Raleigh investment firm Triangle Capital posted better-than-expected results in the fourth quarter.
Triangle Capital reported after the markets closed Wednesday that it generated $19.2 million in net investment income in the fourth quarter, up 6 percent from a year ago. That amounted to 58 cents per share, two cents per share better than anticipated by analysts who were polled by Bloomberg News.
CEO Ashton Poole told analysts during a conference call Thursday that he was pleased that in all of 2015 Triangle Capital generated a 5.8 percent total return for investors, compared to a 1.4 percent total return for the S&P 500 and a 4 percent decline for the BDC, or business development company, industry as a whole.
Federally regulated BDCs are federally regulated investment companies that are required to distribute at least 90 percent of their taxable income to shareholders.
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Poole was promoted from president and chief operating officer to CEO earlier this month. He succeeded Triangle Capital co-founder Garland S. Tucker III, who retired.
At the end of the fourth quarter, Triangle’s investment portfolio totaled $977.3 million. The company makes loans to privately held businesses with positive cash flow and revenue ranging from $20 million to $200 million. It also takes a minority ownership stake in its portfolio companies.
For all of 2015, Triangle capital reported net investment income of $121.3 million, up 16.1 percent.
Triangle Capital shares were trading at $17.93, up 22 cents, on Thursday. The company’s shares have fallen 6 percent this year.