Triangle Capital (TCAP) - NYSE
  • Wed, Jun. 29, 9:52 AM
    • Leading the BDC sector in early action is Triangle Capital (TCAP +2.4%) after Raymond James upgrades to Market Perform from Underperform.
    • The stock has bounced, but hasn't fully recovered from its early May plunge following a massive severance package to its outgoing CEO and a big cut to the dividend.
    | Wed, Jun. 29, 9:52 AM
  • Wed, May 18, 2:37 PM
    • Encouraged by narrowing credit spreads, and an oil price about to crack $50 (on the way up, not down), business development companies are nevertheless giving up session gains, with most turning negative following the FOMC's hawkish shocker.
    • Prospect Capital (PSEC -1.3%), Ares Capital (ARCC -0.8%), Main Street (MAIN -1.9%), Apollo Investment (AINV -1.7%), Triangle (TCAP -1.1%), PennantPark Investment (PNNT -1.5%), KCAP Financial (KCAP -1.2%), FS Investment (FSIC -0.3%)
    • ETFs: BDCL, BDCS, BIZD, FGB, LBDC
    | Wed, May 18, 2:37 PM | 25 Comments
  • Tue, May 10, 9:43 AM
    • Triangle Capital (NYSE:TCAP) plunged last week following a sizable severance payment to its outgoing chairman and a big dividend cut. It continues to claw back some of that loss after an upgrade to Buy from Hold at Jefferies.
    • The stock's higher by 3.2% today to $17.90 - nicely up from a post-earnings low around $16, but down from $20 prior to earnings.
    | Tue, May 10, 9:43 AM | 2 Comments
  • Thu, May 5, 8:50 AM
    | Thu, May 5, 8:50 AM | 38 Comments
  • Wed, May 4, 5:37 PM
    | Wed, May 4, 5:37 PM | 3 Comments
  • Thu, Mar. 17, 10:58 AM
    • It's a big session for commodities following the Fed's dovish meeting results yesterday, particularly for oil - up 2.7% today to $41.08 per barrel, and now nicely into the green for the year.
    • Sold hard alongside the crash in energy prices, BDCs are catching a bid today.
    • Prospect Capital (PSEC +3.4%), Ares Capital (ARCC +1.7%), Apollo Investment (AINV +3%), Triangle Capital (TCAP +1.9%), THL Credit (TCRD +3%), OHA Investment (OHAI +2.6%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Thu, Mar. 17, 10:58 AM | 38 Comments
  • Wed, Jan. 20, 11:05 AM
    • The S&P 500 is lower by 3%, oil is nearing a $26 handle, and high-yield is selling off, with HYG -1.4% and JNK -1.3%. Those two ETFs are lower by about 5% YTD and in the area of 15% Y/Y.
    • Leveraged to all the above data, BDC sector losses are eve worse. Prospect Capital (PSEC -3.6%), Fifth Street (FSC -7.4%), Ares Capital (ARCC -5.3%), FS Investment (FSIC -10.8%), Main Street (MAIN -6.4%), Blackrock Capital (BKCC -5.3%), Apollo Investment (AINV -7%), Triangle Capital (TCAP -7.9%), TICC Capital (TICC -3.1%), Pennant Park Investment (PNNT -6.5%), KCAP Financial (KCAP -7.7%), THL Credit (TCRD -8%), TCP Capital (TCPC -7.4%), Gladstone Capital (GLAD -5.6%), WhiteHorse Finance (WHF -9.3%), Garrison Capital (GARS -6.8%)
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Wed, Jan. 20, 11:05 AM | 51 Comments
  • Dec. 15, 2015, 11:17 AM
    • The iShares High Yield Bond ETF (HYG +1.5%) and the SPDR High Yield Bond ETF (JNK +1.1%) both continue to gain from lows hit at about midday yesterday.
    • The move has roughly matched that of crude oil, which is ahead 1.3% on the session to $36.78 after threatening a $33 handle at its worst levels on Monday.
