In an updated investor presentation on the company website, TCAP again takes note of the benefits of its internally managed setup. Along with also-internally-managed Main Street Capital (MAIN), Triangle has a significantly better efficiency ratio than externally-managed players (page 18-20), and, again along with MAIN, tops the chart on shareholder returns since 2007 (when Triangle came public).
Management notes the continued highly fragmented nature of lower middle-market investment: While TCAP is a significant player, the company has less than 1% of the overall market. With owners of private companies increasingly looking for liquidity, management expects the lower middle-market will continue to offer attractive returns.
See also: TCAP's BDCs at a Glance.