Triangle Capital Corporation (NYSE:TCAP)
(“Triangle” or the “Company”), a leading provider of capital to
lower middle market companies, today announced its financial and
operating results for the second quarter of 2017. The Company also
announced that its Board of Directors has declared a quarterly cash
dividend of $0.45 per share.
Highlights
- Total Investment Portfolio at Fair Value: $1.17
billion
- Total Net Assets (Equity): $707.9 million
- Net Asset Value Per Share (Book Value): $14.83
- Weighted Average Yield on Debt Investments: 11.4%
- Efficiency Ratio (Compensation and G&A Expenses/Total
Investment Income): 15.2%
- Investment Portfolio Activity for the Quarter Ended June 30,
2017-- Cost of investments made during the period: $89.5
million-- Principal repayments (excluding PIK interest repayments)
during the period: $25.1 million-- Proceeds related to the
sale of equity investments during the period: $9.9
million
- Non-Accrual Assets as a Percentage of Total Portfolio Cost and
Fair Value: 5.4% / 2.5%
- Financial Results for the Quarter Ended June 30, 2017-- Total
investment income: $31.2 million-- Net investment
income: $19.4 million-- Net investment income per
share: $0.41-- Net realized gains: $5.2 million-- Net
unrealized depreciation: $26.2 million-- Net decrease in net assets
resulting from operations: $2.0 million-- Net decrease in net
assets resulting from operations per share: $0.04
In commenting on the Company’s results, E.
Ashton Poole, Chairman and CEO, stated, “Triangle continues its
focus on finding investments with attractive risk-adjusted returns,
with new platform investments totaling approximately $90 million
since the beginning of the second quarter in a mix of unitranche,
second lien and mezzanine structures. As we enter the second
half of 2017, our ample liquidity positions us to continue our
investing strategy of moving incrementally up balance sheet while
focusing on larger companies, a strategy we believe is prudent at
this point in the current economic cycle.”
Second Quarter 2017 Results
Total investment income during the second
quarter of 2017 was $31.2 million, compared to total investment
income of $30.2 million for the first quarter of 2017. The
increase in quarter-over-quarter total investment income resulted
primarily from an increase in portfolio debt investments, partially
offset by a $0.3 million decline in quarter-over-quarter
non-recurring dividend and fee income from portfolio
companies. Non-recurring dividend and fee income was $1.5
million in the second quarter of 2017 as compared to $1.8 million
during the first quarter of 2017.
Net investment income during the second quarter
of 2017 was $19.4 million, compared to net investment income of
$17.8 million for the first quarter of 2017. Net investment
income per share during the second quarter of 2017 was $0.41, based
on weighted average shares outstanding during the quarter of 47.7
million, compared to $0.42 per share during the first quarter of
2017, based on weighted average shares outstanding of 42.7
million.
The Company’s net decrease in net assets
resulting from operations was $2.0 million during the second
quarter of 2017, compared to a net increase in net assets resulting
from operations of $7.2 million during the first quarter of
2017. The Company’s net decrease in net assets resulting from
operations was $0.04 per share during the second quarter of 2017,
based on weighted average shares outstanding of 47.7 million,
compared to an increase of $0.17 per share during the first quarter
of 2017, based on weighted average shares outstanding of 42.7
million.
The Company’s net asset value, or NAV, at June
30, 2017, was $14.83 per share as compared to $15.29 per share at
March 31, 2017 and $15.13 per share at December 31, 2016. As
of June 30, 2017, the Company’s weighted average yield on its
outstanding, currently yielding debt investments was approximately
11.4%.
Liquidity and Capital
Resources
Commenting on the Company’s liquidity position,
Steven C. Lilly, Chief Financial Officer, stated, “With the further
expansion of our senior credit facility to $465 million in July,
Triangle has over $500 million of available liquidity to support
our investment activities as we enter the second half of the
year.”
In May, 2017, the Company amended its senior
secured credit facility (“Credit Facility”) to include, among other
things, an increase in current commitments from $300.0 million to
$435.0 million and an extension in the maturity by two years to
April 30, 2022. The Credit Facility has an accordion feature
that allows for an increase in commitments to up to $550.0 million
from new and existing lenders on the same terms and conditions as
the existing commitments. The interest rate for borrowings
under the Credit Facility remains unchanged at LIBOR/CDOR plus
2.75%.
