FOR IMMEDIATE RELEASE
March 10, 2010


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 Fourth Quarter and Full Year 2009 Results

RALEIGH, N.C., Mar 10, 2010 (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 results for the fourth quarter of 2009 and the full year of 2009.

In commenting on the Company's results, Garland S. Tucker, III, President and Chief Executive Officer, stated, "Considering the difficult operating environment many companies faced during 2009, I could not be more pleased with our team and our investment portfolio's performance during the year. We grew our net investment income by 32% and we increased our distributions to stockholders by 16%. While we don't yet believe the broader economy is fully on the road to recovery, we are encouraged by the positive signs we are seeing as we move into 2010."

Fourth Quarter 2009 Results

Total investment income during the fourth quarter of 2009 was $7.6 million, compared to total investment income of $6.6 million for the fourth quarter of 2008, representing an increase of approximately 14.8%. The Company's increase in investment income is primarily attributable a $0.8 million increase in total loan interest, fee, dividend and paid-in-kind interest income due to a net increase in portfolio investments.

Net investment income during the fourth quarter of 2009 was $4.0 million, compared to net investment income of $3.0 million for the fourth quarter of 2008, representing an increase of approximately 36.9%. Net investment income per share during the fourth quarter of 2009 was $0.39 based on weighted average shares outstanding during the quarter of 10.3 million, compared to $0.43 per share during the fourth quarter of 2008.

The Company's net increase in net assets resulting from operations was $8.3 million during the fourth quarter of 2009, as compared to $1.5 million during the fourth quarter of 2008. The Company's net increase in net assets resulting from operations was $0.80 per share during the fourth quarter of 2009, based on weighted average shares outstanding during the quarter of 10.3 million, as compared to $0.22 per share during the fourth quarter of 2008.

Full Year 2009 Results

For the year ended December 31, 2009, total investment income was $27.8 million, compared to total investment income of $21.4 million for the year ended December 31, 2008, representing an increase of 30.0%. Total investment income in 2009 consisted of $27.1 million of loan interest, fee, dividend income and PIK interest income and $0.6 million of interest income from cash on hand. Total investment income in 2008 consisted of $21.1 million of loan interest, fee, dividend income and PIK interest income and $0.3 million of interest income from cash on hand. During 2009, the Company's total investment income was primarily impacted by new investments funded during the year which totaled approximately $48.5 million.

Net investment income for 2009 was $14.0 million, compared to net investment income of $10.6 million during 2008, representing an increase of 32.3%. Net investment income per share during 2009 was $1.63, based on the Company's weighted average shares outstanding during the year of 8.6 million, compared to $1.54 per share during 2008.

For the year ended December 31, 2009, Triangle recorded a net realized gain on investments of $0.4 million and net unrealized depreciation of investments, net of income taxes, in the amount of $10.3 million. As a result of these events, the Company's net increase in net assets resulting from operations during the year ended December 31, 2009 was $4.0 million as compared to $7.6 million for the year ended December 31, 2008. The Company's net increase in net assets resulting from operations was $0.47 per share during 2009, based on the Company's weighted average shares outstanding during the year of 8.6 million, compared to $1.11 per share in 2008.

The Company's net asset value per share at December 31, 2009, was $11.03, based on total shares outstanding at December 31, 2009 of 11.7 million, as compared to the Company's net asset value per share at December 31, 2008 of $13.22. As of December 31, 2009, the Company's weighted average yield on all of its outstanding debt investments was approximately 14.7%, compared to 14.4% at December 31, 2008.

Dividends and distributions per share for the year ending December 31, 2009, totaled $1.67 compared to dividends and distributions of $1.44 during 2008, representing an increase of 16%.

Liquidity and Capital Resources

At December 31, 2009, the Company had cash and cash equivalents totaling $55.2 million and available SBA debentures of $28.1 million equating to approximately $83.3 million of liquidity. Commenting on the Company's liquidity position, Steven C. Lilly, Chief Financial Officer, stated, "Due to our investment portfolio's positive performance and our ability to raise approximately $20 million of additional equity capital during the fourth quarter of 2009, Triangle enters 2010 with significant flexibility from an operational standpoint."

