolidated)     (Combined)
                                       ------------------------------


 Cash flows from operating activities:
  Net increase in net assets resulting
   from operations                      $  6,090,244     $  6,662,600
  Adjustments to reconcile net
   increase in net assets resulting
   from operations to net cash
   provided by (used in) operating
   activities:
   Purchases of portfolio
    investments                          (73,645,254)     (42,534,975)
   Repayments received/sales of
    portfolio investments                  9,060,478        4,878,207
   Loan origination and other
    fees received                          1,401,996          894,904
   Net realized loss (gain)
    on investments                           (51,089)       1,323,210
   Net unrealized depreciation
    (appreciation) of investments            718,784       (3,545,081)
   Deferred income taxes                     657,919               --
   Paid-in-kind interest accrued, net
    of payments received                  (1,788,984)        (845,033)
   Amortization of deferred
    financing fees                           160,765           83,731
   Recognition of loan origination
    and other fees                          (309,140)        (543,466)
   Accretion of loan discounts               (95,132)        (158,751)
   Depreciation expense                       11,110            4,605
   Stock-based compensation                  172,189               --
   Changes in operating assets
    and liabilities:
    Interest and fees receivable              36,671         (170,012)
    Prepaid expenses and other
     current assets                          (65,890)         (30,382)
    Accounts payable and accrued
     liabilities                             (27,296)         (54,683)
    Interest payable                        (431,762)        (435,074)
    Income taxes payable                     (52,598)              --
    Receivable from / payable to
     Triangle Capital Partners, LLC               --          (30,000)
                                       ------------------------------
 Net cash provided by (used in)
  operating activities                   (58,156,989)     (34,500,200)
                                       ------------------------------

 Cash flows from investing activities:
  Purchases of property and
    equipment                                (25,030)         (39,306)
                                       ------------------------------
  Net cash used in investing
   activities                                (25,030)         (39,306)
                                       ------------------------------

 Cash flows from financing activities:
  Borrowings under SBA guaranteed
   debentures payable                     56,100,000        4,000,000
  Short-term borrowings                    5,100,000               --
  Financing fees paid                     (2,268,025)         (97,000)
  Proceeds from initial public
   offering, net of expenses                      --       64,728,037
  Change in deferred offering costs               --        1,020,646
  Cash dividends paid                     (6,606,618)      (1,127,342)
  Tax distribution to partners                    --         (751,613)
                                       ------------------------------
 Net cash provided by financing
  activities                              52,325,357       67,772,728
                                       ------------------------------
 Net increase (decrease) in cash and
  cash equivalents                        (5,856,662)      33,233,222
 Cash and cash equivalents, beginning
  of period                               21,787,750        2,556,502
                                       ------------------------------
 Cash and cash equivalents, end
  of period                             $ 15,931,088     $ 35,789,724
                                       ==============================

 Supplemental disclosure of cash
  flow information:
    Cash paid for interest              $  3,018,042     $  1,980,873
                                       ==============================

This news release was distributed by GlobeNewswire, www.globenewswire.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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