In July, 2017, the Company received an
additional commitment to the Credit Facility of $30.0 million,
bringing total commitments under the Credit Facility to $465.0
million supported by a diversified group of fourteen lenders.
The additional commitment was executed under the accordion feature
of the Credit Facility, which continues to allow for an increase in
commitments up to $550.0 million.
At June 30, 2017, the Company had cash and cash
equivalents totaling $65.0 million and outstanding borrowings under
its senior credit facility of $125.3 million.
As of June 30, 2017, the Company had outstanding
non-callable, fixed-rate SBA-guaranteed debentures totaling $250.0
million with a weighted average interest rate of 3.90%. In
addition, the third SBIC license that was approved in January of
2017 provides up to $100.0 million of additional borrowing capacity
for SBA-guaranteed debentures.
Dividend Information
The Company’s Board of Directors has declared a
quarterly cash dividend of $0.45 per share. This is the
Company’s 43rd consecutive quarterly dividend since its initial
public offering in February, 2007.
The Company’s dividend will be payable as follows:
Third Quarter 2017 Dividend |
Amount Per
Share: |
|
$0.45 |
Record
Date: |
|
September
6, 2017 |
Payment
Date: |
|
September
20, 2017 |
|
|
|
Dividend Reinvestment Plan
At the time of its IPO in February, 2007,
Triangle adopted a dividend reinvestment plan (“DRIP”) that
provides for reinvestment of dividends and distributions on behalf
of its stockholders, unless a stockholder elects to receive
cash. As a result, when the Company declares a cash dividend
or distribution, stockholders who have not opted out of the DRIP
will have their cash dividends or distributions automatically
reinvested in additional shares of the Company’s common stock,
rather than receiving cash.
When the Company declares and pays dividends and
distributions, 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 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. The tax status
of the Company’s distributions can be found on the Investor
Relations page of its website.
Recent Portfolio Activity
During the quarter ended June 30, 2017, the
Company made six new investments totaling approximately $70.7
million, additional debt investments in eleven existing portfolio
companies totaling approximately $17.5 million and additional
equity investments in five existing portfolio companies totaling
$1.3 million. The Company had two portfolio company loans
repaid at par totaling $19.0 million, and received normal principal
repayments and partial loan repayments totaling $6.1 million.
The Company wrote-off debt and equity investments in one portfolio
company and recognized realized losses on the write-offs totaling
$2.7 million. In addition, the Company received proceeds
related to the sales of certain equity securities totaling $9.9
million and recognized net realized gains on such sales totaling
$7.9 million.
New investment transactions which occurred
during the second quarter of 2017 are summarized as follows:
In May, 2017, the Company made a $5.0 million
second lien debt investment in Constellis Holdings, LLC
(“Constellis”). Constellis provides security and risk
management assessment, mission support and training services to
government agencies and commercial customers.
In May, 2017, the Company made a $3.0 million second lien debt
investment in Keystone Peer Review Organization, Inc. (“Keystone”).
Keystone is a provider of care coordination and quality assurance
services to help healthcare payors monitor quality, ensure
compliance and contain costs.
In June, 2017, the Company made a $20.0 million unitranche debt
investment in Schweiger Dermatology Group, LLC (“Schweiger”).
Schweiger is the largest provider of medical, cosmetic and surgical
dermatology services in the New York City area.
In June, 2017, the Company made a $13.9 million investment in
Tax Advisors Group, LLC (“TAG”) consisting of subordinated debt and
equity. TAG provides business tax advisory services.
In June, 2017, the Company made an $18.8 million investment in
Lighting Retrofit International ("LRI") consisting of split
collateral debt and equity. LRI provides custom design, engineering
and installation services for water, lighting, building envelope
and metering efficiency retrofit projects.
In June 2017, the Company made a $10.0 million second lien debt
investment in in CIBT Global, Inc. (“CIBT”). CIBT is the leading
global provider of mobility services including visa, passport and
immigration documentation.
New portfolio investments subsequent to quarter
end are summarized as follows:
In July, 2017, the Company made a $10.0 million second lien debt
investment in IDERA, Inc. (“IDERA”). IDERA develops software that
enables database professionals to design, monitor and manage data
systems, and builds application development tools to help software
engineers build, test and deploy a wide range of applications
faster and more efficiently.
In July, 2017, the Company made an $11.0 million investment in
HemaSource, Inc. (“HemaSource”) consisting of subordinated debt and
equity. HemaSource is the leading technology-enabled
distributor of medical products to the plasma collection
industry.
