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Triangle Capital (TCAP)

  • Thu, Feb. 26, 5:35 PM
  • Wed, Feb. 25, 6:21 AM
    • Triangle Capital (NYSE:TCAP) declares $0.54/share quarterly dividend, in line with previous.
    • Forward yield 9.39%
    • Payable March 25; for shareholders of record March 11; ex-div March 9.
    • Additionally, board has approved $0.05/share supplemental dividend payable along with regular dividend.
    | Comment!
  • Wed, Feb. 4, 7:33 AM
    • Triangle Capital (NYSE:TCAP) prices $75M in 7-year notes bearing a coupon of 6.375%. The underwriters have an option to purchase up to another $11.25M of the paper.
    • Source: Press Release
    | 1 Comment
  • Tue, Feb. 3, 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%).
    • 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%).
  • Thu, Jan. 15, 8:01 AM
    • North Carolina-based Nomacorc is the world's largest producer of synthetic wine corks. Triangle's (NYSE:TCAP) investment in the company consists of subordinated debt and equity.
    • Source: Press Release
  • 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%)
  • Dec. 9, 2014, 12:57 PM
    • Unable to catch a bid for a few sessions, mortgage REITs (REM +1%) have turned higher in afternoon action, led by Annaly (NLY +0.7%) and American Capital Agency (AGNC +1.5%).
    • Helping are jitters in the stock market (though U.S. averages are well off the lows), and a 10-year Treasury yield that's retreated all the way to 2.21% after hitting the mid-2.30s on the back of Friday's strong jobs number.
    • Armour (ARR +1.1%), Two Harbors (TWO +0.9%), CYS Investments (CYS +1.4%), Invesco (IVR +1.8%), American Capital Mortgage (MTGE +1%), Hatteras Financial (HTS +2%), Capstead (CMO +2%).
    • Other ETFs: MORT, MORL
    • Also showing some green are the recently beaten-up BDCs, including Prospect Capital (PSEC +0.2%), Fifth Street Finance (FSC +0.2%), Ares Capital (ARCC +0.5%), FS Investment (FSIC), Triangle Capital (TCAP +1.7%).
    • Previously: Money flows back into fixed income (Dec. 9, 2014)
  • Dec. 8, 2014, 11:30 AM
    • A bellwether of sorts in the BDC sector, Prospect Capital (PSEC -6.2%) earlier announced a big dividend cut, and the suspension of its stock issuance program so long as the share price is so far south of book value.
    • Prospect has some of its own issues to deal with, but common across the sector is too much money chasing too few deals, and the resultant lower yields for lower quality lending.
    • Fifth Street Capital (FSC -2.9%), Triangle Capital (TCAP -6.1%), TICC Capital (TICC -2.2%), KCAP Financial (KCAP -1.7%), Medley Capital (MCC -2.3%) Gladstone (GLAD -3.6%), OHA Investment (OHAI -5%), Blackrock Kelso (BKCC -1.1%), Main Street Capital (MAIN -0.2%), PennantPark (PNNT -1.3%).
    • Previously: Prospect Capital suspends ATM stock issuance program as dividend is cut (Dec. 8, 2014)
  • Dec. 1, 2014, 11:17 AM
    • Fifth Street Finance (FSC -4.1%) reported mediocre FQ4 results earlier this morning, but nothing particularly out of line with the rest of the sector for the quarter ended September 30.
    • Nevertheless, the entire industry (BDCS -2.2%) is lit up red in mid-morning action: Prospect Capital (PSEC -3.7%), Ares Capital (ARCC -2.2%) FS Investment (FSIC -2.4%), Main Street (MAIN -2.1%), Triangle (TCAP -3.5%), OHA Investment (OHAI -3.8%), FIdus Investment (FDUS -4.2%), PennantPark Investmnet (PNNT -3.2%).
  • Nov. 26, 2014, 7:56 AM
    • Triangle Capital (NYSE:TCAP) declares $0.54/share quarterly dividend, in line with prior.
    • Forward yield 9.90%.
    • Payable Dec. 24; for shareholders of record Dec. 10; ex-div Dec. 8.
    • In addition, board declares supplement dividend of $0.05/share, payable along with quarterly dividend.
    | Comment!
  • Nov. 26, 2014, 7:23 AM
    • In declaring its $0.54 per share quarterly dividend (inline with previous), Triangle Capital (NYSE:TCAP) announces a $0.05 supplemental Q4 payout.
    • Source: Press Release
    | Comment!
  • Nov. 24, 2014, 4:12 PM
    • Gilchrist & Soames designs, manufactures, and supplies personal care products to the luxury hospitality market, and the deal is a sizable one for TCAP which typically invests $5M-$35M in any single transaction.
    • Source: Press Release
    | Comment!
  • Nov. 19, 2014, 4:17 PM
    • TGas Advisors provides benchmarking services and other information advisory solutions to  pharmaceutical companies. Triangle's (NYSE:TCAP) investment consists of unitranche debt and equity.
    • Source: Press Release
    | 1 Comment
  • Nov. 10, 2014, 7:16 AM
    • Orchid Underwriters Agency is a specialty underwriter of surplus insurance for high-value properties in the U.S. and Caribbean coastal regions. TCAP's investment consists of subordinated debt and equity.
    • Source: Press Release
    | Comment!
  • Nov. 6, 2014, 2:43 PM
    • Needless to say, the subject was the main topic of conversation on the earnings call Q&A (transcript), with analysts noting - among other things - that two of non-accruals have the same equity sponsor, and wondering if there's any systemic risk here. "The simple answer is no," says Triangle Capital (NYSE:TCAP) CIO Brent Burgess. "In these particular cases, we were not pleased with the quality or timeliness of the communications but beyond that, there is really no common threat."
    • TCAP remains sharply lower on the session, -11.2%.
    • Previously: Triangle Capital "challenges" with some legacy investments
    | 1 Comment
  • Nov. 5, 2014, 5:16 PM
    • Q3 net investment income of $15.4M or $0.51 per share vs. $14.7M and $0.53 in Q2 (4.3M share secondary during Q3). Dividend is $0.54 (plus a supplemental $0.05 was paid out).
    • Net decrease in net assets from operations of $8.8M or $0.29 per share vs. an increase of $24.2M in Q2.
    • Net asset value per share of $16.64 vs. $15.95 at end of Q2.
    • CEO Garland Tucker: "We also experienced some challenges with certain legacy investments which resulted in a higher portfolio non-accrual rate." Company expects stability in dividend next year, but should the non-accrual assets work out, a boost is a possibility.
    • Conference call tomorrow at 9 ET
    • Previously: Triangle Capital misses by $0.03, misses on revenue
    • TCAP flat after-hours
    | Comment!
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Company Description
Triangle Capital Corporation is a speciality finance company. The Company provides customized financing solutions to lower middle market companies located in United States.
Sector: Financial
Country: United States