Triangle Capital's income rises
11/06/2013 4:52 PM
11/06/2013 4:53 PM
Raleigh investment firm Triangle Capital reported a 6 percent increase in net investment income in the third quarter.
Net investment income totaled $16.8 million, or 61 cents per share, versus $15.9 million, or 58 cents per share, a year ago.
Triangle Capital makes loans to mid-sized, privately held businesses and also takes a minority ownership stake in those businesses.
During the quarter Triangle Capital invested a total of $75.2 million in five new businesses.
Triangle Capital had $160 million in cash as of Sept. 30. It also has the ability to borrow an additional $185 million for further investments.
Investors also focus on Triangle Capital’s dividend, which rose 3.8 percent to 54 cents per share in the third quarter.
Triangle Capital issued its quarterly results Wednesday after the markets closed. Earlier in the day, its shares fell 48 cents to close at $28.98. Its shares have risen 14 percent this year.
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