FOR IMMEDIATE RELEASE
August 04, 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 Second Quarter 2010 Results

RALEIGH, N.C., Aug 4, 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 financial results for the second quarter of 2010.

Commenting on the quarter, Garland S. Tucker, III, President and CEO, stated, "Investment activity increased significantly during the second quarter and we are pleased to report increases in both total investment income and net investment income during the quarter. Our portfolio produced net realized gains during the quarter, and perhaps even more important, as we look toward future quarters, our existing portfolio companies continue to demonstrate many positive signs of economic growth, including increased backlogs, inventory expansion, and revenue and cash flow growth."

Second Quarter 2010 Results

Total investment income during the second quarter of 2010 was $8.3 million, compared to total investment income of $6.6 million for the second quarter of 2009, representing an increase of 26.1%. The Company's increase in investment income is primarily attributable to new portfolio investments made during 2009 and 2010 which resulted in an increase in total loan interest, fee, dividend and paid-in-kind interest income of approximately $1.8 million.

Net investment income during the second quarter of 2010 was $4.6 million, compared to net investment income of $3.2 million for the second quarter of 2009, representing an increase of 40.3%. The Company's net investment income per share during the second quarter of 2010 was $0.38, based on a weighted average share count of 12,003,068, as compared to $0.41 during the second quarter of 2009, based on a weighted average share count of 7,924,772.

The Company's net increase in net assets resulting from operations was $6.9 million during the second quarter of 2010, as compared to a net decrease in net assets resulting from operations of $2.9 million during the second quarter of 2009. The Company's net increase in net assets resulting from operations was $0.57 per share during the second quarter of 2010 based on a weighted average share count of 12,003,068, as compared to a net decrease in net assets resulting from operations of $0.36 per share during the second quarter of 2009, based on a weighted average share count of 7,924,772.

The Company's net asset value per share at June 30, 2010, was $11.08 as compared to $10.87 per share at March 31, 2010. As of June 30, 2010, the Company's weighted average yield on its outstanding, currently yielding, debt investments was approximately 15.4%.

Liquidity and Capital Resources

At June 30, 2010, the Company had cash and cash equivalents totaling $44.9 million. Also, as of June 30, 2010, the Company had non-callable, 10-year, fixed rate Small Business Administration ("SBA") guaranteed debentures outstanding totaling $154.5 million.

Commenting on the Company's liquidity and capital resources, Steven C. Lilly, Chief Financial Officer, stated, "A core component of Triangle's operational strategy has been to signal financial strength to our shareholders by maintaining significant liquidity levels on an ongoing basis. Our second SBIC license, which was approved by the SBA during the second quarter, further enhances our liquidity position by providing Triangle with up to $75.0 million of additional growth capital."

Dividend Information

On June 1, 2010, Triangle announced that its board of directors had declared a cash dividend of $0.41 per share. This was the Company's fourteenth consecutive quarterly dividend since its initial public offering in February, 2007. The dividend was payable as follows:

Record Date: June 15, 2010 Payment Date: June 29, 2010

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 second quarter of 2010, Triangle made four new investments totaling approximately $32.0 million, five additional debt investments in existing portfolio companies totaling approximately $11.6 million and two additional equity investments in existing portfolio companies totaling approximately $0.5 million. Triangle sold one equity investment in a portfolio company resulting in a realized gain of approximately $3.5 million, and recognized a $3.0 million realized loss on the partial conversion of one debt investment to equity. In addition, Triangle had four portfolio company loans repaid at par totaling approximately $11.1 million during the second quarter of 2010. Significant new investments since March 31, 2010, are summarized as follows:

On April 19, 2010, the Company closed a $12.0 million investment in Media Temple, Inc. ("Media Temple") consisting of subordinated debt, convertible debt and warrants. Media Temple is an industry-leading, privately held, web hosting and virtualization service provider based in California that provides businesses worldwide with reliable, professional-class services to host websites, email, business applications, and other rich Internet content.

On May 21, 2010, Triangle closed a $5.5 million investment in Minco Technology Labs, LLC ("Minco"). The investment consisted of subordinated debt and equity and was made in partnership with a financial sponsor and Minco's management team. Headquartered in Austin, Texas, Minco is a processor, packager, and distributor of semi-conductors for use in military, space, industrial, and other high temperature, harsh environments.

On June 1, 2010, the Company closed a $5.0 million investment in Great Expressions Dental Centers ("GEDC") consisting of subordinated debt and equity. Established in 1982, GEDC is one of the fastest growing dental practice management companies in the U.S. with locations in Florida, Michigan, Georgia, Virginia, Massachusetts and Connecticut.

On June 4, 2010, Triangle closed a $9.5 million investment in Energy Solutions International ("Energy Solutions") consisting of subordinated debt and equity. Energy Solutions is a leading global supplier of pipeline management software for the oil and gas industry.

Subsequent to quarter end, on July 9, 2010, the Company closed a $5.5 million investment in Hatch Chile Co., LLC ("Hatch Chile") consisting of subordinated debt with warrants. Hatch Chile is a food products company that distributes branded, green chile based cooking sauces and related canned chile and tomato products for retail customers, primarily in the Southwestern United States.