Conference Call to Discuss Second
Quarter 2017 Results
Triangle has scheduled a conference call to
discuss second quarter 2017 operating and financial results for
Thursday, August 3, 2017, at 9:00 a.m. ET.
To listen to the call, please dial 877-312-5521
or 253-237-1143 approximately 10 minutes prior to the start of the
call. A taped replay will be made available approximately two hours
after the conclusion of the call and will remain available until
August 7, 2017. To access the replay, please dial 855-859-2056 or
404-537-3406 and enter the passcode 48845399.
Triangle’s quarterly results conference call
will also be available via a live webcast on the investor relations
section of its website at
http://ir.tcap.com/events.cfm. Access the website
15 minutes prior to the start of the call to download and install
any necessary audio software. An archived webcast replay will be
available on the Company's website until August 31, 2017.
Triangle will post a brief, pre-recorded
on-demand podcast on the investor relations section of the
Company’s website after 4:00 p.m. ET on Wednesday, August 2, 2017,
in conjunction with the filing of the Company’s 10-Q. The purpose
of the podcast is to provide interested analysts and investors with
meaningful statistical and financial information in advance of the
participatory earnings call on Thursday, August 3, 2017.
About Triangle Capital
Corporation
Triangle Capital Corporation (www.TCAP.com)
invests capital in established companies in the lower middle market
to fund growth, changes of control and other corporate
events. Triangle offers a wide variety of debt and equity
investment structures including first lien, unitranche, second
lien, and mezzanine with equity components. 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. Triangle
typically invests $5.0 million - $50.0 million per transaction in
companies with annual revenues between $20.0 million and $300.0
million and EBITDA between $5.0 million and $75.0 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
NYSE, federal and state laws and regulations. Triangle has
elected 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.
Forward Looking Statements
This press release may contain forward-looking
statements regarding the plans and objectives of management for
future operations. Any such forward-looking statements may involve
known and unknown risks, uncertainties and other factors which may
cause our actual results, performance or achievements to be
materially different from future results, performance or
achievements expressed or implied by any forward-looking
statements. Forward-looking statements, which involve assumptions
and describe our future plans, strategies and expectations, are
generally identifiable by use of the words “may,” “will,” “should,”
“expect,” “anticipate,” “estimate,” “believe,” “intend,” “target,”
“goals,” “plan,” “forecast,” “project,” other variations on these
words or comparable terminology, or the negative of these words.
These forward-looking statements are based on assumptions that may
be incorrect, and we cannot assure you that the projections
included in these forward-looking statements will come to pass. Our
actual results could differ materially from those expressed or
implied by the forward-looking statements as a result of various
factors, including the factors discussed in our annual reports on
Form 10-K, quarterly reports on Form 10-Q, current reports on Form
8-K and other documents or reports that we in the future may file
with the Securities and Exchange Commission (the “SEC”). Copies of
any reports or documents we file with the SEC are publicly
available on the SEC’s website at www.sec.gov, and stockholders may
receive a hard copy of our completed audited financial statements
free of charge upon request to the Company at 3700 Glenwood Avenue,
Suite 530, Raleigh, NC 27612.
We have based any forward-looking statements
included in this press release on information available to us on
the date of this press release, and we assume no obligation to
update any such forward-looking statements, unless we are required
to do so by applicable law. However, you are advised to consult any
additional disclosures that we may make directly to you or through
reports that we in the future may file with the SEC, including
subsequent annual reports on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K.
