TriCap sees investment income rise

STAFF WRITERMay 6, 2009 

Triangle Capital Corp.'s expanded investment portfolio enabled it to boost its net investment income in the first quarter to $6.5 million, up from $3.9 million a year ago.

Investments that the Raleigh company made in 2008 have generated $2.7 million so far this year in loan interest, fees, dividends and other income. Triangle Capital released its first-quarter results this afternoon after the markets closed.

Triangle Capital reportedly made a total of $9.2 million in investments in six companies in the first quarter.

The company makes loans to midsize, privately held businesses. It also takes a minority ownership stake in its portfolio companies.

Last month, the company received $11.9 million in net proceeds from a secondary stock offering.

"With approximately $31 million in cash on hand, we feel well prepared to continue providing our shareholders with a stable, recurring dividend yield," Steven Lilly, the company's chief financial officer, said in a statement.

Triangle Capital shares closed today at $10.16, up 2 cents. Its shares fetched more than $12 in January.

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