As of December 31, 2009, the Company had issued non-callable, 10-year, fixed rate Small Business Administration ("SBA") guaranteed debentures totaling $121.9 million. In addition, the Company has applied for a second SBIC license, which, if approved by the SBA, would allow the Company to issue up to an additional $75.0 million in SBA-guaranteed debentures.

During the fourth quarter of 2009, the Company closed an underwritten public offering of 1.8 million shares of common stock with net proceeds of approximately $20.2 million.

Dividend and Distribution Information

As previously announced on December 1, 2009, Triangle's Board of Directors declared a cash dividend of $0.41 per share with a record date of December 22, 2009, and a payable date of January 5, 2010. This was the Company's twelfth consecutive quarterly dividend since its initial public offering in February, 2007.

Portfolio Investments

During the year ended December 31, 2009, the Company made seven new investments totaling $43.0 million, additional debt investments in three existing portfolio companies totaling $4.1 million, and five additional equity investments in existing portfolio companies of approximately $1.4 million. The Company also sold two investments in portfolio companies for approximately $1.9 million, resulting in realized gains totaling $1.8 million and recognized realized losses related to restructurings of two portfolio companies totaling $1.3 million. The Company had four portfolio company loans repaid at par in the amount of $13.2 million. In addition, normal principal repayments, partial loan prepayments and payment in kind interest repayments totaled approximately $9.2 million for the year ended December 31, 2009.

Previously announced investment transactions during the fourth quarter of 2009 are summarized as follows:

On November 10, 2009, Triangle made an $8.0 million debt investment with warrants in a leading physician management company that provides contracted outsourced anesthesiology services to hospitals and medical centers in the Midwest.

On November 25, 2009, the Company made a $7.0 million subordinated debt investment in CRS Reprocessing Services, LLC ("CRS") as part of a $12.0 million committed debt facility which, under certain circumstances, may be expanded to $16.0 million. Triangle funded $3.0 million at closing. An additional $4.0 million from Triangle is expected to be funded in tranches over the next several months. CRS, headquartered in Louisville, Kentucky, is a global provider of on-site fluid reprocessing services for the solar power and semiconductor industries as well as aluminum cold rolling operations.

On December 24, 2009, Triangle made an $8.0 million subordinated debt investment in ZoomSystems, Inc. ("ZoomSystems"). ZoomSystems partners with leading brands to implement networks of fully automated retail kiosks in high-traffic locations such as airports, shopping centers, supermarkets and retail stores.

Annual Meeting of Stockholders

The 2010 Annual Meeting of Stockholders of Triangle Capital Corporation will be held at The Woman's Club of Raleigh, 3300 Woman's Club Drive, Raleigh, NC 27612 on Wednesday, May 5, 2010, at 8:30 a.m. (Eastern Time) for stockholders of record as of the close of business on March 1, 2010.

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 $3.0 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.

Forward Looking Statements

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 and some of these uncertanties are enumerated in Triangle's filings with the Securities and Exchange Commission. 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


                                                 December 31,

                                             2009            2008
                                        --------------  --------------

  Assets
  Investments at fair value:
  Non--Control / Non--Affiliate
   investments (cost of $143,239,223
  and $138,413,589 at December 31,
   2009 and 2008, respectively)         $ 138,281,894   $ 135,712,877
  Affiliate investments (cost of
   $47,934,280 and $30,484,491 at
  December 31, 2009 and 2008,
   respectively)                            45,735,905      33,894,556
  Control investments (cost of
   $18,767,587 and $11,253,458 at
  December 31, 2009 and 2008,
   respectively)                            17,300,171      12,497,858
                                        --------------  --------------
  Total investments at fair value          201,317,970     182,105,291
  Cash and cash equivalents                 55,200,421      27,193,287
  Interest and fees receivable                 676,961         679,828
  Prepaid expenses and other current
   assets                                      286,790          95,325
  Deferred financing fees                    3,540,492       3,545,410

  Property and equipment, net                   28,666          48,020
                                        --------------  --------------

  Total assets                           $ 261,051,300   $ 213,667,161
                                        ==============  ==============

