Triangle Capital plans ‘special cash distributions’

Posted by David Ranii on February 12, 2014 

Thriving investment firm Triangle Capital is handing out the equivalent of a cash bonus to its shareholders.

The Raleigh-based company announced Wednesday that it would issue two “special cash distributions” of 15 cents per share each to shareholders in March and June.

“It’s great for Triangle to start a new calendar year by distributing meaningful long-term capital gains to our shareholders,” said Steven Lilly, chief financial officer.

Through the first three quarters of last year, Triangle Capital generated $6.3 million in long-term capital gains by selling ownership stakes in companies it invested in.

The payouts unveiled Wednesday are on top of the company’s quarterly dividends, which Triangle Capital has paid for 28 consecutive quarters since going public in February 2007 and which have been steadily increasing. Last year, the company’s dividends totaled $2.16 per share, up 6.9 percent from 2012.

Triangle Capital also paid distributions to shareholders – above and beyond dividends – in different ways in 2009, 2012 and 2013.

At the end of the third quarter, the company had $160 million in cash.

Triangle Capital makes loans to midsize, privately owned businesses that range between $5 million and $30 million; it also takes a minority ownership stake in its portfolio companies. Its current investment portfolio of nearly $650 million includes about 80 companies.

Under the company’s dividend reinvestment plan, dividends and cash distributions paid to shareholders are automatically reinvested in Triangle Capital stock unless the shareholder has elected to receive cash.

Triangle Capital shares closed Wednesday at $27.94, up 44 cents. Its 52-week high is $30.28.

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