Triangle Capital Corporation Reports Second Quarter 2008 Results and New Investments...

Triangle Capital Corporation Reports Second Quarter 2008 Results and New
Investments Totaling $41.9 Million

RALEIGH, N.C., Aug. 5, 2008 (PRIME NEWSWIRE) -- Triangle Capital Corporation
(Nasdaq:TCAP) ("Triangle" or the "Company"), a leading specialty finance company
that provides customized financing solutions to lower middle market companies
located throughout the United States, today announced its results for the second
quarter of 2008.

"The recent tightness in the credit markets has been favorable to Triangle
allowing us to structure several attractive new investments," commented Garland
S. Tucker, III, President and CEO of Triangle. "The significant deployments of
capital we made during the quarter coupled with steady portfolio performance
helped generate a 32.9% increase in net investment income as compared to the
first quarter of 2008," Tucker continued.

Second Quarter 2008 Results

Total investment income during the second quarter of 2008 was $5.0 million,
compared to total investment income of $3.3 million for the second quarter of
2007, representing an increase of 52.7%. The Company's increase in investment
income is primarily attributable to a $1.8 million increase in total loan
interest, fee and dividend income and a $0.5 million increase in total
paid-in-kind interest income due to a net increase in portfolio investments from
June 30, 2007, to June 30, 2008.

Net investment income during the second quarter of 2008 was $2.5 million,
compared to net investment income of $1.6 million for the second quarter of
2007, representing an increase of 54.6%. Net investment income per share during
the second quarter of 2008 was $0.37 compared to $0.25 during the second quarter
of 2007.

The Company's net increase in net assets resulting from operations was $2.8
million during the second quarter of 2008, as compared to $2.2 million during
the second quarter of 2007. The Company's net increase in net assets resulting
from operations was $0.41 per share during the second quarter of 2008 as
compared to $0.33 per share during the second quarter of 2007.

The Company's net asset value per share at June 30, 2008, was $13.73 as compared
to the Company's net asset value per share at June 30, 2007, of $13.75. As of
June 30, 2008, the Company's weighted average yield on all of its outstanding
debt investments was approximately 14.0%.

Dividend Information

On July 21, 2008, Triangle announced that its board of directors had declared a
cash dividend of $0.35 per share. This is the Company's sixth consecutive
quarterly dividend since its initial public offering in February, 2007, and
reflects a 34.6% increase over the same quarter in 2007. The dividend will be
payable as follows:

Record Date: August 14, 2008
Payment Date: September 4, 2008
Commenting on the dividend, Steven C. Lilly, Chief Financial Officer, stated,
"Triangle's dividend continues to pace well ahead of our original expectations.
With over $41 million of new investments completed in the second quarter, we are
optimistic about the prospect of additional dividend growth during the second
half of 2008."

Triangle has adopted a dividend reinvestment plan ("DRIP") that provides for
reinvestment of dividends on behalf of its stockholders, unless a stockholder
elects to receive cash. As a result, when the Company declares a cash dividend,
stockholders who have not opted out of the DRIP will have their cash dividends
automatically reinvested in additional shares of the Company's common stock,
rather than receiving cash dividends.

When the Company declares and pays dividends, it determines the allocation of
the distribution between current income, accumulated income and return of
capital on the basis of accounting principles generally accepted in the United
States ("GAAP"). At each year end, the Company is required for tax purposes to
determine the dividend allocation based on tax accounting principles. Due to
differences between GAAP and tax accounting principles, the portion of each
dividend distribution that is ordinary income, capital gain or return of capital
may differ for GAAP and tax purposes.

Quarterly Portfolio Investments

During the second quarter of 2008 as previously announced, the Company made
investments totaling $41.9 million consisting of $40.5 million in subordinated
debt and $1.4 million in convertible debt. Also during the second quarter,
Triangle received a $3.8 million loan repayment of a subordinated debt
investment.