  Liabilities and Net Assets
  Accounts payable and accrued
   liabilities                             $ 2,222,177     $ 1,608,909
  Interest payable                           2,333,952       1,881,761
  Dividends payable                          4,774,534       2,766,945
  Taxes payable                                 59,178          30,436
  Deferred revenue                              75,000              --
  Deferred income taxes                        577,267         843,947

  SBA guaranteed debentures payable        121,910,000     115,110,000
                                        --------------  --------------
  Total liabilities                        131,952,108     122,241,998

  Net assets:
     Common stock, $0.001 par value
      per share (150,000,000 shares
      authorized,
     11,702,511 and 6,917,363 shares
      issued and outstanding as of
     December 31, 2009 and 2008,
      respectively)                             11,703           6,917
     Additional paid-in-capital            136,769,259      87,836,786
     Investment income in excess of
      distributions                          1,070,452       2,115,157
     Accumulated realized gains on
      investments                              448,164         356,495
     Net unrealized appreciation
      (depreciation) of investments        (9,200,386)       1,109,808
                                        --------------  --------------

  Total net assets                         129,099,192      91,425,163
                                        --------------  --------------

  Total liabilities and net assets       $ 261,051,300   $ 213,667,161
                                        ==============  ==============


  Net asset value per share                    $ 11.03         $ 13.22
                                        ==============  ==============

                      Triangle Capital Corporation


                  Consolidated Statements of Operations


                                                                 Years Ended December 31,

                                                       2009                 2008                2007
                                                -------------------  ------------------  ------------------

  Investment income:
  Loan interest, fee and dividend income:
    Non--Control / Non--Affiliate investments          $ 16,489,943        $ 12,381,411         $ 6,258,670
    Affiliate investments                                 4,441,399           3,478,644           1,808,664

    Control investments                                   1,142,764           1,434,687           1,323,876
                                                -------------------  ------------------  ------------------
  Total loan interest, fee and dividend income           22,074,106          17,294,742           9,391,210

  Paid--in--kind interest income:
    Non--Control / Non--Affiliate investments             3,114,325           2,657,281             871,184
    Affiliate investments                                 1,539,776             665,817             225,622

    Control investments                                     420,718             438,688             424,308
                                                -------------------  ------------------  ------------------
  Total paid--in--kind interest income                    5,074,819           3,761,786           1,521,114


  Interest income from cash and cash
   equivalent investments                                   613,057             302,970           1,823,519
                                                -------------------  ------------------  ------------------

  Total investment income                                27,761,982          21,359,498          12,735,843
                                                -------------------  ------------------  ------------------

  Expenses:
    Interest expense                                      6,900,591           4,227,851           2,073,311
    Amortization of deferred financing fees                 363,818             255,273             112,660
    Management fees                                              --                  --             232,423

    General and administrative expenses                   6,448,999           6,254,096           3,894,240
                                                -------------------  ------------------  ------------------

  Total expenses                                         13,713,408          10,737,220           6,312,634
                                                -------------------  ------------------  ------------------
  Net investment income                                  14,048,574          10,622,278           6,423,209

  Net realized gain (loss) on investments --
   Non Control / Non--Affiliate                             448,164         (1,393,139)           (759,634)
  Net realized gain on investment -- Affiliate                   --                  --             141,014
  Net realized gain on investment -- Control                     --           2,828,747                  --

  Net unrealized appreciation (depreciation)
   of investments                                      (10,310,194)         (4,286,375)           3,061,107
                                                -------------------  ------------------  ------------------
  Total net gain (loss) on investments before
   income taxes                                         (9,862,030)         (2,850,767)           2,442,487

  Provision for taxes                                       149,841             133,010              52,598
                                                -------------------  ------------------  ------------------

  Net increase in net assets resulting from
   operations                                           $ 4,036,703         $ 7,638,501         $ 8,813,098
                                                ===================  ==================  ==================



  Net investment income per share -- basic and
   diluted                                                   $ 1.63              $ 1.54              $ 0.95
                                                ===================  ==================  ==================

  Net increase in net assets resulting from
   operations per share -- basic and diluted                 $ 0.47              $ 1.11             $  1.31
                                                ===================  ==================  ==================

  Dividends declared per common share                        $ 1.62              $ 1.44              $ 0.98
                                                ===================  ==================  ==================