    • Bouncing alongside are those thoroughly roughed-up income vehicles, the BDCs. Among the movers: Triangle Capital (TCAP +5.5%), Apollo Investment (AINV +5.6%) - which added to its buyback last night - Medley Capital (MCC +3.3%), FS Investment (FSIC +3.4%), Fifth Street Finance (FSC +2%), and Prospect Capital (PSEC +3.5%).
    | Dec. 15, 2015, 11:17 AM | 20 Comments
  • Dec. 14, 2015, 11:20 AM
    • The price of oil has stabilized, but the major averages are moving lower, Treasury yields are moving higher in front of this week's expected Fed rate hike, and high-yield continues to sell off (with more funds gating withdrawals/selling holdings).
    • It all adds up to continued panicky liquidation in the business development complex. Prospect Capital (PSEC -4.8%), Fifth Street Finance (FSC -4.1%), Ares Capital (ARCC -4.9%), FS Investment (FSIC -3.4%), Triangle Capital (TCAP -4.8%), TICC Capital (TICC -9.1%), PennantPark Investment (PNNT -4.3%), New Mountain Finance (NMFC -5.8%), Monroe Capital (MRCC -4.5%), Oxford Lane (OXLC -10.4%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Dec. 14, 2015, 11:20 AM | 65 Comments
  • Dec. 7, 2015, 12:27 PM
    • Triangle Capital (TCAP -9.7%) is leading the way lower in the sector as oil tumbles all the way down to $38 per barrel, the XLE slides 4.5%, and junk bonds sell off again.
    • OHA Investment (OHAI -6.4%), PennantPark Investment (PNNT -4.6%), Prospect Capital (PSEC -2.8%), Ares Capital (ARCC -2.5%), Apollo Investment (AINV -4.5%), KCAP Financial (KCAP -3.4%), Main Street Capital (MAIN -1.1%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Dec. 7, 2015, 12:27 PM | 42 Comments
  • Sep. 28, 2015, 11:16 AM
    • A weekend WSJ story highlighting growing spreads in the high-yield market and the solvency of commodity giant Glencore being called into question are possibly teaming to spook investors in BDCs today.
    • On Friday, Altice sold $4.8B of junk bonds to fund its purchase of Cablevision, well less than the $6.3B it hoped to sell. The 10-year paper on the deal priced to yield 10.875%, more than 100 bps higher than what had been initially expected. Olin on Friday sold $1.2B of paper to fund an acquisition. It had hoped to sell $1.5B. For the privilege, Olin is paying 10% for the 10-year notes, up from 7% expected earlier this month.
    • Prospect Capital (PSEC -4.2%), Fifth Street (FSC -3%), Ares (ARCC -3.2%), FS Investment (FSIC -2.3%), Main Street (MAIN -3.4%), Triangle (TCAP -5.6%), Medley (MCC -2.5%), KCAP (KCAP -3.7%), Gladstone (GLAD -3.9%), WhiteHorse (WHF -5.6%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Sep. 28, 2015, 11:16 AM | 60 Comments
  • Aug. 27, 2015, 2:57 PM
    • Prospect Capital is higher by 7.4% after beating earnings estimates and reporting a slight increase in NAV, and also helping is a near-10% jump in the price of oil.
    • Ares Capital (ARCC +2.5%), Triangle Capital (TCAP +1.8%), PennantPark Investment (PNNT +5.4%), Medley Capital (MCC +3.2%), KCAP Financial (KCAP +3.1%), OHA Investment (OHAI +2.2%), Gladstone Capital (GLAD +4.6%).
    • ETFs: BDCL, BDCS, BIZD, FGB
    | Aug. 27, 2015, 2:57 PM | 1 Comment
  • Jul. 24, 2015, 3:01 PM
    • Just a 1% decline in the major averages (which are being helped by some high-profile earnings moves) is masking far greater carnage in a number of other sectors, notably healthcare (XLV -2.5%) and energy (XLE -2%).
    • Business development companies and mortgage REITs are being socked again as well, suggesting the worry may go beyond interest rates and to credit in general, especially as commodity prices continue to tumble - to pick one, crude oil at $48.06 per barrel is at its lowest price in about four months.
