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.