  Capital gains distributions declared per
   common share                                              $ 0.05                  --                  --
                                                ===================  ==================  ==================

  Weighted average number of shares
   outstanding -- basic and diluted                       8,593,143           6,877,669           6,728,733
                                                ===================  ==================  ==================

                      Triangle Capital Corporation


                  Consolidated Statements of Cash Flows



                                                              Years Ended December 31,

                                                        2009             2008           2007
                                                   ---------------  -------------  -------------


  Cash flows from operating activities:
   Net increase in net assets resulting from
    operations                                         $ 4,036,703    $ 7,638,501    $ 8,813,098
   Adjustments to reconcile net increase in
    net assets resulting from operations to
    net cash used in operating activities:
    Purchases of portfolio investments                (48,475,570)   (93,054,022)   (64,159,172)
    Repayments received/sales of portfolio
     investments                                        21,431,698     20,968,397     10,470,803
    Loan origination and other fees received               952,500      1,686,996      1,272,002
    Net realized (gain) loss on investments              (448,164)    (1,435,608)        618,620
    Net unrealized (appreciation) depreciation
     on investments                                     10,576,873      3,516,855    (4,821,366)
    Deferred income taxes                                (266,680)        769,519      1,760,259
    Paid--in--kind interest accrued, net of
     payments received                                 (2,165,015)    (1,783,288)    (1,280,950)
    Amortization of deferred financing fees                363,818        255,273        112,660
    Recognition of loan origination and other
     fees                                                (663,506)      (515,289)      (677,615)
    Accretion of loan discounts                          (421,495)      (169,548)      (205,725)
    Depreciation                                            22,548         16,681          7,814
    Stock-based compensation                               701,601        275,311             --
    Changes in operating assets and
     liabilities:
     Interest and fees receivable                            2,867      (374,669)      (170,340)
     Prepaid expenses and other current assets           (191,465)       (47,848)       (47,477)
     Accounts payable and accrued liabilities              688,268        464,687        349,239
     Interest payable                                      452,191      1,183,026         92,439
     Taxes payable                                          28,742       (22,162)         52,598

     Payable to Triangle Capital Partners, LLC                  --             --       (30,000)
                                                   ---------------  -------------  -------------

  Net cash used in operating activities               (13,374,086)   (60,627,188)   (47,843,113)
                                                   ---------------  -------------  -------------

  Cash flows from investing activities:

    Purchases of property and equipment                    (3,194)       (30,535)       (41,980)
                                                   ---------------  -------------  -------------

  Net cash used in investing activities                    (3,194)       (30,535)       (41,980)
                                                   ---------------  -------------  -------------

  Cash flows from financing activities:
   Borrowings under SBA guaranteed debentures
    payable                                              6,800,000     78,100,000      5,210,000
   Financing fees paid                                   (358,900)    (2,801,524)      (126,342)
   Proceeds from public offerings, net of
    expenses                                            47,332,682             --     64,728,037
   Change in deferred offering costs                            --             --      1,020,646
   Common stock withheld for payroll taxes
    upon vesting of restricted stock                      (66,900)             --             --
   Cash dividends/distributions paid                  (12,322,468)    (9,235,216)    (2,964,387)

   Distribution to partners                                     --             --      (751,613)
                                                   ---------------  -------------  -------------

  Net cash provided by financing activities             41,384,414     66,063,260     67,116,341
                                                   ---------------  -------------  -------------
  Net increase (decrease) in cash and cash
   equivalents                                          28,007,134      5,405,537     19,231,248

  Cash and cash equivalents, beginning of year          27,193,287     21,787,750      2,556,502
                                                   ---------------  -------------  -------------

  Cash and cash equivalents, end of year              $ 55,200,421   $ 27,193,287   $ 21,787,750
                                                   ===============  =============  =============

  Supplemental Disclosure of cash flow
   information:

   Cash paid for interest                              $ 6,448,400    $ 3,044,825    $ 1,980,872
                                                   ===============  =============  =============

  Summary of non-cash financing transactions:
   Dividends declared but not paid                     $ 4,774,534    $ 2,766,945    $ 2,041,159

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

SOURCE: Triangle Capital Corporation

CONTACT:  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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