New investments and repayments since March 31, 2008, are summarized as follows:

On April 17, 2008, the Company received a principal repayment of a subordinated
debt investment in Flint Acquisition Corporation ("Flint") of $3.8 million.
Triangle received a prepayment fee, and continues to own $1.3 million of equity
in Flint at fair value as of June 30, 2008.

On April 25, 2008, the Company invested $9.4 million in Jenkins Restoration,
Inc. ("Jenkins") consisting of $8.0 million in subordinated debt and $1.4
million in convertible debt. Jenkins, headquartered in Sterling, Virginia, is a
provider of insurance restoration services, focusing on reconstruction and
repair of damage to residential and commercial buildings caused by fire, wind,
storm, vandalism, or burglary.

On April 29, 2008, the Company made an $8.0 million subordinated debt investment
in American De-Rosa Lamparts, LLC ("ADL"). ADL, headquartered in Commerce,
California, markets a wide variety of lighting products, including fixtures,
bulbs, electrical components, glass, and hardware to maintenance and repair
organizations, lighting wholesalers, retailers, and original equipment
manufacturers.

On April 30, 2008, Triangle invested $13.0 million in subordinated debt in
Yellowstone Landscape Group, Inc. ("Yellowstone"). Yellowstone, headquartered in
Dallas, Texas, is a full-service lawn care provider focused primarily on the
commercial market with services including lawn and landscape maintenance,
construction/installation, irrigation, turf management, and tree care throughout
Texas and the Southeast.

On June 2, 2008, The Company invested $8.0 million in subordinated debt in
Inland Pipe Rehabilitation Holding Company ("Inland Pipe"). Triangle also
received a warrant to purchase up to 2.5% of Inland Pipe's membership interests.
Inland Pipe provides maintenance, inspection, and repair for piping, sewers,
drains, and storm lines by utilizing several of the industry's leading
technologies including pipe bursting, cured-in-place-pipe, and spiral-wound
piping.

On June 12, 2008, Triangle closed a $3.5 million subordinated debt and warrant
investment in Wholesale Floors, Inc. ("Wholesale Floors"). Wholesale Floors,
headquartered near Phoenix, Arizona, provides commercial flooring design and
installation services for institutional and corporate clients and is the largest
full-service flooring contractor in the state of Arizona.

Important Disclosures Relating to Financial Statement Presentation

Certain financial data for prior periods, including data for the six months
ended June 30, 2007, are included in this press release. In accordance with
Statement of Financial Accounting Standards No. 141, Business Combinations
("SFAS 141"), the Company's results of operations for the six months ended June
30, 2007, are presented as if the Company's initial public offering and related
formation transactions had occurred as of January 1, 2007.

About Triangle Capital Corporation

Triangle Capital Corporation (www.TCAP.com) is a specialty finance company
organized to provide customized financing solutions to lower middle market
companies located throughout the United States. Triangle's investment objective
is to seek attractive returns by generating current income from debt investments
and capital appreciation from equity related investments. Triangle's investment
philosophy is to partner with business owners, management teams and financial
sponsors to provide flexible financing solutions to fund growth, changes of
control, or other corporate events. Triangle typically invests $5.0 - $15.0
million per transaction in companies with annual revenues between $20.0 and
$75.0 million and EBITDA between $2.0 and $10.0 million.

Triangle has elected to be treated as a business development company under the
Investment Company Act of 1940 ("1940 Act"). Triangle is required to comply with
a series of regulatory requirements under the 1940 Act as well as applicable
NASDAQ, federal and state laws and regulations. Triangle intends to elect to be
treated as a regulated investment company under the Internal Revenue Code of
1986. Failure to comply with any of the laws and regulations that apply to
Triangle could have a material adverse effect on Triangle and its stockholders.

This press release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Any such statements, other
than statements of historical fact, are likely to be affected by other
unknowable future events and conditions, including elements of the future that
are or are not under the Company's control, and that the Company may or may not
have considered; accordingly, such statements cannot be guarantees or assurances
of any aspect of future performance. Actual developments and results are highly
likely to vary materially from these estimates and projections of the future.
Such statements speak only as of the time when made, and the Company undertakes
no obligation to update any such statement now or in the future.