|
TRIANGLE CAPITAL CORPORATION |
Consolidated Balance Sheets |
|
|
June 30,2017 |
|
December 31,2016 |
|
(Unaudited) |
|
|
Assets: |
|
|
|
Investments at fair
value: |
|
|
|
Non-Control / Non-Affiliate investments (cost of $986,706,846 and
$888,974,154 as of June 30, 2017 and December 31, 2016,
respectively) |
$ |
956,156,761 |
|
|
$ |
857,604,639 |
|
Affiliate
investments (cost of $201,879,074 and $162,539,224 as of June 30,
2017 and December 31, 2016, respectively) |
190,754,277 |
|
|
161,510,773 |
|
Control
investments (cost of $63,696,899 and $45,418,113 as of June 30,
2017 and December 31, 2016, respectively) |
22,401,769 |
|
|
18,791,769 |
|
Total investments at
fair value |
1,169,312,807 |
|
|
1,037,907,181 |
|
Cash and cash
equivalents |
64,999,516 |
|
|
107,087,663 |
|
Interest, fees and
other receivables |
9,155,222 |
|
|
10,189,788 |
|
Prepaid expenses and
other current assets |
1,933,748 |
|
|
1,659,570 |
|
Deferred financing
fees |
5,372,998 |
|
|
2,699,960 |
|
Property and equipment,
net |
96,422 |
|
|
106,494 |
|
Total
assets |
$ |
1,250,870,713 |
|
|
$ |
1,159,650,656 |
|
Liabilities: |
|
|
|
Accounts payable and
accrued liabilities |
$ |
3,589,695 |
|
|
$ |
6,797,244 |
|
Interest payable |
4,137,636 |
|
|
3,996,940 |
|
Taxes payable |
— |
|
|
489,691 |
|
Deferred income
taxes |
955,545 |
|
|
2,053,701 |
|
Borrowings under credit
facility |
125,315,242 |
|
|
127,011,475 |
|
Notes |
163,076,680 |
|
|
162,755,381 |
|
SBA-guaranteed
debentures payable |
245,850,941 |
|
|
245,389,966 |
|
Total
liabilities |
542,925,739 |
|
|
548,494,398 |
|
Commitments and
contingencies |
|
|
|
Net
Assets: |
|
|
|
Common stock, $0.001
par value per share (150,000,000 shares authorized, 47,745,674 and
40,401,292 shares issued and outstanding as of June 30, 2017 and
December 31, 2016, respectively) |
47,746 |
|
|
40,401 |
|
Additional paid-in
capital |
821,351,998 |
|
|
686,835,054 |
|
Net investment income
in excess of (less than) distributions |
(150,341 |
) |
|
5,884,512 |
|
Accumulated realized
losses |
(32,361,001 |
) |
|
(24,211,594 |
) |
Net unrealized
depreciation |
(80,943,428 |
) |
|
(57,392,115 |
) |
Total net
assets |
707,944,974 |
|
|
611,156,258 |
|
Total
liabilities and net assets |
$ |
1,250,870,713 |
|
|
$ |
1,159,650,656 |
|
Net asset value per
share |
$ |
14.83 |
|
|
$ |
15.13 |
|
|
|
|
|
|
|
|
|
|
TRIANGLE CAPITAL CORPORATION |
Unaudited Consolidated Statements of
Operations |
|
|
Three
MonthsEnded |
|
Three
MonthsEnded |
|
Six MonthsEnded |
|
Six MonthsEnded |
|
June 30, 2017 |
|
June 30, 2016 |
|
June 30, 2017 |
|
June 30, 2016 |
Investment
income: |
|
|
|
|
|
|
|
Interest income: |
|
|
|
|
|
|
|
Non-Control / Non-Affiliate investments |
$ |
21,655,040 |
|
|
$ |
17,486,022 |
|
|
$ |
42,125,877 |
|
|
$ |
35,668,676 |
|
Affiliate
investments |
3,879,585 |
|
|
3,356,738 |
|
|
7,251,720 |
|
|
6,741,107 |
|
Control
investments |
310,611 |
|
|
267,298 |
|
|
580,147 |
|
|
460,914 |
|
Total
interest income |
25,845,236 |
|
|
21,110,058 |
|
|
49,957,744 |
|
|
42,870,697 |
|
Dividend income: |
|
|
|
|
|
|
|
Non-Control / Non-Affiliate investments |
980,004 |
|
|
48,589 |
|
|
1,261,233 |
|
|
(1,198,171 |
) |
Affiliate
investments |
104,244 |
|
|
302,207 |
|
|
104,244 |
|
|
462,262 |
|
Control
investments |
— |
|
|
300,000 |
|
|
— |
|
|
300,000 |
|
Total
dividend income |
1,084,248 |
|
|
650,796 |
|
|
1,365,477 |
|
|
(435,909 |
) |
Fee and other
income: |
|
|
|
|
|
|
|