Conference Call to Discuss Second Quarter 2010 Results

Triangle has scheduled a conference call to discuss second quarter results for Thursday, August 5, 2010, at 10:00 a.m. ET.

To listen to the call, please dial 877-312-5521 or 253-237-1143 approximately 10 minutes prior to the start of the call. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available until August 9, 2010. To access the replay, please dial 800-642-1687 or 706-645-9291 and enter the passcode 90127803.

Triangle's quarterly results conference call will also be available via a live webcast on the investor relations section of its website at http://ir.tcap.com/events.cfm. Access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the Company's website until November 30, 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 stockholders.

Forward Looking Statements

This press release may contain forward looking statements within the meaning of the federal securities laws. 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 uncertainties are enumerated in Triangle's filings with the Securities and Exchange Commission. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, each as filed with the Securities and Exchange Commission. Copies are available on the SEC's website at www.sec.gov. 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,
                                        2010          2009
                                    ------------  ------------
                                     (Unaudited)
  Assets
  Investments at fair value:
  Non--Control / Non--Affiliate
   investments (cost of
   $184,000,602 and $143,239,223
   at June 30, 2010 and December
   31, 2009, respectively)          $183,794,529  $138,281,894
  Affiliate investments (cost of
   $44,081,665 and $47,934,280 at
   June 30, 2010 and December 31,
   2009, respectively)                35,048,700    45,735,905
  Control investments (cost of
   $20,136,340 and $18,767,587 at
   June 30, 2010 and December 31,
   2009, respectively)                22,471,048    17,300,171
                                    ------------  ------------
  Total investments at fair value    241,314,277   201,317,970
  Cash and cash equivalents           44,885,473    55,200,421
  Interest and fees receivable         1,051,665       676,961
  Prepaid expenses and other
   current assets                        261,749       286,790
  Deferred financing fees              4,668,738     3,540,492

  Property and equipment, net             39,212        28,666
                                    ------------  ------------

  Total assets                      $292,221,114  $261,051,300
                                    ============  ============

  Liabilities
  Accounts payable and accrued
   liabilities                        $1,141,368    $2,222,177
  Interest payable                     2,433,873     2,333,952
  Dividends payable                           --     4,774,534
  Taxes payable                           52,348        59,178
  Deferred revenue                        37,500        75,000
  Deferred income taxes                  246,667       577,267
  SBA guaranteed debentures
   payable                           154,500,000   121,910,000
                                    ------------  ------------
  Total liabilities                  158,411,756   131,952,108

  Net Assets
  Common stock, $0.001 par value
   per share (150,000,000 shares
   authorized, 12,074,184 and
   11,702,511 shares issued and
   outstanding as of June 30, 2010
   and December 31, 2009,
   respectively)                          12,074        11,703
  Additional paid-in capital         140,279,496   136,769,259
  Investment income in excess of
   (less than) distributions           (487,035)     1,070,452
  Accumulated realized gains on
   investments                         1,155,817       448,164
  Net unrealized depreciation of
   investments                       (7,150,994)   (9,200,386)
                                    ------------  ------------

  Total net assets                   133,809,358   129,099,192
                                    ------------  ------------


  Total liabilities and net assets  $292,221,114  $261,051,300
                                    ============  ============


  Net asset value per share               $11.08        $11.03
                                    ============  ============

                                    TRIANGLE CAPITAL CORPORATION
                           Unaudited Consolidated Statements of Operations



                                               Three
                                               Months                    Six Months
                                               Ended      Three Months     Ended      Six Months
                                             June 30,        Ended       June 30,        Ended
                                               2010      June 30, 2009     2010      June 30, 2009
                                            -----------  -------------  -----------  -------------

  Investment income:
  Loan interest, fee and dividend income:
   Non--Control / Non--Affiliate
    investments                              $5,217,203     $4,210,128  $10,018,845     $8,401,748
   Affiliate investments                      1,078,074        909,035    2,108,670      1,840,871

   Control investments                          369,325        243,021      722,470        480,978
                                            -----------  -------------  -----------  -------------
  Total loan interest, fee and dividend
   income                                     6,664,602      5,362,184   12,849,985     10,723,597

  Payment--in--kind interest income:
   Non--Control / Non--Affiliate
    investments                               1,135,906        790,578    1,963,507      1,610,520
   Affiliate investments                        303,246        203,775      565,923        378,036

   Control investments                          133,909         82,955      259,857        164,078
                                            -----------  -------------  -----------  -------------
  Total payment--in--kind interest income     1,573,061      1,077,308    2,789,287      2,152,634

  Interest income from cash and cash
  equivalent investments                         56,484        136,911      139,782        204,672
                                            -----------  -------------  -----------  -------------

  Total investment income                     8,294,147      6,576,403   15,779,054     13,080,903
                                            -----------  -------------  -----------  -------------

