FOR IMMEDIATE RELEASE
August 05, 2009


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


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 Second Quarter 2009 Results

RALEIGH, N.C., Aug 5, 2009 (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 second quarter of 2009.

Commenting on the quarter, Garland S. Tucker, III, President and CEO, stated, "Given the economic challenges that have persisted for much of the last year, we are very pleased with our financial results during the second quarter. As the economy continues to stabilize, we anticipate that there will be significant opportunities to make very good long term investments in companies operating in the lower middle market."

Second Quarter 2009 Results

Total investment income during the second quarter of 2009 was $6.6 million, compared to total investment income of $5.0 million for the second quarter of 2008, representing an increase of 31.0%. The Company's increase in investment income is primarily attributable to new portfolio investments made during 2008 and 2009 which resulted in an increase in total loan interest, fee, dividend and paid-in-kind income of approximately $1.5 million.

Net investment income during the second quarter of 2009 was $3.2 million, compared to net investment income of $2.5 million for the second quarter of 2008, representing an increase of 27.8%. Net investment income per share during the second quarter of 2009 was $0.41 compared to $0.37 during the second quarter of 2008.

The Company's net decrease in net assets resulting from operations was $2.9 million during the second quarter of 2009, as compared to a net increase in net assets resulting from operations of $2.8 million during the second quarter of 2008. The Company's net decrease in net assets resulting from operations was $0.36 per share during the second quarter of 2009 as compared to a net increase in net assets resulting from operations of $0.41 per share during the second quarter of 2008.

The Company's net asset value per share at June 30, 2009, was $11.31 as compared to $12.46 per share at March 31, 2009. As of June 30, 2009, the Company's weighted average yield on all of its outstanding debt investments was approximately 14.3%.

Liquidity and Capital Resources

At June 30, 2009, the Company had cash and cash equivalents totaling $35.9 million. On April 27, 2009, Triangle received net proceeds from the public offering of 1,200,000 shares of its common stock totaling approximately $11.7 million. Additionally, in connection with the exercise of an 80,000 share overallotment option, the Company received net proceeds of approximately $800,000 on May 27, 2009.

As of June 30, 2009, the Company had non-callable, 10-year, fixed rate Small Business Administration ("SBA") guaranteed debentures totaling $115.1 million. The Company has the ability to issue additional SBA-guaranteed debentures of $34.9 million under its existing SBIC license. In addition, the Company has initiated the process to apply for a second SBIC license, which would allow the Company to issue up to an additional $75.0 million in SBA-guaranteed debentures.

Dividend Information

On June 18, 2009, Triangle announced that its board of directors had declared a cash dividend of $0.40 per share. This was the Company's tenth consecutive quarterly dividend since its initial public offering in February, 2007, and reflected a 14.3% increase over the same quarter in 2008. The dividend was payable as follows:



                Record Date:   July 9, 2009
                Payment Date:  July 23, 2009

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

The Company made no new investments during the second quarter of 2009 and made one subordinated debt investment of $7.5 million subsequent to quarter end. During the three months ended June 30, 2009, Triangle exited one investment and recapitalized an existing investment. Significant transactions during the quarter are summarized as follows:

On June 1, 2009, Triangle recognized a gain of approximately $1.8 million, or approximately $0.22 per share, in connection with the sale of its warrant position in APO Newco, LLC ("APO"). Triangle's original investment in APO on April 2, 2007, was comprised of $4.25 million in subordinated debt with warrants. APO previously repaid Triangle's subordinated debt investment in full. The total investment yielded an internal rate of return of approximately 37.4%. APO is a niche provider of commercial and consumer marketing products based in Bartlett, Tennessee.

Triangle's investment in Assurance Operations Corporation ("Assurance") was recapitalized on June 11, 2009. Assurance repaid $1.0 million of Triangle's $4.0 million outstanding debt investment in exchange for a note in the principal amount of approximately $2.0 million. Triangle realized a $0.9 million loss as a result of the transaction. Triangle continues to own an equity stake in Assurance of approximately $0.3 million. Assurance, based in Lawrenceburg, Tennessee, designs and fabricates custom racking products for the automotive industry, and provides light to medium duty stamping for a variety of industries.

Subsequent to quarter end, on July 30, 2009, Triangle made a $7.5 million subordinated debt investment in Frozen Specialties, Inc. ("FSI"). FSI is a leading manufacturer of private label frozen pizzas and pizza bites, sold primarily through the retail grocery channel.

