Business

Triangle Capital’s earnings rise 8 percent

Raleigh investment firm Triangle Capital’s net investment income rose 8 percent in the fourth quarter.

Triangle Capital reported after the markets closed Wednesday that net investment income for the quarter was $17.1 million, or 42 cents per share, up from $15.8 million a year ago.

New investments during the quarter totaled $155 million. The company’s investment portfolio is valued at $1.04 billion.

The company ended the year with $107.1 million in cash and $173 million in borrowing capacity under its $300 million senior credit facility. In addition, in January the Small Business Administration approved its application for a third Small Business Investment Company license, enabling it to borrow up to $100 million at favorable rates.

Triangle Capital typically makes loans ranging from $5 million to $35 million in companies with annual revenue between $20 million and $200 million. It also takes a minority ownership stake in the companies in its portfolio.

For all of 2016, Triangle Capital realized net investment income of $58.9 million, or $1.62 per share, down from $71.6 million in 2015.

Triangle Capital shares closed Tuesday at $20.13, up 15 cents.

  Comments