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Triangle Capital posts improved results

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Raleigh investment firm Triangle Capital posted a 53 percent increase in net investment income in the third quarter.

Triangle Capital reported after the markets closed Wednesday that it generated net investment income of $15.9 million, up from $10.4 million a year ago. Net investment income on a per-share basis was 58 cents, versus 52 cents a year ago, due to an increase in the number of shares outstanding resulting from a secondary offering.

The company's earnings benefitted from its constantly expanding investment portfolio.Triangle Capital makes loans to mid-sized, privately held businesses and also takes a minority stake in those businesses.

Triangle makes loans to mid-sized, privately held businesses and also takes a minority ownership stake in those businesses. During the third quarter, the company made eight investments that totaled $71.9 million.

As of Sept. 30 it had $60.1 million in cash, which doesn't include the proceeds from a recent $80.5 million bond offering.

Earlier Wednesday, Triangle Capital shares fell $1.02 to close at $24.63. Its shares have risen 29 percent this year.

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About the blogger

David Ranii has been a business reporter at The News & Observer since 1993. Over the years he has covered information technology, banking, insurance, the pharmaceutical and biotechnology industries, media businesses and real estate. Contact him at 919-829-4877 or e-mail him.