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.
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.