I recently finished a report on Triangle Capital (NYSE:TCAP) with updated pricing and projections that compared the cost structures of both internally and externally managed BDCs. TCAP prides itself on being an efficiently managed BDC that is able to deliver more return to shareholders. However recently it has struggled with an unusually high amount of prepaid loans. This has reduced the fair value of the portfolio by 12% as well as yields over the last two quarters. This article will explain the remaining amount of prepayment exposure as well as the potential for growth using its strengthened balance sheet especially considering that its SBA loans are excluded from BDC lending ratios effectively giving the company a debt-to-equity ratio...
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