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 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
                      Consolidated Balance Sheets

                                          June 30,        December 31,
                                            2009             2008
                                        ------------------------------
                                         (Unaudited)
 Assets
 Investments at fair value:
 Non-Control / Non-Affiliate
  investments (cost of
  $143,054,257 and $138,413,589 at
  June 30, 2009 and December 31,
  2008, respectively)                   $ 132,456,893      135,712,877
 Affiliate investments (cost of
  $30,912,348 and $30,484,491 at
  June 30, 2009 and December 31,
  2008, respectively)                      33,012,463       33,894,556
 Control investments (cost of
  $11,429,721 and $11,253,458 at
  June 30, 2009 and December 31,
  2008, respectively)                      11,025,921       12,497,858
                                        ------------------------------
 Total investments at fair value          176,495,277      182,105,291
 Cash and cash equivalents                 35,918,700       27,193,287
 Interest and fees receivable                 520,411          679,828
 Prepaid expenses and other
  current assets                              226,845           95,325
 Deferred financing fees                    3,367,100        3,545,410
 Property and equipment, net                   36,879           48,020
                                        ------------------------------
 Total assets                           $ 216,565,212    $ 213,667,161
                                        ==============================

 Liabilities
 Accounts payable and
  accrued liabilities                   $   1,023,659    $   1,608,909
 Interest payable                           2,242,908        1,881,761
 Deferred revenue                              37,500               --
 Dividends payable                          3,333,177        2,766,945
 Taxes payable                                 24,899           30,436
 Deferred income taxes                        512,707          843,947
 SBA guaranteed debentures payable        115,110,000      115,110,000
                                        ------------------------------
 Total liabilities                        122,284,850      122,241,998

 Net Assets
 Common stock, $0.001 par value per
  share (150,000,000 shares
  authorized, 8,332,942 and
  6,917,363 shares issued and
  outstanding as of June 30, 2009 and
  December 31, 2008, respectively)              8,333            6,917
 Additional paid-in capital               100,628,226       87,836,786
 Investment income in excess
  of distributions                          2,205,265        2,115,157
 Accumulated realized gains
  on investments                              852,293          356,495
 Net unrealized appreciation
  (depreciation) of investments            (9,413,755)       1,109,808
                                        ------------------------------
 Total net assets                          94,280,362       91,425,163
                                        ------------------------------

 Total liabilities and net assets       $ 216,565,212    $ 213,667,161
                                        ==============================

 Net asset value per share              $       11.31    $       13.22
                                        ==============================



                     TRIANGLE CAPITAL CORPORATION
            Unaudited Consolidated Statements of Operations

                Three Months  Three Months   Six Months    Six Months
                    Ended         Ended         Ended        Ended
                   June 30,      June 30,      June 30,     June 30,
                    2009          2008          2009          2008
                ------------------------------------------------------

 Investment
  income:
 Loan interest,
  fee and
  dividend
  income:
   Non-Control/
    Non-
    Affiliate
    investments $  4,210,128  $  2,797,958  $  8,401,748  $  4,719,727
   Affiliate
    investments      909,035       886,815     1,840,871     1,635,581
   Control
    investments      243,021       391,761       480,978       879,195
                ------------------------------------------------------
 Total loan
  interest, fee
  and dividend
  income           5,362,184     4,076,534    10,723,597     7,234,503

 Paid-in-kind
  interest
  income:
   Non-Control/
    Non-
    Affiliate
    investments      790,578       572,169     1,610,520       868,805
   Affiliate
    investments      203,775       170,962       378,036       313,514
   Control
    investments       82,955       130,912       164,078       260,307
                ------------------------------------------------------
 Total
  paid-in-kind
  interest
  income           1,077,308       874,043     2,152,634     1,442,626

 Interest
  income
  from cash
  and
  cash
  equivalent
  investments        136,911        69,514       204,672       206,946
                ------------------------------------------------------
 Total
  investment
  income           6,576,403     5,020,091    13,080,903     8,884,075
                ------------------------------------------------------

 Expenses:
   Interest
    expense        1,730,575       898,995     3,387,566     1,460,810
   Amortization
    of deferred
    financing
    fees              87,649        56,028       178,310        96,169
   General and
    admini-
    strative
    expenses       1,508,882     1,522,626     3,228,148     2,870,959
                ------------------------------------------------------
 Total expenses    3,327,106     2,477,649     6,794,024     4,427,938
                ------------------------------------------------------
 Net investment
  income           3,249,297     2,542,442     6,286,879     4,456,137