  Expenses:
   Interest expense                           1,838,004      1,730,575    3,577,984      3,387,566
   Amortization of deferred financing fees       99,630         87,649      196,061        178,310

   General and administrative expenses        1,797,889      1,508,882    3,652,701      3,228,148
                                            -----------  -------------  -----------  -------------

  Total expenses                              3,735,523      3,327,106    7,426,746      6,794,024
                                            -----------  -------------  -----------  -------------
  Net investment income                       4,558,624      3,249,297    8,352,308      6,286,879

  Net realized gains (losses) on
   investments --
  Non-Control/Non-Affiliate                 (3,032,785)        848,164  (2,833,585)        848,164
  Realized gain on investment -- Affiliate    3,541,238             --    3,541,238             --
  Net unrealized appreciation
   (depreciation) of investments              1,840,049    (6,918,419)    2,049,392   (10,523,563)
                                            -----------  -------------  -----------  -------------
  Total net gain (loss) on investments
   before income taxes                        2,348,502    (6,070,255)    2,757,045    (9,675,399)

  Provision for taxes                            39,846         30,899       92,744         46,694
                                            -----------  -------------  -----------  -------------
  Net increase (decrease) in net assets
   resulting from operations                 $6,867,280  $ (2,851,857)  $11,016,609  $ (3,435,214)
                                            ===========  =============  ===========  =============

  Net investment income per share -- basic
   and diluted                                    $0.38          $0.41        $0.70          $0.84
                                            ===========  =============  ===========  =============
  Net increase (decrease) in net assets
  resulting from operations per share --
   basic and diluted                              $0.57       $ (0.36)        $0.92       $ (0.46)
                                            ===========  =============  ===========  =============

  Dividends declared per common share             $0.41          $0.40        $0.82          $0.80
                                            ===========  =============  ===========  =============
  Distributions of capital gains declared
   per common share                                $ --           $ --         $ --          $0.05
                                            ===========  =============  ===========  =============
  Weighted average number of
  shares outstanding -- basic and diluted    12,003,068      7,924,772   11,940,724      7,463,653
                                            ===========  =============  ===========  =============

                        TRIANGLE CAPITAL CORPORATION
               Unaudited Consolidated Statements of Cash Flows


                                                 Six Months    Six Months
                                                   Ended         Ended
                                                  June 30,      June 30,
                                                    2010          2009
                                                ------------  ------------

  Cash flows from operating activities:
   Net increase (decrease) in net assets
    resulting from operations                    $11,016,609  ($3,435,214)
   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          (58,216,292)   (9,193,735)
    Repayments received/sales of portfolio
     investments                                  21,702,621     6,791,961
    Loan origination and other fees received       1,157,860       175,000
    Net realized gain on investments               (707,653)     (848,164)
    Net unrealized depreciation (appreciation)
     of investments                              (1,718,790)    10,854,802
    Deferred income taxes                          (330,600)     (331,240)
    Payment--in--kind interest accrued, net of
     payments received                           (1,483,865)   (1,655,206)
    Amortization of deferred financing fees          196,061       178,310
    Accretion of loan origination and other
     fees                                          (418,082)     (310,902)
    Accretion of loan discounts                    (312,106)     (203,742)
    Depreciation expense                               9,609        11,141
    Stock-based compensation                         545,670       323,295
    Changes in operating assets and
     liabilities:
     Interest and fees receivable                  (374,704)       159,417
     Prepaid expenses                                 25,041     (131,520)
     Accounts payable and accrued liabilities    (1,080,809)     (585,250)
     Interest payable                                 99,921       361,147
     Deferred revenue                               (37,500)        37,500

     Taxes payable                                   (6,830)       (5,537)
                                                ------------  ------------
  Net cash provided by (used in) operating
   activities                                   (29,933,839)     2,192,063
                                                ------------  ------------

  Cash flows from investing activities:

   Purchases of property and equipment              (20,155)            --
                                                ------------  ------------

  Net cash used in investing activities             (20,155)            --
                                                ------------  ------------

  Cash flows from financing activities:
   Borrowings under SBA guaranteed debentures
    payable                                       32,590,000            --
   Financing fees paid                           (1,324,307)            --
   Proceeds from public stock offerings, net
    of expenses                                     (21,001)    12,536,461
   Common stock withheld for payroll taxes
    upon vesting of restricted stock               (234,912)      (66,900)
   Cash dividends paid                          (11,370,734)   (5,583,845)

   Cash distributions paid                                --     (352,366)
                                                ------------  ------------
  Net cash provided by (used in) financing
   activities                                     19,639,046     6,533,350
                                                ------------  ------------
  Net increase (decrease) in cash and cash
   equivalents                                  (10,314,948)     8,725,413
  Cash and cash equivalents, beginning of
   period                                         55,200,421    27,193,287
                                                ------------  ------------

  Cash and cash equivalents, end of period       $44,885,473   $35,918,700
                                                ============  ============

  Supplemental disclosure of cash flow
   information:

   Cash paid for interest                         $3,478,064    $3,026,419
                                                ============  ============

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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