Non-Control / Non-Affiliate investments |
958,416 |
|
|
2,452,792 |
|
|
2,875,654 |
|
|
4,076,678 |
|
Affiliate
investments |
171,025 |
|
|
226,551 |
|
|
471,289 |
|
|
536,566 |
|
Control
investments |
100,000 |
|
|
100,000 |
|
|
200,000 |
|
|
200,000 |
|
Total fee
and other income |
1,229,441 |
|
|
2,779,343 |
|
|
3,546,943 |
|
|
4,813,244 |
|
Payment-in-kind
interest income: |
|
|
|
|
|
|
|
Non-Control / Non-Affiliate investments |
2,153,265 |
|
|
2,731,689 |
|
|
4,792,647 |
|
|
5,653,293 |
|
Affiliate
investments |
757,471 |
|
|
1,094,522 |
|
|
1,495,937 |
|
|
2,083,735 |
|
Total
payment-in-kind interest income |
2,910,736 |
|
|
3,826,211 |
|
|
6,288,584 |
|
|
7,737,028 |
|
Interest income from
cash and cash equivalents |
144,106 |
|
|
55,452 |
|
|
245,789 |
|
|
92,670 |
|
Total investment
income |
31,213,767 |
|
|
28,421,860 |
|
|
61,404,537 |
|
|
55,077,730 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Interest
and other financing fees |
7,113,827 |
|
|
6,764,654 |
|
|
14,024,130 |
|
|
13,283,224 |
|
Compensation expenses |
3,575,406 |
|
|
4,096,472 |
|
|
7,825,819 |
|
|
13,546,965 |
|
General
and administrative expenses |
1,173,572 |
|
|
1,221,821 |
|
|
2,384,193 |
|
|
2,310,545 |
|
Total operating
expenses |
11,862,805 |
|
|
12,082,947 |
|
|
24,234,142 |
|
|
29,140,734 |
|
Net investment
income |
19,350,962 |
|
|
16,338,913 |
|
|
37,170,395 |
|
|
25,936,996 |
|
Realized and
unrealized gains (losses) on investments and foreign currency
borrowings: |
|
|
|
|
|
|
|
Net realized gains
(losses): |
|
|
|
|
|
|
|
Non-Control / Non-Affiliate investments |
5,258,024 |
|
|
5,621,127 |
|
|
(7,102,311 |
) |
|
6,205,914 |
|
Affiliate
investments |
(88,472 |
) |
|
(1,683,731 |
) |
|
3,444,344 |
|
|
(1,682,304 |
) |
Control
investments |
— |
|
|
— |
|
|
(4,491,440 |
) |
|
— |
|
Net
realized gains (losses) |
5,169,552 |
|
|
3,937,396 |
|
|
(8,149,407 |
) |
|
4,523,610 |
|
Net unrealized
depreciation: |
|
|
|
|
|
|
|
Investments |
(25,719,104 |
) |
|
(13,529,964 |
) |
|
(22,847,546 |
) |
|
(10,445,641 |
) |
Foreign
currency borrowings |
(524,975 |
) |
|
(59,268 |
) |
|
(703,767 |
) |
|
(911,791 |
) |
Net
unrealized depreciation |
(26,244,079 |
) |
|
(13,589,232 |
) |
|
(23,551,313 |
) |
|
(11,357,432 |
) |
Net realized and
unrealized losses on investments and foreign currency
borrowings |
(21,074,527 |
) |
|
(9,651,836 |
) |
|
(31,700,720 |
) |
|
(6,833,822 |
) |
Tax benefit
(provision) |
(304,181 |
) |
|
(250 |
) |
|
(304,181 |
) |
|
10,911 |
|
Net increase
(decrease) in net assets resulting from operations |
$ |
(2,027,746 |
) |
|
$ |
6,686,827 |
|
|
$ |
5,165,494 |
|
|
$ |
19,114,085 |
|
Net investment income
per share—basic and diluted |
$ |
0.41 |
|
|
$ |
0.49 |
|
|
$ |
0.82 |
|
|
$ |
0.77 |
|
Net increase (decrease)
in net assets resulting from operations per share—basic and
diluted |
$ |
(0.04 |
) |
|
$ |
0.20 |
|
|
$ |
0.11 |
|
|
$ |
0.57 |
|
Dividends/distributions per share: |
|
|
|
|
|
|
|
Regular quarterly
dividends/distributions |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.90 |
|
|
$ |
0.99 |
|
Total
dividends/distributions per share |
$ |
0.45 |
|
|
$ |
0.45 |
|
|
$ |
0.90 |
|
|
$ |
0.99 |
|
Weighted average shares
outstanding—basic and diluted |
47,695,007 |
|
|
33,584,466 |
|
|
45,232,916 |
|
|
33,532,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRIANGLE CAPITAL CORPORATION |
Unaudited Consolidated Statements of Cash
Flows |
|
|
Six MonthsEnded |
|
Six MonthsEnded |
|
June 30, 2017 |