TRIANGLE CAPITAL CORPORATION
Consolidated Balance Sheets

June 30, December 31,
2008 2007
------------ ------------
(Unaudited)

Assets
Investments at fair value:
Non-Control / Non-Affiliate
investments (cost of $115,624,742
and $66,129,119 at June 30, 2008
and December 31, 2007,
respectively) $114,911,243 $ 68,388,014
Affiliate investments (cost of
$30,085,414 and $24,023,264 at
June 30, 2008 and December 31,
2007, respectively) 32,661,279 24,576,462
Control investments (cost of
$13,388,794 and $15,727,418 at June
30, 2008 and December 31, 2007,
respectively) 18,411,040 20,071,764
------------ ------------
Total investments at fair value 165,983,562 113,036,240
Cash and cash equivalents 18,706,661 21,787,750
Interest and fees receivable 459,990 305,159
Prepaid expenses and other current
assets 160,989 47,477
Deferred financing fees 2,716,415 999,159
Property and equipment, net 39,911 34,166
------------ ------------
Total assets $188,067,528 $136,209,951
============ ============

Liabilities
Accounts payable and accrued
liabilities $ 737,742 $ 1,144,222
Interest payable 1,084,994 698,735
Dividends payable -- 2,041,159
Income taxes payable -- 52,598
Deferred revenue -- 30,625
Deferred income taxes 2,128,499 1,760,259
SBA guaranteed debentures payable 89,110,000 37,010,000
------------ ------------
Total liabilities 93,061,235 42,737,598

Net Assets
Common stock, $0.001 par value per
share (150,000,000 shares
authorized, 6,917,363 and 6,803,863
shares issued and outstanding as
of June 30, 2008 and December 31,
2007, respectively) 6,917 6,804
Additional paid-in capital 87,013,500 86,949,189
Investment income in excess of
distributions 3,848,381 1,738,797
Accumulated realized losses on
investments (618,620) (618,620)
Net unrealized appreciation of
investments 4,756,115 5,396,183
------------ ------------
Total net assets 95,006,293 93,472,353
------------ ------------

Total liabilities and net assets $188,067,528 $136,209,951
============ ============

Net asset value per share $ 13.73 $ 13.74
============ ============

TRIANGLE CAPITAL CORPORATION
Unaudited Statements of Operations

Three Months Three Months Six Months Six Months
Ended Ended Ended Ended
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
(Consolidated) (Consolidated)(Consolidated) (Combined)
------------------------------------------------------

Investment
income:
Loan
interest,
fee and
dividend
income:
Non-Control /
Non-
Affiliate
invest-
ments $2,797,958 $1,349,014 $4,719,727 $2,504,636
Affiliate
investments 886,815 519,000 1,635,581 793,614
Control
investments 391,761 408,023 879,195 483,741
------------------------------------------------------
Total loan
interest, fee
and dividend
income 4,076,534 2,276,037 7,234,503 3,781,991

Paid-in-kind
interest
income:
Non-Control /
Non-Affiliate
investments 572,169 202,009 868,805 376,805
Affiliate
investments 170,962 66,292 313,514 95,542
Control
investments 130,912 108,365 260,307 151,313
------------------------------------------------------
Total
paid-in-kind
interest
income 874,043 376,666 1,442,626 623,660

Interest
income
from cash
and cash
equivalent
investments 69,514 634,521 206,946 993,689
------------------------------------------------------
Total
investment
income 5,020,091 3,287,224 8,884,075 5,399,340
------------------------------------------------------

Expenses:
Interest
expense 898,995 521,026 1,460,810 1,020,717
Amortization
of
deferred
financing
fees 56,028 28,108 96,169 55,216
Management
fees -- -- -- 232,423
General and
administra-
tive
expenses 1,522,626 1,094,092 2,870,959 1,642,256
------------------------------------------------------
Total
expenses 2,477,649 1,643,226 4,427,938 2,950,612
------------------------------------------------------
Net
investment
income 2,542,442 1,643,998 4,456,137 2,448,728

