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Author: factoids Three stars, 500 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 828  
Subject: TCAP Rpts NII of $0.55 vs. Div of $0.42 Date: 8/6/2011 11:26 AM
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TCAP Reports NII of $0.5505/share compared to a Div of $0.42/quarter Globe Newswire 8-03
     Triangle Capital Corporation reported for Q2-11 Net Investment Income of $10.224 million [$0.5505/share]. Of Total Investment Income of $16.414 million, PIK interest was $2.490 million and non-recurring fee income was approximately $2.2 million. With total investment income of $16.414 million on a portfolio of $409.400 million - the quarterly yield was 4.01% and the annualized yield [quarterly yield times 4] was 16.04%. The Net Increase in Net Assets Resulting from Operations was $14.545 million [$0.7832/share]. TCAP's net asset value per share was $13.79 compared with $13.42 at the end of Q1-11.
     For the first half of 2011 TCAP's weighted average yield on all of its debt investments was approximately 15.1% and the weighted average yield on total investments - excluding nonaccruals - was 14.0%; and including non-accruals was 13.5%. TCAP held 89% of its portfolio [$365.764 million] in subordinated debt and 2nd Lien notes, 2% [$7.995 million] in senior debt, 7% [$29.247 million] in equity, 2% [$7.490 million] in warrants and less than 1% [$0.874 million in royalty rights. TCAP had investments in 57 portfolio companies [up from 48 at the end of 2010].
     With Long-term debt ['SBA guaranteed debentures payable'] of $224.150 million and Shares outstanding of 18.625 million, the long term Debt/share was $12.03 and the Debt/NAV ratio was 87.24%. TCAP had non-accrual assets at fair value of $7.3 million and they were 1.8% of the portfolio. At cost, they were $14.0 million of non-accruals or 3.4% of the total portfolio. Non-accruals included investments in Gerli, Fire Sprinklet Systems, De-Rosa Lamparts and FCL Graphics [same as last quarter].
. For the first half of 2011 TCAP's ratio of total expenses to average net assets [of $229.875 million] was 9%. The ratio of net investment income to average net assets [annualized] was 16%. The Portfolio turnover ratio was 13%. TCAP's debt investments generally have a term of between three and seven years and typically bear interest at fixed rates between 12.0% and 17.0% per annum.

TCAP has a current dividend of $0.44/share
Total Investment Income $16.414 million [divided by 18.571 million average shares = $0.8838/share]
Interest Expenses = - $2.541 million [- $0.1368/share]
Total Investment Expenses = - $6.190 million [- $0.3333/share]
Net Investment Income = $10.224 million [$0.5505/share]
Realized gain (loss) on investments = $12.981 million [$0.6990/share]
Realized Earnings = $23.205 million [$1.2495/share]
Unrealized gain (loss) on investments = - $8.659 million [- $0.4663/share]
Tax benefit (provision) = $0.000 million [$0.0000/share]
Net Increase in Net Assets Resulting from Operations = $14.545 million [$0.7832/share]
Investments at fair value = $409.400 million
Cash and cash equivalents = $ 68.242 million
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