|
June 30, 2016 |
Cash flows from
operating activities: |
|
|
|
Net
increase in net assets resulting from operations |
$ |
5,165,494 |
|
|
$ |
19,114,085 |
|
Adjustments to reconcile net increase in net assets resulting from
operations to net cash provided by (used in) operating activities:
|
|
|
|
Purchases
of portfolio investments |
(250,992,360 |
) |
|
(75,444,437 |
) |
Repayments received/sales of portfolio investments |
88,758,765 |
|
|
119,484,196 |
|
Loan
origination and other fees received |
3,830,367 |
|
|
1,622,991 |
|
Net
realized (gain) loss on investments |
8,149,407 |
|
|
(4,523,610 |
) |
Net
unrealized depreciation on investments |
23,945,702 |
|
|
10,058,066 |
|
Net
unrealized depreciation on foreign currency borrowings |
703,767 |
|
|
911,791 |
|
Deferred
income taxes |
(1,098,156 |
) |
|
387,577 |
|
Payment-in-kind interest accrued, net of payments received |
(2,717,697 |
) |
|
(1,993,156 |
) |
Amortization of deferred financing fees |
1,214,363 |
|
|
1,069,711 |
|
Accretion
of loan origination and other fees |
(2,234,150 |
) |
|
(2,550,623 |
) |
Accretion
of loan discounts |
(145,660 |
) |
|
(199,697 |
) |
Accretion
of discount on SBA-guaranteed debentures payable |
— |
|
|
31,899 |
|
Depreciation expense |
35,312 |
|
|
33,432 |
|
Stock-based compensation |
2,975,888 |
|
|
5,886,490 |
|
Changes
in operating assets and liabilities: |
|
|
|
Interest, fees and other receivables |
1,034,566 |
|
|
(4,533,464 |
) |
Prepaid expenses and other current assets |
(274,178 |
) |
|
(956,646 |
) |
Accounts payable and accrued liabilities |
(3,207,549 |
) |
|
(4,089,336 |
) |
Interest payable |
140,696 |
|
|
127,007 |
|
Taxes payable |
(489,691 |
) |
|
(735,498 |
) |
Net cash provided by
(used in) operating activities |
(125,205,114 |
) |
|
63,700,778 |
|
Cash flows from
investing activities: |
|
|
|
Purchases
of property and equipment |
(25,240 |
) |
|
(47,254 |
) |
Net cash used in
investing activities |
(25,240 |
) |
|
(47,254 |
) |
Cash flows from
financing activities: |
|
|
|
Borrowings under SBA-guaranteed debentures payable |
— |
|
|
32,800,000 |
|
Repayments of SBA-guaranteed debentures payable |
— |
|
|
(7,800,000 |
) |
Borrowings under credit facility |
83,700,000 |
|
|
68,901,849 |
|
Repayments of credit facility |
(86,100,000 |
) |
|
(49,000,000 |
) |
Financing
fees paid |
(3,105,127 |
) |
|
(1,123,400 |
) |
Net
proceeds related to public offering of common stock |
132,024,463 |
|
|
— |
|
Common
stock withheld for payroll taxes upon vesting of restricted
stock |
(2,113,620 |
) |
|
(3,484,074 |
) |
Cash
dividends/distributions paid |
(41,263,509 |
) |
|
(31,633,584 |
) |
Net cash
provided by financing activities |
83,142,207 |
|
|
8,660,791 |
|
Net
increase (decrease) in cash and cash equivalents |
(42,088,147 |
) |
|
72,314,315 |
|
Cash and
cash equivalents, beginning of period |
107,087,663 |
|
|
52,615,418 |
|
Cash and cash equivalents, end of period |
$ |
64,999,516 |
|
|
$ |
124,929,733 |
|
Supplemental
disclosure of cash flow information: |
|
|
|
Cash paid
for interest |
$ |
12,126,129 |
|
|
$ |
11,625,782 |
|
Summary of
non-cash financing transactions: |
|
|
|
Dividends/distributions paid through DRIP share issuances |
$ |
1,637,558 |
|
|
$ |
1,590,155 |
|
Contacts
E. Ashton Poole
Chairman & Chief Executive Officer
919-719-8618
apoole@tcap.com
Steven C. Lilly
Chief Financial Officer
919-719-4789
slilly@tcap.com
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