Net realized
loss on
investment -
Non
Control /
Non-
Affiliate -- -- -- (1,464,224)
Net
unrealized
appreciation
(deprecia-
tion) of
investments 381,815 586,086 (640,068) 2,311,415
------------------------------------------------------

Total net
gain (loss)
on
investments
before
income taxes 381,815 586,086 (640,068) 847,191

Income tax
expense 75,750 -- 202,171 --
------------------------------------------------------

Net increase
in net
assets
resulting
from
operations $2,848,507 $2,230,084 $3,613,898 $3,295,919
======================================================

Net investment
income per
share -
basic and
diluted $ 0.37 $ 0.25 $ 0.65 $ 0.37
======================================================
Net increase
in net
assets
resulting
from
operations
per share -
basic and
diluted $ 0.41 $ 0.33 $ 0.53 $ 0.49
======================================================
Weighted
average
number of
shares
outstanding
- basic
and diluted 6,871,215 6,687,773 6,837,539 6,687,269
======================================================

TRIANGLE CAPITAL CORPORATION
Unaudited Statements of Cash Flows

Six Months Six Months
Ended Ended
June 30, June 30,
2008 2007
(Consolidated) (Combined)
--------------------------
Cash flows from operating
activities:
Net increase in net assets
resulting from operations $ 3,613,898 $ 3,295,919
Adjustments to reconcile
net increase in net assets
resulting from operations to
net cash provided by (used in)
operating activities:
Purchases of portfolio
investments (57,312,359) (29,413,602)
Repayments received/sales of
portfolio investments 4,620,159 1,534,111
Loan origination and other fees
received 1,091,996 642,125
Net realized loss on investments -- 1,464,224
Net unrealized depreciation
(appreciation) of investments 271,828 (2,311,415)
Deferred income taxes 368,240 --
Paid-in-kind interest accrued,
net of payments received (1,389,162) (498,684)
Amortization of deferred
financing fees 96,169 55,216
Recognition of loan origination
and other fees (210,778) (243,975)
Accretion of loan discounts (49,631) (106,248)
Depreciation expense 6,813 2,064
Stock-based compensation 64,424 --
Changes in operating assets and
liabilities:
Interest and fees receivable (154,831) 5,612
Prepaid expenses and other
current assets (113,512) (50,637)
Accounts payable and accrued
liabilities (406,480) (324,523)
Interest payable 386,259 71,570
Income taxes payable (52,598) --
Receivable from / payable to
Triangle Capital Partners, LLC -- (48,687)
--------------------------
Net cash provided by (used in)
operating activities (49,169,565) (25,926,930)
--------------------------

Cash flows from investing
activities:
Purchases of property and
equipment (12,558) (23,561)
--------------------------
Net cash used in investing
activities (12,558) (23,561)
--------------------------

Cash flows from financing activities:
Borrowings under SBA guaranteed
debentures payable 52,100,000 4,000,000
Financing fees paid (1,813,425) (97,000)
Proceeds from initial public
offering, net of expenses -- 64,728,037
Change in deferred offering costs -- 1,020,646
Cash dividends paid (4,185,541) (358,049)
Tax distribution to partners -- (751,613)
--------------------------
Net cash provided by financing
activities 46,101,034 68,542,021
--------------------------
Net increase (decrease) in cash
and cash equivalents (3,081,089) 42,591,530
Cash and cash equivalents,
beginning of period 21,787,750 2,556,502
--------------------------
Cash and cash equivalents, end
of period $18,706,661 $45,148,032
==========================

Supplemental disclosure of
cash flow information:
Cash paid for interest $ 1,074,552 $ 949,148
==========================
-0-
CONTACT: Triangle Capital Corporation
Sheri B. Colquitt, Vice President, Investor Relations
919-719-4784
scolquitt@tcap.com
Steven C. Lilly, Chief Financial Officer
919-719-4789
slilly@tcap.com