    • Among BDCs: Hercules Technology Growth (HTGC -4.2%), Triangle Capital (TCAP -3.3%), PennantPark Investment (PNNT -5.4%), Prospect Capital (PSEC -1.4%), Main Street Capital (MAIN -2.8%), TICC Capital (TICC -2.4%), KCAP Financial (KCAP -2.6%), THL Credit (TCRD -2.7%), FS Investment (FSIC -1.8%).
    • Among mREITs: Armour Residential (ARR -3.1%), Two Harbors (TWO -0.9%), CYS Investments (CYS -2%), Invesco Mortgage (IVR -1.5%), Capstead Mortgage (CMO -1.2%), Apollo Residential (AMTG -2.6%), Arlington Asset (AI -3.7%), American Capital Mortgage (MTGE -0.9%), Orchid Island (ORC -5.8%).
    • MReit ETFs: MORL, REM, MORT, LMBS
    • BDC ETFs: BDCL, BDCS, BIZD, FGB
    | Jul. 24, 2015, 3:01 PM | 82 Comments
  • May 6, 2015, 12:42 PM
    • What suspiciously looks like the cracking of a major government debt bubble in Europe continues to affect the U.S., where the 10-year Treasury yield is up five more basis points today to 2.24% - its highest level of 2015.
    • German 10-year yields are up another 7 bps to 0.59% - two weeks ago, they were 0.05%.
    • Italian and Spanish 10-year yields have now about doubled since mid-March, but are still under 2%.
    • Income favorites have struggled as rates have gone higher and the BDCs are particularly hard-hit today: Prospect Capital (PSEC -2.5%), Ares Capital (ARCC -1.6%), FS Investment (FSIC -1.3%), Main Street (MAIN -1.4%), Apollo Investment (AINV -3.6%), Triangle (TCAP -2.1%), PennantPark Investment (PNNT -1.4%), KCAP Financial (KCAP -1.5%).
    • Earlier, Prospect Capital declared dividends of $0.083 per share for May, June, July, and August - inline with previous.
    • ETFs: BDCL, BDCS, BIZD
    | May 6, 2015, 12:42 PM | 21 Comments
  • Feb. 3, 2015, 3:44 PM
    • Lower interest rates hadn't really helped one of income players' favorite sectors as they were accompanied by the plunge in oil prices, and worry about what blowups were lurking in BDC portfolios.
    • So even with the 10-year Treasury yield higher by 11 basis points to 1.78% today, oil's now more than 20% run higher in the past few sessions looks to be easing some of those credit concerns, and alongside the rally in BDCs is a nice move higher in junk bonds (HYG +0.6%), (JNK +0.6%).
    • BDC ETFs: BDCL, BDCS, BIZD
    • Individual names: Prospect Capital (PSEC +2.3%), Fifth Street Finance (FSC +3%), FS Investment (FSIC +1.6%), Main Street Capital (MAIN +2.4%), Apollo Investment (AINV +3%), Triangle Capital (TCAP +2.7%), TICC Capital (TICC +3%), PennantPark Investment (PNNT +3.8%), THL Credit (TCRD +3.5%), Golub Capital (GBDC +1.9%).
    | Feb. 3, 2015, 3:44 PM | 19 Comments
  • Dec. 17, 2014, 3:41 PM
    • Popular high-yield ETFs HYG and JNK are each ahead by 2% in today's session as the energy sector - which makes up a sizable portion of the high-yield universe posts a strong rally, with the XLE higher by 4.1%.
    • BDCs can sort of be considered the equity equivalents of junk bonds, and they're putting in a big rally today as well.
    • Prospect Capital (PSEC +1.5%), Main Street (MAIN +4.1%), Blackrock Kelso (BKCC +2.4%), Triangle Capital (TCAP +6.4%), KCAP Financial (KCAP +2.6%), THL Credit (TCRD +3.5%), Medley Capital (MCC +2.2%), Fifth Street Finance (FSC +1.5%)
    • ETFs: BDCL, BDCS, BIZD
    | Dec. 17, 2014, 3:41 PM | 20 Comments
Company Description
Triangle Capital Corp, a traded business development company, invests in lower middle market companies located in the US. The fund focuses on companies with revenues of $20 to $200 million and EBITDA of $5 to $35 million. It targets companies operating in the fields of manufacturing,... More
Sector: Financial
Industry: Asset Management
Country: United States