  Net realized
   gains on
   investments-
   Non-Control/
   Non-Affiliate     848,164            --       848,164            --

  Net
   unrealized
   appreciation
   (depreciation)
   of
   investments    (6,918,419)      381,815   (10,523,563)     (640,068)
                ------------------------------------------------------
 Total net gain
  (loss) on
  investments
  before income
  taxes           (6,070,255)      381,815    (9,675,399)     (640,068)
 Income tax
  expense             30,899        75,750        46,694       202,171
                ------------------------------------------------------
 Net increase
  (decrease) in
  net assets
  resulting
  from
  operations    $ (2,851,857) $  2,848,507  $ (3,435,214) $  3,613,898
                ======================================================


 Net investment
  income per
  share - basic
  and diluted   $       0.41  $       0.37  $       0.84  $       0.65
                ======================================================
 Net increase
  (decrease) in
  net assets
  resulting
  from
  operations
  per
  share - basic
  and diluted   $      (0.36) $       0.41  $      (0.46) $       0.53
                ======================================================
 Dividends
  declared per
  common share  $       0.40  $       0.31  $       0.80  $       0.31
                ======================================================
 Distributions
  of capital
  gains
  declared
  per common
  share         $         --  $         --  $       0.05  $         --
                ======================================================
 Weighted
  average
  number of
  shares
  outstanding -
  basic and
  diluted          7,924,772     6,871,215     7,463,653     6,837,539
                ======================================================




                     TRIANGLE CAPITAL CORPORATION
            Unaudited Consolidated Statements of Cash Flows

                                          Six Months      Six Months
                                             Ended           Ended
                                            June 30,        June 30,
                                             2009            2008
                                         ----------------------------
 Cash flows from operating activities:
  Net increase (decrease) in net
   assets resulting from operations      $ (3,435,214)   $  3,613,898
  Adjustments to reconcile net
   increase (decrease) in net assets
   resulting from operations to net
   cash provided by (used in)
    operating activities:
     Purchases of portfolio
      investments                          (9,193,735)    (57,312,359)
     Repayments received/sales of
      portfolio investments                 6,791,961       4,620,159
     Loan origination and other
      fees received                           175,000       1,091,996
     Net realized gain on investments        (848,164)             --
     Net unrealized depreciation
      of investments                       10,854,802         271,828
     Deferred income taxes                   (331,240)        368,240
     Paid-in-kind interest accrued,
      net of payments received             (1,655,206)     (1,389,162)
     Amortization of deferred
      financing fees                          178,310          96,169
     Recognition of loan origination
      and other fees                         (310,902)       (210,778)
     Accretion of loan discounts             (203,742)        (49,631)
     Depreciation expense                      11,141           6,813
     Stock-based compensation                 323,295          64,424
     Changes in operating assets
      and liabilities:
       Interest and fees receivable           159,417        (154,831)
       Prepaid expenses                      (131,520)       (113,512)
       Accounts payable and
        accrued liabilities                  (585,250)       (406,480)
       Interest payable                       361,147         386,259
       Deferred revenue                        37,500              --
       Taxes payable                           (5,537)        (52,598)
                                         ----------------------------
 Net cash provided by (used in)
  operating activities                      2,192,063     (49,169,565)
                                         ----------------------------

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

 Cash flows from financing activities:
  Borrowings under SBA guaranteed
   debentures payable                              --      52,100,000
  Financing fees paid                              --      (1,813,425)
  Proceeds from common stock offering,
   net of expenses                         12,536,461              --
  Common stock withheld for payroll
   taxes upon vesting of
   restricted stock                           (66,900)             --
  Cash dividends paid                      (5,583,845)     (4,185,541)
  Cash distributions paid                    (352,366)             --
                                         ----------------------------
 Net cash provided by
  financing activities                      6,533,350      46,101,034
                                         ----------------------------
 Net increase (decrease) in cash and
  cash equivalents                          8,725,413      (3,081,089)
 Cash and cash equivalents,
  beginning of period                      27,193,287      21,787,750
                                         ----------------------------
 Cash and cash equivalents,
  end of period                          $ 35,918,700    $ 18,706,661
                                         ============================

 Supplemental disclosure of cash
  flow information:
    Cash paid for interest               $  3,026,419    $  1,074,552
                                         ============================

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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